Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 8321

Master plan launched for Leyte industrial zone

THE Board of Investments (BoI) said Monday that it launched the master plan for the Philippines’ first ecological industrial zone, targeted at copper producers.

Trade Secretary Ramon M. Lopez in an online event Monday said that the Leyte Ecological Industrial Zone (LEIZ) will have three clusters: a main manufacturing hub, a commercial and agro-industrial area, and agro-industrial development and training facilities.

“These three sites will complement each other and provide the needed raw materials, products, services, and manpower that the other development cluster needs,” he said.

The government engaged architecture firm Palafox Associates in developing the plan. An eco-industrial park is a group of businesses on one site that efficiently use and share resources to minimize waste and pollution.

According to the government’s copper industry roadmap, the BoI plans to develop a “fully integrated” copper industry by 2030, by establishing a wire rod casting facility and the manufacture of higher-value copper products.

Mr. Lopez said the copper industry’s main opportunities lie in supplying electric vehicles, 5G network, and solar power manufacturers.

“At present, the electric vehicles industry makes up just 1% of copper demand. By 2030, many analysts expect that figure to reach 10%,” he said.

“Likewise, clean energy and digitalization programs are expected to push average annual growth demand for copper up by 2.5% this decade. This would likely drive consumption toward 30 million tons by 2030.” — Jenina P. Ibañez

ERC sets hearing on NGCP network charge to pay for 2019 damage

THE Energy Regulatory Commission (ERC) will hold a virtual hearing next year to assess the National Grid Corp. of the Philippines’ (NGCP) request to collect Force Majeure (FM) Pass-Through charges to compensate it for damage caused by typhoons and earthquakes last year.

The first part of the virtual hearing is scheduled on Jan. 19, in which the ERC will determine the NGCP’s legal compliance after hearing the grid company’s presentation.

The ERC also solicited comment from stakeholders with a deadline of one day before the hearing. “The Commission shall give priority to the stakeholders who have duly submitted their respective comments and/or clarifications, to discuss the questions during the course of the presentation,” the ERC said in a statement.

The second part of the hearing is scheduled for Jan. 27, and will consist of a pre-trial conference and presentation of evidence.

In October, the NGCP asked the ERC to approve the collection of FM Pass-Through charges to recover costs in rehabilitating transmission assets and facilities that were damaged by typhoons Tisoy (international name: Kammuri) and Ursula (international name: Phanfone), and various earthquakes in Mindanao in 2019.

“The proposed charge will be reflected as additional network charges for end-users from January 2021 up to December 2025, or until such time that the amounts incurred are fully recovered,” the NGCP said.

The prospective charge will start at P0.35 kilowatt per month (kW-mo) in 2021 for consumers in Luzon. Meanwhile, the suggested amounts for Visayas and Mindanao consumers will start at P0.8742 and P0.2178 kW-mo, respectively next year. — Angelica Y. Yang

Last-minute reminders before the holidays

 

As a young professional working and living away from my family, I look forward to December. Booking a flight, buying gifts, and planning a vacation give me a rush. December is also usually when I re-evaluate the goals I have set for myself, look back on the decisions I made, and assess whether I still get fulfillment from the things I do. However, this year was different. I have to remind myself that surviving difficult times is a success in itself, that taking a break does not necessarily mean abandoning your dreams. That it is fine to rest, keep the faith, and just strike later.

Just as this year changed our lives and forced us to recalibrate our mindsets, several regulations were also issued by the Bureau of Internal Revenue (BIR) to help taxpayers cope with the difficult times. Listed below are the deadlines that we need to look out for as they come due after getting extended.

RELATED PARTY TRANSACTIONS RETURN (BIR FORM 1709)
The first deadline for the submission of Information Return on Related Party Transactions (BIR Form 1709) and supporting documents as attachments to Annual Income Tax Return is on Dec. 29, 2020. This deadline is for companies with accounting periods ended Fiscal Year (FY) March 31, 2020 and April 30, 2020. Deadlines for submission by companies with periods ending on other than the above dates are as follows:

These deadlines were a further extension pursuant to Revenue Memorandum Circular (RMC) No. 98-2020 to give taxpayers ample time to prepare and file. This is considering that the effectivity of the submission requirement was only on July 25, 2020 pursuant to Revenue Regulations (RR) No. 19-2020.

As clarified in RMC No. 76-2020, BIR Form 1709 shall be manually filed at the Large Taxpayers (LT) Division/ Revenue District Office (RDO) where the taxpayer is registered. A penalty of between P1,000 and P25,000 will be imposed for failure to file BIR Form 1709 and its required attachments due to reasonable cause and not willful neglect. In case of repeated offenses, the maximum penalty of P25,000 will be imposed. If after receiving valid summons and the taxpayer still fails and neglects to produce the form and attachments, the responsible officer is liable for a fine of between P5,000 and P10,000 and imprisonment of between one and two years*.

FILING FOR VAT REFUND CLAIMS
The application for VAT (value-added tax) refund claims covering the quarter ended Sept. 30, 2018 will be due on Dec. 31, 2020. Deadlines for the application for VAT refund claims covering other taxable quarters are shown above.

Pursuant to RR No. 28-2020, areas with enforced Enhanced Community Quarantine (ECQ) or the Modified Enhanced Community Quarantine (MECQ) after Dec. 29, 2020 will be given an additional 30 days after the lifting of the ECQ or MECQ to apply for VAT refund claims. The 90-day period for processing of VAT refund claims is likewise suspended and will resume after 30 days from the lifting of ECQ or MECQ.

VOLUNTARY ASSESSMENT AND PAYMENT PROGRAM (VAPP)
To gain additional revenue to fund government expenditure during the pandemic, the BIR implemented VAPP for the 2018 calendar year and fiscal years ending between July 2018 and June 2019. The last day to avail of the program, which started on Sept. 21, 2020, is on Dec. 31, 2020**.

Covered taxpayers may either be individual or juridical entities, including estates and trusts which erroneously paid or failed to pay the covered taxes for the covered periods due to inadvertence or otherwise.

An availing taxpayer may file personally or through a courier service. Payments may be made in cash to any BIR Authorized Agent Bank (AAB) under the LT office/RDO having jurisdiction over the taxpayer, except for one-time transactions (ONETTs) involving the sale of property which must be filed or paid with AABs/Revenue Collection Officers (RCOs) under the RDO covering the location of the property.

AVAILMENT OF TAX AMNESTY ON DELINQUENCIES (TAD)
TAD can only be availed of until Dec, 31, 2020*** by those taxpayers with internal revenue liabilities for taxable year 2017 and prior years. Any person, whether natural or juridical, may avail of TAD.

The TAD will be considered fully complied with upon completion of all the steps provided in RR No. 15-2020 on or before Dec. 31, 2020. The December deadline is a further extension provided under RMC No. 61-2020 pursuant to Republic Act (RA) No. 11213 or the Bayanihan to Heal as One Act, which directed government offices to suspend deadlines for the duration of the community quarantine.

SUSPENSION OF BIR AUDIT AND FIELD OPERATIONS
Between Dec. 15, 2020 and Jan. 27, 2021, no field audit, field operations, or any form of business visitation in execution of Letters of Authority (LoAs)/Audit Notices or Mission Orders should be conducted. During this period, taxpayers may enjoy the holidays as no written orders to audit and/or investigate their internal revenue tax liabilities shall be served, unless of course to those that are enumerated in RMC No. 127-2020 who may still be subjected to audit.

Service of notices to avail of the TAD, Estate Tax Amnesty (ETA) and VAPP are not covered by the suspension. Also, taxpayers may still voluntarily pay their known deficiency taxes without the need to secure authority from concerned revenue officials.

It is important for taxpayers to note that after Jan. 27, 2021, BIR audit and field operations will resume and preparations during the suspension will come handy.

As we prepare ourselves for the holidays by closing our year with peace of mind for a fruitful upcoming year, it is the same for our dues and obligations to the government. Before we embark on merry making and making fond memories with our loved ones, it is best that we keep abreast of what is to come since after each ending comes a new beginning. May we have a fruitful 2021.

Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.

 

Paul Vinces C. Leorna is a senior in-charge of Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.

pagrantthornton@ph.gt.com

 

Note:
On Dec. 22, the BIR published RRs to extend deadlines and clarify issues as follows:

a. *BIR Form 1709: Preparation and submission of TPD is only required for taxpayers covered by the submission of BIR Form 1709 and who meet the threshold requirements as provided in RR No. 34-2020

b. **VAPP: Deadline to avail of the VAPP is extended to June 30, 2021. Taxpayers with a duly issued Certificate of Availment may not be audited for 2018 for the tax types covered by the availment. Hence, taxpayers who availed of the VAPP on withholding taxes will be allowed to claim deduction on the corresponding income payment pursuant to RR No. 6-2018

c. ***TAD: TAD can be availed of until June 30, 2021.

FIBA Asia Cup bubble hosting an opportunity to learn some more

Says the Samahang Basketbol ng Pilipinas

By Michael Angelo S. Murillo, Senior Reporter

WITH the countdown for the country’s hosting of the 2023 International Basketball Federation  (FIBA) Basketball World Cup now under way, the Samahang Basketbol ng Pilipinas (SBP) has also begun prepping up to have itself ready for the big event.

And while the coronavirus pandemic has rendered early preparations challenging, the local basketball federation remains undeterred and is forging ahead.

One way it is going about shaping up is by hosting one of the tournament bubbles of the FIBA Asia Cup Qualifiers set for February next year.

The Philippines joins Japan, Qatar, and Bahrain as sites for the matches of the third and final window of the pandemic-hit qualifiers.

Clark in Angeles, Pampanga, will be the site of the bubble here that will have teams from Groups A and C competing from Feb. 18-22, 2021.

For SBP President Al S. Panlilio, the February hosting bears much significance as they get the ball rolling for the 2023 FIBA World Cup preparations.

“It’s preparatory for 2023. We are trying to improve every time. Obviously, we’ve hosted a lot in the past. It’s always a learning experience for us. Today is a learning experience because of the pandemic,” said Mr. Panlilio at the virtual conference for the February hosting last Saturday.

The SBP executive went on to say that they are also using the event as an opportunity to foster further their good relationship with FIBA and champion the sport.

“We’ve always had a good relationship with FIBA, our Chairman Emeritus MVP (Manny V. Pangilinan) is at the Central Board and FIBA Asia called if we can consider hosting the February window, not only our grouping, but also Group C. We’ve always wanted to host events here around our countrymen… That’s always been MVP’s thrust. He had so many things here, the FIBA Asia Qualifier, the Olympic Qualifying Tournament, and we’ve always wanted to bring the games here, so our Filipino fans will be able to see our team play,” Mr. Panlilio said.

The Philippines earned the right to host the 2023 FIBA Basketball World Cup along with Japan and Indonesia, beating the joint bid made by Argentina and Uruguay.

The World Cup is to take place from Aug. 25 to Sept. 10, 2023 with the group phase held across all three host countries and the final phase to follow here in the country.

It will mark the first time that the Philippines will host the event after four decades.

ENSURING FEBRUARY IS A SUCCESS
Meanwhile, Mr. Panlilio said they will ensure the country’s hosting of the February Asia Cup Qualifier bubble will be a success, banking on cooperation with the different stakeholders, including the Philippine Basketball Association (PBA), and pertinent government agencies.

“It’s a different kind of hosting, and with the help of the government and the PBA’s experience, it will be a very successful one,” he said.

In offering to be host of the FIBA bubble, SBP touted the successful staging of the tournament bubble of the PBA from October to early this month also in Clark.

In turn, the PBA and the Bases Conversion and Development Authority (BCDA), also in the press conference, expressed their full cooperation in the undertaking.

Set to see action in the window here are Gilas Pilipinas (3-0), Korea (2-0), Indonesia (1-2), and Thailand (0-4) in Group A, and New Zealand (2-0), Australia (1-1), Guam (0-1), and Hong Kong (0-1) in Group C.

Ko cruises to 5-shot victory in LPGA Tour season finale

SOUTH Korean world number one Ko Jin-young used a string of late birdies to pull away from the chasing pack and claim a clinical five-shot victory at the Ladies Professional Golf Association’s (LPGA) season-ending Chicago Mercantile Exchange (CME) Group Tour Championship in Naples, Florida, on Sunday.

Ko, who began the day one shot back of defending champion and compatriot Kim Sei-young, carded a closing six-under-par 66 that brought her to 18 under on the week at Tiburon Golf Club for her first win of the pandemic-stained season.

“I still can’t believe it, that I’m here, and that I won this tournament,” said Ms. Ko, who only competed in four LPGA events in 2020 after choosing to remain in Korea when the LPGA Tour resumed play in July amid the pandemic.

“Before the tee off, I just (thought), OK, 18 holes left and I go home. So just relax and just enjoy, just keep it up.”

England’s Hannah Green (67) and Kim (72) finished in a share of second place, one shot clear of American Mina Harigae (68).

Ko birdied two of her first six holes and shook off a bogey at the ninth before making a move at the par-three 12th, where she rattled off the first of three consecutive birdies to pad her lead and then added two more over her final three holes.

The tournament capped an 18-event LPGA season that was shut down from mid-February through July because of COVID-19.

The 2021 LPGA season will have 34 official events, starting with the Jan. 21-24 Diamond Resorts Tournament of Champions in Lake Buena Vista, Florida. — Reuters

Palawan Queen’s Gambit team out to make waves at inaugural PCAP season

WHEN the inaugural season of the Professional Chess Association of the Philippines (PCAP) unfolds early next year, expect the Palawan Queen’s Gambit team as among the groups making waves.

An all-women team, Palawan Queen’s Gambit vowed to give its all in the competition, while also highlighting that women can excel in the sport.

The team is bannered by Women International Masters Marie Antoinette San Diego, Catherine Pereña-Secopito, and Shania Mae Mendoza.

Also part of the squad are Women National Masters Carmelites Abanes and Cecilia Cuizon, and homegrown Palaweñas Marife Dela Torre, Yanika Eli Seratubias, and Jesibel Maberit.

“Chess is not just for men. It’s time women play and show that all’s fair in the game,” said manager and coach Susan Neri in a release of the decision to form the all-women team, which has Jojo Mitra as owner.

Adding, “In choosing to field an all-female team, we will garner more interest from Filipinas to play chess.”

Ms. Neri said in the PCAP, the newly organized pro chess league in the country, they will be up against tough teams, but it is not stopping them and instead using it as further motivation.

“We know the Queen always has the last say. Just see. We’ll surprise everyone,” she said.

The PCAP was set up to provide another platform for players to showcase what they can do and give chess its due recognition as a sport that Filipinos can excel in.

The league had its drafting of players last Sunday. Apart from the team from Palawan, 19 other teams will be part of the tournament targeted to begin in January. — Michael Angelo S. Murillo

PSC batting for ‘proper way’ in athletes’ return to training

WHILE recognizing the urgency for national athletes to resume their training for competitions amid the coronavirus pandemic, the Philippine Sports Commission (PSC) asserted that such should not be done at the expense of proper health and safety protocols.

In a recent media conference where it gave its yearend report, the PSC, through its chairman, William Ramirez, said that in pushing for the resumption of training, all concerned must not cut corners because so much is at stake, including lives.

In line with this, the PSC came up with a 10-point protocol designed to guide stakeholders in resuming training, particularly for the rescheduled Tokyo Olympic Games and Southeast Asia Games next year.

The PSC protocols became all the more significant as the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID), the lead agency in the government’s coronavirus pandemic efforts, last week allowed national athletes to resume their training albeit under a “bubble” setting, where they have to be holed up in a controlled and safe area to guard against the spread of the coronavirus.

For Mr. Ramirez, regardless of whether training will be done in a bubble or not, the bottom line is health and safety protocols must be established and followed for any resumption to succeed.

“It does not matter if it’s a bubble or not, it’s the same. For me, we have to be extra careful in that. If we don’t have the proper protocols, it will be useless because, eventually, we will have to put a stop to it,” said the PSC chief.

Given that, Mr. Ramirez shared the set of protocols their agency crafted, guided by measures already established by the World Health Organization (WHO), Department of Health (DoH), and the IATF.

On top of the protocols is the formation of an expert group among stakeholders to aid in the interpretation and give advice on any unusual and expected results of tests.

The quality of the test must also be ensured and it should be in accordance with stipulations of local public health authorities.

The testing, the PSC said, is to aid preventive measures, which should be implemented at all times.

Completing the PSC protocols are:

• For close contacts of positive cases, quarantine and daily monitoring of temperature and symptoms is a must, and consider a test out of that quarantine every day.

• Before athletes gather, consider doing two swab tests six days before the event, regularly testing follows.

• For those asymptomatic, immediate retest and immediate repeat testing of the initial sample must be considered. Correlate the test result with the symptoms and pre-test probability as well as consider antibody testing.

• Interpret results of the pre-test probability. If the athlete has symptoms, the test should be positive. If symptoms are present and the test is negative, repeat the test within 24 to 48 hours. If negative, consider alternative diagnosis.

• For unusual test results, discuss with the expert group. Consider repeating the test as soon as possible within 24 to 48 hours.

• Post coronavirus disease 2019 (COVID-19) infection. Reverse transcription polymerase chain reaction (RT-PCR) test be maintained as positive for months because repeat testing is not recommended within 90 days after infection. Consider antibody testing two to three weeks after the initial infection.

• And for positive cases in the sporting bubble, isolate the case as well as the close contacts and discuss with local public health officials. Consider the RT-PCR testing for asymptomatic contact. Consider testing all close contacts.

Mr. Ramirez reiterated that they made the protocols strict so as resumption efforts would not go to waste just as he enjoined all athletes, national sports associations, and other stakeholders to follow the guidelines.

The PSC is expecting national athletes to resume their training next month. — Michael Angelo S. Murillo

NFL: Seattle Seahawks clinch playoff spot with a 20-15 win against the Washington team

CARLOS Hyde scored on a 50-yard run and the Seattle Seahawks held off a late rally to clinch a playoff berth with a 20-15 victory against the host Washington Football Team on Sunday afternoon in Landover, Maryland.

Russell Wilson threw for a touchdown and rushed for 52 yards for the Seahawks (10-4), who reached the postseason for the ninth time in coach Pete Carroll’s 11 seasons.

National Football Conference (NFC) East-leading Washington (6-8) had its four-game winning streak snapped.

Washington’s third-ranked pass defense limited Wilson to 121 yards on 18-of-27 passing, but gave up a season-high 181 yards on the ground. Seattle’s Chris Carson rushed for a game-high 63 yards on 15 carries.

Washington’s Dwayne Haskins Jr., playing in place of the injured Alex Smith, was 38-of-55 passing for 295 yards with a touchdown and two interceptions. Logan Thomas made 13 catches for 101 yards.

Trailing 20-3, Washington scored twice in the fourth quarter. Peyton Barber capped a 96-yard drive with a 1-yard plunge and Haskins hit J.D. McKissic with a 6-yard touchdown pass with 7:16 remaining.

After forcing a three-and-out, Washington got the ball back on its own 14-yard line with 5:34 left.

Haskins drove Washington to the Seahawks’ 23 with 1:18 remaining, but back-to-back sacks by L.J. Collier and Carlos Dunlap forced Washington into a fourth-and-24 from the 37. Haskins’ desperation heave into the end zone with 51 seconds left fell incomplete.

Wilson threw a 10-yard touchdown pass to tight end Jacob Hollister with 1:45 remaining in the first half to give the Seahawks a 13-0 lead. — Reuters

United hits Leeds for six, Leicester wins at Spurs

MANCHESTER, England — Manchester United crushed Leeds United (6-2), while Leicester City handed Tottenham Hotspur a second straight defeat in the Premier League on Sunday.

United’s win, with two goals each for midfielders Scott McTominay and Bruno Fernandes, sent Ole Gunnar Solskjaer’s side up to third on 26 points, above fourth-placed Everton on goal difference.

Jamie Vardy’s penalty and a Toby Alderweireld own goal gave Leicester victory in North London and left the Foxes in second place, five points behind leaders Liverpool who had won 7-0 at Crystal Palace on Saturday.

Sam Allardyce’s debut in charge of struggling West Bromwich Albion ended in a 3-0 home defeat by West Midlands rivals Aston Villa with Anwar El Ghazi on target twice.

Bottom club Sheffield United ended their eight match losing streak, picking up just their second point of the campaign with a 1-1 draw at home to Brighton & Hove Albion.

Promoted Leeds have won admirers for their attacking approach under Argentine coach Marcelo Bielsa, but the 30 goals they have conceded this season is the worst defensive record in the league and they have slipped to 14th in the table.

The Yorkshire club were 2-0 down inside three minutes after McTominay scored two early goals, the first a stunning strike from distance, before Fernandes made it 3-0 in the 20th minute.

Victor Lindelof added a fourth before a Liam Cooper header, four minutes before the interval, gave the visitors some encouragement for the second half.

But McTominay set up Dan James for United’s fifth before a Fernandes penalty made it 6-1.

Even then, with Bielsa yelling from the touchline, Leeds continued to push forward and Stuart Dallas gave them some reward for their efforts with a beautiful curling shot from distance.

While there were some outstanding individual displays in the United side, none more than from McTominay in midfield, Solskjaer also got his tactical approach spot on.

“Of course, we’ve shown them videos and analysed (Leeds) and they were wide-eyed, the boys, when they saw the clips we showed them. The spaces that can appear, or not appear if we don’t do the work. They did the work, spot on,” he said.

After their defeat by Liverpool on Wednesday, Jose Mourinho’s Spurs dropped out of the bottom two after the loss to Leicester.

The opening half produced little excitement until just before the break when the Foxes were awarded a penalty following a VAR check, which found Serge Aurier had fouled Wesley Fofana — Vardy blasted the spot kick down the middle.

The second goal came in the 59th minute when Vardy got on the end of Marc Albrighton’s cross from the right and his header at the far post cannoned off Alderweireld into the back of the net.

The experienced Allardyce replaced the sacked Crotian Slaven Bilic at West Brom in midweek, but after five minutes, Villa took the lead when El-Ghazi deftly steered home Traore’s cross to the far post.

West Brom had captain Jake Livermore sent off following a VAR review for a reckless tackle on Jack Grealish and Allardyce’s new charges barely threatened after that, managing a single shot in the whole game.

Traore added a second six minutes from time and El Ghazi slotted home a late penalty to secure a win that lifts Villa to ninth spot on 22 points after 12 games, while West Brom remain second from bottom with seven points from 14 games.

Ten-man Sheffield United were denied a first win of the season when Brighton’s Danny Welbeck struck late to cancel out Premier League debutant Jayden Bogle’s goal in a 1-1 draw at the Amex Arena.

The visitors were reduced to 10 men when John Lundstram was sent off for upending Joel Veltman in a reckless challenge in the first half, with the referee changing his decision from a yellow card to a red following a VAR review. — Reuters

Pro sports should learn from resilient women athletes following the pandemic

ELITE women’s sports are predicted to generate $1 billion in revenue in 2021.

With just a fraction of the investment dollars, comparatively paltry marketing, and promotional budgets compared to those allocated to men’s sports, this is conceivably a conservative estimate. As sport emerges from the challenges imposed by COVID-19, women’s sports are becoming a lucrative business opportunity.

Don’t believe us? You’re not alone.

Despite record-setting momentum, the sports industry has continued to ignore the economic viability of women’s sports.

Many decisions are still based on outdated assumptions. Marketing has largely positioned women’s sport as the “right thing to do” as opposed to an exciting investment opportunity, and fans are treated as monolithic. The resulting narrative has left the women’s sport market both under-served and undervalued.

Sports fans, however, are telling a different story.

A Nielsen study found that 84% of general sports enthusiasts of all genders are interested in women’s sport. If more women’s sports were available to watch, 46% of fans indicated they’d tune in.

What happens when you give sports fans what they want? The 2019 FIFA Women’s World Cup drew 1.12 billion viewers. Viewership for the WNBA this season was up 68%; media coverage of their championship finals increased 15%.

National Women’s Soccer League (NWSL) viewership swelled 493% for their 2020 Challenge Cup and 500% year over year, LPGA viewership increased 21% and this year’s US Open tennis final between Naomi Osaka and Victoria Azarenka averaged 2.1 million viewers on ESPN.

Keep in mind this was during a time when many sports were competing simultaneously and ratings for the NBA, MLB, NHL, and NFL all declined significantly. What’s more, women athletes have also been at the forefront of advocacy for social and political change.

The bottom line? Women are doing more with less.

They’re finding innovative solutions during these most challenging times. They’re seizing the moment and exceeding expectations. They’re putting on a master class in resilience — because for the past several decades, that’s how they’ve been conditioned to do business.

The coronavirus disease 2019 (COVID-19) pandemic has resulted in unprecedented disruption. While the sports sector adapts to these new and uncertain conditions, resilience as a coping mechanism is serving women’s sports well.

Through this lens, the distinguishing qualities of persistence, adaptability, and agility are assets that women in sport have been fine-tuning for years. As the world of sport continues to mount its recovery efforts and the sports landscape evolves, we argue this innately gives women a leg up in the new normal.

And make no mistake. The sports landscape is in the midst of a revolution.

Gen Z has rapidly become the most influential generational cohort, commanding $3.2 trillion in purchasing power. This demographic has high expectations around diversity and inclusion and they are following sports in very different ways than their predecessors.

With a preference for highlights on Instagram, they’re more likely to follow an athlete than a team, and the role of sport in their social life has redefined their fandom.

Layered on top of this, we know that women now control a third of the world’s wealth, adding US$5 trillion to the wealth pool globally every year. While traditional sport properties are struggling, women’s sports have the flexibility to be nimble and adapt to the new, increasingly diverse sport environment.

We’re already seeing early evidence of this, with a 468% increase in tweet volume around representation and equality. Advertising featuring women in sport is perceived as 148% more empowering than similar ads with men.

Twitter has also found sports ads featuring women held viewers’ attention for an average of 6.5 seconds and drove 4.8 times higher ad recall than a control group. When women were featured in non-traditional gender roles, recall was 6.3 times higher.

If we consider merchandise as a proxy for demand, a whole new series of supporting metrics emerge. Nike’s 2019 US Women’s National Team home jersey became the No. 1 selling soccer jersey ever, men’s or women’s. The WNBA’s now-famed orange hoodie has nine million impressions on social media, 238,000 engagements and $250,000 in social media value. According to the online retailer Fanatics, the orange hoodie was the best-selling item across its website in August.

We’re currently witnessing a continuous series of disruptions exposing the widening gaps in society accelerated by the pandemic.

In sport, these disruptions have exposed the weaknesses of the traditional sports model. As we look towards the future of sport, COVID-19 may well be the catalyst for change that women’s sports have been waiting for.

Women in sport understand that success is not easy, convenient or comfortable because it never has been. They’re accustomed to coming up with constructive solutions that showcase persistence.

As the sports market reemerges in a post-pandemic world, women’s sports may be strategically positioned to not only better adapt to the rapid changes brought about by COVID-19 — they may be better prepared to lead the way forward in the development of a new model for sport. The future may be unwritten, but the time to invest in it is now. — Reuters

Tiger and son Charlie finish five shots back in Orlando

TIGER Woods has enjoyed a dominant golfing career, but added a new memory after he and 11-year-old son Charlie finished five shots back of world number three Justin Thomas and his father during an exhibition event in Orlando, Florida, on Sunday.

Team Woods, both wearing Tiger’s signature Sunday red and black, placed seventh among a 20-team field of major champions and winners of The Players alongside a family member for the two-day PNC Championship at the Ritz-Carlton Golf Club.

“I don’t think words can describe it,” 15-times major champion Woods said of competing alongside his son. “Just the fact that we were able to have this experience together, Charlie and I, it’s memories for a lifetime.”

Charlie, the youngest competitor in the tournament’s history and perhaps its most anticipated, showcased impressive form at the scramble event and on several occasions looked every part his father as he worked his way around the course.

During his team’s closing 10-under-par 62, Charlie rolled in a birdie at the par-four 10th and then unleashed a vintage low-uppercut Tiger fist pump that the golf world has seen countless times before.

Team Thomas began their day with seven consecutive birdies en route to a 15-under-par 57 that brought them 25 under, one shot clear of Vijay Singh and son Qass. — Reuters

Europe shuts door on Britain amid new COVID strain

LONDON — Britain’s European neighbors began closing their doors to travellers from the United Kingdom on Sunday amid alarm about a rapidly spreading strain of coronavirus that has caused cases to soar there.

France said it would bar all people coming from the United Kingdom for 48 hours from Sunday night, including freight carriers, whether by road, air, sea or rail.

Germany, Italy and the Netherlands ordered a suspension of flights from Britain, while Ireland said it would impose restrictions on flights and ferries from its neighbor.

Belgium said it would close its borders to flights and trains — including the popular Eurostar service — coming from the United Kingdom.

“The COVID variant recently discovered in London is worrying and will need to be investigated by our scientists,” Italian Health Minister Roberto Speranza said.

“In the meantime we choose the path of maximum prudence.”

British Prime Minister Boris Johnson announced on Saturday that the new strain had led to spiraling infection numbers. His government tightened its coronavirus disease 2019 (COVID-19) restrictions for London and nearby areas, and also reversed plans to ease restrictions over the Christmas period.

The travel curbs also compound problems for the United Kingdom as it finally exits the European Union (EU) on Dec. 31 after a transition period this year. London and Brussels have so far failed to reach a post-Brext trade deal, raising the prospect of chaos in goods traffic.

The German government said all flights from the United Kingdom would be suspended from midnight.

“It (the virus mutation) has not yet been identified in Germany,” Health Minister Jens Spahn told public broadcaster ARD. “But of course we take the reports from Britain very seriously.”

Belgian Prime Minister Alexander de Croo said the ban on incoming travel from Britain covers Eurostar services via the Channel Tunnel and will take effect for at least 24 hours from midnight on Sunday, broadcaster VRT said.

The Italian order blocked any flights departing from Britain and prohibited anyone who had transited through it in the last 14 days from entering Italy.

The Netherlands banned flights carrying passengers from the United Kingdom from Sunday and the restrictions will remain in place until Jan. 1, the Dutch government said.

Austria is also planning to ban flights from Britain, the APA news agency said, citing the health ministry. Sweden said it was preparing a decision to ban entry from the United Kingdom.

Romania, Lithuania, Latvia, Estonia, Bulgaria and the Czech Republic also announced plans to bar flights from the United Kingdom.

The new variant in Britain has added a twist to a battle against the virus that many countries in Europe are waging.

The number of coronavirus cases in Britain surged by 35,928 on Sunday, the highest daily rise since the start of the pandemic, and it recorded 326 deaths, taking the official toll to more than 67,000.

In addition to the measures announced for England, the United Kingdom’s other nations, who control their own anti-coronavirus policies, tightened restrictions. Scotland has imposed a ban on travel to the rest of the United Kingdom. — Reuters

1...8,3208,3218,322...13,880Page 8,321 of 13,880
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube