Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 8218

Team USA weighing options in the event of spring Olympics

USA Basketball is weighing alternative roster options in the event of a potential conflict between the delayed Tokyo Olympics and the National Basketball Association season.

If the postponed Games are moved from a July 2020 start to March or April of 2021, NBA players would not be eligible to participate. The NBA regular season typically ends in mid-April, when the playoffs begin.

There is no set timetable for the Olympics after the International Olympic Committee announced last week the Games wouldn’t start as scheduled on July 24 due to the coronavirus pandemic.

USA Basketball managing director Jerry Colangelo, who is committed to the organization through 2021 along with head coach Gregg Popovich, said there is no action to be taken until a date for the Olympics is known.

“We will follow the leader. We have to wait to see how everything is laid out and we’ll make the adjustment,” Colangelo said. “Our players are NBA players first, let’s face that.”

If the Olympics moves back a calendar year to July 2021, many NBA players would be available. If the events are held in March or April, the availability of amateurs — college basketball players — would be on a case-by-case scenario. The Final Four and national championship games are scheduled for April 3 and 5 in Indianapolis.

Commissioner Adam Silver said the 2020–21 NBA schedule still could be adjusted radically depending on how the current season, on hiatus since March 12, wraps up. Silver said teams have been asked to confirm availability of their home arenas through August. If the current season ends in August, next season might not begin until winter instead of the typical October tipoff.

“Changing the window for the NBA is easier said than done. There’s a lot of logistics and contracts to deal with,” Colangelo said. “Same for the Olympics. You have to assume it will be around the same dates.” — Reuters

Even in MotoGP’s virtual world, a Marquez still rules

LONDON — Alex Marquez celebrated a first MotoGP win — even if only virtually — in a ‘#StayAtHomeGP’ esports race featuring 10 top riders including older brother and six-time world champion Marc.

Due to the coronavirus pandemic that has brought live sport to a standstill, the 23-year-old Moto2 champion is still waiting to debut in the top category after moving up to partner Marc at Repsol Honda.

The opening race in Qatar on March 8 was cancelled and all other races up to May 17 have been postponed, with more likely to be stalled.

Sunday’s light-hearted online race, with riders joining remotely, was put on by MotoGP organizers to give fans something to watch while reinforcing the message about staying safe at home.

“I am really pleased to win my first race!” joked Alex, whose brother has won the last four MotoGP titles and triumphed in 12 of last year’s 19 races with single-season point and podium records.

The Spaniard said Indonesian esports racer Putut Maulana had given him some useful tips, which he had kept to himself out of sibling rivalry.

Italian Francesco Bagnaia was second for Pramac Ducati with Yamaha’s Spaniard Maverick Vinales third in a crash-strewn race over six laps around the virtual Italian Grand Prix circuit at Mugello. Marc Marquez was fifth.

Second only to Italy in fatalities, Spain is preparing to enter its third week under near-total lockdown with most of the population housebound as the country tries to curb the virus.

Seven of Sunday’s 10 riders were Spanish.

Petronas Yamaha’s French rider Fabio Quartararo came fourth, and set the fastest lap, after starting from pole position but taking out future team mate Vinales at the first corner of a chaotic opening lap. — Reuters

Candidates Tournament halted

FIDE Candidates Tournament
Yekaterinburg, Russia
March 15–April 5, 2020

Current Standings (round 7 of 14)

1–2 Maxime Vachier-Lagrave FRA 2767, Ian Nepomniachtchi RUS 2774, 4.5/7

3–6 Fabiano Caruana USA 2842, Alexander Grischuk RUS 2777, Anish Giri NED 2763, Wang Hao CHN 2762, 3.5/7

7–8 Kirill Alekseenko RUS 2698, Ding Liren CHN 2805, 2.5/7

Average Rating 2774 — Category 21

Time Control: 100 minutes for the first 40 moves, then 50 minutes for the next 20 moves, then 15 minutes for the rest of the game with 30 seconds added to the clocks after every move starting move 1

Special Rules: No draw offers allowed until after move 40

Tie Breaks: The following are used to break a tie for 1st place: (1) Direct encounter, (2) Wins, (3) Sonneborn-Berger. If they are still tied after the three systems are applied then a playoff beginning with four 25-minute games is played

Maxime Vachier-Lagrave defeated erstwhile tournament leader Ian Nepomniachtchi in the 7th round of the Candidates Tournament and tied with him for the lead.

Opening Note: In December 2017 Demis Hassabis (a former world-ranked junior chess player) and his DeepMind team (DeepMind is a subsidiary of Google Inc.) introduced AlphaZero to the world. It is an artificial intelligence which can play chess. What is so revolutionary about it is that whereas the usual chess engines (the big 3 of which is Stockfish, Komodochess and Houdini) are taught by their programmers and GM consultants on how to play chess AlphaZero had a different approach. Through the process of machine learning it is just given the rules of the game and by playing against itself the algorithm determines the moves which are more likely to give you a win. As it plays more and more games it naturally gets better and better. This is the so-called Monte Carlo method.

