Author Carlo Carrasco

Palworld played by over 7,000,000 players through Xbox ecosystem, ends up as the largest 3rd party launch in Game Pass history

February 8, 2024February 1, 2024carlocarrasco

Palworld, the wildly popular online open world game developed and published by Japan-based Pocket Pair, became a massive hit on Xbox Series X|S, Xbox One, Windows PC, Xbox Game Pass (XGP) and PC Game Pass attracting more than seven million players and establishing itself as the biggest 3^rd party game launch in the history of Game Pass, according to the official announcement by Team Xbox.

For the newcomers reading this, watch the Xbox video of Palworld below…

To put things in perspective, posted below is the excerpt from the Xbox.com announcement. Some parts in boldface…

It’s no secret that Palworld has been sweeping the gaming world since its Early Access launch earlier this month – and we’re happy to announce that, in its first ten days as part of Xbox Game Preview, Xbox players have made it the biggest 3rd party Game Pass launch in history! You’ve also helped Palworld to become the most-played 3rd party day one launch on Xbox Cloud Gaming with Game Pass Ultimate.

Across console and Windows PC, Palworld has welcomed more than 7 million players, and has recently reached a peak of nearly 3 million daily active users on Xbox, making it the most-played game on our platforms at that time.

Speaking to Xbox Wire, CEO of developer Pocketpair, Takuro Mizobe, said: “The response from fans has been tremendous and it’s incredible to see the millions of players around the world enjoying Palworld. This is just the beginning for us and Palworld, and the feedback we’re gathering while in Game Preview will allow us to continue to improve the experience for Pal Tamers across all platforms.”

For those yet to become a Pal Tamer themselves, Palworld is an online open world game that sees players dropped into a mysterious land and given the ability to capture over 100 Pals, monsters with a range of abilities – both in battle, and in surviving in a hostile world. Battling, crafting, building are all a part of the experience, and it’s proven a huge draw for players across the world.

Palworld is available in the Xbox Game Preview program, meaning there’s much more to come as Pocketpair refine the experience ahead of a full 1.0 release. Developers are listening to player feedback, and have started applying their learnings to the game already – and they know cross-play is one of the largest requests from fans, and are working quickly to address it.

On Xbox’s part, we’re working with Pocketpair to help provide support for Xbox versions of the game. We’re providing support to enable dedicated servers, offering engineering resources to help with GPU and memory optimization, speeding up the process to make Palworld updates available for players, and working with the team to optimize the title for our platform.

*If you are an Xbox gamer who has yet to subscribe to Xbox Game Pass, then Palworld just might convince you to do so.*

Honestly, I never anticipated Palworld to launch with a massive number of players and establish new records with regards to the Xbox ecosystem and overall player count. Going to what was achieved, attracting over seven million players across different systems connected to the Xbox ecosystem is clearly incredible. Not only that, Palworld as of now is not even available (yet) on the PlayStation ecosystem nor that of Nintendo’s.

That being said, the successful launch connected with the Xbox ecosystem not only added to the credibility of Xbox but also will resonate with other game developers of online open-world games looking for potential business partnerships and ideal ecosystems (with millions of active players and subscribers) to launch their games on.

Check out Palworld on Xbox Series X, Xbox Series S, Windows PC, Xbox Game Pass and PC Game Pass now. For more information of the game, visit https://www.xbox.com/en-US/games/store/palworld-game-preview/9nkv34xdw014

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Bureau of Immigration (BI) launches campaign against foreign sexual predators

February 8, 2024February 2, 2024carlocarrasco

Having rejected several foreigners (who were registered sex offenders or RFOs) from entering the Philippines, the Bureau of Immigration (BI) recently launched a new campaign against sexual predators from overseas, according to a Journal Online news report. There is simply no stopping with their duty to protect the nation from undesirable foreigners.

To put things in perspective, posted below is an excerpt from the Journal Online news report. Some parts in boldface…

NOTING the recent increase in attempts of aliens who are registered sex offenders (RSOs) to enter the country, Bureau of Immigration (BI) Commissioner Norman Tansingco launched a campaign against sexual predators.

Seeing the need for a more focused approach against child exploitation, Tansingco said that in 2023 alone, the BI excluded 171 foreign nationals who were previously convicted of sex crimes or are wanted for such cases.

He said that the BI also apprehended multiple pedophiles in Philippine soil, among them French national Theddy Douglas Tissier who was apprehended in Makati just last December and the successful capture of octogenarian pedophile David John Buckley in Cebu last November.

“The threat against our children is real and is here. With the reopening of the country’s borders post-pandemic comes the rise of attempts of sexual predators to enter the country. We must protect those who rely on us for their safety,” the BI chief said.

Tansingco also encouraged citizens to immediately report to the BI sexual predators that might be in their communities, adding tehat “by protecting our children, we defend our future. Let us all do our share in protecting the most vulnerable from these undesirable aliens.”

In a ceremony held at the GSIS Theater in Pasay City, the BI led the launching of the Project #ShieldKids Campaign, which is a three-tier effort of the agency to combat the rise of sexual predators. Joining Tansingco in the said event were Deputy Commissioners Joel Anthony Viado and Daniel Laogan.

Inter-Agency Council Against Trafficking (IACAT) Head Undersecretary Nicholas Felix Ty served as the event’s guest speaker. Also in attendance was Undersecretary Angelo M. Tapales of the Department of Social Welfare and Development (DSWD).

Project #Shieldkids endeavors to harmonize government efforts against sex offenders in the country by institutionalizing a network of communication amongst government agencies involved in investigating and arresting pedophiles and traffickers.

The project also solidifies the BI’s drive against sexual predators by prioritizing cases against foreign nationals that might be involved in sex trafficking of children.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the BI should do more to not only prevent undesirable foreigners from entering the country but also apprehending and deporting the foreign sexual predators who are already in the country?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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A Look Back at Mantra: Spear of Destiny #1 (1995)

February 7, 2024January 25, 2024carlocarrasco

Disclaimer: This is my original work with details sourced from reading the comic book and doing personal research. Anyone who wants to use this article, in part or in whole, needs to secure first my permission and agree to cite me as the source and author. Let it be known that any unauthorized use of this article will constrain the author to pursue the remedies under R.A. No. 8293, the Revised Penal Code, and/or all applicable legal actions under the laws of the Philippines.

Welcome back superhero enthusiasts, 1990s culture enthusiasts and comic book collectors! Today we go back to the mid-1990s to explore a part of the Ultraverse through a tale of Mantra, the male eternal warrior Lukasz who died during battle then returned in the body of a woman named Eden.

It has been a few years since the last time I reviewed a Mantra comic book. For the newcomers reading this, the Ultraverse was a franchise of superhero comic books launched by Malibu Comics in 1993 which produced a lot of fun, intriguing and memorable tales made by a variety of really talented creators. Mantra was one of the pioneering characters of the Ultraverse and the related comic book series lasted more than twenty issues. Along the way, a standalone story of Mantra was published in the form of a 2-part mini-series.

With those details laid down, here is a look back at Mantra: Spear of Destiny #1 published in 1995 by Malibu Comics with a story written by Mike W. Barr and drawn by Paul Abrams.

Early story

The story begins when Mantra arrives at a museum to start her attempt (in her civilian identity as Eden Blake) to obtain the Spear of Destiny. While wearing a revealing outfit to distract the men, Mantra gets close to the highly prized spear to observe it and see how the security personnel guard it.

At a different spot within the museum, Mantra decides to start obtaining the spear in magical outfit and with a mask. As Mantra arrives at the room where the Spear of Destiny, already there are monsters overwhelming the men guarding the Spear of Destiny…

Quality

*Eden Blake/Mantra reporting to work at Aladdin.*

Having read most of the stories of the Mantra comic book series, I can say that Mike W. Barr came up with a fresh concept that emphasizes the quest to gain possession of a highly valuable item while also creating a new approach on presenting Mantra…by engaging in espionage (spying and infiltration).

As I am already used to seeing the eternal warrior Lukasz/Mantra using magic in many struggles or missions, the concept of having the protagonist getting disguised and becoming an impostor on a spy mission is a very inspired move by the writer. The preparations taken by Mantra to becoming a certain blonde woman for the mission were nicely structured and detailed enough to make the transformation. As if that was not enough, a certain piece of technology was implemented which made using magic a huge risk for the eternal warrior. That being said, the story smoothly transitioned from magic-filled fantasy into a convincing spy thriller

Along the way, this comic book also emphasizes the darkness of the secret society Aladdin which Mantra (as Eden Blake) works for. Aladdin’s operations were dramatized several times in other Ultraverse comic books but this one has a more explicit portrayal of them.

Conclusion

*Mantra got hold of the Spear of Destiny but for how long?*

Mantra: Spear of Destiny #1 (1995) is really entertaining and compelling to read. This is easily one of the more creative and more unique tales of the Ultraverse character ever told and I can say that I am eager to find out what would happen next. This is also the one tale in which Mantra became a spy and gets into a dangerous mission in which the use of magic is too risky. The writing by Mike W. Barr is really strong with this one.

Overall, Mantra: Spear of Destiny #1 (1995) is recommended.

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Over 10,000 public elementary school students receive scholarship allowance in Muntinlupa City

February 7, 2024January 31, 2024carlocarrasco

Recently in the progressive City of Muntinlupa, over ten thousand students enrolled in public elementary schools received their scholarship allowance from the City Government, according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the news report of the Manila Bulletin. Some parts in boldface…

A total of 10,273 students from public elementary schools received their scholarship allowance from the Muntinlupa City government.

The Muntinlupa Scholarship Division (MSD) of the city government distributed the first tranche of educational assistance amounting P2,500 to each student in seven public elementary schools in the city.

Under the first tranche of the educational assistance program, elementary pupils will get P2,500 each, junior high school students will receive P3,000 each, senior high school students will get P3,500 each, and students under the Alternative Learning System (ALS) Program will receive P3,000 each covering six months.

According to the MSD, of the 10,273 students, the following received their educational assistance to date: Itaas Elementary School – 1,940 pupils; Sucat Elementary Zone 3, 402; Sucat Elementary School Zone 4 – 333; Muntinlupa Elementary School – 1,721; F. De Mesa Elementary School – 1,160; Buli Elementary School – 988; Putatan Elementary School – 1,960; and Tunasan Elementary School – 1,769.

The first tranche of educational assistance covers five months from August to December 2023.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, are you delighted over the release of scholarship allowance for the qualified students?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Police officers raid home of tricycle driver in Muntinlupa City and find unlicensed firearms and ammo

February 6, 2024January 30, 2024carlocarrasco

Recently in the progressive City of Muntinlupa, police officers armed with a search warrant issued by the Muntinlupa City Regional Trial Court (RTC) raided the home of a tricycle driver and found unlicensed firearms and ammunition, according to a Manila Bulletin news report. The raid happened in Barangay Putatan.

To put things in perspective, posted below is an excerpt from the news report of the Manila Bulletin. Some parts in boldface…

The Muntinlupa Police raided the house of a tricycle driver who yielded unlicensed firearms and ammunition.

The raid was carried out on Jan. 29 on Everlasting Circle in Barangay Putatan by members of the Muntinlupa Police’s Station Intelligence Section, Putatan Substation, Station Investigation and Detection Management Section, and Special Weapons and Tactics (SWAT).

The target of the raid was the house of alias Casio, 55, a tricycle driver, who is allegedly a former soldier.

Executive Judge Myra Quiambao of the Muntinlupa Regional Trial Court issued the search warrant on Jan. 25.

During the raid, the police seized a Sentry special CTG, .38 caliber revolver with six pieces of live ammunition, one Replica (Beretta 9mm) with magazine, one Armino .22 caliber revolver, one improvised shotgun with five pieces of live ammunition, one .23 caliber rifle with one magazine and five pieces of live ammunition, and a brown belt bag.

Casio was arrested by the police.

Southern Police District Director Brig. Gen. Mark Pespes said they are strengthening their efforts to reclaim unlicensed firearms through police operations and implementation of search warrants against owners of the illegal guns.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, does this police operation make you feel safer when traveling around the city?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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BIR clarifies that small online sellers are exempted from 1% withholding tax

February 6, 2024January 30, 2024carlocarrasco

In response to growing concerns related to the recent implementation of the 1% withholding tax on online merchants with annual earnings of over P500,000, the Bureau of Internal Revenue (BIR) clarified that small online sellers are exempted from it, according to a BusinessWorld news report.

To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…

THE BUREAU of Internal Revenue (BIR) on Monday clarified that small online sellers are exempted from the payment of the creditable withholding tax imposed on online marketplaces but would still need to register their business.

“Small-scale online sellers are exempted from withholding tax. The BIR is sympathetic to small businesses in its approach to taxing online sellers/merchants,” BIR Commissioner Romeo D. Lumagui, Jr. said in a statement.

BIR Revenue Regulations No. 16-2023, which took effect on Jan. 11, imposes a withholding tax of 1% on one-half of the gross remittances by e-marketplace operators and digital financial service providers to the sellers or mer-chants for the goods and services paid or sold through their platforms or facilities.

The BIR said that the withholding tax is not imposed if the annual total gross remittances to an online seller for the past taxable year has not exceeded P500,000; if the cumulative gross remittances to an online seller in a taxable year has not yet exceeded P500,000 or if the seller is duly exempt from or subject to a lower income tax rate pursuant to any existing law or treaty.

“For those who are above the threshold of P500,000 annual gross remittance, it is only fair that they will be subjected to withholding tax. We have to be fair to the retail sector and brick and mortar stores who are regularly pay-ing their taxes,” Mr. Lumagui said.

The tax covers marketplaces for online shopping, food delivery platforms, platforms to book lodging accommodations, and other similar online service or product marketplaces.

E-marketplace operators and digital financial service providers were given a 90-day transitory period to comply with the order.

The BIR in a separate circular said all online sellers and merchants need to register with the BIR and submit documentary requirements, even if their annual gross remittance is below the P500,000 threshold.

The circular also noted that sellers and merchants are not allowed to receive payments through a personal account and instead must use a BIR-registered account.

“If you have a business, you have to register and pay your taxes. It doesn’t matter if it’s an actual store or an online store. It is your responsibility to pay taxes like everyone else,” Mr. Lumagui said.

In a press conference last week, Mr. Lumagui told reporters that the measure will help the BIR better gauge the impact of the digital economy.

“We gave the online platforms a grace period of 90 days. With that, we are still checking on which are already capable of complying… During our discussions with online platforms, they’re cooperative. With this development, we’re hoping to get the entire picture on online transactions,” he said.

In 2022, the digital economy contributed P2.08 trillion or equivalent to 9.4% of the gross domestic product.

A report by Google, Temasek Holdings and Bain & Company showed that the Philippines’ digital economy is projected to reach as high as $150 billion by 2030.

The BIR also earlier clarified that the withholding tax is not a “new” tax as it is just a measure that will allow for an advance payment of income tax.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the newest clarification made by the BIR will end the confusion or concerns regarding the 1% withholding tax? If you are aspiring to sell items online, does the 1% withholding tax discourage you?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Muntinlupa City Government facilitates opening of access road between two villages

February 5, 2024February 4, 2024carlocarrasco

Recently in the progressive City of Muntinlupa, the City Government announced that an access road between two villages will be opened with the easing of traffic in mind, according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the news report of the Manila Bulletin. Some parts in boldface…

The Muntinlupa City government announced the opening of a connecting road between two villages to ease traffic and provide easy access to residents.

The opening of the access road between the government housing project Katarungan Village and South Greenheights Village will happen soon.

According to the city government, the connecting road between R. Pamatina Street in Katarungan Village and Rosemary Street in South Greenheights Village is being built with the pavement being constructed, and installation of lights and security guard post.

The homeowners associations of the two villages signed a memorandum of agreement on Dec. 18 last year to approve the opening of the access road.

“Malaking kapakinabangan kasi they don’t have to go to the National Road papunta ng Daang Hari, Alabang o papunta ng Poblacion so magiging parang declogging road para doon sa dalawang villages (This will have huge benefit because they don’t have to go to the National Road to go to Daang Hari [Road] in Alabang or [Barangay] Poblacion so it will be like a declogging road for the two villages),” said City Administrator Allan Cachuela.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, do you find this development beneficial to you when it comes to traveling locally?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Czech traveler denied entry in the Philippines due to rude behavior towards immigration officials and others

February 5, 2024February 8, 2024carlocarrasco

Recently the immigration officials revealed that citizen of the Czech Republic who arrived at the international airport in Clark, Pampanga, was denied entry as a result of bad behavior and disrespect with regards to registering with the eTravel system online, according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news report. Some parts in boldface…

Being rude can get you the boot. This is just what happened to Czech tourist Jaroslav Konsel, 55, when he arrived at the Clark International Airport (CIA) in Pampanga last Jan. 3.

Bureau of Immigration (BI) Commissioner Norman Tansingco said immigration officers denied the Czech tourist’s entry into the country for uttering expletives when he was asked to register with the eTravel system online.

“Reports that he taunted and mocked the immigration officers who were politely explaining to him the eTravel requirement is enough ground for him to be excluded and banned from entering the country,” Tansingco said.

He pointed out that Konsel showed disrespect to the country’s laws and persons of authority in refusing to comply with the requirement to fill out the eTravel.

“Registration in the eTravel system is mandatory for all international passengers as it is an electronic travel declaration system which receives and stores information and data about all passengers who enter and exit the country,” the BI said.

Citing reports from BI officials at the CIA, the bureau said that airline and immigration employees attempted to assist Konsel in filling out the form but he angrily rejected.

“BI-CIA officials reported that Konsel immediately became rude and started mouthing foul language when he was told by the BI officer to first fill out the e-travel form online,” it said.

“He allegedly continued to behave in an outraged manner even as he was filling out the eTravel form and even refused to listen or follow instructions from people who were assisting him in the eTravel counter,” it also said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the immigration officers did the right thing by denying the Czech visitor entry into the country in response to his rude behavior? Do you think the reported incident could cause a new diplomatic problem between the Philippines and the Czech Republic?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Visions of Mana coming to Xbox Series X|S and Windows PC this summer

February 3, 2024January 24, 2024carlocarrasco

Welcome back, fellow gamers, geeks, and Xbox fans!

If there is anything that surprised me during the 2024 Developer_Direct event of Team Xbox, it was the guest participation of Square Enix which unveiled key details about their new action role-playing game (RPG) Visions of Mana which is coming to Xbox Series X, Xbox Series S and Windows PC this coming summer season. A release date will follow.

For the newcomers reading this, Square Enix announced previously that Visions of Mana is actually a multiplatform game. When compared to Team Xbox’s first party games unveiled during the Developer_Direct – Senua’s Saga: Hellblade II, Indiana Jones and the Great Circle, and Avowed – Visions of Mana is the only non-exclusive game, the only 3^rd party game, the only game not coming to Xbox Game Pass (XGP) and the first-ever game from the Mana series coming to the Xbox platform.

To put things in perspective, posted below is the Developer_Direct video presentation of Square Enix with Visions of Mana. Pay close attention to the details…

For added insight, posted below are selected excerpts from the Xbox.com article about Visions of Mana for you to read. Some parts in boldface…

What is Visions of Mana? – This sprawling new single-player action RPG puts you in the shoes of Val – a curious and carefree young man and skilled fighter. One eventful night, his childhood friend is chosen as an alm – someone who must travel to the Mana Tree and rejuvenate the flow of mana power. Val joins her as the Soul Guard to protect her on her journey, and an epic adventure begins.

As Val, you’ll explore vast areas, battle monsters, gain allies, and uncover the many secrets of this expansive world. And what a world it is! As you can see from the screenshots and trailer, it’s a beautifully vibrant game with rich colors and expressive characters.

The beauty is matched by equally appealing combat. Aerial combat allows for physical and magic attacks in mid-air, and the grand and mysterious powers of the Elemental spirits can assist players in the form of specialized weapons. It’s fast-paced, strategic, and endlessly satisfying.

In short, it’s a perfect entry point for those of you yet to experience a Mana game, as it brings together everything great about this incredible series.

What is the Mana series? – The Mana games are a long-running series of fantasy RPGs that typically feature fast-paced, action-based combat, appealing visuals and music, and stories that center around themes of nature and the majestic Mana Tree.

It’s one of the most immediately enjoyable series, with exciting combat, colorful worlds, and a desire to always innovate. Here’s how Mana Series Producer Masaru Oyamada defines it:

“There are different opinions on what makes a Mana game – as the Series Creator Koichi Ishii always tries to do something new with each game after all.

*Expect a lot of action and adventuring in Visions of Mana.*

“I think we’ve managed to capture all of these elements in one consistent visual style for Visions of Mana, which really reflects the spirit of the series.” – Masaru Oyamada, Mana Series Producer

“But from my own perspective, I think there’s very much a distinctive Mana style that is easily recognizable to everyone. You can see it in the Tree of Mana illustrations by the great Hiroo Isono, in Mr. Ishii’s unforgettable monsters, and in the characters that inhabit these worlds.

“I think we’ve managed to capture all of these elements in one consistent visual style for Visions of Mana, which really reflects the spirit of the series.”

Each Mana game is a standalone adventure, with its own characters, stories and even gameplay mechanics. There’s rarely any narrative connection between them – instead they’re connected by elements like repeating monsters, such as the adorable rabites.

In other words, you can jump into any Mana game as if it’s your first, and Visions of Mana is no different. In fact, it’s a particularly great place to start as it’s the first entirely new mainline Mana game in more than 15 years!

Which Brings Us to Visions of Mana – Visions of Mana offers a fresh new take on the series, with large areas to explore and a rich story, all portrayed with a beautifully colorful visual style.

That was something that the team was particularly eager to capture, as Mr. Oyamada explains:

“I asked the development team to try to create character models that captured the atmosphere of character designer HACCAN’s illustrations, and experiment to see if they could make a world that incorporated the beautiful depictions of nature from the artist Mr. Hiroo Isono.

“During this process of experimentation, I also managed to secure the support from Mr. Koichi Ishii, the creator of the Mana series and designer of many of its classic monsters, asking him to oversee the updating of his past monster designs into 3D for current generation graphics. All this led to a world that I felt was recognizable at a glance as being from the Mana series.

*There is a lot waiting to be discovered in locations like this in the game.*

For me, Visions of Mana is a very enticing RPG that has open-world environments, nice art style and the gameplay shown looks highly playable. Even though it is not bound for Xbox Game Pass, I encourage Xbox gamers – especially those who love RPGs from Japan – to take a close look at the game and see how it would fit into their games-to-play-in-2024 list. It should be noted that Visions of Mana reflects the reinvigorated business relationship between Square Enix and Team Xbox. The more Visions of Mana sells on Xbox, the better. Lastly, if you watched Square Enix’s Developer_Direct presentation, you would have noticed the game developers/creators acknowledged the Xbox community.

Watch out for the release Visions of Mana on Xbox Series X, Xbox Series S and Windows PC this summer.

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Philippine economy grew by 5.6% in 2023

February 3, 2024January 31, 2024carlocarrasco

The results are finally in. The economy of the Philippines grew by 5.6% for the year 2023 and this was short of the government’s own declared target of 6% to 7%, according to a GMA Network news report.

To put things in perspective, posted below is an excerpt from the GMA news report. Some parts in boldface…

The Philippine economy grew slower at 5.6% in year 2023, falling short of the government’s target as elevated interest rates resulting from high inflation environment dampened consumption, according to data released by the Philippine Statistics Authority (PSA) on Wednesday.

The economy, as measured by gross domestic product (GDP) or the total value of goods and services produced in a period, grew by 5.6% from October to December 2023, PSA chief and National Statistician Claire Dennis Mapa said at a press conference.

This is slower than the 7.1% growth rate seen in the fourth quarter of 2022. It is also a deceleration from the upwardly revised third quarter 2023 GDP growth rate of 6%.

The fourth quarter economic performance brought the full-year 2023 economic growth rate to 5.6%, slower than the 7.6% full-year 2022 GDP growth.

This is below the government’s target range of 6% to 7% for 2023’s full-year GDP growth.

“While this growth is below our target of 6 to 7% for this year, this keeps us in the position of being one of the best-performing economies in Asia,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said during the press briefing.

Comparing the growth rates of neighbors in the region, the Marcos administration’s chief economist said the Philippines’ fourth quarter growth surpassed that of China (5.2%) and Malaysia (3.4%) while falling behind Vietnam (6.7%).

“More importantly, our full-year GDP for 2023 is now 8.6% higher than pre-pandemic levels,” Balisacan said.

High inflation, interest rates – The NEDA chief said the slowdown seen in 2023 could be attributed “possibly to effects of past interest rate increases.”

The Bangko Sentral ng Pilipinas’ policy-setting Monetary Board has raised the benchmark interest rate by 450 basis points since May 2022 to temper inflation, which resulted from global supply disruptions and economic uncertainty following Russia’s full-scale attack and invasion of Ukraine since February 2022.

Notably, the Philippines’ full-year inflation — which measures the rate of increase in the prices of goods and services — accelerated to 6% from 5.8% in 2022.

“The impact of inflation is on Household final consumption expenditure. We saw the impact on food expenditure… directly affected by inflation,” Mapa said.

Spending on food for the whole year grew at 8.1%, slower than 12.4% in 2022.

“We are concerned about the low growth in real spending on food due to high food prices, though it has moderated in recent months,” Balisacan said.

Meanwhile, household final consumption expenditure decelerated to 5.3% from 7% in the previous quarter in 2022.

For the whole year, household spending slowed down to 5.6% from 8.3% in 2022.

“The government will be relentless in managing inflation, especially for basic commodities such as food. Our efforts include improving the efficiency and building resiliency of the agriculture value chain, utilizing strategic trade policy when domestic production is inadequate, and establishing mechanisms to empower consumers to exercise their market power to combat inflation,” Balisacan said.

Likewise, government final consumption expenditure contracted by 1.8% in the fourth quarter, from 3.3% growth in the same period in 2022.

Full year, government spending grew 0.4%, slower than the 4.9% growth in 2022.

Balisacan said the decline in state spending last year was “largely due to the fiscal consolidation program.”

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think 2024 will be a better year of growth for the Philippine economy? Do you think more government spending will boost economic growth without adding much to inflation?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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