Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 9044

PH Debt: All’s well that swells

By Rosario Guzman

LENDERS have offered to defer debt payments for those severely affected by the lockdown. The World Bank has encouraged the Group of 20 nations to postpone repayment of official bilateral credit, although it has not yet considered suspending debt payments owed it. The International Monetary Fund has approved debt relief to its 25 poorest member countries. Commercial banks have offered a 60-day grace period for loans, including for household debts borrowed through credit cards. Even informal moneylenders in the Philippines’ urban poor communities have reportedly stopped collecting loan installments for a while.

These are not necessarily all done out of sheer goodwill. In many cases they seek to stop debtors from succumbing to a severe debt-driven crisis due to the pandemic which would stop them from paying anything at all in the future. In short, they are also favorable to the creditors.

The Duterte government, with its much-brandished good credit standing, could have moved for debt relief too but instead, at the height of the COVID-19 pandemic, it started borrowing more. The finance department underscores the need for the government to borrow from foreign sources to fund its economic recovery plan. Multilateral and country creditors have unsurprisingly exploited the situation and recycled funds to lend.

Do we really need to borrow for COVID-19 response? People have asked. How are we going to pay for all of these debts?

ACCUMULATING DEBT
The Duterte administration’s Philippine Program for Recovery with Equity and Solidarity (PH-PROGRESO) is worth P1.7 trillion, P561 billion ($11 billion) of which is targeted by the Department of Finance (DoF) to come from bilateral and multilateral loans and global bonds. There is another P404 million ($8 million) in foreign grants.

From March 14 to June 4 this year, based on IBON monitoring, the Duterte government has already obtained foreign commitments of $3.95 billion in loans, $17.3 million in grants, and $5 million in technical assistance (TA) — all for addressing the COVID-19 pandemic. The Philippine-headquartered Asian Development Bank (ADB) accounts for $2.1 billion of the loans plus all of the TA and much of the grants. The World Bank accounts for $1.1 billion, and the China-led Asian Infrastructure Investment Bank (AIIB) for $750 million. There are $9.3 million in grants from USAID. In sum, there are seven project loans, two grants, and one regional TA so far.

Loans amounting to $3.95 billion are, at the current exchange rate of P50.05 to a US dollar, equivalent to P197.7 billion. This increased the outstanding national government debt, which has already risen from P7.7 trillion by the end of 2019, to an astounding P8.6 trillion by April 2020. The P869-billion increment in the last four months far surpasses the full-year increments of the last three years.

Government securities increased by P436 billion, while the Bangko Sentral ng Pilipinas used its repurchase facility to lend P300 billion to the national government for COVID-19 response. Meanwhile, external debt increased by P133.1 billion from December 2019 to April 2020. In April 2020, the Duterte government’s foreign debt grew 16.5% year-to-date and 16.4% year-on-year, or the biggest increase in the last four years.

The Duterte government has already reached 66% (or P919.5 billion) of its P1.4 trillion projected gross borrowings for the year. If the planned foreign financing for PH-PROGRESO alone is realized, the government would already go over its borrowing projection. This does not yet include the uncontrollable increase in domestic debt due to the continuous issuance of government securities. Domestic debt comprises 68% of the outstanding national government debt.

For whose sake, really?

The loan commitments are specified for strengthening healthcare, augmenting funds for socioeconomic relief, and providing economic stimulus for agriculture and micro-, small- and medium-enterprises (MSMEs). There are also wage subsidies for small enterprises and support for repatriated overseas Filipino workers (OFWs).

These are urgent things to attend to during the pandemic that the Duterte government has not competently addressed. Instead, we have only witnessed how the government’s policy of health privatization, neglect of essential economic sectors, and myopic understanding of the poor have made it ill-prepared for an emergency such as COVID-19.

COVID-19 is unplanned thus the need to apply for a loan — that has been the official line. Are the loans meant to help us cope with the coronavirus, while the government opts to keep spending for its neoliberal policies and to protect business? Actually, these urgent loan-financed items are part of a larger package which includes even bigger support for businesses who get financial relief in the form of tax deferrals, low-interest loans, and credit guarantee schemes.

The country’s creditors are more straightforward. They will provide budgetary support so that the country’s economic managers can continue spending on the administration’s Build, Build, Build (BBB) infrastructure projects, foreign investment attractions, tourism, and other boosters of the otherwise slowing, and now contracting, economy.

The ADB has pledged $1.5 billion from its COVID-19 Active Response and Expenditure Support (CARES) program for fiscal management, among others. The AIIB’s $750- million loan is co-financed with CARES. The AIIB only has loan facilities for infrastructure investment and does not have a “development financing” orientation. It recently launched a COVID-19 recovery facility but even this is oriented towards addressing liquidity problems, providing fiscal and budgetary support in partnership with multilateral banks, and building health infrastructure — all so that governments can focus on COVID-19 impacts and leave infrastructure funds alone.

The more recent P400-million loan commitment of the ADB to strengthen domestic capital markets and investments is more explicit. This is to enable the Duterte government to fund infrastructure at lower cost and to enable the private sector to raise infrastructure funds from capital markets.