AlphaZero was matched against Stockfish 8, the acknowledged computer chess champion, in a series of twelve 100-game matches and the Monte Carlos engine won 290, drew 886 and lost 24.

This new artificial intelligence chess engine really played some awesome games and naturally the openings it played (which, I emphasize, were not fed into it by humans but which it developed itself) were put under great scrutiny.

Many articles and even books (especially the one written by GM Matthew Sadler and Natasha Regan entitled Game Changer is very good) have been written about its “groundbreaking chess strategies.” One of its favorite maneuvers is to push its h-pawn towards the opponent’s kingside castled king. If it is not blocked it will continue its march as far as h6. This of course goes against the long-held classical strategy of not advancing one’s flank pawns but the results speak for themselves.

Many GMs are now adopting this strategy. For example in the Gruenfeld Exchange we have lately been seeing 1.d4 Nf6 2.c4 g6 3.Nc3 d5 4. cxd5 Nxd5 5.e4 Nxc3 6.bxc3 Bg7 7.Bc4 c5 8.Ne2 O-O 9.O-O Nc6 10.Be3 b6 11.h4 and sometimes without waiting to castle first himself: 1.d4 Nf6 2.c4 g6 3.Nc3 d5 4.cxd5 Nxd5 5.e4 Nxc3 6.bxc3 Bg7 7.Bc4 c5 8.Ne2 O-O 9.Be3 Nc6 10.h4.

That is the historical background to the following game we are about to see.

Vachier Lagrave, Maxime (2767) — Nepomniachtchi, Ian (2774) [C18]
FIDE Candidates 2020
Yekaterinburg (7.2), 25.03.2020

1.e4 e6 2.d4 d5 3.Nc3 Bb4 4.e5 c5 5.a3 Bxc3+ 6.bxc3 Ne7 7.h4

We have entered the realm of the French Winawer Variation, and the main line starts with 7.Qg4 leading to a very sharp struggle. Lately, with all this AlphaZero groundbreaking strategies stuff the text move has become very popular. There was a series of articles many years ago in Inside Chess by Yasser Seirawan trying to show that the Winawer has been refuted. Bobby Fischer agrees with him — many years earlier he had said that “I may be forced to admit the Winawer is sound. But I doubt it! The defense is anti-positional and weakens the K-side.” But don’t let Yasser or Fischer discourage you, for there are many great players who passionately played the line and have legions of brilliant games — Mikhail Botvinnik, Wolfgang Uhlmann (who used the Winawer almost exclusively for over 50 years up to now), Tigran Petrosian, Viktor Korchnoi, former double Soviet Champion Lev Psakhis and perhaps the entire Armenian chess nation! It is still very much alive and kicking.

7…Qc7

At the risk of sounding obvious, Black is threatening …cxd4 followed by …Qc3+. You would think that White is forced to respond with Nc3, but no he is not.

8.h5

A few rounds earlier Alekseenko played 8.Nf3 but after 8…b6 9.Bb5+ Bd7 10.Be2 Ba4 11.0–0 Nd7 12.Be3 h6 13.Ra2 Nf5 14.Bf4 Qc6 15.Rb2 a6 16.dxc5 Qxc5 17.Rb4 b5 Black held easily. Alekseenko, K. (2698) — Nepomniachtchi, I. (2774) FIDE Candidates 2020 1/2 40.

8…h6

[8…cxd4 9.cxd4 Qc3+ 10.Bd2 Qxd4 11.Nf3 Qe4+ 12.Be2 Nf5 13.Kf1 b6 is a well-known gambit which might be too risky (for both sides!) to be played in a Candidates tournament]

9.Rb1

[9.Nf3 is the normal move but apparently MVL did not want to block his queen from going to g4]

9…b6 10.Qg4 Rg8!?

In the 2017 Champion’s Showdown in Saint Louis Wesley So defeated the newly-transplanted US (formerly Cuban) GM Leinier Dominguez with 10…Kf8 11.Rh3 Ba6 12.Bxa6 Nxa6 13.Ne2 cxd4 14.cxd4 Qxc2 15.Rb2 Qe4 16.Qxe4 dxe4 17.Nc3 Rc8 18.Bd2 Rc4 19.Nxe4 Rxd4 20.Nd6 Nc5 21.Ke2 Rd5 Wesley is better. Dominguez Perez,L-So,W Saint Louis 2017 0–1 (32).

