UP, UST face off for UAAP men’s football crown

first_imgIn fight vs corruption, Duterte now points to Ayala, MVP companies as ‘big fish’ Don’t miss out on the latest news and information. MOST READ University of Santo Tomas ended a six-year drought and advanced to the final of the UAAP Season 80 men’s football tournament with a 1-0 win over Ateneo in extra time in Thursday at Rizal Memorial Stadium.UST, the winningest team in the league with 35 titles, will face University of the Philippines, which ousted De La Salle in the other semifinal, 1-0, in the one-off final next Thursday at the same venue.ADVERTISEMENT ‘Stop romanticizing Pinoy resilience’ Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Green group flags ‘overkill’ use of plastic banderitas in Manila Sto. Niño feast P16.5-M worth of aid provided for Taal Volcano eruption victims — NDRRMC Scientists seek rare species survivors amid Australia flames The Blue Eagles tried to equalize and send the match to penalties but Koko Gaudiel’s free kick deep in extra time hit the crossbar.UST last ruled the league in the 2006-07 season when it defeated Far Eastern University in the championship round. Allado was then an assistant to Nonoy Carpio.Meanwhile, Kyle Magdato’s 47th minute strike was enough for the Fighting Maroons to make a return trip to the Finals after a one-year absence. Celest Flores-ColinaADVERTISEMENT Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Truck driver killed in Davao del Sur road accident After two seasons of disappointments, including last year’s 1-2 semifinal loss to Ateneo, the Golden Booters finally got over the hump.“The players deserve to to be the final because they did their best today We didn’t give up,” said coach Marjo Allado, after the Tigers secured their first championship appearance since the 2011-12 season.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crown“We’re very happy,” said Allado, whose squad has seven graduating players and are hoping to end their careers with the tutle. “It’s our motivation; no more next year.”Conrado Dimacali’s header from a saved attempt in the 105th minute put the Golden Booters ahead after a scoreless 90 minutes. Sports Related Videospowered by AdSparcRead Next Mixed emotions for Zamar as he nails dagger freethrows vs PH team Volcano watch: Island fissures steaming, lake water receding Jo Koy draws ire for cutting through Cebu City traffic with ‘wang-wang’ LATEST STORIES View commentslast_img read more

Knicks hire Smart, 3 others as Fizdale’s assistant coaches

first_imgDon’t miss out on the latest news and information. LATEST STORIES FILE – Head coach Keith Smart of the Sacramento Kings argues a call during their game against the Golden State Warriors at Oracle Arena on March 27, 2013 in Oakland, California. Ezra Shaw/Getty Images/AFPNEW YORK — The New York Knicks have hired former NBA coach Keith Smart and three others as assistants on David Fizdale’s coaching staff.Jud Buechler, Pat Sullivan and Royal Ivey were also added Thursday to join Fizdale, who was hired last month to replace Jeff Hornacek.ADVERTISEMENT Lacson: Calamity fund cut; where did P4 billion go? Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Smart coached Cleveland, Golden State and Sacramento and was most recently an assistant to Fizdale, and later J.B. Bickerstaff, in Memphis. He also was an assistant along with Fizdale in Miami, working under Erik Spoelstra.Sullivan and Ivey have both been NBA assistants. Buechler spent the past two seasons as the Lakers’ player development coach.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownThe Knicks are preparing for their first draft under Fizdale and pick ninth. They worked out Villanova’s Mikal Bridges on Thursday and will bring in Duke’s Wendell Carter Jr. on Friday. Dave Chappelle donates P1 million to Taal relief operations Winfrey details her decision to withdraw from Simmons film Volcano watch: Island fissures steaming, lake water receding Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player awardcenter_img Jiro Manio arrested for stabbing man in Marikina Sports Related Videospowered by AdSparcRead Next Jury of 7 men, 5 women selected for Weinstein rape trial China population now over 1.4 billion as birthrate falls Steam emission over Taal’s main crater ‘steady’ for past 24 hours MOST READ A rocky season for Warriors, but a perfect ending awaits View commentslast_img read more

ONE: Miado looks to boost stock in clash vs Thai powerhouse

first_imgLights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew It would’ve been three straight if not for ONE CEO Chatri Sityodtong overturning the result of Kongsrichai’s last bout against Catalan.Kongsrichai slammed Catalan with a suplex and rained him with punches but Sityodtong, through his Facebook page, ruled the maneuver illegal and awarded the victory to Catalan.That incident is what Miado’s looking at as Kongsrichai’s fuel in their match on June 29 at Thuwunna Youth Training Centre Stadium.“I can really feel that my opponent wants to win in our fight because of what happened,” said Miado. “It’s disappointing on his part because he was already declared as the winner.“That kind of mindset makes him more dangerous. He’s hungry to win but I’m ready for him.”ADVERTISEMENT Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Don’t miss out on the latest news and information. Taal victims get help from Kalayaan town Volcano watch: Island fissures steaming, lake water receding Raised in Madrid, Cheryshev becomes Russia’s World Cup star Jeremy Miado is fresh off a dominant win against a previous ONE Championship title-holder, considered as one of his biggest career victories, but the Filipino fighter is just building his momentum.ADVERTISEMENT View comments Christopher Tolkien, son of Lord of the Rings author, dies aged 95 Cloudy skies over Luzon due to amihancenter_img Sports Related Videospowered by AdSparc Bicol riders extend help to Taal evacuees Marikina’s son scored a first round knockout victory over former strawweight champion Dejdamrong Sor Amnuaysirichoke in the latter’s home country of Thailand.And four months after that stunner, Miado (7-2) will get a chance to build on his resume when he faces Amnuaysirichoke’s countryman Kritsada Kongsrichai (6-4) in ONE: Spirit of Warrior card in Yangon, Myanmar.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crown“To be able to compete against a highly-decorated wrestler like my next opponent, it will only be good for my experience as a martial artist,” said Miado.Kongsrichai is a 13-time Thai national wrestling champion and has won two of his last three fights in ONE against Adrian Matheis and Robin Catalan. Read Next LATEST STORIES Jiro Manio arrested for stabbing man in Marikina Jury of 7 men, 5 women selected for Harvey Weinstein rape trial In fight vs corruption, Duterte now points to Ayala, MVP companies as ‘big fish’ MOST READlast_img read more

Patafa bats for 14-man team to Asian Games

first_imgDon’t miss out on the latest news and information. Heading the list of the Asiad-bound squad on Aug. 18 to Sept. 2 are three-time Olympian Marestella Torres-Sunang (long jump), marathoner Mary Joy Tabal, pole vaulter EJ Obiena, middle-distance runner Marco Vilog, triple jumper Harry Diones and decathlete Aries Toledo.Also joining them is Southeast Asian Games double-gold medalist Trenten Beram, who got cleared by the Philippine Athletics and Track and Field Association (Patafa) after he and SEA Games 400-meter hurdles king and record holder Eric Cray missed the all-important Korean Open.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownThe federation formed a committee headed by lawyer Nicanor Sering, Patafa secretary general Renato Unso and board member Jeanette Obiena to decide whether Cray should be sanctioned for failing to race in the Korean Open, where the duo’s Asiad rivals saw action.Cray was given 10 days to explain his absence and why he should be included in the lineup. Beram and his father have already talked to Juico. Volcano watch: Island fissures steaming, lake water receding Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Christopher Tolkien, son of Lord of the Rings author, dies aged 95 LATEST STORIES In fight vs corruption, Duterte now points to Ayala, MVP companies as ‘big fish’ MOST READ Bicol riders extend help to Taal evacuees Juico forwarded the names of pole vaulter Natalie Uy, sprinter Cristina Knot, 800m specialist Carter Lily, long jumper Junrey Ubas, 110m hurdler Clinton Clark Bautista, sprinter Anfernee Lopena and Francis Medina (400m hurdles) to the POC. The Philippine athletics team to the 18th Asian Games in Indonesia is bidding to include more tracksters to increase chances of winning medals.Athletics chief Philip Ella Juico has appealed for the inclusion of seven more athletes apart from the initial six already accredited by the Philippine Olympic Committee.ADVERTISEMENT Jiro Manio arrested for stabbing man in Marikina Jury of 7 men, 5 women selected for Harvey Weinstein rape trial PBA’s ‘Passport on Wheels’ program rolls on Sports Related Videospowered by AdSparcRead Next Taal victims get help from Kalayaan town Cloudy skies over Luzon due to amihan View commentslast_img read more

Ayo scores first victory

first_imgLights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Sports Related Videospowered by AdSparcRead Next Robredo to Duterte: 200,000 vote margin no small matter PLAY LIST 02:29Robredo to Duterte: 200,000 vote margin no small matter00:50Trending Articles03:24PH’s James Palicte boxing light welterweight final (HIGHLIGHTS)02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Japeth Aguilar embraces role, gets rewarded with Finals MVP plum Muntinlupa gave new coach Aldin Ayo a triumphant debut as the Cagers overwhelmed the Basilan Steel, 99-75, Thursday night to stay unbeaten in the MPBL Datu Cup at Bulacan Capitol Gym in Malolos.ADVERTISEMENT Tim Cone, Ginebra set their sights on elusive All-Filipino crown Allen Durham still determined to help Meralco win 1st PBA title Gov’t to employ 6,000 displaced by Taal Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college Taking over the coaching role from Aldrin Morante, the current University of Santo Tomas tactician wasted little time in instilling his defensive-minded approach that helped the Cagers pull away in the second half on their way to an eighth straight win.The Cagers, looking to go one better this time after finishing second to Batangas last season, forced 26 turnovers on the Steel, which they translated to 32 points. Ayo, who won titles in the UAAP and the NCAA in two of the last three years, said his system allows his team to be more unpredictable.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSJapeth Aguilar wins 1st PBA Finals MVP award for GinebraSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissTrue enough, it was seldom-used GJ Ylagan who did the damage for the Cagers with 22 points in just 13 minutes on the floor. Felix Apreku, who played for Ayo at Letran in 2015, added 14 points and 14 rebounds for Muntinlupa.Later, Bulacan outlasted Imus, 117-113, in overtime to snap a two game slide.center_img View comments MOST READ Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Will you be the first P16 Billion Powerball jackpot winner from the Philippines? LATEST STORIES Don’t miss out on the latest news and information. Makabansa hoops tips off Nadine Lustre’s phone stolen in Brazillast_img read more

Mavericks bow to Suns in Dirk Nowitzki’s return

first_imgSpurs earn largest win of the season, clobber Clippers Dirk Nowitzki #41 of the Dallas Mavericks passes the ball guarded by T.J. Warren #12 of the Phoenix Suns during the first half of the NBA game at Talking Stick Resort Arena on December 13, 2018 in Phoenix, Arizona. Christian Petersen/Getty Images/AFPPHOENIX— The Phoenix Suns have just five wins this season, and two have come against the Dallas Mavericks.The latest was Thursday night, when T.J. Warren scored a season-high 30 points and the Suns snapped a 10-game losing streak with a 99-89 victory.ADVERTISEMENT LATEST STORIES Harrison Barnes scored 15 but on only 6-of-15 shooting for the Mavericks. DeAndre Jordan added 14 points and 15 rebounds.Dallas never led after the first quarter. Phoenix was up by 10 at halftime and as many as 15 in the third quarter.The Mavericks tied it twice early in the second period before a 9-2 spurt put Phoenix up 36-28 on Jackson’s fast-break dunk. Another dunk on the break, this one by Warren, gave the Suns their biggest lead of the half at 47-36 with 1:14 left. Dallas scored the next four points before Mikal Bridges banked in a 3-pointer from 35 feet at the buzzer to put the Suns up 50-40 at the break.The Mavericks cut it to 56-53 early in the third but Phoenix got two 3-pointers from Ariza and one from Jackson in a 12-4 run to lead 68-57 on Crawford’s driving layup. The Suns twice stretched the lead to 15 late in the quarter, the last time 78-63 after Warren’s driving reverse layup with 53 seconds left. Phoenix led 78-67 entering the fourth.Barnes’ basket cut the lead to 90-83 with 3:43 remaining but the Suns scrambled for a loose ball and Jackson sank a 3-pointer to make it 93-83. Barnes lost the ball to Ariza for a turnover, Crawford made a 19-footer and the Suns coasted from there.TIP-INSMavericks: Backup point guard J.J. Barea missed the game with a sprained left ankle. … Dallas was 2 of 19 on 3-pointers in the first half. Barnes was 0 for 6. … Mavs were playing for the second consecutive night, beating Atlanta 114-107 in Dallas on Wednesday.Suns: Deandre Ayton, the No. 1 overall draft pick, was just 3-of-13 shooting for seven points with five rebounds and four turnovers, compared with Dallas’ Luka Doncic, the No. 3 pick, who had 13 points, six assists, five rebounds and four turnovers. … It was the first Phoenix win this season without Devin Booker, who missed his sixth straight game (hamstring). … The 89 points were the fewest allowed by the Suns in a game this season.UP NEXTMavericks: Host Sacramento on Sunday. Nadine Lustre’s phone stolen in Brazil “Generally I thought our effort was good,” Mavericks coach Rick Carlisle said. “We held them under a hundred. We just had a rough night offensively. We turned it over too much and their offensive rebounding hurt us. In the NBA today, it doesn’t matter what records are or anything else. If you go bad in a couple of key categories, statistical categories, you are going to have trouble winning on the road. ”Jamal Crawford added 17 points and Josh Jackson 14 for the Suns. Trevor Ariza had 13 points, eight rebounds and five assists.“We were communicating. We were together,” the Suns’ Richaun Holmes said. “We all had the mindset to win.”Warren had 11 points in the first quarter and finished the game 11 of 17, including 3 of 4 on 3s. He credited coach Igor Kokoskov.“Igor, he had a lot of good sets for me tonight,” Warren said, “and my teammates did a good job finding me in my spots in transition. Just me being myself out there.”ADVERTISEMENT Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college Suns: Host Minnesota on Saturday.Sports Related Videospowered by AdSparcRead Next Will you be the first P16 Billion Powerball jackpot winner from the Philippines? Don’t miss out on the latest news and information. No.13 lucky for Orlando Bloomcenter_img Japeth Aguilar embraces role, gets rewarded with Finals MVP plum Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew MOST READ Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award The Dallas loss came in the season debut of Dirk Nowitzki, who hadn’t played yet while recovering from ankle surgery. When he entered the game late in the first quarter, it marked his 21st season with the Mavericks, most by a player with one team in NBA history.Phoenix beat the Mavericks for the seventh straight time.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSJapeth Aguilar wins 1st PBA Finals MVP award for GinebraSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissBoth Suns wins this season came in Phoenix, the first a 121-100 victory in the season opener. Both games were late tips on national television.Dallas, which had won three straight and eight of 10 overall, made only 5 of 33 3-pointers. ‘Mia’: Rom-com with a cause a career-boosting showcase for Coleen Garcia After winning title, time for LA Tenorio to give back to Batangas folk View commentslast_img read more

‘Confident’ Rene Catalan vows to beat Yoshitaka Naito

first_imgLATEST STORIES “Definitely, this is the toughest and biggest match of my career,” said Catalan, who has the edge in striking but is also ready the moment Naito takes the fight to the ground. “Naito is a former world champion, well-experienced and we all know how dangerous he is on the mat, but I’m confident with my skills and I will do whatever it takes to win and get my title shot.”“I’ve been training for these kinds of guys for so long, and I’ve been training hard almost everyday.” he said. “I feel good and confident about this match. I will win in Yangon and put myself closer to my dream of becoming a world champion.”FEATURED STORIESSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissSPORTSCoronation night?SPORTSThirdy Ravena gets‍‍‍ offers from Asia, Australian ball clubsCatalan is still going strong at 40. In fact, he claims to be coming off “one of the best” training camps he’s had.“This is definitely one of the best camps I had, which is just in time for the most important match of my career,” he said. Rene Catalan. Photo by Tristan Tamayo/INQUIRER.netFilipino Rene Catalan vows to win ahead of the biggest fight of his career against former strawweight world champion Yoshitaka Naito of Japan in ONE: Reign of Valor on Friday in Yangon, Myanmar.Catalan is putting his five-match winning streak on the line against Naito, who is eager to bounce back from a tough loss at the hands of another Filipino in Joshua Pacio six months ago.ADVERTISEMENT Nadine Lustre’s phone stolen in Brazil Ginebra beats Meralco again to capture PBA Governors’ Cup title Japeth Aguilar wins 1st PBA Finals MVP award for Ginebra MOST READ Depleted UST stuns La Salle in 3 sets for share of 3rd spot Tom Brady most dominant player in AFC championship history Ginebra beats Meralco again to capture PBA Governors’ Cup titlecenter_img View comments Don’t miss out on the latest news and information. Eugenie Bouchard’s bid for Australian Open spot ends in qualifying Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college Rogue cops marked as Gamboa’s targets in his appointment as PNP chief Will you be the first P16 Billion Powerball jackpot winner from the Philippines? Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Sports Related Videospowered by AdSparcRead Nextlast_img read more

Pampanga edges Bulacan to enter NBTC Division II semis

first_imgDon’t miss out on the latest news and information. Jiam Quiambao led the Kapampangan’s three-pronged attack with 34 points with 13 rebounds while Jacob Delfino added 18 points while coming away with three steals.Jolo Manansala also finished with a double-double for Pampanga with 15 points and 11 boards.FEATURED STORIESSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissSPORTSCoronation night?SPORTSThirdy Ravena gets‍‍‍ offers from Asia, Australian ball clubsWaiting for Pampanga in the semifinals is General Santos after beating Dumaguete 79-70.John Bravo led the way for the Bulakeños with 25 points and 20 rebounds. Rogue cops marked as Gamboa’s targets in his appointment as PNP chief View comments MOST READ LATEST STORIES Eugenie Bouchard’s bid for Australian Open spot ends in qualifying Ginebra beats Meralco again to capture PBA Governors’ Cup title Phivolcs: Slim probability of Taal Volcano caldera eruption MANILA, Philippines—Pampanga survived a tough struggle against Bulacan, 82-74, in the Division II Fantastic Eight of the 2019 NBTC National Finals Thursday at Mall of Asia Arena.ADVERTISEMENTcenter_img Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award The other semifinals game will pit Lyceum-Cavite against Italy.Lyceum-Cavite got its semifinals ticket after lambasting Tagum, 93-61, while Italy edged Legazpi, 83-75, in their matchup.Sports Related Videospowered by AdSparcRead Next Metta World Peace wants to see ‘proud Filipino’ son Jeron play for Gilas Ginebra beats Meralco again to capture PBA Governors’ Cup title Tom Brady most dominant player in AFC championship history Japeth Aguilar wins 1st PBA Finals MVP award for Ginebra Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college Will you be the first P16 Billion Powerball jackpot winner from the Philippines?last_img read more

Vibrant Enterprise Sector Unlocks Jobs

first_imgWorld Bank president Jim Yong KimThe fear of losing or not finding a job is a primary concern for most people. According to the World Bank Development Report (WDR) 2014, about three quarters of respondents in developing countries worry a “great deal” about being unemployed. The survey notes having a job is indeed valuable: it produces income to support consumption and to help meet important goals, such as providing education, health care, and assets for family members.A job also contributes to self esteem, a sense of personal security, and even social cohesion.The Bank insists these benefits are pillars of resilience and prosperity for households and communities alike. The WDR, however, notes that not all jobs are the same for purposes of risk management.From the perspective of workers, jobs that provide secure and increasing income and a safe working environment are preferable to jobs that do not carry those benefits. Moreover, jobs that produce goods and services that consumers want and can rely on and jobs that respect and conserve the environment are better from society’s perspective, the report observed.The Bank argues that a vibrant enterprise sector is best situated to provide such jobs through its potential to mitigate the risk of unemployment, reallocate resources to create opportunities, and contribute to worker, consumer, and environmental protection.The Bank further argues that two characteristics—flexibility and formality can greatly help enterprises support people’s risk management.The WDR highlights two examples of continents apart and illustrates how flexibility and formality can improve the enterprise sector’s capacity to foster people’s resilience and promote prosperity.The first example illustrates the importance of flexibility. In Europe, Denmark, Germany, and Spain are among the many countries hit hard by the recent global economic and financial crises: Denmark from an overheated labor market, Germany from a shock to global demand, and Spain from a popped real estate bubble.“By the beginning of 2013, more than 25 percent of Spain’s labor force was unemployed. Denmark’s unemployment rate also increased, but to a much lower 7.4 percent. In Germany, the rate was just 5.3 percent,” the WDR stated.According to the WDR, many factors explain the different experiences of these three countries. For one thing, the shock that hit Spain was larger than those affecting Denmark and Germany.But explanations of the widely different unemployment outcomes should also consider the flexibility of the labor markets in those countries.Labor market reforms in Germany, the report explains, helped moderate wage increases before the international crisis and enabled employees and firms to adjust hours worked through work sharing without the need for layoffs.In Denmark, job separations were high, but unemployment spells were short and eased by a robust safety net and retraining programs for the unemployed.In Spain, in contrast, where a high percentage of the workforce was employed in the hard-hit construction sector, stringent employment regulations with significant severance costs, along with other structural factors such as the relatively high share of unskilled young labor, have added to the high and persistent unemployment.The second example shows the benefits for enterprises of becoming formal. In Peru in recent years, informal mines have sprung up in response to rising gold prices. Ignoring existing regulations, these informal mines have caused significant deforestation, notes the WDR.The mercury used in the extraction process has contaminated rivers and the atmosphere and threatened human health. In the La Libertad region, according to the report, the Poderosa Mining Company took an innovative approach to the problem after informal miners invaded one of its mining concessions.The Bank explained that the company began to formalize the invading miners, signing agreements that allowed them to continue mining under its direction. The agreements, which meet international environmental management quality standards, have increased the small miners’ income and decreased the harm from deforestation and mercury contamination.These two stories convey the main message that flexibility and formality enhance the enterprise sector’s ability to contribute to people’s resilience and prosperity.An enterprise sector that is flexible is more capable of responding to shocks by reallocating resources within and across enterprises and of innovating in an ever-changing world, the WDR adds. “An enterprise sector that is formal is better situated to take advantage of legal protection and contract enforcement and to make better use of public infrastructure.”In addition, formal enterprises can be more easily held accountable for their impact on worker safety and on consumer and environmental well-being. There are both synergies and trade-offs between flexibility and formality.In countries with responsible and strong state institutions and streamlined regulations, formality enhances flexibility.In countries with weak state institutions and cumbersome regulatory regimes such as Liberia, however, the cost of formality can be too large for the majority of enterprises and workers. In this case, “informal is normal,” and informality is a means for the economy to achieve a certain degree of flexibility and for workers to access a practical safety net.A diverse array of workers and enterprises then remains informal because they are excluded from or choose not to join a formal sector that offers limited benefits.Informality is often a second-best response, however. The majority of the poor work in the informal sector out of necessity rather than choice.In Ghana, for example, more than 60 percent of informal salaried and self-employed workers without employees would rather have formal wage jobs. Informal mechanisms may be effective for small firms and simple transactions, but are insufficient for larger firms and complex relations with workers and markets.That may be why wage employment as a share of total employment increases as a country develops.Notwithstanding significant variation across and within regions, self-employment—a large part of which is likely of a subsistence nature—is widespread in the developing world. If the enterprise sector is to fulfill its role in supporting people’s risk management, public policy for the sector requires reforms that balance the economy’s need for flexibility with society’s need for legal and regulatory protections.The WDR argues for a combination of reforms to help the enterprise sector become flexible as it gradually becomes formal.These reforms, according to WDR, include improving the basic foundations of the enterprise sector by strengthening property rights and reducing uncertainty about government policy; implementing and enforcing sound regulations; and providing inclusive social protection.In the longer run, when sound regulations for flexibility are in place, the government can pursue reforms that encourage both flexibility and formality by spurring innovation; increasing the skill level of the labor force; and enhancing worker, consumer, and environmental protections.These reforms are necessary not only to increase growth but to enhance people’s resilience and to promote prosperity.Although the risks that enterprises themselves face and their risk-taking decisions are very important aspects of a vibrant enterprise sector, the WDR maintains its focus on risks faced by people. It thus focuses on the enterprise sector as a sector and on its function of supporting people and society in managing risk in different ways.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

CBL Vows to Carry on Loan Scheme

first_imgThe Central Bank of Liberia will continue to rollout its loan scheme for Liberian businesses, the Executive Governor of the Bank Dr. Joseph Mills Jones has declared.According to Dr. Jones, the Bank is continuing the loan program because Liberian people have confirmed that the scheme is benefitting them.Speaking to hundreds of jubilant youths, students, traditional leaders and business people in Tienii Town, Tewor District, Grand Cape Mount County on Friday, June 20 Governor Jones insisted that Liberians must be major players in their economy if they were to lift themselves out of poverty.“We can’t be bystanders in our own economy and expect not to be poor. If we want to fight and win the war against poverty, we must go to our towns and villages where poverty is,” he said.The CBL boss, who also broke ground for a multipurpose palaver hut for the youth and student communities in the District, challenged the people to love their country and work hard to develop it.  Thomas Massaquoi, youth coordinator of Grand Cape Mount County disclosed that the palaver hut costs about US$40,000. “It is a modern palaver hut that will provide students and young people the environment to research and learn,” Massaquoi said. Impressed by the project, Governor Jones announced that he will personally pay for the project from his pocket. “I will make it my duty to personally build this palaver hut with my own money,” he declared. Mr. Massaquoi also officially presented the manifesto of the Grand Cape Mount Loan and Savings Club to the CBL boss and urged the Governor to support the initiatives of the young people in the county. Massaquoi and his colleague, Abraham Passawe, explained to Governor Jones how the economic condition of the people of Grand Cape Mount County is deplorable and urged him to quickly intervene through the Bank’s microfinance program.  The CBL loan scheme has been criticized in some quarters of the Liberian society with some Liberians accusing the Governor of using the program to accomplish political gains.The Governor has since denied this claim, categorically challenging his critics to adduce evidence to prove their claim.A Few months ago, the legislature enacted a controversial law banning Governor Jones and his deputies from contesting any political seat for three consecutive years after the expiration of their tenures at the Bank. “We must work, produce and own our own factories,” he said. “Building schools, clinics and latrines next door won’t help us out of poverty and so we must produce.” The CBL boss assured the people Grand Cape Mount County that the Bank’s Treasury/Microfinance Unit will work with them to ensure that they have financial access to do business.He, however, implored the people of Tienii Town to help erase the idea that Liberians don’t pay debt or know how to do business.“It is important that you pay back when you borrow because you will have created opportunity for another Liberian to benefit if you pay,” Governor Jones added. Earlier, Grand Cape Mount County Senatorial aspirant Dr. Foday Kromah observed that the CBL’s contribution to the economy through Governor Jones is making the difference in the lives of ordinary Liberians across the country. “The role you are playing is difficult, but good,” said Dr. Kromah. “Contempt charges may hang over you every day, but please don’t give up because our people depend on you,” he pleaded in brief remarks at the ceremony. Also pleading with the CBL boss to extend its loan scheme to Grand Cape Mount County were the cross-border women and elders of Tewor District. “Please don’t forget about the women of Tewor District. Our businesses are suffering because we don’t have financial support to help improve them,” said the women.      Speaking earlier, the Commissioner of Tewor District Mrs. Magdalene Haja Fahnbulleh declared that the people of Tewor District have prayed over the years to see Governor Jones visits them. “We have long awaited your arrival so that we can share our plight with you,” she said.Our business reporter who was on the trip to Tienii says most of the people in the town are still struggling to rebuild their lives economically.  Accompanying Governor Jones in Grand Cape Mount County was the Director of Administration at the CBL Madam D. Sheba Brown, the CBL Chief of Staff Mr. Crayton O. Duncan and the Bank’s Microfinance officials, amongst others.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more