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Olympian says IOC’s push to stage Tokyo Games insensitive to athletes

CANADIAN Hayley Wickenheiser, a six-time Olympian, has accused the International Olympic Committee (IOC) of being insensitive and irresponsible for pushing ahead with the Tokyo Games in the face of a growing threat from the coronavirus outbreak.

Wickenheiser, who competed in five Winter Games in ice hockey and the 2000 Summer Olympics in softball, questioned the IOC’s full speed ahead approach to staging the July 24-Aug. 9 Games which she said had been done without acknowledging the challenges posed by the global pandemic.

“This crisis is bigger than even the Olympics,” Wickenheiser said in a statement on Twitter. “Athletes can’t train. Attendees can’t travel plan. Sponsors and marketers can’t market with a degree of sensitivity.

“I think the IOC insisting this will move ahead, with such conviction, is insensitive and irresponsible given the state of humanity.

“We don’t know what’s happening in the next 24 hours, let along in the next three months.”

Wickenheiser, a member of the IOC’s athlete commission who is working towards becoming a medical doctor, has been on the frontline in efforts to contain the coronavirus in Canada.

She said she could only imagine the anxiety athletes were feeling at the moment and that it was an injustice to them saying for certain that the Games will go ahead.

Wickenheiser made the comments after the IOC met with international sports federations on Tuesday and stated it remains fully committed to the event being staged in four months’ time despite the global spread of coronavirus.

“No one knows at this point and that IS my point,” said Wickenheiser, winner of four ice hockey Olympic gold medals. “To say for certain they will go ahead is an injustice to the athletes training and global population at large.

“We need to acknowledge the unknown. #COVID19”.

Earlier on Tuesday, Greece’s reigning Olympic pole vault champion Katerina Stefanidi told Reuters the IOC was putting the health of elite athletes at risk by telling them to continue training for the Tokyo 2020 Games as the coronavirus rages.

“The uncertainty of not knowing of where you’re going to train tomorrow, as facilities close and qualification events are cancelled all over the world, would be terrible if you’ve been training your whole life,” said Wickenheiser.

“It’s the biggest sporting event in the world. It would be wonderful to look forward to.

“I’ve given this a lot of thought, and over the past few days my perspective has changed.” — Reuters

Philidor refuted?

This is a continuation of IM Robert Ris’ analysis where he tries to prove that the Philidor Defense has been refuted. We reproduce it here with the special permission of Chessbase.com, which has also very generously agreed to make the video available to our readers. The main article is here:

https://en.chessbase.com/post/fast-and-furious-with-im-robert-ris-2020-4

If you want to go to the video directly here is the link:

https://videos.chessbase.com/Video/2020-01-30%20Philidor%20with%20exd4

There are just two lines more to take up. We have had to compress some of the variations due to space limitations.

Van Haastert, Edwin (2408) — Broekmeulen, Jasper (2283) [C41]
NED-chT 0708 Netherlands, 2008
[IM Robert Ris]

1.e4 e5 2.Nf3 d6 3.d4 exd4 4.Nxd4 Nf6 5.Nc3 Be7 6.Bf4 0–0 7.Qd2 d5

This is the main line but if you are not familiar with the position it is hard to play this move.

8.Ndb5

[8.exd5 Nxd5 9.Nxd5 Qxd5 leads to comfortable play for Black]

8…Bb4

If 8…Na6 then simply 9.exd5. The major alternative here is 8…c6 9.Nc7 and then it is either:

• 9…Bb4 10.f3 (10.exd5 Nxd5 11.Nxa8 Qf6 12.Be3 Nxc3 13.a3 Ba5 14.Bd3) 10…d4 11.Nxa8 Nd5 (11…dxc3 12.bxc3!) 12.exd5 Re8+ 13.Be2 Qf6 14.0–0–0 dxc3 15.Qd4 Aitbayev,A (2321)-Kazhgaleyev,M (2618) Astana 2011 1–0 (27);

• or 9…d4

• 10.Ne2 is not so good because of 10…g5! 11.Be5 (11.Nxa8? gxf4 12.Qxf4 Na6 13.0–0–0 c5 0–1 (50) Varga, Z. (2592)-Bacrot, E. (2712) Mainz 2004; 11.Bxg5 Nxe4! the rook on a8 is immune: 12.Qxd4 Bxg5 13.Qxd8 Rxd8 14.Nxa8?? Bd2+ 15.Kd1 Nxf2#) 11…Nbd7 12.Bxf6 Nxf6 is 13.Qxg5+ (best) 13…Kh8 14.Nxa8 Re8! 15.Qd2 (15.0–0–0? Nxe4 16.Qh5 Nxf2 17.Rxd4 Bg5+ 18.Kb1 Qxd4 19.Qxg5 Qd1+ 20.Nc1 Ne4 (20…Nxh1 21.Qf6+=) 21.Bd3 Qxd3 22.cxd3 Nxg5 Black has the better endgame because of White’s out-of-place knight on a8) 15…Nxe4 16.Qxd4+ Qxd4 17.Nxd4 Bb4+ 18.Ke2 Ng3+ 19.Kf3 Nxh1 20.Bd3 Bg4+ 21.Kxg4 Nxf2+ 22.Kf3 Nxd3 23.cxd3 Rxa8 24.Nf5 ½–½ (53) Huschenbeth, N. (2465)-Schneider, I. (2511) Deizisau 2011)

• 10.Nxa8! is best 10…dxc3 11.Qxd8 Rxd8 12.bxc3 (12.Bxb8? cxb2 13.Rb1 Bb4+ 14.Ke2 Nxe4 things are looking unpleasant for White) 12…Nxe4 (12…Nbd7 13.f3) 13.Bd3 Nc5 (13…Bd6 14.Bxd6 Nxd6 15.0–0–0 Kf8 16.Rhe1 Nd7 (16…Rd7 17.Re3 Ne8 18.Be2; 16…b6 17.Nc7 Rd7 18.Bf5 Nxf5 19.Re8#) 17.Nc7 Nf6 18.c4 b6 19.c5 bxc5 20.Ba6 White is winning. Nijboer, F. (2558)-Broekmeulen, J. (2322) Maastricht 2008. 1–0 (30)) 14.Bxb8 Nxd3+ 15.cxd3 Bf5 16.Bf4 Rxa8 17.Ke2 White is simply an exchange up. Lang, M. (2444)-Mrkvicka, J. (2484) ICCF email 2008 1–0 (47).

9.0–0–0

[9.exd5? Re8+ 10.Be2 Ne4 11.Qd3 Bf5]

9…c6

[9…Nxe4? 10.Qxd5 Qxd5 11.Nxd5 White’s pieces are way more active]

10.Nc7 Nxe4 11.Qd4

The move 11.Qe3 does not have a great score 11…Nxc3 (11…Bxc3 12.bxc3 g5 13.Qxe4 Qxc7 14.Qxh7+ Kxh7 15.Bxc7 Bf5 16.f3 Nd7 17.g4 Bg6 18.h4 gxh4 19.c4 Rac8 20.Rxh4+ Kg7 21.Ba5 1–0 (25) Gyimesi, Z. (2553)-Nevednichy, V. (2548) Nova Gorica 2004) 12.bxc3 Ba3+

• 13.Kb1 Na6! 14.Nxa8 (14.Bxa6 bxa6 15.Nxa8 Qa5) 14…Qa5 15.Bxa6 bxa6 16.Ka1 Be6 17.Bc7 (17.Nc7? d4 18.Rxd4 Bc1 19.Nxe6 Bxe3 20.Rd3 Bxf4 21.Nxf4 Qa4 0–1 (30) Kotronias,V (2613)-De la Villa Garcia, J. (2472) Benasque 2009) 17…Qa4 18.c4 (18.Rb1 d4! (18…Qxc2? 19.c4 Qa4 (19…Be7 20.Rhc1) 20.Qb3 Qxb3 21.Rxb3 Bc5 22.Rb8 1–0 (22) Korneev, O. (2587)-Pirrot, D. (2417) Bad Wiessee 2007) 19.Qxd4 Qxc2 20.c4 Bxc4 21.Rb2) 18…dxc4 19.c3 Qc2 20.Rb1 Rxa8 21.Ba5 Bf5 22.Bb4 Qa4 23.Rbe1 Bxb4 24.cxb4 h6 25.Qc3 Bd3 26.Re5 Rb8 27.Ra5 Qxb4 28.Qxb4 Rxb4 29.Rxa6 Rb7 30.Re1 Rc7 0–1 (30) Bick,G (2203)-Priyadharshan, K. (2484) Philadelphia 2016)

• 13.Kd2 Nd7! 14.Nxa8 Bc5 15.Qg3 (15.Qd3 ½–½ (39) Jacko, V. (2279)-Thiede, L. (2446) Austria 2015 15…Nf6 16.f3 Bd7 17.Nc7 Bb6 18.Nb5 cxb5) 15…Nf6 16.Bd3 Nh5 17.Bc7 Qf6 18.Qe5 Qh6+ 19.Ke1 Bd7 20.Bf5 Re8 21.Bxd7 Rxe5+ 22.Bxe5 Qg5 23.Kf1 Qxe5 24.Re1 Qxc3 25.Nc7 Nf6 26.Bf5 Qd2 27.Re2 Qc1+ 28.Re1 Qf4 0–1 (28) Volokitin, A. (2671)-Kobalia, M. (2634) Budva 2009.

11…Bxc3

He can also take with the knight: 11…Nxc3 12.bxc3 Ba3+ 13.Kb1 Nd7 14.Qa4 (probably White should take on a8 14.Nxa8) 14…Be7 15.Nxa8 Nc5 16.Qxa7 Ne4 17.Be5 Bc5 18.Qa4 Qe7 19.Bd3 (19.f4 Qxe5) 19…Qxe5 20.Bxe4 in this position Black is much better although Grischuk went on to win the game. Grischuk,A (2763)-Mamedyarov,S (2726) Astana 2012 1–0 (51).

12.bxc3 g5?!

[12…Qe7 13.c4 (13.Rd3 Be6 14.Nxa8 c5 15.Qe3 c4 16.Rd4 Qa3+ 17.Kd1 Nxc3+ 18.Kd2 Nb1+ 19.Kd1 Nc6 20.Nc7 ½–½ (45) Savchenko,B (2596)-Rapport,R (2704) Riga 2014 20…Qb2 21.Be5 Bf5) 13…Qa3+ 14.Qb2 Qa5 15.Nxa8 Nxf2 16.Be2 Nxh1 17.Rxh1 Na6 (17…Re8?! 18.Bd2 Qc5 19.Re1 dxc4 20.Nc7 Re4 21.Bf3 Rxe1+ 22.Bxe1) 18.Bd2 Qd8 19.cxd5 Qxd5 20.Bxa6 bxa6 21.Re1 White is clearly better. Durarbayli, V. (2609)-Travadon, L. (2412) Sitges 2019 1–0 (24)]

13.Bg3 Nxg3 14.hxg3 Qxc7 <D>

POSITION AFTER 14…QXC7

Initially the engines think that White is losing here but now …

15.Rxh7! Kxh7 16.Qf6!

[Bd3 and Rh1 are coming]

16…Rh8 17.Re1 Be6 18.Qxg5 Bf5 19.Bd3 Bg6

[19…Bxd3 20.Rh1#]

20.Qf6 1–0

Kotronias, Vasilios (2598) — Sedlak, Nikola (2564) [C41]
SCG-chT Vrnjacka Banja (6), 2006
[IM Robert Ris]

1.e4 e5 2.Nf3 d6 3.d4 exd4 4.Nxd4 Nf6 5.Nc3 Be7 6.Bf4 0–0 7.Qd2 c6 8.0–0–0 b5 9.f3 b4

This is the advantage of playing 7…c6 instead of 7…a6, because now the white knight cannot go to d5.

10.Na4!

The knight looks awkward on the edge of the board but it also prevents the march of Black’s a-pawn.

Putting the knight on e2 with 10.Nce2?! is a bit inaccurate 10…c5 11.Nf5 Bxf5 12.exf5 Nc6 White has to take some time to reposition his knight on e2. 13.Kb1 (13.g4 Qa5 14.Kb1 c4 15.Nd4 Nxd4 16.Qxd4 d5 0–1 (67) Pourramezanali, A. (2430)-Kazhgaleyev, M. (2457) Hamedan 2018) 13…d5 (13…c4) 14.g4 d4 15.g5 Nd5 16.f6 Bd6 17.fxg7 Re8 18.Bxd6 Qxd6 19.Ng3 Nc3+ 20.Ka1 Qe6 21.b3 Nxd1 22.Bc4 Qe3 23.Qxd1 Ne5 24.Bd5 Rad8 25.Ne4 d3 26.Kb1 Kxg7 27.Nf6 d2 28.f4 Nd3 29.Bc4 Nf2 30.Nxe8+ Qxe8 0–1 (30) Hansen, E. (2557)-Stevic,H (2620) Skopje 2013.

10…Bd7

[10…c5?! should be met by 11.Nb5! (the knights on a4 and b5 look crazy but not so easy to profit from that) 11…Qa5 12.b3 Bd7 13.Bxd6 (13.Nxd6 is also good 13…Bxa4 14.bxa4 Qxa4 15.Kb1 followed by Nf5, Bc4. Not so easy for Black to attack while with his knight on f5 White is in a good position) 13…Bxd6 14.Nxd6 Bxa4 15.bxa4 Qxa4 16.Kb1 Qa3 17.e5 Nfd7 1–0 (51) Pijpers, A. (2465)-Milosevic, M. (2306) Porto Carras 2018 18.e6! fxe6 19.Qe1 with the idea 19…Rf6 20.Qe4]

11.b3

[11.g4 c5 12.Nf5 Bxa4 13.Nxe7+ Qxe7 14.Bxd6 Qe8 15.Bxc5 a5 leads to very sharp play but I am not sure White should go into this]

11…d5

[11…c5 12.Nb5 transposes to the game of Pijpers]

12.g4!

[12.e5 isn’t so great 12…Nh5 13.Be3 c5 14.Nxc5 Bxc5 15.g4 Nf6 16.exf6 Qxf6 suddenly Black gets excellent play 17.Kb1 Re8 18.Bf2 a5 19.h4 a4 20.Qg5 axb3 21.cxb3 Qb6 22.Rh2 (22.Qxd5) 22…Nc6 23.Nxc6 Bxf2 24.Nxb4 Qxb4 25.Rxf2 Rxa2 26.Kxa2 Ra8+ 27.Kb2 Qa3+ (27…d4!! 28.Qc1 Be6 29.Bc4 Bxc4 30.Qxc4 Qa3+ 31.Kc2 Qa2+ 32.Kc1 Qxf2 33.Qxd4? Rc8+ 34.Kb1 Qc2+ 35.Ka1 Ra8+) 28.Kc3 (28.Kc2 Rc8+ 29.Bc4 dxc4 30.Rxd7 cxb3+? (30…Qxb3+ 31.Kc1 Qa3+ 32.Rb2 Qa1+ 33.Rb1 Qc3+ 34.Kd1 Qxf3+=) 31.Kb1) 28…Rc8+ 29.Kd2 Qb4+ 30.Ke3 Re8+ 0–1 (30) Sadzikowski, D. (2576)-Plat, V. (2551) Poland 2018]

12…dxe4 13.fxe4

White’s pawns are hanging but what matters are the open files to Black’s king.

13…c5

[13…Bxg4 14.Be2 c5 15.Bxg4 Qxd4 16.Qxd4 cxd4 17.Bf3! White is winning material because of the threatened e4–e5]

14.Nf5 Bxa4 15.Qxd8 Bxd8 16.bxa4 Nc6 17.e5 Nxg4 18.Bg2 Ngxe5 19.Rhg1 Rc8

[19…g6 20.Bxe5]

20.Bxc6! Nxc6 21.Rxg7+ Kh8 22.Rd6! Bc7 23.Be5! 1–0

Sedlak resigns because after 23.Be5 Bxd6 (23…f6 24.Rdd7) 24.Rg8+ Kxg8 25.Nh6# beautiful line.

Well, I think you will agree with me that IM Robert Ris makes quite a compelling argument.

Once again, thanks to him and to Chessbase.com for the chance to show our readers this important analysis, and also for making The Fast and Furious video on Philidor with exd4 available to our readers for free.

 

Bobby Ang is a founding member of the National Chess Federation of the Philippines (NCFP) and its first Executive Director. A Certified Public Accountant (CPA), he taught accounting in the University of Santo Tomas (UST) for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.

bobby@cpamd.net

Changing address

In retrospect, Tom Brady spent the 2019 season giving hint after hint that he was prepared to leave the Patriots. Not that the greatest quarterback in the history of the National Football League really planned to; familiarity and prolonged success provided ample reasons for him to stay. Rather, he felt he needed to show all and sundry that sentiment would be taking a back seat to sense, and that he, as a result, was prepared to cut ties with the only franchise for which he has ever suited up. Respect, he insisted, was due him for all his physical and financial sacrifices, and if he wasn’t going to get it in-house because the so-called Patriot Way cuts no slack, then pack his bags he must.

And so Brady did what he had to, giving warning signs en route. In August, he negotiated a salary that would net him much less than his market value, but he got, in exchange, the freedom of choice once his one-year contract extension lapsed. Over the next two months, he and personal trainer and business partner Alex Guerrero put their homes in Massachusetts up for sale. In December, he stepped down from his longtime position as regional ambassador for an annual fund-raising event to benefit the disabled. Meanwhile, he seemed to have no qualms openly displaying his frustrations with the Patriots’ offense, all the way through their disappointing wild-card loss last January.

Still, there can be no doubt Brady tried to continue his career in New England. As a free agent, he met with Patriots head coach Bill Belichick, and then with owner Robert Kraft, in an effort to get commitments on remuneration he believed reflected his worth. With the latter deferring to the former, however, the very ruthlessness that punctuated his achievements wound up working against him. The signs of decline he appeared to finally show last year reinforced the arguments that projected contributions no longer justify his own assessment of his value. The end result: they gave him a number he was not happy with, ultimately compelling him to walk away.

By all accounts, Brady will be signing with the Buccaneers, who just so happen to have ample cap space to welcome him at his asking price AND an offensive line with which he figures to do wonders. Head coach Bruce Arians has a well-deserved reputation as a “quarterback whisperer,” and offensive coordinator Byron Leftwich is certain to adjust to his strengths by instituting formations that lead to shorter air time. To be sure, his body of work speaks for itself, and he’s likely to thrive in his new environs. And if, by chance, he doesn’t, it won’t matter a whit; there can be no erasing what he has done, and why, if and when he opts to exit stage left, his place as the best of the best is already secure.

 

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

Local employment startup Penbrothers accepted into 500 Startups Global Launch program

California-based venture capital firm 500 Startups recently kicked off the 500 Startups Global Launch, a program connecting high-flying post series A startups from all over the world. The 16-week Singapore Launch program helps startups grow in Southeast Asia through the sharing of deep market insights, firsthand coaching and exposure to the fund’s network of talent and potential investors. Companies accepted in the Singapore Launch program are going through an intensive immersion in Singapore’s business scene through May this year.

Some of the startups participating in the program include startups such as the wellness app Naluri, travel tech app Atta, gaming subscription service Go Games and buy-and-sell platform for clothing Clotify to data workspace company Datagran.

Of course, the Philippines is also represented: Manila-based Premium Employment platform Penbrothers (PB) is proud to fly the Filipino flag as part of the prestigious program.

Founded in 2014 by Guilherme Faria and Nicolas Bivero with the support of Gabrielle Pratte, Penbrothers helps startups and SMEs from all over to scale up their business by providing talent sourcing and HR management services.

The solutions provided by Penbrothers could prove especially useful for Singaporean businesses in particular, where the pool of talent in the island nation can be small. Penbrothers hopes that their inclusion in the program will encourage Singaporean startups to consider sourcing more employees from the Philippines, something that their counterparts in other countries have already been doing.

“I genuinely believe that the best talent in the world is right here in the Philippines! Everyone knows about the exceptional English & significant cost savings – what I find far more important is the characteristics of the Filipino workforce, which are resilience, adaptability & loyalty!” exclaimed Penbrothers Managing Director Josef Werker.

Co-founder Guilherme Faria previously bared that he was actually inspired to start Penbrothers after encountering problems while trying to expand operations for his other startup, Luxclusif. Though he quickly found local talent to work with, Faria laments that he was unable to offer employment benefits due to the difficulties of registering in the Philippines. This is when Nicolas brought the idea of creating a platform to solve that problem. Penbrothers was born.

“It’s all too often that we see ambitious, idealistic startups with compelling visions sadly ruined by an inability to keep up with rising costs of doing business. Companies like Penbrothers can save the day, and programs like the 500 Startups Global Launch make connecting with them easier than ever,” added Faria.

“Hiring talent is often one of the biggest concerns startups have. With the rise of productivity tools and people analytics platforms, which has helped make remote working more transparent and manageable, Penbrothers is well-positioned to help startups access an expanding talent pool in the Philippines. We’re excited to have them join our program and launch in Singapore in the next few months, and help startups in Singapore build and scale their teams.” said Ee Ling, 500 Startups Country Head of Singapore, Innovation and Partnerships.

About Penbrothers

Penbrothers helps startups and enterprises from all over the world by providing the very best in human resource, payroll and enrollment services. With over 100 global clients under our belt, Penbrothers is the number one platform for connecting up-and-coming businesses with the very best talent that the Philippines has to offer.

About 500 Startups

500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. It is one of the most active venture capital firms in the world. Since its inception in Silicon Valley, 500 Startups has invested in over 2,400 companies via its 5 global funds and 17 thematic funds dedicated to either specific geographic markets or verticals. Its 100+ team members are located in 20 countries around the world in order to support the 500 Startups global portfolio of investments which spans more than 75 countries. Notable investments in the 500 portfolio include Credit Karma, Twilio, Canva, Grab, Bukalapak, The RealReal, Talkdesk, Knotel, Udemy, and Ipsy. Beyond providing seed capital, 500 supports startups via their Seed Accelerator Programs which emphasize digital marketing, customer acquisition, lean startup practices, and fundraising for pre-Seed companies. 500 Startups further contributes to the development of innovation ecosystems by supporting startups and investors through educational programs, events, conferences, and partnerships with corporations and governments around the world.

Church-goers find new ways to gather on live-streaming platform KUMU

This month, live-streaming platform KUMU partnered with Favor Church to extend it’s mission to foster inclusivity and promote community by connecting the church’s congregation online.

Favor Church is streaming all five of its scheduled Sunday services live via KUMU. Users can now attend the services online and send virtual gifts which will all go to the church.

Established in October 2015 by senior pastors and couple James and Kate Aiton, Favor Church started out as a small community that gathers for prayer meetings inside a small condo unit. After a year, the community multiplied into a full-fledged church family.

“As a community, we are excited to partner with KUMU to bring our church experience to the world through this amazing app,” said Pastor James. “KUMU has such a positive and uplifiting social family that we believe it’s the perfect fit for our message of hope. This will make church services and content accessible to those who would never have the ability to step through our doors, and for us to reach and help many people. You’ve never seen church done like this before.”

“KUMU’s partnership with Favor Church comes in a very appropriate time when everyone is encouraged to practice social distancing,” says Mica Pineda, Kumu’s head of campaigns. “KUMU is thrilled to be Favor’s online platform in making church more accessible to its members and reaching other users globally in spreading hope and the gospel.”

IdeaSpace launches Opportunity Fund for Philippine startups

Philippine start-up accelerator IdeaSpace has formally launched an Opportunity Fund to invest in startups within and outside of the IdeaSpace portfolio. The Opportunity Fund aims to cater to early stage to pre-series A startups, particularly to founders who may be looking for funding to help make key business and strategic decisions.

IdeaSpace is a non-profit organization supporting early-stage technology entrepreneurship in the Philippines. To date, IdeaSpace has mentored and supported 91 startups under its incubation and acceleration program and has invested over P200 million worth of support into the Philippine startup ecosystem.

IdeaSpace President Butch Meily sees the Opportunity Fund as a vehicle for IdeaSpace to support founders and startups as they work to build stable, scalable, and sustainable businesses.

“We started the Opportunity Fund with the support of our Chairman, Manuel V. Pangilinan, to widen our net and to find dynamic, investment-worthy startups within and beyond the IdeaSpace ecosystem and to earn additional revenues to support IdeaSpace in the future,” shares Meily.

During the early stages of its Opportunity Fund, IdeaSpace first invested in Coins.ph for P1 million, eventually netting a 5x return after the startup was acquired by Indonesian tech platform provider Go-Jek. Since that initial investment, IdeaSpace has deployed its resources to its portfolio startups, which include 1Export, Experience Philippines, Cocotel, Airship, TimeFree Innovations, and to startups outside of the IdeaSpace network such as Acudeen, and Qwikwire,

“Our initial investment in Coins.ph showed us that there is another way for us to potentially support startups in their entrepreneurial journey,” noted IdeaSpace Executive Director Diane Eustaquio. “Not all founders go into our acceleration program and there’s still a lot of talent and leadership potential in the ecosystem. The Opportunity Fund is a way for us to support those founders and through our investment, show them that they’re on the right track.”

The accelerator is now looking for startups to invest in through its Opportunity Fund, as part of its efforts to grow its own resources while supporting founders as they pursue technopreneurship.

IdeaSpace evaluates startups in areas such as business model, traction, financials, and team competencies. With the Opportunity Fund, IdeaSpace hopes to help startups secure the resources they need to grow their business.

“IdeaSpace is looking for teams that have proven their ability to execute, their commitment to building and growing their startup, their ability to secure and keep business, and their ability to manage their resources,” shared Meily. “We are hoping that with the Opportunity Fund, we can bring the attention of more corporations, financial institutions, and investors to more Philippine startups that can take on larger, more long-term investments, be it through business partnerships or through additional funding.”

Lockdown may push growth below 6%

By Luz Wendy T. Noble
Reporter

MOODY’S Investors Service slashed its economic growth outlook for the Philippines to below six percent this year, factoring in the impact of the Luzon lockdown and the rising number of coronavirus disease 2019 (COVID-19) cases.

In a report sent to reporters on Tuesday, the debt watcher further trimmed its 2020 forecast for the Philippine economy to 5.4%, from the 6.1% penciled in last February and the 6.2% estimate given last year.

If realized, Moody’s latest estimate would be slower than the 5.9% economic expansion recorded in 2019.

This would also be below the 6.5%-7.5% target set by the government, although Socioeconomic Planning Secretary Ernesto M. Pernia has said up to 1.2 percentage points could be shaved off this year’s gross domestic product (GDP) growth if the coronavirus outbreak continues until yearend.

Moody’s said rising global recession risks due to the pandemic prompted a downgrade of its growth forecast for emerging Asia to 4.7%. It also lowered growth outlook for China (4.8%), Thailand (1.8%), Malaysia (3%), and Vietnam (6%).

“Our new baseline assumes a pullback in consumption and ongoing disruption to production and supply chains in the first half of 2020, followed by a recovery in the second half,” Moody’s said in a report.

“Also, rising rates of infection would drive global sentiment even lower, heightening asset price volatility, and tightening financing conditions, which could snowball into deeper economic contraction,” it added.

Sought for comment, Christian de Guzman, senior vice-president at the Sovereign Risk Group of Moody’s said the downgraded outlook for Philippine growth factored in the lockdown of the main island of Luzon, which began on Monday.

“The main factors behind the revision of the Philippine forecast are downward shifts in our view of external demand, the rising rate of infection domestically and the imposition of measures to contain the outbreak, including the community quarantine on Metro Manila, which has since been expanded to Luzon,” Mr. De Guzman said in an e-mailed response to BusinessWorld.

The Health department on Tuesday afternoon reported 45 new confirmed cases of coronavirus, bringing the total to 187.

The government on Monday placed the entire island of Luzon under “enhanced community quarantine” until April 12. During this period, classes and public transportation are suspended, while businesses are asked to stop operations or implement work-from-home schemes. Malls in Luzon have also been shut down.

Mr. De Guzman noted that the month-long lockdown will dampen consumer spending.

“The Philippine economy, which is largely dependent on consumption, is susceptible to swings in confidence, and the outbreak and associated containment measures have thus far served to dampen the mood of Filipino consumers and their appetite to go to shopping malls or eat out, for example, thus weighing on the outlook for the retail sector,” he said.

Mr. De Guzman said limited government operations may hinder the Duterte administration’s ability to fulfill spending commitments through its “Build, Build, Build” infrastructure program.

Higher government spending is seen to help cushion the effects of the COVID-19 on the Philippine economy.

“This casts into doubt on the ability of the government to execute comprehensively its budgeted plans, which continued an emphasis on ambitious infrastructure development and which we had previously cited as a buffer against the economic fallout from the coronavirus outbreak,” he said.

Last week, Moody’s Analytics, a unit of Moody’s which focuses on non-rating activities, lowered its growth forecast for the country to 4.9% due to expected losses from service exports and lower remittances.

For 2021, Moody’s upgraded its outlook for the Philippines to 6.5% from a previous estimate of 6.4%.

“Our upward revision for 2021 assumes a normalization in economic activity next year, which should lead to a mild bump in growth due to base effects, i.e., an artificially large increase from depressed levels from the first half of this year,” Mr. De Guzman said.

PHL becomes 1st country to shut financial markets

By Denise A. Valdez
Reporter

THE Philippines on Tuesday became the first country to shut all financial markets until further notice, amid the implementation of a lockdown in Luzon aimed at curbing the spread of the coronavirus disease 2019 (COVID-19).

The Philippine Stock Exchange, Inc. (PSE) is now asking the government to allow the stock market to reopen.

PSE President and Chief Executive Officer Ramon S. Monzon said a position paper has been submitted to the Inter-Agency Task Force (IATF) to allow the resumption of trading at the local bourse.

The IATF was scheduled to hold a meeting on Tuesday afternoon.

“I think it was just an oversight that the capital markets were not included in the exemptions… That’s why we are making a presentation to them…to convince them how important it is to keep the capital markets open,” he told Bloomberg Markets on Tuesday.

Currency and bond trading were also suspended on Tuesday, but National Treasurer Rosalia V. de Leon said the suspension will be lifted once the IATF exempts fixed-income traders from the home quarantine imposed in Luzon.

“Yes, (suspended) today until IATF gives exemption to fixed income, hopefully (Tuesday),” Ms. De Leon said in a mobile phone message yesterday.

President Rodrigo R. Duterte announced a Luzon-wide enhanced community quarantine Monday night — which suspends all public transport facilities and requires a “strict home quarantine” in all households, among others.

“I think it was the most considerate and humane thing to do given the circumstances (particularly since public transportation is not available),” PNB Securities, Inc. President Manuel Antonio G. Lisbona said in a mobile message.

Mr. Lisbona said the closure of the market may intensify selling by foreign investors. “We still have foreign funds who want to exit the market and who are unable to do so because the market is closed. When the market reopens, the more they will accelerate selling because they are no longer sure how long the market will stay open,” he said.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco shared the same sentiment: “Investor confidence may take a hit which in turn could lead to more foreign selling once the market reopens.

While the trading suspension may serve as a “breather” after the recent bloodbath, Mr. Tantiangco said investors are now “forced to hold their positions for an uncertain period of time, denying the opportunity for those who want to sell stocks for cash to be utilized in other financial markets.”

PNB Securities’ Mr. Lisbona said the PSE is a good psychological barometer on the country’s economic condition, hence the value of having active trading during a crisis.

“If the market is trending up, it creates optimism that oftentimes translates into increased spending which has a positive and real effect on the economy,” he said.

As the market is on a decline, Mr. Lisbona said it is now dampening sentiment and wiping out billions in value. “This is why all markets are declining… Investors are not sure if the markets will stay open, hence they will liquidate their positions at any price.”

Meanwhile, the Bankers Association of the Philippines (BAP) said trading, clearing and settlement of foreign exchange and fixed-income transactions are also suspended until further notice. This as the services arm for trading (Philippine Dealing & Exchange Corp., PDEx), securities (Philippine Depository & Trust Corp., PDTC) and payment and transfer (Philippine Securities Settlement Corp., PSSC) were not exempted from the home quarantine.

“Due to the non-inclusion of PSSC, PDEx and PDTC in the lists of exemptions from strict home quarantine and the PSSC unable to operate the settlement functions remotely, the trading, clearing and settlement of FX and FI transactions are suspended on March 17, 2020 until further notice,” the BAP notice read.

The BTr also moved yesterday’s 7-year T-bond auction to next week, March 24, as well as postponed the first quarterly draw of Premyo bonds to April 27 from the initial schedule of March 18, Wednesday, following the lockdown announcement.

Meanwhile, Bangko Sentral ng Pilipinas (BSP) Payments and Settlements office said its Philippine Payment and Settlement System (PhilPaSS) will operate from 9 a.m. to 3 p.m.

This will include retail transactions such as transactions via “automated teller machines (ATM), automated clearing houses (PESONet and InstaPay), checks and urgent fund transfers requested by banks for corporates, as well as trading with the BSP Financial Market Operations Sub Sector, if any.” — with a report from Beatrice M. Laforga

Government unveils P27-billion stimulus, but some say it’s not enough

THE GOVERNMENT has rolled out P27.1 billion in funds to help contain the spread of coronavirus disease 2019 (COVID-19) and aid affected sectors, with $1 billion more in financing under negotiation, the Department of Finance (DoF) said.

In a statement late Monday, Finance Secretary Carlos G. Dominguez said the Economic Development Cluster (EDC), which he chairs, agreed to roll out the funds to support those in the front line of battling the disease and help ease the burden on affected people and sectors.

“As directed by President [Rodrigo R.] Duterte, the government will provide targeted and direct programs to guarantee that benefits will go to our workers and other affected sectors. We have enough but limited resources, so our job is to make sure that we have sufficient funds for programs mitigating the adverse effects of COVID-19 on our economy,” Mr. Dominguez was quoted as saying.

Mr. Dominguez said separately on Tuesday that authorities are negotiating a $1-billion loan for additional funding as the government ramps up efforts to contain the spread of the virus.

“Our negotiations for $1-billion loans for combating COVID is still in process,” he told reporters via Viber, adding that the source of funds — whether this will be a partner country or a multilateral lender — will be disclosed once negotiations concluded.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said “doing simple math and using 2019 GDP estimates at around $350 billion (2019 estimate) or P17.5 trillion, this P27.1-billion economic stimulus package is nowhere near their (the government’s) own estimated GDP losses.”

The additional P27.1-billion funding package translates to 0.15% of the country’s gross domestic product (GDP), which compares to an initial estimate of a 0.5%-1% drop in 2020 GDP growth by the National Economic and Development Authority (NEDA), assuming that disruptions due to the outbreak will last until June.

NEDA chief Ernesto M. Pernia said they are still working on updated projections for the economic impact of the “enhanced community quarantine” imposed on Luzon that started Tuesday.

SECTORS SUPPORTED
Of the P27.1-billion package, 51.66% or P14 billion was allotted to support the tourism sector. Mr. Dominguez said so far, this was the sector “most affected” by disruptions caused by the virus, like travel bans and canceled flights.

The package also includes P3.1 billion in additional funding for efforts to slow the spread of COVID-19 and buy test kits. The funds were sourced from Philippine Amusement and Gaming Corp., Philippine Charity Sweepstakes Office and the Asian Development Bank.

Some P3 billion from Technical Education and Skills Development Authority’s Scholarship Programs will fund the “upskilling and reskilling” of temporarily displaced workers, while P2.8 billion from the Agriculture department’s Survival and Recovery Aid Program will provide zero-interest loans to small farmers and fisherfolk.

“This initiative includes a one-year moratorium without interest on payments of outstanding loan obligations of small farmers and fisherfolk borrowers under the Agriculture-Agricultural Credit Policy Council Credit Program amounting to P2.03 billion,” the statement said.

The Labor department has also allotted P2 billion for its social protection programs for “vulnerable” workers, which will be used for wage subsidy or financial support for affected workers and establishments.

The package also includes P1.2 billion from Social Security System (SSS) to cover unemployment benefits and another P1 billion for loans to affected micro, small, and medium enterprises (MSMEs).

Leonardo A. Lanzona, Jr., professor at the Department of Economics of the Ateneo de Manila University, said the majority of these funds should be used to improve the country’s health system and the government’s response to the spread of the disease.

“Now that we have lockdown, the virus will be dormant but will spring back to life as soon as this self-quarantine ends. What we are doing essentially is to prevent hospitals from being overwhelmed. This problem will be prevalent because this virus is endemic and will stay with us for years to come. But so far, I have not heard anything about enhancing our hospitals,” Mr. Lanzona said in an e-mail response.

UnionBank’s Mr. Asuncion said the funding “may not be enough” to boost the economy but “at this juncture, P27.1 billion is better than no stimulus package at all.”

He noted that the P108-billion economic rescue package proposed by Marikina Representative Stella Luz A. Quimbo could help pump-prime the economy. The proposal allots P43 billion for tourism sector, P15 billion for displaced workers and P50 billion for assistance to affected firms.

Ateneo’s Mr. Lanzona also warned that the longer the lockdown, “the deeper…the recession.”

Mr. Duterte on Monday evening placed the entire Luzon under “enhanced community quarantine” until April 12 to slow the spread of COVID-19 by implementing strict home quarantine and limiting movement to access to basic necessities and health services.

The order suspended classes, public transportation and work in government offices and allowed some to operate with a skeletal force. It also asked the private sector and establishments to halt operations or adopt work from home policies, but exempted those providing basic necessities from the quarantine, including groceries, stores, pharmacies, clinics, hospitals, restaurants with delivery service, banks, power, water and telecommunications, among others.

There were 187 confirmed COVID-19 cases in the country and 12 deaths as of Monday. — Beatrice M. Laforga

More private companies heed call for support versus virus

By Denise A. Valdez, Reporter

THE Philippines’ top companies are accepting the challenge of President Rodrigo R. Duterte to support the country in efforts to contain the coronavirus disease 2019 (COVID-19).

In his speech Monday night, Mr. Duterte called on the private sector, specifically “industry players, business leaders, foundations and the like” to “combine our efforts in fighting COVID-19 as one nation.”

He also mentioned that San Miguel Corp. had committed to provide food to public hospitals and select government centers and donate sanitizing supplies to local governments.

After his speech, the SM Group, Ayala Corp. (AC) and Dennis A. Uy’s Udenna Corp. announced they were also giving assistance to the health sector to help in fighting the spread of the virus.

The SM Group of the Sy family said Monday night it was allocating P100 million for its support program, which will be used by the Philippine General Hospital (PGH), the Research Institute for Tropical Management (RITM) and other hospitals in procuring urgent needs such as alcohol and medical supplies.

It is also talking to the Manila Healthtek, Inc. to buy and distribute for free 20,000 test kits that were locally developed by scientists from the University of the Philippines. Once approved, these will be given to local government hospitals for use.

Last week, the PGH and the University of the Philippines College of Medicine called for masks and alcohol donations to support hospital staff fighting the COVID-19.

“To ensure the safety of medical frontliners, SM is bringing in personal protective equipment (PPE) — face masks, gowns, visors, hoods, gloves, and shoe covers, as well as urgent medical supplies to help government hospitals who badly need them,” SM Prime Holdings, Inc. Executive Committee Chairman Hans T. Sy said in a statement.

SM is also coordinating with the UP Medical Foundation, Inc. to provide PPEs and medical supplies to its network of hospitals

Similarly, AC’s Ayala Healthcare Holdings, Inc. (AC Health), through the Ayala Foundation, started distributing more than 10,000 pieces of N95 masks to health institutions and various channels of the Department of Health (DoH) on Monday.

Among the hospitals that received the masks are PGH and RITM, along with San Lazaro Hospital, East Avenue Medical Center, Lung Center of the Philippines, Philippine Heart Center, National Kidney and Transplant Institute.

“Amidst the challenges of this COVID-19 pandemic, it’s important for us to support our medical professionals and frontliners,” AC Health President and Chief Executive Officer Paolo Maximo F. Borromeo said in a statement.

Udenna Corp.’s social responsibility arm Udenna Foundation also said it was working with South Korea’s MyongJi Hospital to deliver 1,000 COVID-19 diagnostic kits to the DoH last week. The company noted MyongJi is one of the first hospitals in South Korea that were able to treat confirmed cases of COVID-19.

“These are very somber times… We all have a role, and this is our small share to help,” Mr. Uy was quoted in a statement as saying. “Increasing testing capacity, training health workers, and urging people to be smart and informed can reverse the trajectory of this epidemic,” MyongJi Hospital Chairman Wang Jun Lee added.

Aside from companies, government-owned and -controlled Philippine Amusement and Gaming Corp. (Pagcor) also donated P2.5 billion to the national government for the COVID-19 containment efforts. It said the money will be used to procure PPEs for frontliners, finance additional operating expenses at the DoH’s Bureau of Quarantine and support tests conducted by the RITM.

“Containing the spread of the virus at the community level is very important as this will further curb spread of the disease. But many of our public hospitals and healthcare facilities are not fully equipped to handle a pandemic of this magnitude. Hence, the need for all of us to work together,” Pagcor Chairman and Chief Executive Officer Andrea D. Domingo said in a statement.

The latest tally of the DoH as of Monday was 148 confirmed cases of COVID-19 in the Philippines. The death toll reached 12 while one Filipino has recovered.

Airlines bracing for long-term impact of COVID-19 on business

By Arjay L. Balinbin, Reporter

BUDGET carrier Cebu Pacific said the coronavirus disease 2019 (COVID-19) pandemic will continue to impact its operations in the coming months, even after the month-long enhanced community lockdown being imposed over the entire Luzon island.

Cebu Pacific Corporate Communications Director Ma. Rosario L. Lagamon announced late Monday night that the low-cost airline was slashing “over 150” jobs as it foresees “less flights and reduced operations” in the coming months due to the pandemic.

Also on Monday, President Rodrigo R. Duterte ordered the lockdown of Luzon to contain the spread of the COVID-19, suspending work and public transportation and regulating food and health services.

Guidelines from the Transportation department said airport operation will be limited to outgoing flights carrying foreigners and tourists. Filipinos are not allowed to fly out of the Philippines.

This was followed by the announcement of Philippine Airlines (PAL) on Tuesday that all its domestic flights were canceled “immediately” until April 12, 2020. The flag carrier will resume its domestic flights on April 13, 2020.

Cebu Pacific, operated by Cebu Air, Inc., said in a statement: “Over the past several days, we have seen a rapid escalation of developments surrounding the spread of the COVID-19. Since the situation started progressing last January, the aviation industry — including Cebu Pacific — has been hurting from the impact of COVID-19. We have had to cancel flights to key international markets, and more recently, majority of our domestic operations due to community quarantines and air travel restrictions.”

“We considerably reduced capacity on other routes we are still able to fly due to the drop in passenger volume. Some passengers booked for flights that have not been affected by any restrictions since late January 2020 have opted to forego travel due to uncertainties. This unprecedented situation with COVID-19 will continue to impact Cebu Pacific for months ahead,” it added.

The budget carrier said it initially implemented austerity measures, which include delaying non-critical projects and programs, a hiring freeze, deferment of some training programs, cancellation of non-essential activities, restricting overtime, and pay cuts by its executives.

“However, as we foresee less flights and reduced operations in the coming months, we will have less requirement for flying staff,” it added.

It said the management had decided to let go of newly hired flight attendants as reduced flights entail “less opportunity for them to gain in-flight experience.”

The company assured its more than 150 new employees, whose last day of work will be on March 19, 2020, that they will be prioritized in the hiring once the business picks up.

PAL, operated by PAL Holdings, Inc., said it continues to operate international flights up to March 19, 2020.

PAL Spokesperson Cielo C. Villaluna said in a phone interview on Sunday that the flag carrier will continue to carry out cost control measures to stay afloat.

“We started with phase 1 which is business restructuring by implementing the voluntary and the involuntary retirement program,” she said.

PAL has cut about 300 jobs as a way to recover from its 2019 losses, which worsened in the first two months of 2020 due to the impact of the new virus on its operations.

The government said it would defer the collection of take-off, landing and parking fees from Philippine carriers as a form of relief from the pandemic.

In a phone message on Tuesday, Philippines AirAsia, Inc. Head of Communications David F. de Castro said: “We don’t have forecasts yet, but we are currently witnessing subdued demand for travel in some of our key markets; and as such, we are making changes to our network to reflect consumer demand.”

Entertainment in the time of COVID-19; Studios, networks release films and series online

WITH THE whole of Luzon, including Metro Manila, under quarantine — the government is asking people to stay at home to prevent the spread of COVID-19 — there’s not a lot to do while stuck at home aside from worrying. Fortunately, several studios and networks are either uploading full movies on YouTube for free or promoting their online portals to access full episodes of their series or films.

Regal Entertainment has been uploading several films from its archives starting March 11. It has so far uploaded seven movies, from Fly Me to the Moon (1988) by Mike Relon Makiling and starring Tito Sotto, Vic Sotto, and Joey de Leon, to Madonna: Ang Babaeng Ahas (1991) by Artemio O. Marquez and Mario O’Hara’s Sisa (1999). More films are set to premiere at later dates — Prinsipe Abante at Ang Lihim ng Ibong Adarna (1990) by Tony Cruz is set to premiere on March 25 while Kambal Dragon (1978) by Artemio O. Marquez is to premiere on March 22.

Other full-length films currently on the channel are My Other Woman (1990) by Maryo J. delos Reyes, Pintado (1999) by Baldo Marro, Diosa (1982) also by Maryo J. delos Reyes, Sanib (2003) by Celso ad Castillo, and Diary of Cristina Gascon (1982) by Joey Gosiengfiao.

TBA Studios has also been uploading films to YouTube since March 13 and its current “Full Movies” playlist has seven entries: Bliss (2017) by Jerrold Tarog, Matangtubig (2015) by Jet Leyco, Dormitoryo: Mga Walang Katapusang Kwarto (2017) by Emerson Reyes, Patintero: Ang Alamat ni Meng Patalo (2015) by Mihk Vergara, Water Lemon (2015) by Lemuel Lorca, Iisa (2015) by Chuck Gutierrez, and Gayuma (2015) by Cesar Hernando.

ABS-CBN’s streaming service, iWant TV, is also reiterating that it has a collection of “more than 1,000 movies” offered for free for a limited time, from “chick flicks to laugh-out-loud comedies and family dramas.”

Users can either visit iwant.ph or download the app on Google Play Store or Apple App Store.

Some of the films available on the service are comedian Vice Ganda’s films such as Gandarrapiddo: The Revenger Squad (2017), Beauty and the Bestie (2015), Super Parental Guardians (2016), Amazing Praybeyt Benjamin (2014), and Girl Boy Bakla Tomboy (2013).

Also available are Ai-Ai delas Alas’ Tanging Ina series, from 2003’s Tanging Ina to the most recent crossover film, Enteng ng Ina Mo from 2011.

Drama films such as No Other Woman (2011) by Ruel S. Bayani and One More Chance (2007) by Cathy Garcia-Molina are also on iWant.

Romantic films such as A Very Special Love (2008), also by Cathy Garcia-Molina, and Barcelona: A Love Untold (2016) by Olivia Lamasan are also available.

GMA Network is also offering catch-up episodes of its series for free on gmanetwork.com, from its currently airing series like Descendants of the Sun and Anak ni Waray, Anak ni Biday, to older series like The Millionaire’s Wife (2016), and Little Nanay (2015). — Zsarlene B. Chua

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