COVID-19 is unplanned, while the Duterte administration’s focus is unchanged. The government is still fixated on burnishing the economy’s image to attract foreign investors, and will only address the emergency by as much as it can borrow. This reinforces the country’s vicious spiral of debt and shallow economic growth. Creditors are complicit in this neoliberal COVID-19 response.

PROTECTING PROFITS
But what really demolishes the argument that the government needs to take out a loan for COVID-19 is that there are viable sources of money that the government chooses to forego on behalf of big business. Case in point is the DoF-backed Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill, the renamed second package of the unpopular Tax Reform for Acceleration and Inclusion (TRAIN) Law. The first package taxes consumption goods by the poor and relieves the rich of paying income taxes. CREATE in turn reduces corporate income tax from 30% to 25% from July 2020 until 2022 and thereafter 1% yearly cut until 20% by 2027. This gives corporations up to P667-billion worth of tax breaks over the next five years, which is the largest in the country’s history.

CREATE is at the core of the administration’s recovery plan, PH-PROGRESO. It also proposes P133.7 billion in loans and guarantees, P142.8 billion in other tax cuts and foregone revenue, and P233.3 billion in additional liquidity. PH-PROGRESO declares prioritizing the resumption of BBB. To do so, it incentivizes big business with tax cuts and liquidity and equity infusion through government intervention and borrowing in the guise of helping them recover from the pandemic recession. The creation of jobs and recovery of incomes of the poor and vulnerable are an afterthought.

Indeed, the government has to revive the economy from the unnecessary lockdown, but this has to start with what is truly essential. The COVID-19 crisis is an extraordinary opportunity for the government to strengthen national production in agriculture and industry — a surefire way to stimulate employment and consumption. But agriculture and the MSMEs that make up the majority of the country’s enterprises are extremely marginalized.

In the House-approved P1.3 trillion Accelerated Recovery and Investments Stimulus for the Economy (ARISE) bill, agriculture gets a paltry P66 billion and MSMEs are allocated only P125 billion in loans and guarantees. The COVID-19 crisis is also a golden chance to bridge the chasm between rich and poor, which has become stark especially during COVID-19. But quite to the contrary, the Duterte government has relieved the rich and increased borrowing to sustain such an economic order — an addition to the mounting burden of the poor.

UNPAYABLE FUTURE
The DoF reiterates that the debt is payable and that the country is in no way headed to a debt crisis. It says that the debt-to-gross domestic product (GDP) ratio was only around 39.6% at the end of 2019 and 43.3% as of March 2020. The ratio indicates manageable levels, says the government, and is much less than in 2000-2010 when the debt-to-GDP ratio hovered around an annual average of 60% until it started going down in 2011 at the start of the country’s high growth episode.

But those days are gone. Fast economic growth peaked in 2012-2016 then steadily declined since the start of the Duterte presidency. Before COVID-19, the administration tried to but could not cover up the slowing economy. The GDP growth slowed from 6.9% in 2016, 6.7% in 2017, 6.2% in 2018, and to just 6% in 2019, the slowest in eight years. The economy shrank in the first quarter of 2020 by 0.2%, and the economic managers are seeing a severe decline in full-year real GDP growth to -0.6% to 4.3%.

All the sources of economic growth that the government has relied on — OFW remittances and foreign direct investment in BPOs and export manufacturing — have slowed down since the beginning of the Duterte administration. And these are definitely headed into a tailspin as the global economy sinks deeper into crisis.

The Duterte government has never considered the erosion of agriculture and manufacturing to arrest the economic slowdown. Instead, it has artificially boosted economic growth with pump-priming — increasing government spending to its highest level as percent of GDP. Infrastructure spending comprised 4.7% of the GDP in 2019 and is targeted to reach 7% of the GDP by 2022. It shall be the highest among all the administrations.

BBB projects are the Duterte administration’s preferred drug for resuscitating the ailing economy before it slips away. However, it has been borrowing heavily for this. Of the P4.3 trillion needed for the 100 flagship infrastructure projects of the administration, 83% is expected to come from official development assistance (ODA), mostly in the form of loans. The Duterte government’s borrowing binge is unprecedented — on a monthly average, it is borrowing P45.6 billion, almost three times as much as Aquino (P19.0 billion) and over twice as much as Arroyo (P21.2 billion).

The fiscal deficit is thus a growing problem, with the P660.2 billion deficit in 2019 equivalent to 3.5% of GDP. The fiscal deficit is already at P348 billion as of April 2020.

Here is why the debt is eventually unpayable and such a huge burden. First of all, ODA loans may be offered at concessional rates but are tied to the conditions of using the technology, materials, and expertise of the creditor country. In the case of China, this includes even the use of Chinese labor. Secondly, absorptive capacity in a program as grand as BBB is a major issue. The Philippine government lacks the bureaucratic and technical capacity to implement all the grand infrastructure projects. This capacity has been eroded by decades of privatization and deregulation. The private sector, on the other hand, is not that deep because of the economy’s backward fundamentals. Third, BBB’s main focus is mobility for the benefit of the service and trading oriented economy, and not in building Philippine agriculture and industry. Thus the infusion of infrastructure capital or even the construction of the facility will not be useful in the long run for national development.

Lastly and most ironically, we are being obliged to fully pay for this mounting debt. This early, the government is already thinking of taxing and raising government fees on the very coping mechanisms of the dislocated working people. For instance, the economic managers want to tax online selling even as people are losing their sources of livelihood, or want to collect bike registration fees as workers seek alternatives to the poor public mass transport, among others. The government already failed to meet its revenue target in 2019, short by P12.2 billion, and is anticipating even bigger spending and bigger debt in 2020.

Our future is being mortgaged. It doesn’t help to cure apprehensions when the government says that the debt is manageable. Government has to end its anti-people neoliberal economic policies, and only then shall we be well.

IBON

 

IBON Foundation, Inc. is an independent development institution established in 1978 that provides research, education, publications, information work and advocacy support on socioeconomic issues.

Nations may be safer under women

By Nicholas Kristof, The New York Times Company

ARE FEMALE LEADERS better at fighting a pandemic?

I compiled death rates from the coronavirus for 21 countries around the world, 13 led by men and eight by women. The male-led countries suffered an average of 214 coronavirus-related deaths per million inhabitants. Those led by women lost only one-fifth as many, 36 per million. If the United States had the coronavirus death rate of the average female-led country, 102,000 American lives would have been saved out of the 114,000 lost.

“Countries led by women do seem to be particularly successful in fighting the coronavirus,” noted Anne W. Rimoin, an epidemiologist at UCLA. “New Zealand, Denmark, Finland, Germany, Iceland, Norway have done so well perhaps due to the leadership and management styles attributed to their female leaders.”

Let’s start by acknowledging that there have been plenty of wretched female leaders over the years. Indeed, according to research I once did for a book, female leaders around the world haven’t been clearly better than male counterparts even at improving girls’ education or reducing maternal mortality.

There has been solid research that it makes a difference to have more women on boards and in grassroots positions, but evidence that they make better presidents or prime ministers has been lacking — until COVID-19 came along.

It’s not that the leaders who best managed the virus were all women. But those who bungled the response were — all — men, and mostly a particular type: authoritarian, vainglorious and blustering. Think of Boris Johnson in Britain, Jair Bolsonaro in Brazil, Ayatollah Ali Khamenei in Iran, and Donald Trump in the United States.

Virtually every country that has experienced coronavirus mortality at a rate of more than 150 per million inhabitants is male-led.

“I don’t think it’s a coincidence that some of the best-run places have been run by women: New Zealand, Germany, Taiwan,” mused Susan Rice, who was national security adviser under President Barack Obama. “And where we’ve seen things go most badly wrong — the US, Brazil, Russia, the UK — it’s a lot of male ego and bluster.”

I think the divergence has a great deal to do with that ego and bluster.

“We often joke that men drivers never ask for directions,” observed Dr. Ezekiel Emanuel of the University of Pennsylvania. “I actually think there’s something to that also in terms of women’s leadership, in terms of recognizing expertise and asking experts for advice, and men sort of barreling ahead like they got it.”

He has a point. Those leaders who handled the virus best were those who humbly consulted public health experts and acted quickly, and many were women; in contrast, male authoritarians who botched the response were suspicious of experts and too full of themselves.

“I really get it,” Trump said when he visited the Centers for Disease Control and Prevention in March. Surrounded by medical experts, he added, “Maybe I have natural ability,” and he wondered aloud if he should have become a scientist.

(Given that Trump said in January that COVID-19 was “totally under control,” he has his answer. And peer review might not have been kind to his ideas about bleach.)

While women have generally outshone men as international leaders, that does not seem true within the United States. Some female governors have done better, others worse, so there isn’t an obvious gender gap at home.

It’s also possible that this isn’t about female leaders but about the kind of country that chooses a woman to lead it.

Companies with more female executives on average perform better than those with fewer women, but analysts think that the reason isn’t just the brilliance of female leaders. Rather, companies that are culturally open to having senior women are also more willing to embrace other innovations, and it may be this innovative spirit that leads to higher profitability. Likewise, countries willing to elect female prime ministers may be those more inclined to listen to epidemiologists.

Yet I think that there’s also a difference in the leadership itself.

“Women lead often in a very different style from men,” said Margot Wallstrom, a former Swedish foreign minister, citing examples from Norway, Germany, and New Zealand of women with low-key, inclusive and evidence-based leadership.

Wallstrom also noted that public health is a traditional “home turf” concern for many female leaders. Grant Miller, an expert in health economics at Stanford University, found that as states, one by one, granted the vote to women in the late 19th and early 20th centuries, those states then also invested more in sanitation and public health — saving some 20,000 children’s lives a year. Boys were thus huge beneficiaries of women’s suffrage.

One trap for female politicians is that brashness can be effective for male candidates, but researchers find that male and female voters alike are turned off by women who seem self-promotional. That forces women in politics to master the art of communicating effectively in a low-key way — just what’s needed in a pandemic.

“Perhaps the skills that have led them to reach the top,” said Rimoin, the UCLA epidemiologist, “are the same skills that are currently needed to bring a country together.” — Nicholas Kristof © 2020 The New York Times Company

The megacity is dead. Long live the megacity

By Daniel Moss

Easing lockdowns around the world present an opportunity to go back to the drawing board for many economies. In Asia, densely packed urban centers are a good place to start. The trick for planners will be to minimize disease outbreaks without quashing the promise of employment that has made cities a magnet.

By 2025, the world will have 37 megacities — defined as having at least 10 million people — and as many as 20 of them will be in Asia. Two-thirds of the region’s population will be living in urban areas by 2050, compared with 20% in 1970, according to the Asian Development Bank. Bustling metropolises have become a symbol of rapid growth across the continent, which has reached a level of urbanization in less than a century that took more than twice as long in other parts of the world.

For decades, this transition was a one-way ticket to economic boom. With the coronavirus outbreak, however, we’ve seen cities become hotbeds of infection, where vast concentrations of wealth can become a liability when businesses grind to a halt. But while de-clogging seems like a good idea on paper, is it desirable or even feasible? Working remotely from the suburbs sounds great if you live in a congested downtown district, confined to four walls and a small bathroom with screaming kids. The reality in many rural areas, however, is poor infrastructure, subpar schools, and scarce medical clinics, not to mention limited delivery options.

In Indonesia, officials are getting cold feet about the construction of a new capital, which was intended to take the strain off overcrowded and sinking Jakarta. While I had reservations about the prospect of creating a city from scratch, the government was correct in identifying a problem. Spreading some wealth beyond the island of Java would be welcome, too. Sadly, the vision is being subordinated to the emergency of the day, just when an alternative is needed most. President Joko Widodo says there are better ways to spend $34 billion. Indonesia can’t print rupiah indefinitely and no politician wants to be accused of erecting new digs for lawmakers while millions slip back into poverty.

In the Philippines, meanwhile, the coronavirus has given fresh life to proposals for thinning out Manila, one of the most heavily populated cities on earth and the country’s virus epicenter. President Rodrigo Duterte is offering to pay people to leave the area, which generates about one-third of gross domestic product. Yet skeptics of his “Back to the Province” program point to the centuries-old centralization of power in the capital — Imperial Manila, Duterte calls it — and shrug. People have preferred to emigrate rather than leave the city, which has made the Philippines a global hub for the export of labor, as I’ve written. Unless centers of capital and government are prepared to surrender control to regions, along with taxation authority, the boonies just aren’t going to be attractive enough.

Liew Ching Tong, a Malaysian senator and, until March, deputy minister for defense, has an idea along those lines. In a presentation last month to the Institute for Democracy and Economic Affairs, a think-tank in Kuala Lumpur, Liew proposed significant reforms to local government financing: Give Malaysia’s 13 states the ability to share income-tax power with the national administration. Right now, the provinces are largely dependent on grants from the central government and often need its approval before borrowing. Their only meaningful ability to generate revenue is from land sales and natural resources, which tend to exacerbate environmental degradation.

This federal-state dynamic puts local projects at the mercy of political winds from Kuala Lumpur. In the state of Penang, for example, anticipated bond sales are intended to fund an overhaul of public transportation. The proposal — approved by the last coalition government, which dissolved three months ago — is now in jeopardy of being revoked, says Tricia Yeoh of IDEAS. Only by empowering states to control their finances can they develop good infrastructure and support the high living standards that will attract the best and brightest.

The good news for city dwellers is that the coronavirus has opened the door for some creative urban planning. In Singapore, the head of the Housing & Development Board, which created the city-state’s signature high-rise public housing, recently discussed dividing the country into relatively self-sufficient regions to help contain viral outbreaks down the road. Future HDB dwellings should have drone parking zones in place of car spaces, given the critical role of delivery services during this outbreak, Chief Executive Officer Cheong Koon Hean told a forum on June 3.

Asia’s megacities won’t disappear, nor should they. But if we’ve learned anything from the coronavirus, it’s the danger of concentrating too much human capital in one physical location. That’s why Asians of the future need to have desirable alternatives, which means finding the right incentives, not just telling people to pack their bags and head to the hills. Cities have been fun places to live for the region’s burgeoning middle class. To keep urban areas prosperous and healthy, though, the hinterland needs to be revitalized, too.

BLOOMBERG OPINION

Berger wins playoff at Colonial in PGA Tour’s return

TORONTO — Daniel Berger emerged from a tightly bunched leaderboard to win the PGA Tour’s first tournament back after a three-month COVID-19 break with a playoff victory at the Charles Schwab Challenge in Fort Worth, Texas, on Sunday.

Berger, who needed a birdie on the final hole of his regulation round to make the playoff, sealed the win on the first extra hole with a rock-solid par moments before fellow American Collin Morikawa watched his putt from in close cruelly lip out.

When Berger sealed the win there was a brief handshake and hug with his caddie but no roars to be heard since Colonial Country Club was closed all week to the general public to help prevent spread of the coronavirus disease 2019.

“I grinded so hard the last two months to be in this position and I am just so thankful that all the hard work paid off,” said Berger, who had top-10 finishes in his three starts before the PGA Tour halted action in mid-March.

Berger, who began the action-packed day two shots off overnight leader Xander Schauffele, carded a four-under-par 66 to reach 15 under for the week.

The leaderboard at the start of the final round featured many of the game’s best players and the action began with 13 golfers within three shots of Schauffele.

Berger made his move early with three birdies over his first eight holes before a lone bogey at the par-four ninth where his approach shot found a greenside bunker. Yet Berger added birdies at two of his last five holes to reach the playoff.

Schauffele (69) missed the playoff by one stroke after his par putt from two feet at the 17th also lipped out.

Among the others who finished one shot back of the playoff was Britain’s Justin Rose (66) and Bryson DeChambeau (66).

Three-time major champion Jordan Spieth started the final round one shot off the lead but hit just 5 of 14 fairways and 10 of 18 greens in regulation en route to a one-over-par 71 that left him in a tie for 10th place.

Despite not managing to snap a nearly three-year victory drought, Spieth took comfort in the state of his game after a lengthy layoff.

“I’m making those putts from mid to long range and I’m driving the ball in good position,” said Spieth. “So it’s really just cleaning up the wedges and stuff that I’m normally really sharp with that certainly had a bit of rust on it.”

World number one Rory McIlroy began the day three shots off the lead but struggled over the front nine en route to a four-over-par 74 that left him nine shots adrift and in a share of 32nd place. — Reuters

TBH: Candid conversations with ‘maverick’ UAAP stars

By Michael Angelo S. Murillo, Senior Reporter

SOME of the University Athletic Association of the Philippines’ independent-minded volleyball stars take on a new platform as they are featured in the new talk show, TBH (To Be Honest),

The newest talk show on LIGA cable sports channel, iWant, TFC, and the ABS-CBN Sports YouTube channel, TBH has Eya Laure (University of Santo Tomas), Ponggay Gaston (Ateneo), Michelle Cobb (La Salle), and Rosie Rosier (University of the Philippines) joining forces and being candid in discussing relevant topics among themselves and with their guests.

For the show, the quartet will be shooting episodes from the comfort of their homes as the metro remains in a quarantine setup with the coronavirus disease 2019 (COVID-19) pandemic still a going concern, but the four assured viewers and their fans that it would not stop them from engaging and making the show worth the while.

“The uniqueness of each individual will be highlighted here. This show is composed of four girls with different personalities and different backgrounds which actually helps the show because it diversifies things,” said Cobb, the starting setter for the Lady Spikers, at the show’s videoconference with media on June 12.

“This show is unorthodox and, yeah, we will be ‘mavericks’ in it. They will see a side of us not usually seen while on the court and get to know what we really feel on certain issues and topics,” Gaston, for her part, said.

With the show coming in at a time of COVID-19 and movement still limited, the hosts said they welcome the opportunity through TBH to reach out not only to the volleyball community but the public in general, especially since UAAP Season 82 was abruptly ended because of the pandemic.

This is aside from the fact that they, too, get to break the monotony of being confined for much of the time in their homes because of the quarantine situation.

“This is ‘therapeutic’ because after several months I have someone talk to about relevant topics, which I miss a lot,” Cobb said.

For UP team captain Rosier, they hope through the show they get to inspire young modern Filipinas to create a platform for themselves, built, among other things, around respect.

“This is a platform for us to be open and be ourselves. We’re trying to create a platform of respect,” she said.

“A fun show,” was how UAAP Season 81 Rookie of the Year Laure described TBH.

“It’s just good vibes throughout. Hopefully fans and viewers could join us,” she said.

Episode one of TBH will air on June 23 at 8 a.m., with replays at 1 p.m. and 6 p.m., and will feature the hosts breaking down their experiences, frustrations, and realizations during the quarantine and heading into the “new normal.”

PBA young guns Perez, Bolick still hopeful of league’s return

AMONG the headliners in last year’s season of the Philippine Basketball Association (PBA) because of their stellar plays as rookies, CJ Perez and Robert Bolick lament that they are being made to wait to build on what they had started with the coronavirus disease 2019 (COVID-19) pandemic still a going concern.

Graced Tiebreaker’s The Prospects Pod episode last week, the now-PBA sophomores shared that just like everybody else they are dealing with the current situation as best as they can and that they are hopeful that the league could still return to action this year amid all the things happening in relation to COVID-19.

The PBA suspended its Season 45 on March 11 as COVID-19 started taking further root in the country and the government came out with mitigating measures to help stop the spread of the disease, including prohibiting mass gatherings like sporting events.

The suspension came immediately after the season opened on March 8 with the All-Filipino Cup and only one game played, that between defending champions San Miguel Beermen and Magnolia Hotshots Pambansang Manok, which the former won, 94-78.

Mr. Perez, who was named rookie of the year for Season 44, said at this point all everybody could do is wait for the situation to stabilize.

Not only as a player, but speaking as a basketball fan as well, 26-year-old Perez said he really misses the entertainment that basketball brings.

“We just have to wait. Let’s pray that the PBA could return as soon as possible so we can be entertained once again,” said Mr. Perez in the vernacular.

“I can’t wait to get back to the floor and put out the game that the fans want to see,” he added.

Incidentally, when the PBA resumes, Mr. Perez will be donning a “new” uniform as he will be playing under the Terra Firma Development Corporation team.

This, after the PBA Board recently approved the transfer of the Columbian Dyip franchise from Columbian Autocar Corporation to sister company Terra Firma.

Team governor Bobby Formales said despite the transfer of franchise, the team is inclined to retain its “Dyip” moniker.

CONTINUE SUPPORTING THE PBA
For Mr. Bolick of Northport Batang Pier, the season’s return is also something he is looking forward to and enjoined the fans to continue to support the league when it returns.

“Let’s continue supporting all the teams in the PBA. We might have to wait for some time still as the [COVID-19] cases continue to rise but hopefully all of these would end soon and we can heal as one and return,” said Mr. Bolick, 24.

Former San Beda star Bolick is currently convalescing from an ACL injury he suffered last year that cut his rookie campaign short.

The PBA has submitted its request for a possible return to action to the government, particularly the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF), along with the health and safety protocols it plans to take.

The request, as of this writing, is still being evaluated by the IATF. — Michael Angelo S. Murillo

Los Angeles Lakers players reportedly unified on social justice and resumption of NBA play

THOUGH SEVERAL National Basketball Association (NBA) players on Friday reportedly voiced their opposition to resuming the season as a protest against racism and social injustice, ESPN reported that the Los Angeles Lakers’ players remain undivided on the resumption of the season.

The news came a day after Lakers backup center Dwight Howard told CNN that now is not the time to resume basketball in light of the protests that broke out across the nation and the world following the death of George Floyd at the hands of Minneapolis police last month.

Contrary to Howard’s statement, however, more than one Lakers player told ESPN everyone is on the same page.

“[There is] no divide,” one Lakers player told ESPN.

“Still have some time to figure things out as a league and as a team,” another said.

Brooklyn Nets guard Kyrie Irving reportedly lobbied fellow players on Friday to sit out the scheduled resumption of play as a protest against racism, multiple media outlets reported.

According to The Athletic’s Shams Charania, Irving told more than 80 NBA players on a conference call, “I don’t support going into Orlando. I’m not with the systematic racism and the (expletive). Something smells a little fishy… I’m willing to give up everything I have (for social reform).”

ESPN reported that the Lakers initially had concerns after hearing Howard’s comments, but his agent, Charles Briscoe, told the outlet Howard has not made a decision about playing this season as he has not thought about basketball in recent weeks.

“The statement was about social injustice and racism,” Briscoe told ESPN. “Yet everybody is still talking about whether basketball should be played. He isn’t saying that basketball shouldn’t be. He’s just saying that you should not be taking attention away from what’s going on in the country to talk about basketball. Basketball is just a sport, at the end of the day. But what’s going on with people dying in the streets, that’s something real. That statement, it had nothing to do with sports. It had everything to do with racism and social injustice.”

One Lakers player who has not spoken out against resuming play is Lakers star LeBron James. On Sunday, Los Angeles Clippers guard Patrick Beverley tweeted that if James is ready to play, all players better be ready for play to resume.

“Hoopers say what y’all want,” Beverley tweeted. “If @KingJames said he hooping. We all hooping. Not Personal only BUSINESS #StayWoke.”

The NBA hasn’t played since March 11 due to the coronavirus pandemic. The league intends to finish the coronavirus-interrupted season and the playoffs at the Walt Disney World Resort near Orlando, Florida. Training camp is set to be held July 9–29 before the season restarts July 30.

Mr. Floyd, a black man, died May 25 after a white police officer kneeled on his neck for nearly nine minutes. His death sparked global protests, and sports teams throughout the United States have spoken out publicly against racism, with several teams taking part in protests. — Reuters

Djokovic emotional after hosting Belgrade exhibition

BELGRADE — An emotional Novak Djokovic could not hold back the tears while hosting a charity event at his tennis complex by the Danube River on Sunday.

Although the world number one missed out on Sunday’s Adria Tour final, in which Dominic Thiem beat Serbian Filip Krajinovic 4-3 2-4 4-2, the event revived a lot of fond memories for the 17-time Grand Slam champion who staged the exhibition while international tennis remains suspended due to the COVID-19 pandemic.

“I was very emotional on the court today. Childhood memories started flooding back, including those of growing up on these courts and playing here as a young boy,” the 33-year-old told reporters after being cheered on by a 4,000-strong capacity crowd.

“I was overwhelmed and those were tears of joy after the match.

“I try to give back to where I come from and be conscious of my childhood and my upbringing. This tennis was an epicenter of people from my childhood days getting together for this tournament, including my former coaches. They were all here.”

Djokovic beat Germany’s Alexander Zverev on Sunday in his last round-robin match but failed to secure his place in the final after both players and Krajinovic ended up with 2-1 win-loss records and an identical 5-3 set difference in their section.

Krajinovic, who stunned Djokovic on Saturday, squeezed through on the basis of having the best games differential among the three.

However, he was powerless to stop Thiem in the final.

“This tournament was for a good cause and we all gave our best,” Thiem said after finishing off the weekend with a 100% winning record.

“Many high-quality matches in a great atmosphere, in front of a full crowd, so it was a perfect weekend.

“A very big thank you to everyone including Novak and his team, you all made my first trip to Serbia a very special one.”

The eight-man tournament featured a more streamlined format than what is seen on the main tour, with sets slashed to best-of-seven games.

The second leg of the tour will be held in Croatia’s coastal resort Zadar next weekend.

The third leg due in Montenegro on June 27 and 28 was scrapped on Saturday over coronavirus concerns and the final leg is set for Bosnia’s Banja Luka on July 3 and 4. — Reuters

Comfort during uncertain times

Eden Celebrates National Cheese Day by Sharing with the Community

Three months into what can only be described as the most unprecedented event in this lifetime, how are you doing? This is a trying time for everyone, regardless of where you are. One way we can all get through this together is by savoring the special moments that come our way, with the people who matter most – our families and loved ones.

On the internet-proclaimed National Cheese Day on June 4, it’s only fitting that the country’s favorite Eden cheese marks the special day by providing ways for families to make ordinary moments more special and give comfort during these uncertain times.

Giving comfort and deliciousness to Filipino families is what Eden cheese has been doing for the past four decades. Currently, comfort and nourishment are what people need most, things which Eden cheese is ready to provide. “Our purpose is to nurture family connections with every savor-worthy meal,” shares Eden Cheese Brand Manager Kristen Mendoza. “Despite the uncertainty of our current situation, we can still make the most out of our time at home. No family moment is too ordinary to share. We can cherish togetherness and bond over home-cooked dishes which are made more delicious with Eden Cheese.”

Celebrating National Cheese Day with 2,000 Families

With all the challenges in the world today, it’s good to take a break to celebrate the deliciousness and comfort that cheese can bring our meals and snacks. Eden cheese, together with partner Rise Against Hunger, thought to celebrate the role that cheese plays in our lives and kitchens by sharing snack products with the latter’s adopted community.

“We wanted to show our support to the families of Rise Against Hunger’s community in Calauan, Laguna by celebrating National Cheese Day. We provided Eden family packs to 2,000 vulnerable families. We hope the enjoyable meals they can make together as a family and with Eden cheese, brings them some comfort during these uncertain times,” shares Mendoza. Families also received other snack products from the brand’s maker, Mondelez Philippines.

Mondelez Philippines has been sharing its snack products to health front liners and communities in danger of facing hunger since the beginning of the COVID-19 lockdown in March 2020. Their contribution has amounted to some P14 million worth of products distributed by partners like Rise Against Hunger and more than 40 other organizations and individuals nationwide. The Eden Cheese packs shared with families is one of the ways the Company aims to show that as a nation, we are #StrongerTogether.

“It’s so important to keep extending support to communities and families at this difficult time,” adds Jomar Fleras, Executive Director of Rise Against Hunger. “This crisis has impacted everyone, and more so the families who have little. We thank Eden Cheese for providing comfort to the families, so that at home they can experience small moments of delight as we endeavor to get through this crisis as one nation.”

How online selling is thriving in the new normal

By Hannah Mallorca, Features Writer, The Philippine STAR

The growth of many e-commerce platforms is the effect of transition from traditional shopping channels to online platforms during quarantine

The coronavirus disease 2019 (COVID-19) pandemic has caused the rise and fall of several industries worldwide. Even though e-commerce platforms have long been on the rise, the process was fast-tracked when quarantine guidelines were put into place.

With the absence of traditional shopping channels, customers have flocked to e-commerce platforms to secure purchases and transactions. Many stores and restaurants have also transitioned online to serve their target market.

To discuss the current state of online selling in the new normal, The Philippine STAR’s Career Guide shared insights on the progress of e-commerce platforms and other online means during this time.

The online discussion featured Entrego retail director Xervin Maulanin, PurpleBug Inc. president and CEO Marlon Gonzales, La Carnita Modern Mexican Cantina co-founder Lenlen Mesina, Lazada Philippines head of business development Petrus Carbonell, and Seven Days of Greens co-founder Roel Uy Chan.

Growth of e-commerce platforms

Even though various e-commerce platforms were established pre-pandemic, its identity strengthened since the start of quarantine. Mr. Carbonell shared that Lazada has witnessed significant growth.

“So far, we see a lot of demand. We’re also seeing people who are more interested in starting their businesses online,” he added. “I think this will continue even after quarantine and if you think about it, these trends have always been present. Ang nangyari lang ngayong quarantine, na-accelerate siya.”

According to Mr. Carbonell, some of the most popular products in Lazada’s platform are groceries, medical items, and ready-to-eat products.

Mr. Maulanin noted that the transition from traditional shopping methods into online has pushed e-commerce platforms to sell more essential goods and daily needs. He added that delivery personnel are also considered as frontliners due to their service during the quarantine.

“Lumalaki ang volume natin compared to before. We’re still a long way to go before online shopping becomes the predominant channel for us, but I think we’re going to see a lot of acceleration there. We’re very excited to see ano’ng magiging trend nito,” he said.

Transitioning from traditional shopping methods to online

The pandemic has caused many businesses to transition to online to cater to its customers. Many restaurants have also moved towards delivery services to serve their target market.

According to Ms. Mesina, proper research and development are needed to ensure the quality of Cantina’s products even in the new normal.

“At the moment, what we’re trying to do, instead of dispensing or distributing the product, we had to come up with product lines that can be experienced by the customers in the comfort of their homes, that’s why we really value the support and the service of third-party suppliers when it comes to delivery,” she shared.

Ms. Mesina also noted that the quarantine is an opportunity for many businesses to understand how to navigate into e-commerce and to incorporate online payments.

“You need to make sure that you’re able to deliver what you’re promising to your online market and that the product is available from you. It’s also not just being available, the products must be consistent and of very good quality kasi ‘yun ‘yung magiging labanan when it comes to online selling,” she added.

On the other hand, Mr. Gonzales said that quarantine has challenged e-commerce platforms, restaurants and other online sellers to develop its services since it will reflect on customers.

“People will always buy if maganda ‘yung feedback na makikita nila. What we’ve noticed din karamihan ng returning customers namin are referrals so very important ‘yung feedback na nakikita nila online,” he said.

Mr. Uy Chan stated that the new normal has also urged online sellers, e-commerce platforms and restaurants to refine collaboration methods with its partner channels to ensure quality service.

“The principle behind online selling is still intact and similar to traditional selling wherever you go. It’s still just a channel,” he added.

In addition, Mr. Carbonell noted that e-commerce platforms and online sellers would continue to grow, even in a post-pandemic society.

“In terms of the potential of people reaching success, I would say that the sky is the limit because we see new millionaire sellers every time that we run a campaign. I’m not saying that everyone who goes online will be successful, but we see many cases that the potential is huge,” he said.

Online selling platforms have witnessed significant growth in customer behavior during the pandemic. With this, it’s up to business sectors to improve its services to ensure loyalty among its target market.

Philippine court finds news site chief Maria Ressa guilty of libel

The head of a Philippine news website known for its tough scrutiny of President Rodrigo Duterte faces up to six years in jail after being found guilty of cyber libel by a Manila court on Monday in what is being seen as a test case for media freedom in the country. Maria Ressa, chief executive of Rappler (www.rappler.com), was charged with cyber libel over a 2012 article, updated in 2014, that linked a businessman to murder and trafficking of humans and drugs, citing information contained in an intelligence report from an unspecified agency.

After handing down the verdict, Judge Rainelda Estacio-Montesa said freedom of the press could not be used as a “shield.”

Ressa, who had denied any wrongdoing, was allowed to post bail. Cyber libel is among the numerous lawsuits filed against Ressa and Rappler that have drawn global concern about a free and open media in the Southeast Asian country.

Rappler’s operating license was rescinded in 2018 over alleged foreign ownership violations, and it is also dealing with a case involving alleged tax evasion. Both cases are ongoing. Media watchdogs have said the charges against Ressa were trumped up and aimed at intimidating those who challenge Duterte’s rule, in particular his deadly crackdown on illicit drugs. — REUTERS

[B-SIDE Podcast] Remote medical imaging and COVID-19 detection

Follow us on Spotify BusinessWorld B-Side

Health experts are still learning how the coronavirus attacks the human body. What they do know is that COVID-19 is a serious infectious disease that hits multiple organs, most commonly the lungs — which are called “ground zero” of the disease. From there, the virus can spread to a patient’s heart, kidneys, and brain.

In areas of the world where there is a lack of adequate access to testing, imaging techniques — such as a chest X-ray — can help in diagnosing the disease.

Lifetrack Medical Systems, a health-tech startup that replaces legacy software and allows radiologists to remotely view and medical diagnoses, partnered with Antique’s local government and offered its technology for free to hospitals and clinics serving as COVID-19 triaging and referral centers.

Carl Nicholas Ng, COO of Lifetrack, explains to BusinessWorld reporter Charmaine Tadalan how this service is vital in the Philippines, where there are only about 1,000 radiologists in a country of more than a hundred million people.

TAKEAWAYS

Access to diagnostic imaging must be improved.

According to the Pan American Health Organization/World Health Organization, between 70% and 80% of diagnostic problems can be resolved through the basic use of X-rays and/or ultrasound examinations. Two-thirds of the world’s population has no access to diagnostic imaging — meaning about five billion people can’t even get a simple X-ray. Access is limited not just by the cost of equipment, but by the lack of radiologists.

A service like Lifetrack, which allows radiologists to interpret images remotely, can alleviate this problem.

Medical imaging accelerates the detection of potential COVID-19 cases.

Aside from offering its technology for free to hospitals in Antique and Leyte, Lifetrack also launched a secure anonymized global COVID-19 image repository that can be used by radiologists and researchers to more quickly identify potential COVID-19 cases. The startup is part of the International Consortium for COVID-19 Imaging AI (ICOVAI).

Recorded remotely on April 29. Produced by Nina M. Diaz, Paolo L. Lopez, and Sam L. Marcelo.

Follow us on Spotify BusinessWorld B-Side

1...9,0439,0449,045...13,846Page 9,044 of 13,846
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube