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Adiwang looking to take on all comers in division

AFTER an impressive knockout victory at ONE Championship’s “Unbreakable” event in Singapore last Friday, Filipino fighter Lito “Thunder Kid” Adiwang is now turning his attention on taking all comers in the promotion’s strawweight division.

Coming off a defeat in the ONE Circle late last year, Mr. Adiwang (12-3) said he is happy to be back on the winning track and is determined to stay the course moving forward.  

“I have so many emotions right now. To God be the glory for this win,” said Mr. Adiwang in the virtual press conference following his second-round knockout victory over Japanese Namiki Kawahara.

Team Lakay’s Adiwang was on top of his game throughout the contest, never allowing his opponent to gain much headway. He capped his impressive performance with a well-timed left hook to the jaw of Mr. Kawahara, which signalled the end to the fight.

The win was a bounce back for Mr. Adiwang, who lost in his previous fight to Hiroshi Minowa of Japan by way of a close split decision last November.

Mr. Adiwang shared that he had it tough in the lead up to the Kawahara fight, making the victory more gratifying.

Not only did he deal with the tough loss, he also had the toughest training camp in his career considering the many limitations of the coronavirus pandemic. Compounding things was the passing of his mother in December, which he admitted their family is still coming to terms with.

“I had the toughest training camp for this fight — the preparations and the other issues that had happened for me. I was nervous entering the fight, not because of my opponent, but more if I could compete the way I wanted to after all that I had to go through,” said the ONE Warrior Series product.

Mr. Adiwang said that he is hoping for a short turnaround for him and expressed readiness to go up against anybody in the division, even Mr. Minowa in a rematch.

“It’s up to ONE if I will have a rematch with Minowa. But there is so much talent in the division and I’m looking forward to fighting each one of them. I’m just happy to be back in the Circle and enjoy what I do. Hopefully, it will just be a short turnaround for me after this win,” Mr. Adiwang said.

Other winners at ONE: Unbreakable was Capitan Petchyindee Academy of Thailand, who seized the world bantamweight kickboxing title from Russia’s Alaverdi Ramazanov in just two rounds in the headlining fight; and mixed martial arts legend Shinya Aoki of Japan, who submitted American James Nakashima (rear-naked choke) in the first round.

Next for ONE Championship is “Unbreakable II” on Jan. 29 in Singapore, which will be headlined by the heavyweight MMA clash between Italy’s Mauro Cerelli and Russia’s Abdulbasir Vagabov. — Michael Angelo S. Murillo   

Kang leads LPGA Tournament of Champions despite Korda’s 60

DANIELLE Kang continued her torrid play with an 8-under 63 on Saturday to hold a two-shot lead over fellow American Jessica Korda after three rounds of the Diamond Resorts Tournament of Champions at Lake Buena Vista, FLA.

Kang stands at 21-under 192 and has played bogey-free golf through three rounds at the Four Seasons Golf and Sports Club.

Kang matched her career-best score, but only holds a two-stroke lead due to Korda shooting a blistering 11-under 60 on Saturday.

Korda was sensational on the back nine with an eagle on the par-5, 17th hole and seven birdies. She had nine birdies overall.

Korda’s round was two shots better than her previous low and she fell one shot shy of matching Annika Sorenstam’s record 59 at the 2001 Standard Register PING in Phoenix. Overall, she is the sixth Ladies Professional Golf Association (LPGA) golfer to record a 60 or lower.

Korda hit 17 of 18 greens and needed just 25 putts in her lava-hot round.

“Days like today don’t come often, so you really cherish them when they do,” said Ms. Korda, whose previous-best 62 came in the second round of the 2018 Honda LPGA Thailand, a tournament she won. “Everything has to come together to have a day like today, so I’m very grateful that it came.”

Korda’s stellar round was the only thing preventing Kang from opening up a large lead as she pursues her sixth career victory.

Kang, 28, had four birdies on the front nine and four more on the back.

“I think my mental game is pretty strong this week,” Ms. Kang said. “Just kind of chugging along. I know I’m being really repetitive, but that’s what I’m doing, is just focusing on what I need to hit and what I need to execute. That’s pretty much it.”

Jessica Korda is also seeking her sixth win as she enters Sunday’s final round paired with Kang and younger sister Nelly.

Nelly Korda is six shots behind Kang after carding a 67 in the third round. The 22-year-old Korda had six birdies, but faltered late with bogeys on 15 and 18.

South Korea’s In Gee Chun carded a 67 and is alone in fourth place at 13-under 200.

Canada’s Brooke Henderson (65) is in fifth place at 12 under and American Cheyenne Knight (67) is at 11 under.

American Angela Stanford (67) resides at 10 under, while American Brittany Lincicome (64), France’s Celine Boutier (65), Germany’s Sophia Popov (67), and defending champion Gaby Lopez (71) of Mexico are tied for eighth at 9-under 204.

In the celebrity competition using the Modified Stableford scoring system, former professional tennis player Mardy Fish holds the lead at +118 through three rounds. New York Yankees outfielder Aaron Hicks and former NFL kicker Josh Scobee are tied for second at +111. — Reuters

Holders Arsenal knocked out, Man City survive Cheltenham scare

SOUTHAMPTON — Holders Arsenal bowed out of the Football Association (FA) Cup in the fourth round in disappointing fashion as Gabriel’s first-half own goal condemned them to a 1-0 defeat by Southampton on Saturday.

Manchester City also looked to be on the brink of defeat at fourth-tier Cheltenham Town, but they scored three times in the last 10 minutes to avoid one of the competition’s great shocks.

Southampton and City were joined in the last 16 by top-flight rivals West Ham United who crushed third-tier Doncaster Rovers 4-0, Brighton & Hove Albion who beat Blackpool 2-1, and Sheffield United who edged Plymouth Argyle 2-1.

Arsenal claimed a record-extending 14th FA Cup title by beating Chelsea in August, but Mikel Arteta’s side’s defense of the trophy ended with a whimper.

Southampton deservedly took the lead in the 24th minute when Kyle Walker-Peters drilled a low cross into the area and Gabriel inadvertently touched it past keeper Bernd Leno.

Arsenal could have fallen further behind with home striker Danny Ings going close for the hosts on several occasions.

The visitors, who made a raft of changes for the tie on the south coast, did apply some second-half pressure with Rob Holding wasting their best chance, but Southampton held on to set up a fifth-round clash with Wolverhampton Wanderers.

It was their first FA Cup win over Arsenal.

“We had in the first half more punch and more power,” Southampton manager Ralph Hasenhuttl said.

“In the second half, it’s normal they have a lift. We must make the second goal. We made one or two chances — Shane Long should have got a penalty.

“It was a good team performance today.”

Arsenal’s first defeat in seven matches was a bitter pill for Arteta to swallow.

“Really sad to be out of the competition. Disappointed to be out and the way we conceded,” the Spaniard said.

For FA Cup romantics, Cheltenham almost provided a classic addition to the competition’s rich history.

When Cheltenham skipper Ben Tozer launched yet another humongous throw-in into the City area just before the hour and in the resulting scramble Alfie May prodded home, raising the prospect of sending Pep Guardiola’s side packing.

They held on until the 81st minute when Phil Foden volleyed in an equalizer. When Gabriel Jesus scored again three minutes later, City could breathe easy. Ferran Torres added a late third.

Guardiola will not forget the tie in a hurry though.

“They used their quality in the box, they are taller and better than us there and we showed clips on how to solve it. It is difficult to control that,” he said after his side’s 10th successive victory in all competitions.

For Cheltenham manager Michael Duff, it was a case of what might have been.

“I’m incredibly proud. The players they brought on from the bench and the way they celebrated the goals tells you something. They know they’ve been in a game. They’ve done that to better teams than us,” he said.

City will face Championship high-flyers Swansea City in the fifth round after the Welsh club crushed Nottingham Forest 5-1.

Norwich City lost 1-0 at Barnsley, while Bristol City were 3-0 winners away to Millwall.

In Sunday’s big tie, Manchester United host Liverpool while struggling Chelsea face Luton Town. — Reuters

Nets defense

Heading into the set-to against the Heat yesterday, head coach Steve Nash conceded that the Nets weren’t built to be a defensive powerhouse. He was underscoring the obvious, to be sure; their mediocre position gave way to an even worse standing once they had to give up significant personnel to acquire former Most Valuable Player James Harden from the Rockets. As excited as he was to consider the potential of his new acquisition alongside offensive stalwarts Kevin Durant and Kyrie Irving, he admitted that his charges needed to do better on the other end of the court.

Not that Nash wasn’t optimistic. He understood that the Nets required time to jell as a unit, and he expressed confidence that significant progress would come sooner rather than later. Given their performance yesterday, however, he would do well to exhibit not inconsiderable patience. For the fourth straight time, they allowed the competition to practically score at will. And it wasn’t as if the Heat, who could do no better than put up 81 against the underwhelming Raptors on the first outing of a back-to-back set, relied on noted scorers to post a whopping 124 on the second. With vital cogs Jimmy Butler and Tyler Herro unable to suit up, otherwise offensively challenged Bam Adebayo managed a career-high 41 markers on 20 shots.

Granted, the Nets did go on to claim the victory, their first in three matches with their heralded Big Three on tap. On the other hand, they had to lean on an otherworldly showing from Irving and the steady hands of Durant and Harden in the crunch. Heck, they even got a scare in the dying seconds; their eight-point advantage with just under a minute to go got whittled down to two while there was still ample time on the clock. Only a miscalculation by Heat bench tactician Erik Spoelstra — who chose not to call a timeout with five ticks left — allowed them to avert overtime, or, worse, a collapse in regulation.

Again, Nash is right. The Nets will improve, and there will be many an encounter they will win simply on the basis of their superior offense. Then again, they’re not after a respectable showing in the regular season. Considering all the assets they forked over in order to claim Harden, they cannot — and should not — but be focused on meeting the ultimate objective. Anything less is a bust — in which case they have to do the less glamorous part of hooping as well. Else, they’ll find themselves disproving the hypothesis of their grand experiment, much to their dismay.

 

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.

Trial for ‘wonder’ drug that may reduce COVID-19 deaths planned

OXFORD University researchers are planning a large-scale trial of an inexpensive drug that could help dramatically reduce COVID-19 deaths globally, according to a report in the Times.

The goal is to find treatments that could be used at home, shortly after symptoms appear, to catch the disease early and prevent serious illness.

This batch of medicines will include ivermectin, which for decades has been used to treat livestock and people infested with parasitic worms, the newspaper reported. Supporters call it a “wonder drug,” but others say it hasn’t been properly evaluated.

While the drug has potential antiviral and anti-inflammatory properties, “there’s a gap in the data,” Chris Butler, professor of primary care at the University of Oxford and a co-chief of the trial, told the Times. “There’s not been a really rigorous trial.”

The World Health Organization (WHO) recently suggested it has encouraging effects, the newspaper said. The drug is approved in the UK as a topical agent for skin infections and inflammation. — Bloomberg

Taiwan air force warns Chinese aircraft to leave

TAIPEI — Eight Chinese bomber planes and four fighter jets entered the southwestern corner of Taiwan’s air defense identification zone on Saturday, and Taiwan’s air force deployed missiles to “monitor” the incursion, the island’s defence ministry said.

China, which claims Taiwan as its own territory, has conducted almost daily flights over the waters between the southern part of Taiwan and the Taiwan-controled Pratas Islands in the South China Sea in recent months.

However, they have generally consisted of just one or two reconnaissance aircraft.

The presence of so many Chinese combat aircraft on this mission — Taiwan said it was made up of eight nuclear-capable H-6K bombers and four J-16 fighter jets — was unusual.

A map provided by Taiwan’s defense ministry showed that the Chinese aircraft, including a Y-8 anti-submarine aircraft, flew over the same waters where the most recent Chinese missions have been taking place near the Pratas Islands, though still well away from mainland Taiwan.

Taiwan’s air force warned away the Chinese aircraft and deployed missiles to monitor them, the ministry said, using standard wording for how it responds to such activities.

“Airborne alert sorties had been tasked, radio warnings issued and air defense missile systems deployed to monitor the activity,” it said in a brief statement.

The US State Department urged China to stop pressuring Taiwan and reaffirmed its commitment to the island and desire to deepen ties.

“We urge Beijing to cease its military, diplomatic, and economic pressure against Taiwan and instead engage in meaningful dialogue with Taiwan’s democratically elected representatives,” State Department spokesman Ned Price said in a statement.

“We will continue to assist Taiwan in maintaining a sufficient self-defense capability.”

There was no immediate comment from China. In the past, China has said it has been carrying out exercises to defend its sovereignty and security.

Taiwan’s foreign ministry expressed its thanks for the show of US support, adding they would work closely with the Biden administration to strengthen their close partnership.

Lo Chih-Cheng, a senior lawmaker for Taiwan’s ruling Democratic Progressive Party who sits on parliament’s foreign affairs and defense committee, told Reuters China was trying to deter the new US government from backing the island.

“It’s sending a message to the Biden administration,” he said.

Beijing has watched with growing concern increasing US support for democratic Taiwan, especially during Donald Trump’s administration, which left office on Wednesday.

Last year, during visits by senior US officials to Taipei, Chinese aircraft briefly crossed the median line of the Taiwan Strait, which normally serves as an unofficial buffer.

The flight by the Chinese bombers and fighters on Saturday came just days after Joe Biden assumed the US presidency.

Emily Horne, spokeswoman for the White House National Security Council, said the US commitment to Taiwan was “rock-solid” after the island’s de facto ambassador in Washington, Hsiao Bi-khim, attended Mr. Biden’s swearing-in on Wednesday. — Reuters

New Zealand probes what may be 1st community COVID-19 case in months

WELLINGTON — New Zealand health officials said on Sunday they were investigating what they said was probably the country’s first community coronavirus case, in months in a woman who recently returned from overseas.

The 56-year-old, who returned to New Zealand on Dec. 30, tested positive for the virus that causes coronavirus disease 2019 (COVID-19) days after leaving a two-week mandatory quarantine at the border where she had twice tested negative.

“We are working under the assumptions that this is a positive case and that it is a more transmissible variant, either the one identified first in South Africa or the UK, or potentially Brazil — or another transmissible variant,” Director-General of Health Ashley Bloomfield told a news conference.

It is not known how the woman was infected or whether the infection is new, Ms. Bloomfield said. But since the woman tested positive several days after being released from quarantine and has been at home, the authorities are treating it as a “probable community case”.

New Zealand, one of the most successful developed nations in controling the spread of the pandemic, last recorded a community coronavirus transmission on Nov. 18, according to the Health Ministry website.

A tough lockdown and geographical isolation helped New Zealand virtually eliminate the novel coronavirus within its borders.

The country of 5 million people has had only 1,927 confirmed cases. But with the pandemic raging globally, more people are returning to New Zealand with infections, including the new variants, raising concerns the virus may spread in the community again.

The woman, who lives in Northland on New Zealand’s North Island, quarantined upon arrival in a managed isolation facility in Auckland where several the highly virulent COVID-19 cases have been recorded in recent weeks, Bloomfield said.

“This is a reminder to all of us that the pandemic continues and that this is a tricky virus,” he said.

Social media users rushed to express concern and frustration about the new case, with one user describing the reactions on Twitter as a “collective groan”.

On Sunday, there were eight new infections, all returning travellers quarantined at the border, bringing active cases among those quarantined to 79, the ministry said in a statement. — Reuters

Don’t talk on the subway, say French doctors, to limit COVID-19 spread

PARIS — Passengers on public transport systems should avoid talking to one another or on the phone in order to minimize the risk of spreading coronavirus, the French National Academy of Medicine said.

“The mandatory wearing of masks on public transport, where social distancing is not possible, should by accompanied by one very simple precaution: avoid talking and making phone calls,” the academy said in a statement.

Academy member Patrick Berche said on BFM TV on Saturday that if there were only three people in a subway car there was no problem, but if you were only two centimeters away from the next person it made sense not to converse or talk on the phone.

“It is not an obligation, it is a recommendation,” he said.

The academy is not an official advisory body. It can respond to government questions but also issues recommendations, which sometimes go against official policy.

The academy – which was founded in 1820 – criticized a recent government recommendation to wear only surgical masks in public, rather than masks made of fabric.

“The proposed tightening of regulation (on masks) is based on a precautionary principle but it lacks scientific proof,” the academy said.

It said that fabric or homemade masks were efficient against the spread of coronavirus as long as they were worn correctly and that most infections took place in situations where people took off their masks.

“Such a change in recommendations concerning a practice with which the entire population had become familiar, risks sparking incomprehension and could revive doubts about the soundness of official policies,” the academy said. — REUTERS (Reporting by Geert De Clercq; Editing by Alex Richardson)

Top Spanish general resigns over allegations of vaccination queue-jumping

MADRID — Spain’s top general resigned on Saturday after allegations he had received the COVID-19 vaccine ahead of priority groups, one of a number of public officials who have sparked public anger because of reports they have jumped the vaccination queue.

Defence Minister Margarita Robles had asked General Miguel Angel Villaroya, chief of defence staff, for explanations after media reports on Friday that he had received the vaccination.

In a statement on his resignation, the defence ministry indicated but did not explicitly state that Mr. Villaroya had had the vaccination. The general “never intended to take advantage of unjustifiable privileges which damaged the image of the Armed Forces and put in doubt the honour of the general,” it said.

It added that Mr. Villaroya “took decisions which he thought to be correct” but which “damaged the public image of the Armed Forces”.

It was not immediately possible to contact Mr. Villaroya for comment.

At start of the pandemic, Mr. Villaroya represented the military at media daily briefings where he detailed how troops were cleaning care homes and caring for elderly residents.

Spaniards have been indignant over the queue-jumping.

“General Villarroya and other colleagues, my companion is 67, has Alzheimer’s and is blind. We are waiting for the vaccine. A clerk and a former nurse and we are in the first group. Are you more important?” tweeted a user with the handle @Marcosendra1.

Nationwide infection rates have soared since late December, with 42,885 new cases added to the tally on Friday bringing the total of cases to 2,499,560. Four hundred deaths were reported, for a total death toll of 55,441. — REUTERS (Reporting by Graham Keeley Editing by Frances Kerry)

U.S. health officials: More data needed on UK COVID-19 variant warning

WASHINGTON — The United States is closely watching the more infectious variant of COVID-19 after British officials warned that it may also be more deadly, two top U.S. health officials said on Saturday, cautioning more data is needed.

Officials are somewhat more worried about a separate variant from South Africa, although it has not yet been identified among U.S. cases of the novel coronavirus, National Institutes of Health (NIH) Director Francis Collins and Dr. Anthony Fauci, President Joe Biden’s top COVID-19 medical adviser, also said.

Mr. Collins noted the UK’s data was preliminary, and said it was unclear why those with the UK variant faced a higher risk of death, whether by changes in the virus itself or other external causes such as pressures on the healthcare system.

“Let’s take this as something to watch closely,” he told MSNBC in an interview.

Mr. Fauci separately told MSNBC that he needed to see the raw data from the UK before fully assessing the mortality risk and that U.S. officials were weighing how the two new strains could impact vaccine efficacy.

“These are serious situations that we are following very closely and, if necessary, we will adapt to it,” Fauci said, adding vaccines could be altered in coming months if needed.

Their comments come as Democratic President Joe Biden takes the reins of the nation’s COVID-19 response, seeking to re-energize the fight against the highly infectious disease and urging a war-like stance. In a flurry of actions since taking office Wednesday, Biden unveiled a new U.S. strategic plan to curtail the outbreak and signed numerous executive orders to boost vaccines and increase mask use, among other measures.

The United States is the nation hardest-hit by COVID-19, with 24.70 million cases and 413,775 deaths by midnight Friday. Over the past week, 3,089 Americans have died of the disease on average, while 20 U.S. states reported record deaths this month.

British Prime Minister Boris Johnson on Friday warned that the UK variant was associated with higher level of mortality.

The U.S. Centers for Disease Control and Prevention last week warned the UK variant, already circulating in at least 10 U.S. states, could become the dominant variant in the United States by March. The variant, known as B.1.1.7, is believed to be twice as contagious as the current one circulating nationwide.

“At the moment we are not alarmed about that,” Mr. Collins said, given that vaccines still appeared effective against it. “We are somewhat more concerned about a South African variant.”

Mr. Fauci, U.S. top infectious disease expert, echoed his concerns, calling data on the South Africa variant a bit more “ominous” even as current vaccines still appeared to protect against both variants.

Scientists on Wednesday said the South African variant may reduce the efficacy of current vaccines, which also raises the prospect of re-infection.

Britain has banned travelers from some African countries in an attempt to stop the spread of that strain in the United Kingdom and is weighing further restrictions.

Biden has moved to impose a mandatory quarantine for air passengers arriving in the United States, although details have not yet been released. He is also requiring U.S.-bound passengers to have a negative COVID-19 test starting on Tuesday.

Even without a greater mortality risk, more contagious variants increase the pressure on officials to vaccinate the population — a campaign many state and local officials have said has been slow and chaotic and one Biden has pledged to improve.

“When you get more cases, you’re going to get more hospitalizations. And when you get more hospitalizations, you’re ultimately going to get more deaths,” Mr. Fauci told reporters at the White House on Thursday. — REUTERS (Reporting by Susan Heavey and Anurag Maan, Editing by Franklin Paul and Diane Craft)

BSP seen unlikely to touch rates this year

The Philippine central bank would probably pause monetary easing this year until previous rate cuts lead to substantial credit growth, according to Standard Chartered Bank.

The Bangko Sentral ng Pilipinas is likely to bring down banks’ reserve requirements further instead to boost liquidity, Chidu Narayanan, an economist at the foreign bank, told an online news briefing on Friday.

“We think they will keep rates unchanged,” he said. “They have eased quite substantially so they will wait for the easing to pass through the economy.”

Mr. Narayanan noted that previous policy rate cuts had not really encouraged banks to lend more or companies to borrow. “It remains very soft particularly among corporates.”

The central bank’s policy-making Monetary Board slashed key policy rates by 200 basis points (bps) last year, bringing the overnight reverse repurchase, lending and deposit rates to record lows of 2%, 2.5%, and 1.5%, respectively.

It also cut the reserve requirements for big banks by 200 bps to 12%, and by 3% and 2% for thrift and rural lenders.

Despite this, outstanding loans of universal and commercial banks inched up by only 0.3% year on year to P8.978 billion in November, the slowest since September 2006, according to BSP data.

Monetary authorities might deliver “even further unconventional policy measures to keep conditions soft,” Mr. Narayanan said.

He said bank lending had not picked up substantially due to subdued business sentiment.

On the other hand, the central bank could lower banks’ reserve requirements by 100 bps this year to boost liquidity, mostly likely in the second half, Mr. Narayanan said.

‘MODEST RECOVERY’

State spending especially on infrastructure would probably become the main growth driver as consumption and private investments remain subdued, he added.

Standard Chartered expects the Philippine economy to have shrunk by 8.9% last year, within the government’s expectations of an 8.5% to 9.5% slump.

Economic output would probably grow by 6.1% this year, lower than economic managers’ forecast of 6.5% to 7.5% growth.

“We expect only a modest recovery in 2021,” Mr. Narayanan said. “Most of the recovery will be driven by public investments, with increased fiscal spending, particularly the P1.1-trillion earmarked for infrastructure investments,” he added.

Standard Chartered expects the economy to grow by 2.1% this quarter, by 15.7%, 5.5% and 2.4% in the following quarters. The local statistics agency will release growth figures for the last quarter on Jan. 28.

Growth risks include a potential resurgence of coronavirus infections and slow state spending growth, Mr. Narayanan said. “If cases remain quite high, that could weigh on sentiment.”

Inflation could average 3.5% this year and 3% next year. “We don’t see inflation as a massive risk for the Philippines” Inflation was 3.5% in December, bringing the full-year average to 2.6%.

Standard Chartered expects the peso to slightly weaken against the dollar to 49.50 by year-end after a strong base last year.

PEZA eyes P100B in pledges this year

The Philippine Economic Zone Authority (PEZA) seeks to get more than P100 billion in investment pledges this year, slightly higher than last year.

“We don’t want to be promising high figures,” PEZA Director-General Charito B. Plaza said in an e-mailed statement on Friday. “Instead, we must work hard and build support and partnerships from public and private stakeholders to bring in new investors, keep existing investors and for them to expand, not transfer.”

The agency said it would conduct monthly fora where export investors, industry associations, foreign chambers, investment promotion partners, economic zone developers and operators, local government units, businessmen, professional cooperatives, national agencies, economists and lawmakers can meet to discuss business and investment opportunities in PEZA ecozones.

The investment promotion agency posted P95.03 billion in pledges last year, falling by almost a fifth from a year earlier.

Last year’s pledges fell short of the agency’s target to approve at least P100 billion in investment pledges, which had been lowered from its 5% to 10% growth target set before the global coronavirus pandemic hit.

Foreign investments last year jumped by 21% to P59.73 billion, but local investments plummeted by 48% to P35.3 billion.

The agency traced the decline to various causes including coronavirus lockdowns that started in mid-March.

PEZA approved 326 projects last year, 217 of which came from the manufacturing sector. The sector generated P34.44 billion in investments, 13.43% higher than a year earlier.

More than a hundred projects under the outsourcing sector brought in P17.41 billion in investments, down by less than a percent from from 2019, the agency said.

Most of the foreign investments came from the United States, European countries such as the United Kingdom and Belgium, and Asian countries such as China, South Korea, Singapore and Saudi Arabia. — Arjay L. Balinbin

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