11.Bb5+ Kf8 12.Bd3 Ba6 13.dxc5 Bxd3 14.cxd3 Nd7

White cannot play 15…cxb6? Qxc3+ 16.Bd2 Qxd3 when Black is clearly better.

15.d4 bxc5

Black is threatening to play 16…cxd4 17.cxd4 Qc2 with very annoying threats.

16.Qd1 Qa5 17.Bd2 Rb8

MVL is not afraid of 17…Qxa3 because after 18.Ne2 Qa6 (Black has to move his queen out of the way in order to make advancing the a-pawn a threat) 19.0–0 Qc8 20.Bc1 followed by Ba3 and White has castled, can put his bishop on a3 to control the a3–f8 diagonal and incidentally block the Black a-pawn advance, and in general threaten the enemy King.

18.Ne2 c4

“I don’t think this was the right plan. Closing the center makes sense, but I do not think he is in time” (Vachier-Lagrave).

19.0–0

MVL took 25 minutes over this move. Perhaps he was weighing castling kingside against Rh1–h3–f3 or g3.

19…Rb6 20.Qc2

Going for f2–f4–f5 which probably Black must prevent with …f7–f5.

20…Rh8

Crowther, Mark: “Stopping Qh7 but it seems like a waste of time and might even be the decisive error in an already difficult position.”

21.a4 Ke8 <D>

POSITION AFTER 21…KE8

Black’s play in the opening makes a strange impression. He moved his rook from h8–g8 back to h8, and his King from e8–f8 and then back to e8.]

22.Rb4!

A very strong move, preparing an exchange sacrifice.

22…Nc6

[22…Rxb4 23.cxb4 Qb6 24.b5 followed by Bb4 is too strong for White]

23.f4!

With the queenside basically sealed MVL takes action against the Black King. Things are looking rather grim for Black.

23…Ne7

After the earlier …Rh8–g8–h8 and …Ke8–f8–e8 now Nepo goess …Ne7–c6–e7. He didn’t have a choice now though for taking the rook is a disaster: 23…Nxb4 24.cxb4 Qa6 (giving the exchange back is not an option, for 24…Rxb4 25.Qc3 wins an entire piece) 25.b5 Qc8 26.f5 Black’s game is collapsing. MVL pointed out that in addition to the kingside threats he also has Bb4, Nc3 followed by a4–a5.

24.Rfb1 f5 25.Rb5 Qa6 26.Bc1!

Repositioning his bishop to a3.

26…Kf7 27.Ba3 Rhb8 28.Bxe7! Kxe7 29.g4! Rxb5

[29…fxg4 30.Rxb6 Rxb6 31.Rf1! followed by f4–f5]

30.axb5 Rxb5 31.gxf5 Rxb1+ 32.Qxb1 exf5 33.Ng3 Qb6 34.Nxf5+ Kf8 35.Qa1!

Prevents Black from advancing his passer on the queenside while threatening to infiltrate the black position.

35…Qe6 36.Ng3! Qg4

[36…Qb6 then White proceeds with 37.Qa3+ (Careful! The “obvious” 37.f5 is refuted by 37…Nxe5 and the tables have turned) 37…Kf7 38.Kg2 followed by f4–f5 or Nf5 and Black cannot survive this]

37.Kg2 Qxf4 38.Qxa7

Coolly threatening the black knight. MVL is not afraid of the queen checks.

38…Ke7 39.Qa3+ Kd8 40.Qd6 g5

[40…Kc8 41.Qc6+ Kd8 42.Qxd5 mops up the black pawns in the center.]

41.hxg6 h5 42.g7 Qd2+ 43.Kh3 1–0

After this game Maxime Vachier-Lagrave tied for the lead at the halfway mark. The next day FIDE suspended the tournament because of the coronavirus pandemic.

We will continue this story on Thursday.

 

Bobby Ang is a founding member of the National Chess Federation of the Philippines (NCFP) and its first Executive Director. A Certified Public Accountant (CPA), he taught accounting in the University of Santo Tomas (UST) for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.

bobby@cpamd.net

Boon or bane?

In the midst of the National Basketball Association’s suspension of its 2019–20 campaign, not a few quarters have argued that the development benefits the Lakers’ LeBron James. After all, they claimed, he’s a relatively old 35, with significant miles on his odometer and in need of rest. Significantly, it’s a narrative that he’s pushing back against. And it isn’t merely because, prior to the league making the decision to hold the season in abeyance, he had just come off a productive weekend that saw him lead the purple and gold to victories against the Bucks and Clippers, noted powerhouses and deemed to be their biggest stumbling blocks en route to a projected championship.

Parenthetically, it bears noting that James didn’t just quarterback the Lakers to a win, as he had been doing through their schedule to date. He did so by taking over the contests in the crunch. He actively hunted mismatches and then framed his actions according to what the defense gave him. His first instinct was still to pass, waiting for additional coverage to come to him and subsequently finding the open teammate for an easy bucket. Barring that, he sought to barrel his way as close to the hoop as possible, again for an easy bucket. In short, he shifted to playoff mode, deconstructing the game to full advantage, as he invariably did so in nine Finals stints for the Cavaliers and Heat.

For all the queries about James’ health moving forward, he has contended, with ample reason, that the break actually hurts his cause. For one thing, his immediate past exploits created momentum to boost his bid for a fifth Maurice Podoloff Trophy. He bested fellow contenders in highly anticipated matchups, with his marked shift to a higher gear enabling him to gain ground on reigning Most Valuable Player Giannis Antetokounmpo. More importantly, his elevated numbers coincided with the Lakers’ rise in the standings; before the forced lull, they had claimed eight of their last 10 outings and moved to just two behind the pace-setting Bucks in the loss column.

From this perspective, the stoppage of play becomes a virtual reset that James could have done without. Should the NBA be fortunate enough to continue with the remainder of the season (or, more likely, some semblance thereof), he will need to work hard to make voters do a double take anew. Antetokounmpo remains the leader in the clubhouse, and, not coincidentally, recovered from an injury suffered before the new coronavirus threw a monkey wrench on the proceedings.

At this point, James will probably finish runner-up to Antetokounmpo. That said, he’s not deterred from his real goal: to bring the Lakers to glory once more. He insists two weeks is all they need to get back on track. Whether he’s right or not remains to be seen. Meanwhile, there’ll be no rest for him. He will remain focused on the hardware, working out and staying in shape in the confines of his home while occasionally needing to throw wary glances at the clock. He has, so far, kept time remarkably in check. For how long, though? The answer will determine his success, or lack thereof.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

alcuaycong@bworldonline.com

Kumu’s KC Montero on creating quality online content

Earlier this year, KC Montero took on the role of Head of Content at KUMU, the fastest-growing social media app in the country.

Perhaps best known as MTV’s longest-running VJ, KC’s career includes billings as host and producer on a number of shows like Celebrity Car Wars, Survivor Philippines, Discovery Channel’s Worst Vacation Ever, and GOOD TIMES on Magic 89.9. While KC’s star power and marketing talent are undeniable, what helps KC perform in the boardroom is his unique brand of creativity that ensures content on the app stays relevant to a young mobile audience.

As KUMU’s head of content, KC often gets asked, “what is good content?” It’s a question he thinks is fundamentally misguided.

“The term “good content’ can be used in such a broad sense,” he said. “Some would say that if you can watch a piece of content from start to finish, that it should be considered good content. That isn’t totally true because what’s inside that content can captivate you and keep your attention for three minutes but it doesn’t mean, to me, that it’s any good.”

KC believes audiences today want more than just flashy visuals, catchy wordplay, and a coherent aesthetic. What they’re looking for, he says, is something that makes them feel good about themselves.

“I like to use the phrase “quality content” which means that it’s thought-provoking, entertaining, and leaves you with a positive feeling,” KC said. This triumvirate guides every bit of programming KC oversees at KUMU, from the messaging to the technical executions—everything is designed to maximize quality.

The KC recipe for effective content

KC shares these three useful insights to aspiring content creators on how to keep things creative, dynamic, and worth sharing:

  • If it’s a long video, make sure you show a quick look at what happens in the video right away. You have to grab attention as fast as possible.
  • Get close. The closer the subject is, the closer the audience feels, but don’t overdo it. No one wants to see your pores.
  • Know your audience. Know what makes them tick and play into their wheelhouse.

Pushing innovative technology

More than any other device in history, smartphones are the most immediate, on-demand platforms for content consumption. With livestreaming, the bridge between consumption and creation has narrowed nearly to non-existence.

For the team at KUMU, it’s an inmate understanding of the relationships between platform, product, and people that guide their growth into everything from arts to online marketplaces.

This formula proves to be effective as KUMU now engages more than three million Filipinos around the world with its online contests, game shows, celebrity live streams, live e-commerce, and just recently audio streaming features.

“I think that content is really only bound by technology and how it’s delivered,” KC said. “I think at the moment, we’re on the cusp of an e-commerce boom and the faster and closer you can get to humanizing your process the more success you will have.”

Kumu’s James Rumohr on how to build positive online communities

James Rumohr attributes everything he’s learned about management to his service as a military police officer in the United States Air Force. After seven years—and a few medals—in the USAF, as well as a decade working in public school districts, sports teams, and non-profit organizations, James busies himself these days as the chief of staff and head of Kumunity at KUMU, the Philippines leading livestreaming platform.

James has now put his passion online and puts on his everyday hero hat and study, studying what KUMU users need to blossom into a “Kumunity” of storytellers and content creators that can inspire more people all over the world.

“Fostering good Kumunity support begins with listening to the stories of our user community and acknowledging their unique experiences,” he said. “Encouraging the Kumunity to be their authentic selves eliminates false narratives and allows support towards each other on a more personal level.”

A safe space for every Filipino online

James’s vision for these Kumunities is to create a transparent culture of support and genuine care among users which has now been quite evident to many since the mobile app’s launch in August 2018. “Creating a positive Kumunity culture starts with a committed intention to provide users a positive, safe, and welcoming environment,” he said.

“We encourage our Kumunity to support each other in everything they do via the app,” said James. This strategic outlook has led KUMU to be the premier social media app for Filipinos who are looking for a positive and welcoming culture both on and offline.

For James, there are mainly three things to build an online positive community.

  • By cultivating and activating user groups to offer their mutual support, Kumunizens experience a spirit of camaraderie and belongingness.
  • By offering online activities that are accessible and available for all user groups, we foster a culture of inclusivity—a safe space for users to be who they want to be and be accepted into a community of like-minded people. KUMU somehow helps in breaking the barriers and fears that seclude some users into online anonymity and out into a welcoming platform where they can be themselves.
  • KUMU ensures that users’ voices are heard in decision-making for their events. We want to make sure that it’s their vision and mission that comes into fruition as long as these activities foster stronger Kumunity and reflect the positivity that the brand stands for.

With James’s expertise, KUMU pushes users to break bread with peers on a broader scale through their app and establish a Kumunity that keeps on getting stronger.

StartupBlink launches global map of innovations around Covid-19

StartupBlink has launched the  Coronavirus Innovation Map, a global digital map pinpointing innovations and solutions that help people cope with and adapt to the changes brought about by the ongoing Covid-19 pandemic. Simply typing in a location (such as a city or country), users are greeted with a list of innovations developed out of that locale.

The search can be further narrowed by choosing through five categories:

  • Prevention – tracking and preventing the spread of the virus
  • Diagnosis – diagnosing and identifying the infected
  • Treatment – precautionary treatments such as medicine; accessing medication without having to leave home
  • Information – spreading timely and accurate information about the pandemic and ongoing innovations
  • Life and business adaptation – adjusting daily lives to the current situation through virtual applications

According to StartupBlink, the map was created not only to stay informed but also to honor humankind’s innovative spirit. “One of the things we need more than ever is to stay well-informed and to be aware of not only the bad but the good that is happening in the world. It is also important to know that public institutions, corporations, and startups around the globe have been working tirelessly since the emergence of the coronavirus in hopes to find a solution or contain this virus.”

StartupBlink also hopes to connect more innovators and integrate more solutions into their map. “We know that curating all relevant data in a short amount of time is not achievable by a single person or company. This is why we will need everyone’s help. Through crowdsourcing and the help of the community, we will be able to cover the gaps and have as much information as possible.”

Those who would like to have their innovation or solution integrated into the map may apply through this form.

Urolift: A new procedure for good flow without sacrificing performance

A man’s ability to hold his urine, to go whenever he wants and as quickly as he needs to is often taken for granted until he reaches a point where the prostate enlarges causing a blockade to the otherwise smooth urinary flow. At the same time, his ability to perform in the bedroom may also take a hit as he matures in age.

These conditions, namely lower urinary tract symptoms (LUTS) and erectile dysfunction (ED), are not directly related to each other, but the treatment of LUTS can have an effect on ED. The common factor of these two conditions is age. As a man grows older, his urinary stream and his penile erections are no longer as strong as before. Common LUTS include storage and voiding symptoms. Storage symptoms include inability to hold the bladder, the need to void when there is an urge, frequent trips to the toilet, leakage of urine and waking up in the middle of the night because of the need to pass urine. Voiding symptoms include slow stream, interrupted stream, difficulty with starting to passing urine, incomplete bladder emptying and dribbling of urine at the end of the stream.

LUTS is commonly due to Benign Prostate Hypertrophy (BPH). Up to 40% of men would have BPH once they cross the age of 50 and this can increase up to 70% in men above the age of 70. BPH is a benign disease but these symptoms are bothersome enough to affect a man’s quality of life. Trips to the toilet in the middle of the night not only affects his sleep but also his partner’s.

Current treatment for BPH include oral medications and surgery. Oral medication have been shown to improve LUTS but there are significant side effects on a man’s erectile and ejaculatory function. Men on these medication complain of weaker erections, decreased volumes of semen during ejaculation or even dry orgasms. Surgeries performed for the treatment of BPH include transurethral resection of prostate (TURP) and transurethral laser vaporization of prostate (TUVP). Both procedures create a good channel for adequate flow of urine and the patients can be taken off medications after undergoing surgery. However, almost all men who undergo TURP or TUVP would not be able to ejaculate. Some may even have painful orgasms, not to mention ED.

Prostatic urethral lift using the Urolift system would bridge the gap in terms of treatment of BPH for sexually active men who are either not keen to take long-term medication or are unable to accept the side effects of medication and surgery. Urolift has been shown to deliver good treatment outcomes without the unwanted side effects of sexual dysfunction. Unlike other procedures, there is no damage done to the prostate tissue minimizing side effects such as painful urination.

Urolift is a simple day procedure that has been FDA-approved since 2013 and is currently available in Mount Elizabeth Hospital, Singapore. Using implants that are placed via a small scope inserted into urine tube (urethra), these implants open up the channel without the need to remove any tissue. It is akin to drawing open the curtains to let more light into the room. The Urolift implants draws apart the obstructing prostate tissue to enable urine to flow out from the bladder. Typically, four to six implants will be placed depending on the configuration of the prostate.

Most men who undergo Urolift treatment would not need to have a urinary catheter placed and they can return to their daily activities much quicker. Sexual function is not compromised to achieve resolution of bothersome urinary symptoms and long-term medications will not be required after the procedure.

This article is contributed by Dr. Ronny Tan, Urologist and Andrologist in Mount Elizabeth Hospital. Dr. Tan was the Director of Andrology in Tan Tock Seng Hospital and the first in the department who started the clinical service using high power greenlight laser vaporization for treating benign prostate enlargement. For more enquiries, please contact our Patient Assistance Centre (Manila) at manila.ph@parkwaypantai.com or +63 917-526-7576.

PHL may go into recession — Diokno

THE Philippine economy could go into recession this year, central bank Governor Benjamin E. Diokno said on Sunday, as the coronavirus pandemic brings everything to a standstill.

“We’re looking at negative to maybe 1% [growth] given this development,” he told the ABS-CBN News Channel.

The global economy has now entered a recession — a period of economic decline where output falls for two successive quarters — that could be as bad or worse than the 2009 downturn, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said on Friday.

Countries needed to boost spending as a safeguard against bankruptcies and possible market debt defaults, she told a news briefing.

“It is now clear that we have entered a recession as bad or worse than in 2009,” Ms. Georgieva said. “This is a very big crisis and it’s not going to be sorted out without a very massive deployment of resources.”

“Seems about right, but still to be collectively agreed by the economic team,” Socioeconomic Planning Secretary Ernesto M. Pernia said in a mobile phone message, referring to Mr. Diokno’s growth estimate.

Mr. Diokno said the economy might still grow by 3% in the first quarter because the Luzon-wide quarantine took effect in the last two weeks of March.

“The second quarter will probably be negative, the third quarter, maybe around negative also and then we start picking up by the fourth quarter,” the Bangko Sentral ng Pilipinas chief said.

Earlier, the National Economic and Development Authority said economic growth might be -0.6% to 4.3% this year. The government had originally targeted growth of 6.5-7.5% this year from 5.9% last year.

The central bank has cut its benchmark rate by 50 basis points (bps) and eased rules for banks. It is also buying P300 billion in government securities.

The Monetary Board also cut the reserve requirement ratio for universal and commercial lenders by 200 bps to 12% effective today.

The policy-setting body has authorized Mr. Diokno to slash the ratio by as much as 400 bps this year amid the pandemic.

Before the outbreak, Mr. Diokno pledged to bring down the ratio to a single digit by the end of his term in 2023. That could happen sooner given the situation, he said.

“If necessary, we are willing to cut it to 10%,” Mr. Diokno said.

Last week, it remitted in advance P20 billion in dividends to the National Government to help it deal with the health crisis even if it is not required anymore under the New Central Bank Act.

Mr. Diokno said the government needs more stimulus on the fiscal side since monetary measures were not enough.

“We’ve done a lot on the monetary side,” he said. The government needs more fiscal measures “than what is done so far.”

President Rodrigo R. Duterte earlier signed into law a measure giving him special powers against the outbreak, including realigning as much as P275 billion in funds.

His economic team earlier announced a P27.1-billion package to help frontliners fight the coronavirus pandemic and provide economic relief to affected sectors.

Mr. Diokno said there was no need to borrow from the IMF because aid from the Asian Development Bank was enough.

INFLATION
Meanwhile, inflation could ease to 2.4% this month after oil prices dropped.

“Food prices are very stable, plus with the price freeze, I think we’re very comfortable,” he said. “Oil prices have come down below $30 per barrel from $85 per barrel so we’re okay with inflation,” he added.

Inflation in February slowed to 2.6% from 2.9% in January and 3.8% a year earlier due to lower food, transport and utility prices.

BSP this month lowered its 2020 inflation forecast to 2.2% from 3% and the 2021 forecast to 2.4% from 2.9%.

This brought the outlook for both years closer to the lower end of the central bank’s 2-4% target. — Luz Wendy T. Noble and Beatrice M. Laforga

ADB approves $5-M emergency grant for PHL fight vs virus

THE Asian Development Bank (ADB) has approved a $5-million emergency grant for the Philippines’ fight against the coronavirus disease 2019 (COVID-19), the Department of Finance (DoF) said on Sunday.

In a statement, the DoF quoted ADB President Masatsugu Asakawa as saying the funds will allow the Philippines to leverage private sector donations for a food distribution program for Luzon’s poorest households.

Set to be launched as early as next week, the program will be implemented by the Departments of Social Welfare and Development (DSWD) and of the Interior and Local Government (DILG), and the Armed Forces of the Philippines (AFP), in coordination with the DoF.

The Manila-based multilateral lender also committed to fast-track the approval of a $1-billion quick budget support loan via the proposed COVID-19 pandemic response option of ADB’s Counter Cyclical Support Facility.

Mr. Asakawa said the ADB will also speed up approval of the $150-million additional funding for government’s Pantawid Pamilya Pilipino Program (4Ps) and the $100-million emergency project loan for additional health care facilities and procurement of much-needed equipment such as ventilators and personal protective equipment (PPE).

He said the bank will also work on the fast approval of another $500-million loan to further expand its social assistance project for the country’s 4Ps program.

The DoF statement quoted Mr. Asakawa as praising the government’s “proactive and preemptive response in containing the community transmission of COVID-19” in a conversation with Finance Secretary Carlos G. Dominguez III.

Mr. Dominguez said they can also tap the ADB for technical assistance for the government’s “recovery” plan.

“What good will be a stimulus if there are no workers. We must think of the workers first. So, we need measures in order for the Philippines to bounce back for the inevitable turnaround. And we would like to ask technical assistance from ADB for that,” Mr. Domiguez said.

Mr. Asakawa said the ADB is currently expanding the coverage of its $500-million Contingent Disaster Facility to include health emergencies. Earlier, the multilateral lender approved the initial $3-million grant for the Philippines to buy needed medical supplies, PPEs for health workers and testing kits. The funds will also be used to procure a new laboratory with diagnostic equipment for Jose Lingad Memorial Regional Hospital in Pampanga.

The ADB had said that a “large assistance package” worth at least $1.6 billion will be delivered to the Philippines “within weeks” to help the government respond to the worldwide health crisis.

The Finance chief earlier said they are aiming to seek additional $1-2 billion worth of funding assistance from multilateral agencies.

Separately, Mr. Dominguez told reporters via Viber that they will consider the Asian Infrastructure Investment Bank’s (AIIB) plan of boosting infrastructure investment, particularly in the health care sector to “future-proof” the country’s own health care system.

BORROWING MIX
With the new loans, National Treasurer Rosalia V. de Leon said the country’s borrowing mix will likely be revised. A 75:25 borrowing mix in favor of domestic sources was originally planned for 2020.

Ms. De Leon told reporters via Viber that borrowings from domestic sources might be “lower than 75,” although the revised ratio is still up for Development Budget Coordination Committee (DBCC) approval.

At the same time, Ms. De Leon said they are expecting to receive today the P300-billion payment from the Bangko Sentral ng Pilipinas for the government securities it had purchased to help boost government’s coffers.

“We finalized MOA (memorandum of agreement) with BSP on repo (on Friday) and provided GS (government securities). Will confirm on Monday credit of P300 billion to our account,”

The BSP is buying P300 billion worth of debt from the Bureau of the Treasury under a three-month repurchase agreement, which is renewable for another there months.

Ms. De Leon said the Treasury continues to “closely” monitor the dollar bond market after the US Federal Reserve fired off $2 trillion stimulus package last week. — BML

Pandemic expected to weaken job market

By Carmina Angelica V. Olano
Researcher

JOSEPH LAGUERTA, 32, has been trying to get as many odd jobs as possible to replace the daily income of P650 he used to get as a carpenter in Makati City.

Since the implementation of a Luzon-wide quarantine due to the coronavirus disease 2019 (COVID-19) pandemic, he has tried looking for other jobs in Cavite.

“So long as I can bike my way to it, I will take any job. Fortunately, I still receive job orders from time to time… Somehow, my family manages to get by,” he said in Filipino.

But now with his barangay under total lockdown, Mr. Laguerta cannot even go out anymore, except to buy groceries and medicine.

The Philippine economy may decline by as much as 0.6% this year, the National Economic and Development Authority said in its report “Addressing the Social and Economic Impact of the COVID-19 Pandemic.”

Job losses are estimated between 116,000 to 1.8 million as the economy stands to lose between P428.7 billion to P1.36 trillion in gross value added or equivalent to 2.1%-6.6% of its nominal gross domestic product (GDP) this year.

“There is no one who is not affected by COVID-19. Everyone is affected due to its social, economic, emotional, psychological and spiritual strain,” Alvin P. Ang, an economics professor at the Ateneo de Manila University (ADMU), said in an e-mail.

University of Asia and the Pacific (UA&P) School of Economics Dean Cid L. Terosa said via e-mail that those in the informal sector and daily wage earners “will be the ones most affected.”

“We have wage workers who are considered semiformal or non-regular employees, like the drivers of transport network vehicle services like Grab and Angkas, or any commission-based workers who cannot go out and do their usual source of income,” Rene O. Ofreneo, professor emeritus at the University of the Philippines (UP), said in phone interview.

“All of a sudden, the Philippines is facing an employment crisis in different fronts, even after we surpass COVID-19, restarting the labor market will remain a problem,” he said.

Around 35% of the country’s employment came from the informal sector, according to the January 2020 round of the Philippine Statistics Authority’s Labor Force Survey (LFS). Of these, 26.2% were self-employed without any paid employee; 2.4% were employers of their own family-operated farm or business; and 6.2% are working without pay in their own family-operated farm or business.

To aid workers during the Luzon-wide quarantine, the Department of Labor and Employment (DoLE) earlier announced the immediate roll out of P1.3 billion worth of COVID-19 adjustment measures to help about 250,000 workers. Likewise, a P180-million emergency employment program will be given to some 18,000 disadvantaged or displaced workers in the informal sector.

The government also announced a P27.1-billion relief package to aid affected sectors. This will go to programs for upskilling and reskilling of temporarily-displaced workers, zero-interest loans for small farmers and fisherfolk, wage subsidies or financial support for affected workers and firms, unemployment benefits and loans for micro, small, and medium enterprises.

However, analysts said the government should do more to further protect workers.

UP’s Mr. Ofreneo highlighted the central role of the government in a “whole-of-society” approach of providing social protection during the ongoing crisis.

“The government should save everybody, especially the workers. There should be a registry of employees identifying who are in the formal and informal sectors, at least per local government unit,” he said.

The whole-of-society approach refers to joint efforts of government agencies and the private sector in providing a common solution to a problem.

“It is understandable that daily wage earners need to be given priority as they will be the most vulnerable among workers. DoLE is on the right track, but they may need more resources for the program they rolled for the affected work force,” ADMU’s Mr. Ang said.

Mr. Ang said that during the community quarantine, the public and private sectors’ “resources should be coordinated and put to best use.”

“The public and private sectors can work together by funding logistics and movement of people within cities. Delivery services of food and essentials, mobility of health workers and other frontliners service such as those in supermarkets, drug stores, wet markets, security personnel should be subsidized and organized uniformly across the country. This should help keep afloat the public transport sector especially the daily earners,” he said.

For UA&P’s Mr. Terosa, the government’s stimulus package for workers “may not be sufficient.”

“If GDP will fall by 0.6-1 percentage point (ppt), around 30,000 to 50,000 jobs will be directly lost. The stimulus package may create only 15,000 to 17,000 jobs,” he said.

Aside from direct losses, Mr. Terosa also pointed to “disastrous” opportunity costs caused by the pandemic: “If GDP will fall by 0.6-1 ppt, 300,000 to 500,000 jobs would not be created and P500-800 billion pesos worth of goods would not be produced. Imagine that,” he said.

OUTLOOK
The latest LFS result puts the country’s unemployment rate at 5.3% and the underemployment rate at 14.8%, both of which were the lowest among the January rounds of the LFS since 2005.

This would most likely not be the case this year, economists said.

“Definitely unemployment figures will rise. Even if temporary, we might see a double-digit increase,” UP’s Mr. Ofreneo said.

UA&P’s Mr. Terosa said the low unemployment and underemployment rates will be not be maintained in the first half.

“First-quarter unemployment and underemployment rates will be slightly above last year’s rates, but [the second-quarter] unemployment rate can hover close to double-digits while underemployment rate can soar close to 18-20%,” he said.

“I believe that we need to wage war against the virus first and win the economic battle later… As long as the spread of the disease is palpably rampant, there is nothing much that everyone can do,” said Mr. Terosa said.

How does the Philippines compare with its ASEAN neighbors in terms of access to basic handwashing facilities?

How does the Philippines compare with its ASEAN neighbors in terms of access to basic handwashing facilities?

1...8,2178,2188,219...12,754Page 8,218 of 12,754
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube