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Silent Night, Holy Night

It was a silent night when He was born on a manger, in a stable in Bethlehem. Only the gentle lowing of the cows and the muffled braying of the donkey whispered welcome to the world. No crying out in pain by Mary, His Mother, who smiled in ecstatic adoration at the little Child Jesus, the Promised Redeemer of the world. Joseph held back an awed gasp at first sight of Him, whom he knew was his God.

Silent Night, Holy Night — that was the first Christmas. Might it not have been the message in a dream to the sleeping world of how simple and peaceful life would be and should be, without the heavy demands of human attachments and vanities, and the drumming noise of enmities with others and with one’s conscience over fame and fortune?

Yet since the celebration of Christmas was initiated in Christian Rome in about 300 A.D., and through the two millennia from then, the symbolism of the Silent Night slowly faded and changed its meaning. Perhaps Christmas may have generally evolved into a world folk tradition. The brash jingle bells loudly clang out what might merely be a pagan celebration of yet another year-end respite from the mad rush to survive and get ahead in the world. Over two billion people (over a third of the world’s population) will observe the Christmas tradition this year, as it is a public holiday in more than half of the countries of the world, including those that are not Christian.

But Christmas Day this year (2020) will be a Silent Night. Eerily, it might well be the first Silent Night since the Silent Night of the true Christmas, when Jesus Christ was born.

Since the COVID-19 pandemic was officially announced by the World Health Organization in March, 218 countries and territories around the world have to date reported a total of 70,859,454 confirmed cases of the coronavirus that originated from Wuhan, China in December 2019, and a death toll of 1,591,363 deaths. (COVID statistics from worldmetersinfo.com, Dec. 11, 2020). By April 2020, about half of the world’s population was under lockdown, with more than 3.9 billion people in more than 90 countries or territories having been asked or ordered to stay at home by their governments. It is the first, most encompassing shutdown ever, that has silenced the whole world.

Reinstated closures upon surges in contamination, like the second and third waves in many countries, continued to limit activities and movements of people. Initially, only essential businesses were allowed to open, then other businesses partially opened with reduced staff and operations. Schools, universities, and colleges have closed either on a nationwide or local basis in 80 countries, affecting approximately 61.6% of the world’s student population, according to UN statistics.

The closures and slowdowns in the COVID-19 pandemic have affected the world economy. All major economies (except China) suffered declines in their Gross National Product (GDP), with India (No. 5 in terms of GDP at $3.26 T) falling the hardest, with a 23.9% contraction in the 2020 April-June quarter. Note that India is No. 2 in the list of countries having the most COVID-19 infections/deaths in the world, with 9,796,992 COVID cases and 142,222 deaths among its population of 1,380,004,385. It is the second most affected country in the world. The US has had 16,039,393 COVID-19 cases and 299,692 deaths among its population of 331,002,651, dragging down its $22.20 trillion GDP as of 2019 by 9.1% in the 2020 April-June quarter.

The Philippines (No. 37 with a GDP of $389.05 billion) growth rate dropped by 16.5% in the second quarter of 2020, the country’s lowest recorded quarterly growth since the 1981 financial crisis. Its 445,540 COVID cases and 8,701 deaths among its population of 109,581,078 (2019) makes it the second most contaminated next to Indonesia (population 273,523,615) in Southeast Asia. Indonesia (No. 16 with a GDP of $1.21 trillion) has had 598,933 COVID cases and 18,336 deaths to date.

China, the second largest economy in the world ($15.47 trillion)  and the most populous with 1,439,323,776 people, has had 86,688 COVID 19 cases and 4,634 deaths, despite that fact that the virulent coronavirus originated from Wuhan province, as reported internationally in December 2019 (but officially declared as a pandemic by the World Health Organization only on March 17). Could it be that their early lockdown of the entire Hubei area and strict confined-to-quarters orders to all in Wuhan prevented the spread to the rest of its people, as they also immediately worked on medicine and treatments for the novel coronavirus? China’s reward for its focus and discipline is it’s practically undisrupted manufacturing and exporting to the rest of the world. The paranoia against “Made in China” has been beaten to silence and meek surrender by the need for ready Chinese goods in the dearth of supplies from anywhere else during the shutdowns in the pandemic. In the April-June quarter of 2020, the Chinese economy grew by 3.2%.

But that the lockdowns and slowdowns have affected GDP because of scarce labor, money, and land (resources) is still debated, and whether restrictions imposed by government pull down production and challenge material survival above health risks. Which is more important, health or wealth? Governments will always say they have to calibrate the imposed restrictions and opening up the economy — to balance health versus economic concerns. There is that politically critical GDP figure to be watched.

Never has government been allowed to control people’s lives more than because of this virulent and vicious supra-dictator, the coronavirus pandemic. Go home, stay home. Why, it is almost like the time when Jesus Christ was born, and King Herod, following the orders of the emperor of Rome, Caesar Augustus, enforced the census to count their subjects: Everybody go back to your hometowns and register yourselves so you can be monitored.

“So, Joseph also went up from the town of Nazareth in Galilee to Judea, to Bethlehem the town of David, because he belonged to the house and line of David. He went there to register with Mary, who was pledged to be married to him and was expecting a child. While they were there, the time came for the baby to be born, and she gave birth to her firstborn, a son. She wrapped him in cloths and placed him in a manger, because there was no guest room available for them.” (Luke 2:4-7)

All who were from Bethlehem were dutifully home. And according to the stars, Jesus was born in that manger, in the little cave that was a stable, on that Silent Night.

We are still in lockdown under general community quarantine (GCQ) in Metro Manila and most of the country until the end of the year. (Other areas are on modified community quarantine, MCQ.) City mayors have banned Christmas parties as a precaution against the spread of the coronavirus crisis. It was announced as early as October that churches may open at 30% capacity in the Christmas season, for the traditional Misa de Gallo novena Masses before the Christmas Day Mass, but all within the curfew rules. The traditional big family reunions on Christmas and New Year will not be allowed. No fireworks. No noise making.

And if silence had an echo, it will be a Silent Night in the world on Christmas Day this year, as country after country have declared bans on merrymaking and assembling. In British Columbia, for example, the prohibitions on social gatherings in homes and events have been extended to midnight on Jan. 8, 2021. “As hard as this may be, let’s remember the sacrifices that we make now will protect our loved ones and countless others throughout the province,” the Health Minister said. Dr Anthony Fauci, America’s top infectious disease expert, has warned that January could be a “really dark time” for the US as COVID-19 deaths surge and Americans prepare to travel for Christmas (Daily Telegraph, Dec. 8).

No fireworks, no firecrackers on Christmas, even in China where these were invented in the 11th century to dispel evil spirits and create space for good feng shui to work on balancing the chi — the inner soul. Perhaps “Silent Night” this Christmas is really space created for humanity to look into itself in the forced isolation and silence of the COVID-19 pandemic: what has the world come to in the obsessive competition for power and wealth that has created anger and enmity among fellowmen?

On a Silent Night a little Babe was born in a manger, in a stable in Bethlehem.

 

Amelia H. C. Ylagan is a Doctor of Business Administration from the University of the Philippines.

ahcylagan@yahoo.com

Speaker targets coco levy bill passage before adjournment

SPEAKER Lord Allan Q. Velasco said in a statement Sunday that he hopes to pass on third and final reading the bill creating the coconut levy trust fund before Congress adjourns on Dec. 19.

He called the passage of House Bill (HB) No. 8136, or the proposed Coconut Farmers and Industry Trust Fund Act, “a fitting Christmas gift to more than three million coconut farmers who stand to benefit from the proposed coco levy trust fund.”

The chamber approved the bill on second reading last week.

HB No. 8136 seeks to declare coconut levy assets a trust fund with a mission to rehabilitate and modernize the coconut industry. The bill disburses benefits to poor coconut farmers from the proceeds of taxes collected from them decades ago, now worth around P76 billion.

The measure was declared priority legislation by President Rodrigo R. Duterte in his State of the Nation Address in July.

Mr. Velasco said he “could not agree more” with the President on the need to establish a trust fund to ensure the welfare of coconut farmers and their families.

“The establishment of the trust fund will ensure that the recovered coco levy funds will be used for the development of the coconut industry and to uplift the lives of coco farmers who are among the poorest in the country,” Mr. Velasco said.

The bill is expected to benefit around 3.5 million coconut farmers from 68 provinces, owning not more than five hectares of farmland.

Under the bill, the trust fund will be maintained for 99 years according to the policies laid out by the Coconut Farmers and Industry Development Plan (CFIDP), to be drafted by the Philippine Coconut Authority (PCA).

An initial allocation of P5 billion will be made available to the PCA, including disbursements for the preparation of the CFIDP.

The bill tasks the Department of Finance with managing the trust fund. — Kyle Aristophere T. Atienza

PHL 10-month debt service bill hits P1.16T

THE National Government’s debt service bill rose 99% year on year to P1.162 trillion in the 10 months to October, according to the Bureau of the Treasury (BTr).

The BTr reported that the 10-month tally exceeded the full-year debt service budget of P1.005 trillion and was up 38% year on year.

In October, debt service payments rose 8% year on year to P27.188 billion, but was down 93% compared with September.

In October, interest payments accounted for 81% of the debt service bill at P22.07 billion, up 6.5% year on year.

Interest paid on local debt was P15.22 billion, up 11%. These include P10 billion to service Treasury bonds, P4.332 billion for retail Treasury bonds and P804 million for Treasury bills.

Amortization payments rose 14.3% year on year to P5.12 billion during the month.

Principal payments on domestic debt fell 42% to P329 million, while those for external debt rose 22% P4.789 billion.

The BTr also settled P6.85 billion in interest payments on foreign debt that month, down 2% from a year earlier.

Amortization payments more than tripled from year-earlier levels to P826.86 billion in the 10 months to October.

The government plans to borrow P3 trillion from both domestic and foreign lenders this year to plug the budget deficit, which is expected to widen to 7.6% of economic output. — Beatrice M. Laforga

Fuel marking program nearing 100% coverage

THE government’s fuel marking program processed 16.43 billion liters of fuel as of Dec. 8, bringing it closer to its goal of marking the entire Philippine inventory of fuel, according to the Department of Finance (DoF).

“Our goal is to have 100% of fuel oil inventory at any time marked,” Finance Secretary Carlos G. Dominguez III said in a Viber message Friday. His estimate for the current level of fuel marking was almost 100%.

DoF documents obtained by BusinessWorld indicate that 12.05 billion liters of fuel were processed during the first year of the program, which was launched in September 2019. Following the anniversary, 4.38 billion liters was marked as of Dec. 8.

The program facilitated the collection of P162.8 billion in revenue, with P140.7 billion generated by Bureau of Customs duties and P22.08 billion worth of excise taxes collected by the Bureau of Internal Revenue.

Around 74% of the products were marked in Luzon, 21% in Mindanao and 5% in the Visayas.

Diesel accounted for 61.65% of the total, 37.8% gasoline and the rest kerosene.

The fuel marking program aims to deter smuggling by injecting the products with a special dye to signify tax compliance. The absence of the dye is deemed prima facie evidence that the fuel was smuggled.

The two agencies started collecting a fuel marking fee of P0.06884 per liter on Sept. 4, inclusive of value-added tax, charged on all manufactured, refined or imported petroleum products. The new fee structure was imposed after a year of marking-fee subsidies ended. — Beatrice M. Laforga

Functional literacy rate in 10-64 age group 91.6% in 2019, PSA says

FUNCTIONAL LITERACY in the 10-64 age group was 91.6% in 2019, the Philippine Statistics Authority (PSA) said, citing the results of its Functional Literacy, Education and Mass Media Survey.

The 2019 rate was higher than the 90.3% rate recorded in the 2013 study. This corresponds to around 73.01 million functionally literate out of a total of 79.75 million. In 2013 the corresponding totals were 62.70 million out of 69.44 million.

Some 53.4% of Filipinos in the target age segment had completed at least four years of secondary education, with 24.3% deemed able to “read, write, compute, and comprehend,” while 13.8% only capable of reading, writing, and computing.

Functional literacy is defined as a “significantly higher level of literacy” compared with basic literacy, including numeracy skills in addition to reading and writing. According to the PSA, these skills “must be sufficiently advanced” to enable a person to “participate fully and efficiently” in common activities that require a “reasonable capability of communicating by written language.”

Females posted a functional literacy rate of 92.9% compared with their male counterparts at 90.2%. These were higher compared with the 2013 survey result of 92% for females and 88.7% for males.

The 20-24 age bracket posted the highest functional literacy rate of 96%, while those aged 60-64 had the lowest rate of 84.8%.

By region, Metro Manila posted the highest functional literacy rate of 96.5%, while the lowest was recorded in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) with 71.6%.

Survey participants who had completed at least junior high school were deemed 100% literate. The corresponding rate for those who were registered as “no grade completed” or participated in “early childhood education” was 2.7%.

Those with an elementary education had a 71.9% functional literacy rate, while elementary graduates and those at the junior high school level posted rates of 85.7% and 92.8%, respectively.

The urban-rural literacy split was 94.5% to 87.8% in favor of city dwellers.

Asian Institute of Management Economist John Paolo R. Rivera said the results were expected.

“The growth of functional literacy rates in the country is attributed to the continuous improvement and innovation in the education system (e.g., face to face learning, online learning, blended learning, outcomes-based education, etc.) — all of which are hinged on the goal of having an educated citizenry,” he said in an e-mail.

Mr. Rivera ascribed the high functional literacy rates in Metro Manila and other highly-urbanized areas to the accessibility of educational facilities and learning materials.

“BARMM, one of the poorest regions in the country by income, can be construed to have limited or impeded access to educational resources due to a combination of socio-economic-political reasons,” he said.

He added that functional literacy rates “might decline” due to lower school participation as a result of the pandemic.

“The pandemic has altered the educational system of the country. The economic conditions also affected demand for education due to perceived risks. Due to safety reasons and/or financial constraints, many skipped schooling this year particularly in basic education,” Mr. Rivera said.

FLEMMS is conducted every five years with the latest iteration being the sixth in the series of literacy surveys that began in 1989. The 2019 was conducted in November and December 2019. — Jobo E. Hernandez

Fiscal relief and accounting considerations on the road to recovery

(First of two parts)

According to the Organisation for Economic Co-operation and Development (OECD) Economic Outlook Interim Report issued in September, global economic output collapsed in the first half of 2020, but recovered swiftly following the easing of measures to contain the COVID-19 pandemic and the initial re-opening of businesses.

The report also noted that what prevented greater economic decline were economies that introduced prompt and effective policy support to cushion the blow to incomes and jobs. Moving forward, continued fiscal, monetary and structural policy support will be crucial to preserving business confidence and limiting uncertainty.

In the Philippines, the government likewise acted swiftly and provided regulatory relief in aid of national healing and recovery. In the first part of this article, we will discuss the regulatory relief efforts the government provided to ease the impact of the pandemic on businesses, as well as concessions for banks and non-bank institutions and the resulting impact these have on financial reporting.

REGULATORY RELIEF EFFORTS
The Bayanihan to Heal as One Act (Bayanihan I) made effective on March 25 provided a minimum 30-day grace period on loan payments, without interest, penalties, or other fees charged on these payments. Six months later, the Bayanihan to Recover as One Act (Bayanihan II), which took effect on Sept. 15, doubled the grace period and increased its coverage.

Separately, the Bangko Sentral ng Pilipinas (BSP) issued Memorandum No. M-2020-074 on Sept. 28, which required all BSP-supervised financial institutions to provide a one-time 60-day grace period for all existing, current and outstanding loans with principal and/or interest, with amortization falling due between Sept. 15 and Dec. 31 without incurring additional interest, penalties, fees, or other charges. The principal and accrued interest for the 60-day grace period may be paid in installments until Dec. 31 or as may be agreed upon by the involved parties.

Other government support included the lowering of effective lending interest rates and reserve requirements, a three-year repayment term, and no collateral for loans below P3 million; conditional loan interest rate subsidies for affected learning institutions; and an increase in maximum loan amounts per borrower, reduced interest rates, and extended loan terms for micro, small and medium enterprises (MSMEs), cooperatives, hospitals, tourism companies and overseas workers affected by the pandemic.

The government also initiated a low interest and/or “flexible term” loan program for operating expenses for businesses affected by the pandemic and provided guarantees for non-essential businesses. Moreover, it liberalized the grant of incentives for the manufacture or import of critical or needed equipment or supplies or essential goods, and provided a loan interest rate subsidy to critically-impacted businesses.

CONCESSIONS FOR BANKS AND NON-BANK FINANCIAL INSTITUTIONS
The general loan loss provision, which is part of a bank’s Tier 2 capital, is limited to 1% of a banks’ credit risk-weighted assets such that any excess amount will be considered in computing risk-based capital ratios. Non-bank financial institutions (NBFI) are also required to set up an allowance for credit losses and to report non-performing loans.

Bayanihan II and BSP Memorandum No. M-2020-074 provides certain reliefs to banks and NBFIs in regard to the mandatory grace period to borrowers. These include the staggered booking of allowances for credit losses, with banks and NBFIs given the option to insulate net earnings and capital from the effects of higher credit risk, cushioning the banks and NBFI’s net earnings and capital; exemption of borrowers availing of the mandatory grace period from the limits on real estate loans when applicable, and from related party transaction restrictions, which gives the banks and NBFIs more opportunity to extend financial assistance to those affected by the pandemic; and non-inclusion in the bank’s or NBFI’s reporting on non-performing loans, reducing the regulatory burden on lenders as they extend more loans and restructure facilities of financially-burdened borrowers.

These concessions are necessary to avoid putting pressure on any one sector of society, especially on sources of finance. They also ensure that policies to achieve recovery are sustainable in the long run.

GRACE PERIOD IMPACT ON FINANCIAL REPORTING
As financial institutions and corporations implemented the provisions of Bayanihan I and II, scheduled repayments under the loan and lease agreements were changed to reflect the grace period. Furthermore, borrowers and lessees may potentially negotiate further with lenders and lessors on concessions and forbearance that may significantly change the original terms of their arrangements.

In such cases, companies will need to refer to the guidance provided under Philippine Financial Reporting Standard (PFRS) 9, Financial Instruments and PFRS 16, Leases to consider the potential accounting implication of such changes in contractual provisions.

For loan agreements, the key consideration is to assess whether the changes represent a substantial modification or a potential contract extinguishment.

For borrowers, PFRS 9 provides guidance on determining if a modification of a financial liability is substantial. This includes a comparison of the cash flows before and after the modification, discounted at the original effective interest rate (EIR) commonly referred to as the “10% test.” If the difference between these discounted cash flows is more than 10%, it is considered a substantial modification, and the existing financial liability is derecognized.

However, other qualitative factors could lead to derecognition irrespective of the 10% test (e.g., if a debt is restructured to include an embedded equity instrument). If the change results in extinguishment of cash flows, the financial liability should also be derecognized. This is the case when the obligation specified in the contract is discharged, canceled or expires.

The effect of derecognition of existing financial liability will result in extinguishment gain or loss recognized in profit or loss. For substantial modifications, a new financial liability is to be recognized based on the revised cash flows using the current EIR. Thus, interest expense will be based on the new EIR moving forward. While most of the renegotiations may result in an extinguishment gain to borrowers, future net earnings will be affected by the change in the interest expense based on the new EIR.

From the perspective of lenders, there is no explicit guidance in PFRS 9 for when a modification should result in derecognition. Hence, entities apply their own accounting policies, which are often based on qualitative considerations and, in some cases, include the 10% test. It should be noted though that the International Financial Reporting Standard (IFRS) Interpretations Committee has indicated that applying the 10% test in isolation would not always be appropriate because of potential inconsistencies with the impairment requirements in IFRS 9 (the international standard equivalent of PFRS 9).

ASSESSMENT OF RECEIVABLE MODIFICATIONS
Some preparers of financial statements may apply different accounting policies depending on whether a modification is granted due to the financial difficulty of the borrower, with some concluding that such a circumstance would rarely result in the derecognition of the financial asset. If a measure provides temporary relief to debtors and the net economic value of the receivable is not significantly affected, the modification is not likely to be considered substantial. For example, if the payment terms of a receivable are extended from 90 days to 180 days, this change on its own would likely not be considered a substantial modification of the receivable.

If, following the guidance above, a modified financial asset or liability is not considered a substantial modification, such does not result in derecognition. The original EIR is retained and there is a catch-up adjustment to profit or loss for the changes in expected cash flows discounted at the original EIR. The impact of such is much less compared to when the modification of financial asset or liability is considered substantial. For floating rate instruments, a change in the market rate of interest is prospectively accounted for. However, any other contractual change (e.g., the spread applied above the interest rate) would also result in a catch-up adjustment at the date of modification.

It is expected that the changes in contractual cash flows that are solely based on the provisions of Bayanihan I and II will result in a non-substantial modification. However, companies should assess if there are further renegotiations and forbearances that should be considered.

In the second part of this article, we will discuss how to assess lease modifications in relation to the COVID-19-related Rent Concessions Amendment to PFRS 16, and our insights on accounting for rent concessions.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinions expressed above are those of the authors and do not necessarily represent the views of SGV & Co.

 

Rosalie T. Lapuz is a Tax Senior Manager and Leomar G. Velez is an Assurance Senior Manager from SGV & Co.

Marcial ups Olympic preparation in professional debut vs Whitfield

TOKYO OLYMPICS-BOUND BOXER EUMIR FELIX MARCIAL will make his pro debut this week in Los Angeles. — ALVIN S. GO

By Michael Angelo S. Murillo, Senior Reporter

TOKYO Olympics-bound boxer Eumir Felix Marcial is set to make his professional debut this week, which he said is geared towards his quest for the Summer Games.

One of four Filipino athletes to date to have booked a spot for the rescheduled Olympics next year, Mr. Marcial, who signed a pro deal with Manny Pacquiao’s MP Promotions early this year, is to make his pro debut on Dec. 17 (Manila time) against American Andrew Whitfield (3-1, two knockouts) in a four-round middleweight bout in Los Angeles.

It is part of Premier Boxing Champions’ offering which will be held at the Microsoft Theater and broadcast over FS1.

“Turning professional is an important step in my journey to the 2021 Olympics in Tokyo. A lot of the fighters I may face in the Olympics have already turned pro so my professional training will keep me at their level of experience when we battle in the Olympics,” said Mr. Marcial, alluding to the fact that professional fighters are now allowed to participate in the quadrennial Games.

“My ultimate goal has always been to make my dad’s dream a reality, a dream he has had since my first amateur fight, to win an Olympic gold medal. That is the prize I have in my eyes. I want to be the first to bring Olympic gold back to the Philippines,” he added.

Zamboanga native Marcial has been training with famed Pacquiao trainer Freddie Roach at the latter’s Wild Card Boxing Club in Hollywood since October with the end view of levelling up his training for the Olympics, while also beginning his journey as a professional.

MP Promotions has made it known that it is fully supportive of Mr. Marcial’s pursuit of Olympic glory, and is making sure the fighter fulfils his obligations to flag and country.

Heading to his pro debut against Idaho native Whitfield, Mr. Marcial, 24, said he is very excited and that they have been training hard to make his first foray as a pro a success.

“When I enter the ring for my pro debut, I will not be alone. I am grateful for the support from a lot of people… It is hard work, but it has been good work,” he said.

Mr. Marcial further said that on his mind as well are the people who provided the opportunities for him to be in the position where he is now, including the Philippine Air Force, the Philippine boxing team and its coaches, and local sports officials, particularly Association of Boxing Alliances of the Philippines President Ricky Vargas and Secretary-General Ed Picson.

“If all goes well, Eumir will have one or two more pro fights to continue his preparation for next year’s Olympics,” said MP Promotions President Sean Gibbons.

Mr. Marcial earned a spot in the Olympics by way of the Asia-Oceania qualifying tournament in Amman, Jordan, in March, where he won all of his four fights.

Apart from Mr. Marcial, also going to the Tokyo Games are pole-vaulter EJ Obiena, gymnast Carlos Yulo, and boxer Nesthy Petecio.

PLDT, Smart Communications rally behind country’s hosting of Asia Cup qualifier window

IN line with their push to “power sports with technology,” the country’s largest integrated telco PLDT and its wireless arm Smart Communications Inc. are rallying behind the country’s hosting of the third and final window of the 2021 FIBA Asia Cup Qualifiers in February and batting for its success.

PLDT and Smart are one with the Samahang Basketbol ng Pilipinas (SBP) in having the Philippines showcase what it can do in hosting international tournaments, while at the same time using the opportunity to further shore up their technology and infrastructure geared for, among other things, the world of sports.

“This is a major milestone for Philippine sports, and it’s one that we have been working toward for quite some time. We are ready to provide our region’s top players a place to play basketball at the highest level, and we’re also getting a chance to show the world our heart for the game,” said PLDT Chairman and SBP Chairman Emeritus Manuel V. Pangilinan in a statement.

Adding, “This is a great opportunity to rally the entire nation to support our athletes and their dreams of succeeding at the world stage, para sa bayan (for the country).” 

On Friday, world basketball governing body International Basketball Federation (FIBA) announced that Clark in Pampanga will be among the sites for the last Asia Cup Qualifiers window along with Tokyo, Japan; Manama, Bahrain; and Doha, Qatar.

Clark will be the venue for matches in Groups A and C, slated for Feb. 18 to 22.

Group A has the Philippines (3-0), Korea (2-0), Indonesia (1-2) and Thailand (0-4) while Group C is composed of New Zealand (2-0) Australia (1-1), Guam (0-1), and Hong Kong (0-1).

The decision to have Clark as one of the hosts came after the SBP offered the venue, touting how the Philippine Basketball Association (PBA) successfully staged its “bubble” tournament there under strict health and safety protocols to guard against the spread of the coronavirus from October up to last week.

PLDT and Smart were valuable partners for the PBA during the bubble as they powered the tournament with 5G technology that allowed for the games to reach many viewers across various platforms.

Smart pioneered the use of wireless 360 cameras powered by 5G to help capture the on-court action efficiently. A 94-foot-wide LED screen was placed beside the court so that the players could also see their spectators.

The coverage of the PBA Philippine Cup finals also resulted in record viewership for the PBA on both TV and digital platforms.

Up to millions of viewers tuned in during the best-of-seven finals series between eventual champions Barangay Ginebra San Miguel Kings and TNT Tropang Giga, which was livestreamed on the Facebook pages and local channels of TV5, Cignal, and PBA.

FIBA, too, streamed the games globally.

It is the same platform and reach that PLDT and Smart want to provide for the country’s hosting of the FIBA window.

And to ensure they deliver from their end, they are further ramping up their 5G, LTE, and fiber rollout.

Smart is upgrading its base stations in key areas across the country to 5G to augment data capacity, alongside deploying additional LTE base stations nationwide.

“Through our 5G-powered equipment and fast connectivity, basketball fans were able to enjoy the live court action in the safety of their homes. The future in world-class basketball experience is truly within our reach…” said Smart President and CEO and SBP President Al S. Panlilio. — Michael Angelo S. Murillo

Latest PBA title top one for Gin Kings’ LA Tenorio

By Michael Angelo S. Murillo, Senior Reporter

NO longer a stranger to winning titles in the Philippine Basketball Association (PBA), Barangay Ginebra San Miguel Kings floor general LA Tenorio is still amazed with his latest league championship, so much so he considers it as top one.

Mr. Tenorio and the Kings last week bagged the PBA Philippine Cup title after completing a gentleman’s sweep (4-1) of the TNT Tropang Giga in their best-of-seven finals series to drop the curtains on the league’s successful tournament “bubble” at Clark City in Angeles, Pampanga.

It was the sixth PBA championship for the Nasugbu, Batangas native but first All-Filipino title in his illustrious pro career to date. He was also named finals most valuable player, his fourth of such award.

For the Kings, it was title number 13 and first Philippine Cup crown after 13 years.

While all of his championships, Mr. Tenorio said, are special to him, the 2020 Philippine Cup championship — done and achieved in extraordinary circumstances because of the prevailing conditions with the coronavirus pandemic — makes it very special.

“After a long wait, yes, I’m happy to have it finally given to me. I consider this top one of all the championships that I have won. Aside from being the first All-Filipino [in my career], the way we won it made it special,” said the 14-year PBA veteran out of Ateneo, in an interview with The Chasedown television program aired on Saturday.

“Our journey was something else. First it was held under a bubble. We really had limited time to prepare entering it because practices only allowed four players at a time because of the pandemic. I had health issues (having to go undergo appendectomy prior to the bubble), and then the team only had seven days, I think, to scrimmage in the bubble before the tournament started. The schedule was tough because there was a point where we played back-to-back games. In the end, it was truly survival of the fittest and for us to be one of the two teams left and played in the finals and we won it made it very memorable,” he added.

Mr. Tenorio, 36, further shared that he nearly made the decision not to go to the bubble, where the league had participants holed up in the Clark City area for the two-month duration of the tournament to guard against the spread of the coronavirus, but eventually made the decision to take part in it.

“I was thinking of not going to the bubble prior because my wife just gave birth to our youngest child and I also had the surgery. I felt those were signs not to go. But after talking with team and league officials, my doctor, and with my wife allowing me to go because she believed that my team needed me in the bubble, I made the decision to go,” he said.

Mr. Tenorio went on to say that he is happy for the team as well, which sacrificed a lot in finding ways to win amid the challenges.

Moving forward, the Barangay Ginebra point guard said winning championships does not get old and that he would welcome every opportunity to play for a title each time.

But at this stage of his career, also important for him is being able to inspire others in what he does.

“At this point, it’s more than just winning. It’s not necessarily all about championships, but they are great to have. But I want to inspire more players, especially aspiring ones, to see me still playing at a high level and them going for it as well,” he said.

Philippine Sports Commission cites results despite tough COVID-19 year

THE year in 2020 is a tough one for local sports as it continues to feel the impact of the coronavirus pandemic. But despite the challenges, the Philippine Sports Commission (PSC) has been able to produce results in accordance with its given mandate.

In a virtual press conference on Friday where the agency gave its yearend report, PSC Chairman William Ramirez shared that while their output could have been better, given the difficult circumstances they were made to operate they were still able to deliver from their end.

“We’re thankful that despite the limitations presented we were able to perform our task,” said Mr. Ramirez.

The PSC broke down its report of accomplishments for 2020 to six categories, namely: sports governance, sports awareness, sports accessibility, sports linkages, institutionalizing the Philippine Sports Institute (PSI), and coronavirus/calamity efforts.

Under sports governance, the PSC was proud to report that despite budget limitations it was able to provide the allowances of national team members.

In the middle of the year, it made the hard decision to slash by half said allowances as funds became scarce, but eventually was able to restore them to their normal levels with help from other agencies.

The PSC continued to plan and prepare for the country’s push for the rescheduled Tokyo Olympic Games, steadily communicating with chef de mission Mariano Araneta on the direction to take as well touching base online with those already Olympic-bound as well those still angling for spots to see where they are in their preparation and to keep their morale up.

Efforts were also made towards agency development and employee management, and non-athletic concerns of the national team (e.g. webinar on financial literacy and postings and information on general health).

Sports awareness comprised of efforts on social media, radio and print on the goings-on in the country’s sporting push amid the pandemic and holding of various online fora to shore up its grassroots and elite sports mission and vision.

Sports accessibility saw the agency, among other things, further highlighting gender equality and women empowerment, through programs like the ongoing web series Rise Up! Shape Up!.

The pandemic also had the PSC forging valuable links with various government agencies to help operate during the prevailing conditions with the pandemic.

The sports agency, for one, partnered with the Games and Amusements Board and the Department of Health in creating guidelines on the conduct of physical and sports activities during the pandemic, which paved the way for leagues like Philippine Basketball Association and Philippines Football League to stage tournaments.

The PSC also continued discussions with the departments of Education and Budget and Development as well as with legislators that led to the enactment of Republic Act 11470 or the National Academy of Sports law.

The PSI, which was put up to enhance the training and education of athletes and coaches, meanwhile, was fortified with various seminars and certification programs and constant performance updates.

The sports agency was active in the country’s battle against the pandemic, offering facilities under its supervision — Rizal Memorial Coliseum, Ninoy Aquino Stadium, and the Multipurpose Arena in PhilSports Complex — as coronavirus quarantine facilities.

It returned some P1.2 billion of its budget for the year to the national government to be rechanneled to efforts against the pandemic.   

The PSC, too, distributed care packages for youth and families of nearby communities.

Provisions were allotted as well for cash amelioration for athletes, through the help of Congress and Senate via Bayanihan Act II, and financial assistance for athletes hit by Typhoons Rolly and Ulysses.

While uncertainty still persists, Mr. Ramirez said they at the PSC will try their best to take the challenges head-on moving forward and continue to work for stakeholders, especially the athletes. — Michael Angelo S. Murillo

LeBron James named Time Magazine’s Athlete of the Year

LOS ANGELES Lakers forward LeBron James just added another accomplishment to his lofty resume.

James was named Time Magazine’s Athlete of the Year on Thursday.

James, 35, is coming off his fourth NBA title after defeating the Miami Heat in October in a six-game series. James was named the Most Valuable Player in the series, his fourth career Finals MVP.

James also became the first player in National Basketball Association (NBA) history to win a title with three different teams.

While James’ on-court accomplishments continue to pile up, he has also become one of the most powerful voices in sports regarding the racial and social injustice movements.

He recently helped set up the organization “More Than a Vote” to help combat voter suppression during the 2020 presidential election.

James will remain with the Lakers for at least the next two seasons after signing a two-year, $85 million contract extension earlier this month. — Reuters

Shibuno stumbles but holds onto US Women’s Open lead

OVERNIGHT leader Hinako Shibuno of Japan put in her shakiest round yet at the US Women’s Open on Saturday, but still managed to maintain a one stroke lead heading into the final round of the major championship.

The 2019 British Open champion bookended her trip around the Champions Golf Club in Houston with two bogeys en route to a third round three-over 74 to sit one shot clear of American Amy Olsen (71) heading into Sunday’s finale.

“I was a little shocked that I dropped a couple of shots,” said the 22-year-old Shibuno, who is playing in her first US Open. “I want to do my best tomorrow and play as I normally do.”

She admitted that the bright lights of the championship got to her. “I myself was very nervous,” she conceded.

Olsen found her stride as the day progressed, mixing three bogeys with three birdies to keep her hopes of a first major title — and first win on the LPGA Tour — alive.

“I’m definitely pleased,” she said.

“Major championships, especially the US Women’s Open, are not easy. It was really a grind out there today. I got off to a bit of a rough start but finished strong, so that’s a positive.

“Anything can happen tomorrow.”

South Korea’s Kim Ji Yeong2 had the best round of the day, a four-under 67 in a round that ended with a chip in for birdie and a share of third place with Thai Moriya Jutanugarn (72).

The shot of the day belonged to another South Korean, Chella Choi (75). She launched her tee shot on the par-three 12th and after a bounce and a roll her orange ball was in the cup for the third ace of this year’s event and 30th in tournament history.

With rain forecast for Sunday, the LPGA announced that the final round would start at 7:45 a.m. local time from the first and 10th tees of the Cypress Creek Course.

The US Women’s Open, the oldest women’s golf major in its 75th year, was rescheduled from June to December due to the COVID-19 pandemic and is being held without spectators. — Reuters

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