Author Carlo Carrasco

US Dollar reserves of the Philippines reach all-time high of almost $112 billion

October 15, 2024October 8, 2024carlocarrasco

Based on the preliminary data of the Bangko Sentral ng Pilipinas (BSP), the American Dollar reserves of the Philippines reached $111.981 billion (as of September 2024 specifically) which counts as a new all-time high, according to a Manila Bulletin business news report.

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

The country’s US dollar stock climbed to its highest level of $111.981 billion as of end-September 2024, surpassing the previous record of $108.794 billion in 2021, as the central bank was accumulating foreign exchange and assets to boost external reserves and defend the local currency.

Based on preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on Monday, Oct. 7, the gross international reserves (GIR) increased by 14.13 percent or by $13.865 billion year-on-year compared to $98.116 billion same time in 2023.

The GIR also rose by 3.82 percent or by $4.125 billion versus end-August this year’s reserves of $107.857 billion.

The BSP-monitored GIR are foreign assets of the BSP invested in foreign-issued securities, monetary gold, and foreign exchange.

The latest GIR level is “more than adequate external liquidity buffer” that is equivalent to 8.1 months’ worth of imports of goods and payments of services and primary income. It is also about 6.3 times the country’s short-term external debt based on original maturity and 4.4 times based on residual maturity, said the BSP.

Basically, a GIR is adequate if it can finance at least three-months’ worth of the country’s imports of goods and payments of services and primary income. This was based on international standards. The GIR is also viewed as more than sufficient if it provides at least 100 percent cover for the payment of the country’s foreign liabilities, public and private, falling due within the immediate 12-month period.

The reserves were higher in end-September because of the government’s net foreign currency deposits with the BSP that includes proceeds from the issuance of ROP Global Bonds.

The GIR likewise got a boost from the BSP’s gold holdings which had a higher value with the increase in the prices of gold in the global market. The BSP’s net income also increased due to its investments overseas.

Let me end this post by asking you readers: What is your reaction to this recent development? What is the first thing that comes to your mind when the Philippines’ US Dollar reserves grow? Does this development make you feel comfortable when it comes to banking, investing or running a local business? Are you satisfied with the way the BSP has been moving with regards to financial and economy activities?

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

+++++

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

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 engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

AMRO sees Philippine economy growing 6.1% to 6.3% in 2025

October 15, 2024October 4, 2024carlocarrasco

In its recent update, the ASEAN+3 Macroeconomic Research Office (AMRO) sees the economy of the Philippines achieving growth of 6.1% to 6.3% in 2025, according to a BusinessWorld news report.

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

THE PHILIPPINES will likely post the second-fastest growth in the Association of Southeast Asian Nations Plus 3 (ASEAN+3) region this year and in 2025, driven by faster government spending and easing interest rates, according to a regional think tank.

In its October update, the ASEAN+3 Macroeconomic Research Office (AMRO) retained its gross domestic product (GDP) growth forecast for the Philippines at 6.1% this year and 6.3% next year.

“We didn’t change the forecast for the Philippines. As you can see, we expect growth to be at 6.1%, which will be an improvement from last year’s 5.6%,” AMRO Chief Economist Hoe Ee Khor told a virtual briefing on Thursday.

“This is mainly because we expect government investment spending to be higher this year, together with services exports,” he said.

The AMRO’s projection is within the government’s 6-7% target for 2024. However, its 2025 forecast is below the government’s 6.5-7.5% goal.

Mr. Khor said Philippine economic growth remains one of the strongest in the ASEAN+3 region, which includes members of the ASEAN, China, Hong Kong, Japan and South Korea.

AMRO’s growth forecast for the Philippines is just behind Vietnam (6.2%), and ahead of Cambodia (5.6%), Indonesia (5.1%), China (5%), Malaysia (4.7%), Laos (4.5%), Brunei Darussalam (4%), Hong Kong (3.3%), Thailand (2.8%), South Korea (2.5%), Singapore (2.4%), Myanmar (1.8%) and Japan (0.5%).

Philippine growth is also projected to be above the projected ASEAN+3 average of 4.2% this year. This was slightly lower than the previous forecast of 4.4%.

