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Muay thai federation finding a platform online amid pandemic

By Michael Angelo S. Murillo, Senior Reporter

JUST like the others in the local sporting community, the Muaythai Association of the Philippines (MAP) saw its affairs and push for the sport in the country considerably disrupted by the ongoing health pandemic.

But instead of allowing itself to be swamped by the challenges of the prevailing times, MAP is staying resilient, finding ways to still bring the group’s vision and mission to stakeholders.

One way it is going about is through virtual competitions and activities.

Speaking at the recent Sport for Women’s Empowerment & Employment Program (S.W.E.E.P.) online conference organized by the Sport Management Council of the Philippines, MAP Secretary-General Pearl Managuelod shared that operating as an organization these days is tricky but they are managing.   

“When the pandemic hit, we had to be realistic and worked with what we had. We had to be creative and resourceful to keep the community motivated and sustain the momentum we have gotten,” she said.

Ms. Managuelod, who is also a member of the board of the Philippine Olympic Committee, said the local muay thai community was on a high before the pandemic hit as the sport was a solid medal contributor for the country in the 2019 Southeast Asian Games held here.

Filipino nak muays won nine medals — three of which were gold, four silver and two bronze.

The MAP secretary-general said they were looking to build on their gains in 2020 and were slated to participate in international competitions until the pandemic derailed everything.

Athletes were then sent home as activities were effectively shut.

Ms. Managuelod said it was not only the elite athletes who were affected, but also those in the grassroots as they could not roll out their programs.

Inspired by Ironman virtual races, however, Ms. Managuelod said they in MAP saw an opportunity to tap the same for muay thai.

“We saw how the statistics could be tracked and athletes could compete in the comforts of their homes. It took weeks for us to conceptualize; setting goals and objectives was very important,” she said.

The result was “muay thai all-access” where they hold webinars, produce workout videos and offer instructor courses.

They also managed to hold virtual competitions done “on a budget amid the restrictions.”

Ms. Managuelod admitted that the pivot to the virtual platform was not easy and that they had to grapple with many challenges.

“Shifting to online was a new territory for us,” she said.

Among the challenges, they had to deal with covered Internet connection, video quality and format, monitoring and implementation, availability and commitment of technical officials, lack of funds for mobile data, technological know-how, scheduling of live events, missing the combat aspect (highlighting form for now), and revenue.

While they are still working on addressing these challenges as they move along, MAP is managing to pull it off and continuing to make headway, Ms. Managuelod was happy to report.

Going online has its advantages, too, MAP realized.

With no travel required, accessibility to the sport became wider, with the group seeing more participation from regional members and age groups.

They get to innovate as well how the events are to be presented.

It is also paving the way for the discovery of new talents.

Then there is the boost it gives to the group’s push to keep the motivation and connectedness of the muay thai community.

Ms. Managuelod said that they are looking forward to the day when they could resume with face-to-face activities, but online initiatives are something they would continue to pursue moving forward.

“We will continue this platform (online) even after we are allowed to hold live tournaments,” she said.

“Innovation is necessary so that even in the digital space, sport goes on.”

Utah’s three-point barrage sinks Orlando

DONOVAN Mitchell scored 22 points and led the Utah Jazz’s three-point barrage with six deep shots in a 137-91 victory over the short-handed Orlando Magic on Saturday night in Salt Lake City.

Joe Ingles and Bojan Bogdanović each scored 17 points, while Jordan Clarkson threw in 15 off the bench as the Jazz won their ninth straight overall and 22nd in a row at home.

Utah set an NBA record with 18 three-pointers in the first half, passing the 2018 Golden State Warriors (17). The Jazz finished hitting 26 of 55 from beyond the arc, including multiple makes by Mitchell (6-7), Ingles (5-7), Bogdanović (4-6), Clarkson (3-6), two each by Georges Niang and Ersan Ilyasova, and one apiece from Royce O’Neale, Jarell Brantley, Miye Oni, and Matt Thomas.

Wendell Carter, Jr. led the Magic with 19 points and 12 rebounds, while Chuma Okeke added 16 points for a team whose criss-cross-the-country Los Angeles-New Orleans-Utah-Denver road trip ends on Sunday night against the Nuggets.

The Magic were without Michael Carter-Williams (non-COVID illness), Otto Porter, Jr. (left foot pain), Khem Birch (non-COVID illness), and Karim Mane (right hamstring).

Rudy Gobert tallied 11 points, six rebounds and four blocks. The Stifle Tower did that in just 20 minutes in a game in which no starter logged more than 24 minutes.

In addition to the three-point spree, the Jazz compiled 34 assists, 10 steals and a 50-39 rebound edge while shooting 55.4% from the field.

The Magic scored the first points on a Chasson Randle layup, but that lead disappeared 14 seconds later and there was no drama left in who’d come out on top by the end of the first quarter with Utah up 38-20. The Jazz followed that with a 40-20 second quarter for a 78-40 half time lead.

Orlando chipped away at the lead a little bit, never making a serious run, but the Jazz reserves finished strong with a 30-19 fourth quarter. That resulted in Utah taking its largest win of the season margin-wise (46 points) on the road for games in Dallas and Phoenix next week. — Reuters

Grant Hill next USA Basketball managing director

NBA legend and basketball Hall-of-Famer Grant Hill will be the next USA Basketball managing director. (Screen grab of Grant Hill’s Hall of Fame induction)

HALL-OF-FAMER Grant Hill will succeed Jerry Colangelo as the managing director of the United States men’s national team, USA Basketball’s board of directors announced on Saturday.

Colangelo, 81, has held the position since 2005 and is retiring after the upcoming Tokyo Olympics.

Hill, 48, played 18 seasons in the National Basketball Association (NBA) and was a member of the gold medal-winning US squad — dubbed Dream Team II — at the 1996 Summer Games in Atlanta.

“It is a tremendous honor to serve as managing director of USA Basketball’s Men’s National Team. I am looking forward to working with the USA Basketball staff and Board of Directors to lead this organization so uniquely positioned for continued growth and for developing and promoting our top talent in events around the world,” Hill said in a news release.

“As a member of the 1996 Dream Team, I know the thrill and responsibility it is to represent our country. I am confident USA Basketball will continue to showcase the top talent and highest character players in our country.”

Hill played for five USA Basketball teams, winning two gold medals and one bronze while compiling a 26-1 overall record. He was inducted into the Naismith Memorial Basketball Hall of Fame in 2018.

Hill was drafted No. 3 overall by Detroit in 1994 after winning back-to-back NCAA titles at Duke. The 1994-95 NBA co-Rookie of the Year and seven-time All-Star played 1,026 games with the Pistons, Orlando Magic, Phoenix Suns, and Los Angeles Clippers.

“We are very excited that Grant Hill will join USA Basketball as our USA Men’s National Team managing director. Grant is a proven leader of consequence and character who will continue to help us achieve on our twin goals of winning international competitions and representing our country with honor,” USA Basketball board of directors chair Martin Dempsey said. “In making this announcement, I also want to emphasize how much everyone associated with USA Basketball appreciates Jerry Colangelo for everything he did for USA Basketball over the past 15 years.”

The US men’s team compiled a 97-4 record under Colangelo’s direction, capturing Olympic gold medals in 2008, 2012, and 2016. — Reuters

Gasol situation

Marc Gasol was never going to simply keep quiet. Not that he didn’t try to stay away from inquiring minds. Thrice since the Lakers formalized their welcome of Andrew Drummond last week, he was asked to meet with scribes. And thrice, he refused comment on the development. No doubt, he figured that if he didn’t have anything good to say, anyway, he would be better off just holding his tongue. Of course, he is who he is, and once opportunity knocked anew, he felt he had no choice but to be his candid self. And that opportunity, ironically enough, came after the purple and gold’s new hire went down with a toe injury and the erstwhile starter found himself on the podium following a relatively solid effort in victory.

Gasol was measured in his responses as he addressed queries from the assembled media. He remains committed to the Lakers, he said. “You have to accept it because that’s your job. And that’s what you sign up to do.” At the same time, he was forthright, noting that “it’s never easy” going from “Plan A [to] Plan C, D… I think there’s an if — if they need you. And that’s a big if.” To be sure, Gasol’s true worth had hitherto been marginal at best; while he was a fixture on the First Five prior to Drummond’s arrival, he normed less than 20 minutes per contest and hardly saw any fourth-quarter action, leading to career lows across the board.

Perhaps Gasol would have been able to get away with posting modest figures had acknowledged leader LeBron James not gone down with an ankle injury two weeks ago. Four straight losses made the Lakers pine for more production and productivity, and Drummond’s availability on the cheap via the buyout market was too good of a bargain to pass up. Unfortunately, the turn of events resulted in him falling to third on the depth chart, next to supersub Montrezl Harrell. And, for all his limited movement as an old 36, he still retained the pride that enabled him to exceed himself in the first place.

And so Gasol wound up exposing his soul to willing listeners. Part of his openness stemmed from his stubborn predisposition; it’s why he was once tabbed a coach killer, with former Grizzlies mentors Dave Joerger and David Fizdale on the receiving end of his strong views. This time around, he had nothing to say against Lakers bench tactician Frank Vogel. He’s not stupid; he knows there’s nothing good coming out of a public challenge to a champion pacing the sidelines — and especially not in the face of his anemic stats. Which is why he said he’s still on board. And which is also why he said “we’ll see.” Indeed.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

Pope, at Easter vigil, hopes for post-pandemic rebirth

VATICAN CITY – Pope Francis, leading an Easter vigil service scaled down due to COVID-19, said on Saturday he hoped the dark times of the pandemic would end and that people could rediscover “the grace of everyday life”.

This year has been the second consecutive Easter that all papal services are being attended by only about 200 people in a secondary altar of St. Peter’s Basilica instead of the nearly 10,000 that the largest church in Christendom can hold.

The service began two hours earlier than usual so that participants could get home before a 10 p.m. curfew in Rome, which, like the rest of Italy, is under tough lockdown restrictions during the Easter weekend.

At the start of the service, the basilica was in darkness except for the flames from candles held by participants to signify the darkness in the world before Jesus. As the pope, cardinals and bishops processed to the altar and a cantor chanted three times, the basilica’s lights were turned on.

In his homily, Francis, marking the ninth Easter season of his pontificate, said the festival brought with it the hope for renewal on a personal as well as a global level.

“In these dark months of the pandemic, let us listen to the Risen Lord as he invites us to begin anew and never lose hope,” Francis said.

Just as Jesus brought his message “to those struggling to live from day to day”, he said, people today should care for those most in need on the fringes of society.

“(God) invites us to overcome barriers, banish prejudices and draw near to those around us every day in order to rediscover the grace of everyday life,” Francis said.

On Easter Sunday, the most important day in the Christian liturgical calendar, the pope will deliver his “Urbi et Orbi” (to the city and the world) message.  – Reuters 

 

AREIT, Inc. announces schedule of virtual stockholders’ meeting

Duterte extends ECQ in Metro Manila, nearby provinces

Philippine President Rodrigo R. Duterte extended the stringent lockdown enforced in the country’s capital and nearby provinces until April 11, in an attempt to curb a renewed spike in coronavirus infections.

The Health department on Saturday reported 12,576 new coronavirus disease 2019 (COVID-19) cases, putting the healthcare system under a further strain.

The implementation of an enhanced community quarantine in the National Capital Region (NCR) and the provinces of Bulacan, Rizal, Laguna and Cavite will be extended by another week until April 11, presidential spokesman Herminio L. Roque, Jr. said in a statement.

The week-long hard lockdown, which the President declared last week to address an unprecedented spike in coronavirus infections in the greater Manila area, was to originally set to end on April 4.

The ECQ will be coupled with a strict enforcement of the so-called “prevent, detect, isolate, treat and reintegrate (PDITR) strategy,” Mr. Roque said.

“Health care utilization, case numbers and the PDITR gatekeeping indicators would serve as the parameters to be assessed for the succeeding weeks risk classification,” he said.

“The Department of the Interior and Local Government has been directed to ensure the concerned local government units shall provide these data while the Department of Labor and Employment and the Department of Trade and Industry have been directed to provide the data in the workplaces and establishments.”

The Palace spokesperson said an additional 110 beds for moderate and severe coronavirus cases will be operational “soon” at the Quezon City Institute.

Health Undersecretary Leopoldo J. Vega earlier said all levels of beds dedicated for coronavirus patients and potential cases in Metro Manila have reached a moderate risk level.

He said intensive care unit beds for coronavirus patients in the cities of Quezon, Taguig, Makati and Navotas were already at a “highly critical level.”

The extension of the ECQ in NCR and nearby provinces is likely to hurt a Philippine economy that is still struggling to emerge from recession. Gross domestic product (GDP) slumped by a record 9.5% in 2020, as the government implemented one of the world’s longest and strictest lockdowns.

Duterte extends ECQ in Metro Manila, nearby provinces

Philippine President Rodrigo R. Duterte extended the stringent lockdown enforced in the country’s capital and nearby provinces until April 11, in an attempt to curb a renewed spike in coronavirus infections.

The Health department on Saturday reported 12,576 new coronavirus disease 2019 (COVID-19) cases, putting the healthcare system under a further strain.

The implementation of an enhanced community quarantine in the National Capital Region (NCR) and the provinces of Bulacan, Rizal, Laguna and Cavite will be extended by another week until April 11, presidential spokesman Herminio L. Roque, Jr. said in a statement.

The week-long hard lockdown, which the President declared last week to address an unprecedented spike in coronavirus infections in the greater Manila area, was to originally set to end on April 4.

The ECQ will be coupled with a strict enforcement of the so-called “prevent, detect, isolate, treat and reintegrate (PDITR) strategy,” Mr. Roque said.

“Health care utilization, case numbers and the PDITR gatekeeping indicators would serve as the parameters to be assessed for the succeeding weeks risk classification,” he said.

“The Department of the Interior and Local Government has been directed to ensure the concerned local government units shall provide these data while the Department of Labor and Employment and the Department of Trade and Industry have been directed to provide the data in the workplaces and establishments.”

The Palace spokesperson said an additional 110 beds for moderate and severe coronavirus cases will be operational “soon” at the Quezon City Institute.

Health Undersecretary Leopoldo J. Vega earlier said all levels of beds dedicated for coronavirus patients and potential cases in Metro Manila have reached a moderate risk level.

He said intensive care unit beds for coronavirus patients in the cities of Quezon, Taguig, Makati and Navotas were already at a “highly critical level.”

The extension of the ECQ in NCR and nearby provinces is likely to hurt a Philippine economy that is still struggling to emerge from recession. Gross domestic product (GDP) slumped by a record 9.5% in 2020, as the government implemented one of the world’s longest and strictest lockdowns.

Claim your FREE Covid, Dengue insurance vouchers from Globe At Home starting April 4

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This is the latest offering of Globe At Home to its loyal postpaid customers to continuously provide #ExtraCareAtHome protection that goes beyond connectivity.

The 3-month insurance plan offers comprehensive benefits against medical costs such as Php 500 test allowance for Dengue, up to Php 40,000 confinement allowance as well as up to Php 100,000 medical cost reimbursement if diagnosed with COVID-19 or Dengue.

“We recognize the need to provide a sense of safety and peace of mind for our customers as cases in the Philippines continue to surge. We highly encourage our current Postpaid subscribers to avail of this promo to keep themselves protected as we keep them connected through our reliable services and relevant offers,” said Darius Delgado, Globe Vice President and Head of Broadband Business.

Globe At Home makes the health and safety of its loyal postpaid customers a priority by making redemption of this voucher easy through the Globe At Home app.

All current Globe At Home subscribers are eligible for this promo as long as they have the Globe At Home or GCash apps and make sure that their accounts are active and contact details are up to date.

With customers at the core of its service, Globe At Home continues to lead in building new ways to show care for customers as they continue to develop innovations for greater convenience and service upgrades.

Download the Globe At Home app today to claim your FREE 3-month COVID-19 and Dengue Insurance. To know more about Globe At Home, visit https://www.globe.com.ph/broadband.html.

 

Bank lending shrinks for third straight month in February

CREDIT extended by big lenders continued to shrink for a third straight month in February despite faster liquidity growth, reflecting that risk aversion and dampened demand amid the pandemic.

Outstanding loans by universal and commercial banks dropped 2.7% to P8.936 trillion in February from a year earlier, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed. This is steeper than the 2.5% contraction in January and marked the third consecutive month of annual decline in lending activity.

Inclusive of reverse repurchase agreements, bank lending fell 2.3% in February.

The decline in bank lending largely reflects the sluggish economic conditions in the country, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a note.

Loans for production activities dropped 1.3% in February, after a 1.1% decrease in January. This, as borrowings meant for wholesale and retail trade and repair of motor vehicles and motorcycles (-6.3%), financial and insurance activities (-7.5%), and manufacturing (-5.7%) continued to decline.

On the other hand, credit extended to sectors such as real estate (5.1%), electricity, gas, steam, and air-conditioning supply (3.6%), as well as transportation and storage (7.1%) increased.

Consumer loans slumped by 8.3% in February, worse than the 7.3% drop in January. Credit card (-9.6%) and motor vehicle loans (-8.8%) continued to slide, while salary-based general purpose consumption loans slowed to a 4.1% growth from 7.2%.

Banks may be open to extending more credit in the coming months as the Financial Institutions Strategic Transfer (FIST) was recently signed into law, Mr. Ricafort said.

“The FIST Law would be an option available to banks to sell some of their NPLs and other nonperforming assets from their balance sheets, thereby freeing up more funds and helping increase their lending activities,” he said.

Republic Act 11523 or the FIST Act was signed by President Rodrigo R. Duterte in February, while its implementing rules and regulations were released on Monday.

The BSP expects that banks will offload at least P152 billion of their nonperforming assets to FIST Corporations. The central bank estimates the law will bring down the nonperforming loan (NPL) ratio by 0.63 to 0.73 percentage points.

Lenders have tightened their credit standards to prevent a further increase in bad loans in their portfolio. Latest data from the BSP showed the NPL ratio held by big banks stood at 3.7% in January, much higher than the 2.16% a year earlier.

Mr. Ricafort also said the return of stricter restriction measures is a risk factor to lending growth, as business capacity is reduced.

LIQUIDITY BOUNCES BACK
Meanwhile, M3 — which is considered as the broadest measure of liquidity in an economy — expanded by 9.4% in February after its 8.9% growth in January, the central bank said in a separate statement on Wednesday.

Domestic claims saw quicker growth of 5.6% in February, from 4.9% in January.

Net borrowings of the central government increased by 47.1%, quicker than the 39% growth a month earlier.

Meanwhile, net foreign assets rose by 21.8% for the second straight month. Those held by other depository corporations expanded 38.1%, much faster than the 32.6% in January.

“The BSP looks to keep its monetary policy stance supportive of the government’s measures to address the pandemic. The BSP is prepared to take immediate measures as appropriate to ensure ample liquidity and credit in the financial system, consistent with its price and financial stability objectives,” it said.

The central bank last week kept the overnight reverse repurchase, lending, and deposit rates untouched at record lows of 2%, 2.5%, and 1.5%, respectively. — Luz Wendy T. Noble

BSP sees March inflation at 4.2% to 5%

THE central bank continues to see inflation breaching the target range in March, as oil prices rose and the peso weakened against the US dollar.

Headline inflation during the month likely settled within 4.2% to 5%, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said in a Viber message to reporters. This is still beyond the 2-4% target set by the BSP.

The BSP’s point inflation projection for March is 4.6%, which, if realized, will be a tad slower than the 4.7% print in February but higher than the 2.5% a year ago.

Mr. Diokno said the hike in oil prices as well as the peso depreciation could drive the uptick in inflation.

Global oil prices have risen on the back of a widely anticipated recovery in demand as the world economy shows signs of recovery.

Locally, gasoline, diesel, and kerosene prices have increased by P6.15, P4.60, and P3.50 per liter as of March 30 year to date, based on data from the Department of Energy.

Meanwhile, the peso closed at P48.53 per dollar on Wednesday, up 1.5 centavos from its previous close. The local unit has depreciated by 50.7 centavos or by 1.05% from its P48.023 finish on Dec. 29, 2020 — the last trading day for the year.

On the other hand, Mr. Diokno said downward adjustments in electricity rates of the Manila Electric Co. (Meralco) and the “lower prices of key food items due to supply conditions and the continued implementation of price caps on meat products” are factors that could have contributed to easing inflation during the month.

Meralco’s overall power rate for March stood at P8.3195 per kilowatt-hour (kWh), which is the lowest overall power rate since August 2017, the firm said. This means that households consuming 300 kWh, 400 kWh, and 500 kWh saw their monthly bills go down by P108, P144, and P180, respectively.

Meanwhile, the government-approved price cap in Metro Manila for pork and chicken products remains in effect until April 8.

“Moving forward, the BSP will continue to monitor evolving economic and financial conditions to ensure that the monetary policy stance remains consistent with the BSP’s price stability mandate,” Mr. Diokno said.

Last week, the central bank maintained the key policy rate at 2% as it continues to provide support to the economy amid emerging risks from the fresh surge in coronavirus cases. The BSP noted the inflation uptick in recent months has been driven by supply-side factors and is better addressed through non-monetary measures.

Officials, however, assured that the BSP will be ready to act in case of evidence of second-round effects such as a clamor for a hike in wages and transport fares.

The Philippine Statistics Authority will report the March inflation data on April 6. — Luz Wendy T. Noble

AMRO slashes Philippine GDP outlook as pandemic rages on

By Beatrice M. Laforga, Reporter

THE ASEAN+3 Macroeconomic Research Office (AMRO) expects the Philippine economy to expand at a slower pace this year than what was previously estimated due to the poor containment of the coronavirus pandemic.

This as the Health department reported 6,128 new coronavirus disease 2019 (COVID-19) infections, bringing the number of active cases to over 130,000.

In its ASEAN+3 Regional Economic Outlook 2021 released on Wednesday, the regional macroeconomic surveillance organization lowered this year’s gross domestic product (GDP) forecast for the Philippines to 6.9% from the 7.4% estimate it gave in January.

“We cannot expect the economy to strongly recover until the virus is under control. What’s going to be important now is targeted containment, containment that’s decisive, effective and proactive as far as possible, and the speedy rollout of vaccines that are accessible and acceptable,” Anne Oeking, economist at AMRO said in a press briefing on Wednesday.

AMRO maintained the Philippine GDP growth projection at 7.8% for 2022.

The latest estimates compare with the 6.5-7.5% target of the Philippine economic managers for 2021 and 8-10% forecast for next year.

Among Southeast Asian economies, AMRO’s GDP estimate for the Philippines is the second highest after Vietnam’s projected 7% expansion for the year. It is also higher than the estimated 4.9% regional average for the Association of Southeast Asian Nations (ASEAN), and 6.7% for ASEAN+3, which includes China, Japan and South Korea.

Ms. Oeking said the Philippines is projected to post one of the highest growth rates in the region due to low base effect, after the economy plunged by 9.5% last year.

“For this year, we actually expect that the growth rate will be one of the better ones in the region, [mainly] because 2020 was so weak, and that does not mean that output losses will be recovered this year,” she said.

The AMRO said the Philippines was among the economies most affected by the pandemic since household spending, one of its biggest growth drivers, was heavily disrupted by stringent lockdown measures.

It also pointed to the government’s “modest” spending, which only accounted for 23.5% of GDP in 2020, compared with the regional peers that rolled out fiscal stimulus of up to 53.9% of economic output.

“Stronger fiscal support should be used to shore up the economy if the recovery were to falter or weaken,” AMRO said.

AMRO said the Philippines will likely post the largest output gap in the region along with Myanmar by 2022.

Both economies are estimated to record 14% lower overall production next year, compared with the output they should have achieved had they grown at the same rate as before the crisis. This compares with Brunei, China and Singapore who have the narrowest output gap estimate of around 2% each.

AMRO said remittances from overseas workers remain a bright spot for the Philippines, as inflows remained resilient during last year’s crisis with only a 0.8% slump against the central bank’s projected 2% contraction.

Headline inflation is expected to average at 3.8% this year and at 3.3% next year, both within the 2-4% annual target of the Philippine central bank, AMRO said.

The general government budget deficit is seen rising to 9.1% by year’s end, before going back to 7.6% level next year.

Meanwhile, AMRO sees the country’s current account surplus to make up 0.9% of GDP in 2021 and 1.2% in 2022.

Other organizations also recently cut their GDP forecasts for the Philippines, including the World Bank who slashed its growth outlook to 5.5% for 2021 from 5.9% previously, and Economic and Social Commission for Asia and the Pacific (ESCAP), a United Nations body, which downgraded its estimate to 6.5% from 7%.