“Growth for the region will be driven by continued recovery in external trade, resilient domestic demand, and a boost in tourism due to relaxed visa policies in some economies,” AMRO said.

For 2025, the ASEAN+3 region’s growth forecast was upgraded to 4.4% from 4.3% previously, in line with expectations of steady global growth.

“The region is on track to achieve steady growth this year and the next and this will be underpinned by resilient domestic demand and the ongoing recovery in exports,” AMRO Principal Economist Allen Ng told the briefing.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think inflation the Philippine economy has enough momentum to grow better in 2025 than what AMRO predicted?

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

+++++

Lunar Remastered Collection coming to Xbox Series X|S and Xbox One in Spring 2025

October 14, 2024April 19, 2025carlocarrasco

Welcome back Xbox fans, geeks, retro gaming enthusiasts, RPG enthusiasts and gamers!

In case you missed the news, GungHo America announced that the remastered editions of the classic Japanese role-playing games (JRPGs) Lunar: The Silver Star and Lunar: Eternal Blue will be released together in a single package titled Lunar Remastered Collection which is set for a Sprint 2025 release window (release date to follow) for multiple platforms, including Xbox Series X|S and the aging Xbox One!

Feeling excited or curious? Watch and learn from the official trailer of Lunar Remastered Collection released by GungHo (which is the same publisher behind the Grandia HD Collection).

To put things in perspective, posted below is an excerpt from the official press release of GungHo. Some parts in boldface…

The LUNAR Remastered Collection breathes new life into the beloved classics LUNAR: Silver Star Story Complete and LUNAR 2: Eternal Blue Complete (PlayStation 1 version), both originally developed by GAME ARTS. This revamped collection retains the charm of both titles while introducing exciting new enhancements and quality-of-life improvements!

Fans of the LUNAR series can wax nostalgic with 90s-esque animated cutscenes, iconic characters with the classic JRPG charm, and old-school turn-based combat with a twist. JRPG enthusiasts and long-time supporters of the series alike will undeniably be captivated by the game’s romantic storytelling and stunning soundtrack, and witness firsthand how LUNAR paved the way for generations of JRPGs to come.

*Gameplay shot from Lunar: Silver Star Story Complete which was supposedly remastered with high-definition in mind (which could explain the blurry upper and lower portions of the screen).*

The trailer of Lunar Remastered Collection showed this sharp and lively looking image of an anime sequence. Here is hoping all the anime cutscenes in the two games will be of the highest quality possible with high-definition in mind.

The key features announced are as follows:

Strategic Turn-Based Action: Play through two magical worlds in LUNAR: Silver Star Story Complete and LUNAR 2: Eternal Blue Complete as you fight it out in turn-based battle style, where each character’s speed, distance, position, and attack reach must all be accounted for.

Powerful Voices and Captivating Animated Sequences: Immerse yourself in battles with fully-voiced attacks and incantations in either Japanese or an all-new English voiceover by playable characters and enemies. Not to mention, the timeless and stylistic animated sequences that will still capture the hearts of players today.

Relive the Classic or Go Remastered: Choose between classic or remastered mode — an option that allows fans to travel back in time to the games’ PS1 releases, or see them in a new light with wide-screen support, revamped PS1 pixel art, and high-definition animated cutscenes.

Two New Language Options: LUNAR Remastered Collection not only includes Japanese and English subtitles and sound, but also two new subtitle language options, French and German.

Speed up Battle + Improved Strategy Settings: Save time and speed through battles with the flip of a switch! Additionally, new options have been added to the original strategy settings for streamlined combat.

To read the entire press release, click https://www.gunghoonline.com/article/527/journey-back-to-the-stars-lunar-remastered-collection-breathes-new-life-into-timeless-jrpgs-arriving-spring-2025

The Lunar legacy of releases

For the newcomers reading this, Lunar: The Silver Star was developed by Game Arts (also the same team behind Grandia and Grandia II) and released on the Sega CD (Mega CD in other countries) add-on for the Genesis (Mega Drive) console in 1992. Years later, that game had a huge remake as Lunar: Silver Star Story Complete on Sega Saturn (1996), PlayStation (1998) and Windows PC (1999).

A similar approach of releases happened too with the sequel Lunar: Eternal Blue which started on Sega CD. Its remake was titled Lunar 2: Eternal Blue Complete which was released on Sega Saturn (1998) and PlayStation (1999).

Historically, Lunar: Silver Star Story Complete and Lunar 2: Eternal Blue Complete were published in America by Working Designs (closed down since 2005) with its very own stylized way of translating the Japanese content into English (note: localized as opposed to straightforward translation), in-depth approach to English dubbing, and elaborate packaging (with unique stuff) done with the fans and collectors in mind. Working Designs was also responsible for releasing the two Lunar RPGs’ original versions on Sega CD and the company established close ties not only with Sega of America but also Game Arts itself.

*Lunar: Silver Star Story Complete for PlayStation print ad.*

*Lunar 2: Eternal Blue Complete for PlayStation print ad.*

With regards to story concepts and characters, Lunar: The Silver Star tells the tale of Alex Noa – a young and resilient fighter who recently passed the White Dragon’s trial–as he embarks on his journey to become a Dragonmaster. As Alex revels in his success in passing the trial, a mysterious Magic Emperor unexpectedly enters the fold, aiming for world domination.

Lunar: Eternal Blue follows the story of Hiro, an inquisitive archaeologist, and friends as they journey to help a mysterious girl from the Blue Star, Lucia, to seek out the Goddess Althena and stop Zophar – a relentless and evil God of Destruction who plots the demise of Lunar – from wiping out their existence.

*Watch out for the official 2025 release date of Lunar Remastered Collection.*

As of this writing, Lunar Remastered Collection for Xbox Series X, Xbox Series S and Xbox One has yet to appear on the Xbox online store. For updates about the upcoming retro gaming collection of RPGs, visit https://www.lunarremastered.com/

+++++

At least 4 more airports expected to be privatized in 2025

October 14, 2024October 9, 2024carlocarrasco

Recently the Department of Transportation (DOTr) announced that at least four more airports are expected to be privatized in 2025, according to a BusinessWorld news report. Clearly the recent privatization of the Ninoy Aquino International Airport (NAIA) sparked a wave of change with regards to air travel and the need to modernize airports.

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

AT LEAST four more Philippine airports in the countryside are expected to be privatized in 2025, the Department of Transportation (DoTr) said last week.

“For next year, we have Iloilo, Puerto Princesa and Kalibo [airports],” Transportation Undersecretary Roberto C.O. Lim told reporters on the sidelines of an aviation forum. “We have ongoing negotiations with the proponents.”

The agency also expects to launch the competitive tender for the Davao International Airport under a public-private partnership (PPP) program.

Villar-led Prime Asset Ventures, Inc. holds the original proponent status for both P14.7-billion Iloilo International Airport and P10.24-billion Puerto Princesa International Airport, according to the Public-Private Partnership (PPP) Center website.

Meanwhile, Mega7 Construction Corp. has submitted an unsolicited proposal to operate, upgrade and maintain the P3.62-billion Kalibo International Airport.

Mr. Lim said the government expects to award the contract for the operations and maintenance of New Bohol-Panglao International Airport this year. The contract is undergoing a Swiss challenge, which allows other companies to submit alternative proposals that the original proponent can match.

In September, the infrastructure arm of the Aboitiz Group got the contract for the operations and maintenance of the P12.75-billion Laguindingan International Airport in Northern Mindanao.

Aboitiz InfraCapital, Inc. is expected to sign the contract this month, the Transportation department said, adding that the new private operator would take over operations by next year.

The same company also holds the original proponent status for the operations and maintenance of the P4.5-billion Bohol airport.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you approve of having more airports nationwide to get privatized? Do you have any concerns about the private entities mentioned in the report that want to privatize the other airports?

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

+++++

Due to failure to fulfill energy commitments, Solar Philippines’ 21 contracts with government will be terminated

October 13, 2024October 12, 2024carlocarrasco

Have you ever heard of a corporation called Solar Philippines? That company boasted being the largest solar company in Southeast Asia and the national government awarded them with lots of contracts years ago. The results, however, are disastrous as Solar Philippines failed to fulfill the energy commitments which compelled the government to initiate moves to discontinue 21 of the 42 contracts, 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 Department of Energy (DOE) on Thursday said it is set to discontinue 21 or half of the 42 service contracts it awarded to Solar Philippines following the company’s alleged failure to carry out its energy commitments.

The DOE made the announcement at the Senate finance subcommittee hearing on the agency’s budget after Senate President Pro Tempore Jinggoy Estrada inquired about the matter.

“Twenty-one of the contracts are already being processed for termination because they are not able to deliver the scheduled targets of the work program,” Energy Undersecretary Rowena Cristina Guevara said at the hearing.

Estrada said different renewable energy companies were awarded a total of 473 service contracts for the construction of solar farms as of last March, supposedly for 32,359 megawatts of renewable energy supply.

He said that only 174.41 megawatts or 2% had been completed and started commercial operations of the 10,000 megawatts committed by Solar Philippines and its affiliates.

“The vast majority of the total commitment have not yet entered the development stage and remain in various phases of pre-development. How will this affect the department’s targets?” the senator asked.

He was referring to the Iba-Palawig project, Iba-Palawig 2 project, and San Marcelino phase 3 project.

Guevara said that acquisition of land, either through lease or purchase, is the most challenging part of energy companies in constructing power facilities.

“Previously, possessory rights were not required when we issued service contracts. However, under the new guidelines, developers must have possessory rights before service contracts are granted,” she said.

Estrada, however, inquired specifically as to why Solar Philippines, owned by businessman Leandro Leviste, was taking too long to adhere with the terms of its service contracts compared with other developers.

“You know, my conclusion is that while other project developers take an average of around two to three years to develop solar power projects, Solar Philippines and its affiliates have taken more than three years to even take its projects to development phase and much longer for actual construction,” the senator said.

“Bakit masyadong pinagkakatiwalaan itong Solar Philippines? (Why put so much trust with Solar Philippines?) Why do you keep on awarding contracts to them?” he added.

Guevara said 22,000 megawatts of capacity were already fully developed or are in development of 32,359 megawatts covered by service contracts.

“The remaining 10,000 megawatts depend on Solar Philippines, which could significantly compromise the DOE’s ability to meet its commitment to transitioning to renewable energy. I hope you seriously consider this matter,” Estrada said.

Senators Pia Cayetano and Sherwin Gatchalian also inquired about delays in the commitments indicated in the service contracts.

According to Guevara, the DOE would issue new sets of terms of reference for its succeeding green energy auctions, to include the performance of renewable energy companies as qualifying conditions.

In my honest opinion in relation to this development, renewable energy sources like solar and wind are truly unreliable. On the part of Solar Philippines (founded in 2013), generating 174.41 megawatts instead of the required 10,000 megawatts over the years is shocking. That being said, initiating moves to discontinue the 21 contracts with Solar Philippines makes a lot of sense.

Again, in my own view, the government should stop focusing so much on renewable energy and focus more on nuclear power to ensure clean and abundant energy for the entire nation as the energy needs of the people and businesses will only keep on growing. Solar power cannot be relied on as the sun does not shine brightly 365 days per year nor can the power collected through solar panels be enough to meet the needs to the nation.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think it is right for the government to move to terminate the 21 contracts with Solar Philippines? Are you convinced that solar power is not the solution for the nation’s energy requirements? What excuse can Solar Philippines come up with to convince the government to retain the 21 contracts?

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

+++++

Alabang Hills Village Association (AHVA) declares Megarahe Sale 2024 a huge success

October 13, 2024October 5, 2024carlocarrasco

Were you able to attend the Megarahe Sale 2024 inside Alabang Hills Village on September 28 or 29? In recent times, the Alabang Hills Village Association (AHVA) declared this year’s edition of the annual Megarahe Sale a huge success.

To see what Megarahe Sale 2024 looked like, you can watch the video I recorded by clicking right here.

To put things in perspective, posted below is the excerpt from their official website update of October 4, 2024. Some parts in boldface…

We would like to thank everyone for participating in our recently concluded community event, the Megarahe Sale 2024.

The Megarahe Sale showcased a total of eighty eight (88) vendors and a large number of attendees and shoppers. It was a weekend of fun selling by our residents, good finds for shoppers & delicious treats for foodies.

We hope to solicit your support once again to the forthcoming community events that are in store for you for the rest of the year.

To see the rest of the message, click https://alabanghillsvillage.com/2024/10/04/megarahe-sale-a-huge-success/

For the newcomers reading this, the Megarahe Sale (sometimes referred to as “Megarahe Sale & Kids Bazaar, Ukay-Okay!”) is held annually inside Alabang Hills Village. Every time it happens, there were lots of vendors selling a variety of goods such as clothes, shoes, bags, wallets and other household items that customers can choose from. Also present were sellers of food and drinks for the needs of visitors.

Going back to AHVA’s message, they specified the exact number of vendors of the Megarahe Sale 2024 although no numbers nor estimates were provided about the people who attended and/or shopped. Of course, it is very challenging to determine how many visitors arrived and how many individual transactions happened.

As the AHVA mentioned in their post, there are still more community events coming before the year ends. To find out about AHVA’s future events, visit https://alabanghillsvillage.com/ or call them at 88508254. You can visit their office at 1 Don Jesus Boulevard inside Alabang Hills Village from Monday to Friday, 8AM to 5PM. Always remember to follow their rules and speed limits whenever you are in the village.

+++++

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

Over seven hundred local residents served during Las Piñas City Health and Wellness Caravan

October 12, 2024October 4, 2024carlocarrasco

Recently in the City of Las Piñas, more than seven hundred local residents availed of the free services offered to them during the Health and Wellness Caravan that happened at the Golden Acres Covered Court, according to a social media announcement by the City Government. Vice Mayor April Aguilar appeared and personally observed the activity.

To put things in perspective, posted below is an excerpt from the City Government’s announcement. Some parts in boldface…

The City Health Office successfully held a Health and Wellness Caravan on Friday, September 20, at the Golden Acres Covered Court, offering free health services to more than 700 residents. The event aimed to bring essential medical services closer to residents, particularly those who may have difficulty accessing the free health centers and diagnostic facilities in Las Piñas.

City Vice Mayor April Aguilar attended the event, alongside City Health Office OIC Dr. Juliana Gonzalez, who led the caravan. In a statement, Dr. Gonzalez mentioned that the City Health Office is dedicated to bringing medical services closer to those who are unable to visit the city’s free health centers. She added that this initiative is part of our ongoing efforts to provide accessible and essential healthcare to the people of Las Piñas.

Residents benefited from a wide range of free health services, including medical consultations, blood sugar and cholesterol testing, blood typing, chest X-rays, ECGs, dental services, and access to a pharmacy. The event also facilitated Greencard and PhilHealth applications, as well as mobile birth registration services.

In addition to these services, the caravan offered pneumococcal vaccinations for senior citizens, nutrition counseling, and lifestyle-related illness screenings to help identify risks associated with common non-communicable diseases.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Do you hope to see the City Government’s health office organize a Health and Wellness Caravan in your local community soon?

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

+++++

A Look Back at Backlash #5 (1995)

October 11, 2024October 9, 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 arts and culture enthusiasts, Image Comics fans and comic book collectors! Today we go back to the year 1995 to take a close look at one of the many tales of the original WildStorm universe through one of the comic books of the Backlash series.

For the newcomers reading this, Backlash is one of the major characters of the WildStorm universe which started in the early 1990s when the famous Jim Lee was one of the founding fathers of Image Comics. Backlash, Deathblow, Wetworks, Gen13 and WildCATS: Covert Action Teams were all connected with each other and many of the characters were linked together in the Team 7 series of prequel stories.

With those details laid down, here is a look back at Backlash #5, published in 1995 by Image Comics with a story written by Brett Booth, Jeff Mariotte and Sean Ruffner. Booth did the artworks.

Early story

The story begins with Backlash having visions of his beloved Diane who eventually turns into a gruesome Daemonite monster. Suddenly his female companion Taboo appears to him only to betray him moments after.

In the real world, it turns out that Backlash is helplessly restrained and connected to machines in the presence of Mindscape and his assistant Virtual Bob. Wetworks leader Jackson Dane and Taboo have been contained separately and could only watch Backlash agonizing. Backlash’s mind has been infiltrated by Mindscape through the use of virtual reality.

Mindscape has been looking for a living subjects who could become suitable for his project of combat droids which require genetic information from the subject. Even though he knows that having two live subjects would confuse the combat droids, Mindscape gives the order to have both Backlash and Dane together in cyberspace…

Quality

*Backlash and Wetworks leader Dane face-off with Mindscape in cyberspace.*

With its heavy emphasis on virtual reality and cyberspace, the creators temporarily changed their approach on storytelling and showing spectacle while managing to introduce a new villain and show more of the friendship of Backlash and Dane.

In my view, Mindscape is indeed a very interesting antagonist who is not the typical super villain who is simply being evil for the sake of it. In fact, Mindscape’s origin was efficiently told here and by the time I finished reading this comic book, I found him to be intriguing. Before he became the powerful villain here, Mindscape used to be a very talented virtual reality developer. Mindscape looks at Dane and Backlash – both of which have extensive military experience as they used to be teammates with Team 7 – not for the sake of murder but as suitable subjects for his combat drones which signifies his intention to build an army that will serve him in the real world.

As this story took place a short time after the reunion that happened late in issue #4, this comic book shows a bit more of the friendship between Backlash and Dane, revealing small details about their past together as specially trained soldiers. With the way the story here was told, there was too little room left for any character development to happen but the small details revealed about the two WildStorm heroes was enough to inspire me to revisit Team 7.

In relation to the story’s concept about virtual reality, the spectacle here is much different and absolutely wilder. You have to see it for yourselves.

Conclusion

*Being trapped and helpless, Taboo could only watch Mindscape and ask him questions.*

Backlash #5 (1995) is an entertaining and intriguing read. This comic book also served as a suitable break from the norm of showing Backlash fighting bad guys in the real world and infiltrating places to accomplish his objectives. Backlash and Dane here were portrayed to be vulnerable as their conflict with Mindscape happened in cyberspace. The final conflict was a spectacle to look at and the story’s ending was satisfying enough leaving the sense that Backlash and Dane would meet each other again.

Overall, Backlash #5 (1995) is recommended.

+++++

IMF sees Philippine economy growing by more than 6% in 2025

October 11, 2024October 3, 2024carlocarrasco

Citing key factors in its research, the International Monetary Fund (IMF) predicts that the economy of the Philippines will expand by more than 6% in 2025, according to a Philippine News Agency (PNA) news article.

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

The Philippine economy successfully navigated multiple external headwinds in recent years and is expected to grow by over 6 percent next year, an International Monetary Fund (IMF) official said.

In a briefing at the Bangko Sentral ng Pilipinas office in Manila on Wednesday, IMF Mission Chief Eli Arbatli Saxegaard said the Philippines remained among the best performing economies in the region.

An IMF team led by Saxegaard held meetings in Manila from Sept. 18 to Oct. 2 to conduct discussions on the Philippine economy for the 2024 Article IV Consultation.

Saxegaard said the Philippine economy is projected to grow by 5.8 percent this year and will further accelerate to 6.1 percent in 2025.

“This pick-up in growth will be supported by more accommodative financial conditions and higher investment,” she said.

The latest projection, however, was lower than the 6 percent and 6.2 percent previous forecast for 2024 and 2025.

“The downward revision from our July forecast reflects our view that private consumption is going to grow slightly with less momentum. So I would like to highlight that the downgrade is very small, 0.2, and reflects the fact that the first half (of the year) private consumption growth was lower than what we had anticipated. And this might be in part driven by the high food prices,” Saxegaard said.

Despite the revision, Saxegaard said the Philippines continues to be one of the highest growing economies in the region.

“I would also like to highlight that the growth forecast for the Philippines remains one of the highest in the region. It’s 6.1 percent growth for 2025, is a very respectable growth rate… So it’s a very small adjustment reflecting the outturns the first half,” she said.

Downside risks to the country’s growth outlook include a slowdown in major economies that could disrupt trade and financial flows; commodity price volatility and supply shocks; and an escalation of geopolitical tensions or regional conflicts.

Easing of global financial conditions, or faster than anticipated private investment linked to public-private-partnerships and larger foreign direct investment inflows, on the other hand, could stimulate higher growth.

The IMF believes that the Philippine economy holds significant potential with its abundant natural resources, untapped blue economy, and a sizable demographic dividend.

Saxegaard, however, said that unlocking the medium-term growth potential will depend on structural reforms and strengthened social protection programs.

She said priority areas include upgrading infrastructure, making significant investments in healthcare and education, addressing land fragmentation and low productivity in agricultural sector, and enhancing governance.

Inflation, meanwhile, is projected to settle within the government’s target for both 2024 and 2025.

“We believe that the decisive monetary tightening and other measures have helped mitigate inflationary pressures in the Philippines, recent tariff cuts on imported rice and other non-monetary measures helped reduce food prices, and should further reduce headline inflation by the year end,” Saxegaard said.

“For this year, our expectation is that for inflation to average 3.3 percent, and for next year, 3 percent. That would be supported by lower food and core inflation remaining well within the target.”

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines still has momentum to grow better in 2025 than what the IMF predicted?

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

+++++

1,000,000 hits worldwide and growing!

October 10, 2024October 10, 2024carlocarrasco

Hello, everyone! A major milestone happened today and I am deeply thankful to our Lord for it.

I am delighted to share with you all that my blog and website (Author Carlo Carrasco) surpassed one million hits (page views) worldwide today and the count is only growing! More than 1,000,000 hits counted along with over 706,000 visitors from around the world counted by my service provider. For transparency, I posted below the screenshot I captured.

Surpassing the 1,000,000 hits mark is a major achievement for me personally and this made me look back at late 2018 when, after much research and getting advise from a close friend of mine, I decided to sign up with WordPress.com to start making my blog/website. After some struggling and learning the functions, I completed the general structure and officially launched my site on the afternoon of January 4, 2019.

I can say that my website is a part of my life. Since launch, I published lots of posts about the following:

Sharing my observations about what happened locally and overseas.
Magnifying local developments of South Metro Manila as well as news updates (both local and foreign) that I find relevant to share with you readers.
Publishing mostly retro reviews of comic books, movies, video games and other entertainment stuff.
Preaching the Word of God through bible teachings, through my Christian Music Appreciation (CMA) posts and through certain features or news developments (notably about Israel) that I posted.
Emphasizing the state of Israel, the truth that God designated the land of Israel to the Jewish people, the truth that the ties between Jews and Christians are biblical, the truth that Lord Jesus lived as a Jewish man and made ways for people to find salvation, and sharing the significance of the Holy Land through my Israel 2023 tour special features.
The occasional sports events and the developments that are significant with regards to our nation.
YouTube videos that need to be seen.
Local community developments from the local government units (LGUs) down to the residential communities.

My website and blog will keep continuing with updates for you and for readers from around the world. It is my intention to keep blogging until the end of my natural life. I will keep preaching God’s Word, post relevant updates, blog about my Holy Land experience, featuring something or someone new, and more.

I thank you my readers for coming back for more. My thanks also to others who supported me in varied ways through the years – the sponsors and donors (note: donate by clicking here), my business clients, the local community entities, the LGUs, local churches/ministries, community groups, the members of my South Metro Manila and the Movie Fans Worldwide Facebook groups, fellow faithful followers of Lord Jesus, and more.

In closing this, I want to remind you all that Lord Jesus is the Savior God (the Heavenly Father) sent to us. No matter what happens to you in this twisted world we live in, never get separated from Jesus as He is the hope of all nations! Learn from the holy scriptures below…

Jesus said to him,

“I am the way, the truth, and the life. No one comes to the Father except through Me.”

“If you had known Me, you would have known My Father also; and from now on you know Him and have seen Him.”

John 14:6-7 (NKJV)

Jesus answered and said to him,

“Most assuredly, I say to you, unless one is born again, he cannot see the kingdom of God.”

John 3:3 (NKJV)

Thank you for your attention and keep on visiting and revisiting https://carlocarrasco.com/

+++++

	Instapundit »… on Trump’s America Urges Allies T…
	The H.A.R.D. Corps (… on A Look Back At The H.A.R.D. Co…
	Instapundit »… on A Lot More American Fruits And…
	Instapundit »… on Varied And Impactful Changes R…
	Instapundit »… on Japan And Italy Agree On Strat…

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this: