blogging – Page 142 – Author Carlo Carrasco

World Bank sees Philippine economy growing at 5.8% this year

January 18, 2024January 11, 2024carlocarrasco

While local economic managers predict the Philippine economy growing between 6.5% to 7.5% this year, the World Bank (WB) itself forecasts a 5.8% growth for 2024, 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 WORLD BANK (WB) expects the Philippines to be among the fastest-growing economies in Southeast Asia this year.

In its latest Global Economic Prospects, the multilateral lender projected Philippine gross domestic product (GDP) to expand by 5.8% in 2024, same as its forecast in December.

The Philippine growth projection is the fastest among Southeast Asian economies, tied with Cambodia (5.8%), and ahead of Vietnam (5.5%), Indonesia (4.9%), Malaysia (4.3%), Lao People’s Democratic Republic (4.1%), Timor-Leste (3.5%), Thailand (3.2%) and Myanmar (2%).

However, this is below the Development Budget Coordination Committee’s (DBCC) 6.5-7.5% growth target for 2024.

The World Bank’s growth forecast for the Philippines is also higher than its 4.5% projection for East Asia and the Pacific.

The multilateral lender sees slower growth in the region due to the “anticipated deceleration in economic activity in China.”

Other risks to the growth outlook include geopolitical tensions in the Middle East that could lead to higher oil prices, dampened global trade, tightening financial conditions and climate-related disasters, it said.

“Extreme weather events, the frequency of which has increased in recent decades as a result of climate change, also pose a downside risk to the regional outlook,” it added.

In the Philippines, the government is preparing for the potential impact of the El Niño weather event this year.

The latest bulletin from the state weather bureau showed that El Niño will likely persist from March to May, when dry season crops are often harvested.

National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan earlier said El Niño would likely affect the agriculture sector and drive food prices higher, which could threaten the inflation downtrend.

On the other hand, the multilateral lender said resilient domestic demand could spur growth drivers in the East Asia and Pacific region.

“Modest inflation, and in many cases robust labor markets supported by buoyant service activity, are anticipated to sustain household spending,” it said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines will grow better this year than the WB’s prediction of 5.8%?

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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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

Withholding tax on online sellers could address revenue leakages

January 18, 2024January 12, 2024carlocarrasco

With the 1% withholding tax on online sellers already in effect, there is potential that the said tax could address revenue leakages, according to a BusinessWorld news article.

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

THE GOVERNMENT should ensure that it will be able to properly implement and monitor the collection of withholding tax on online sellers.

The Bureau of Internal Revenue (BIR) recently issued Revenue Regulations (RR) No. 16, which imposes a withholding tax on the gross remittances made by electronic marketplace operators and digital financial service providers to merchants.

Analysts said that the implementation of the withholding tax on online sellers will allow the BIR to better track transactions in the digital economy.

“The implementation of a 1% withholding tax on online sellers is intended to expand the tax base by addressing potential revenue leakages in the growing online retail industry,” China Banking Corp. Chief Economist Domini S. Velasquez said in a Viber message.

“Ideally, the withholding tax system should streamline the tax payment process for online sellers and should have no substantial impact on prices under the assumption that retailers are paying correct taxes,” she added.

Eleanor L. Roque, tax principal of P&A Grant Thornton, said that the measure provides the BIR an additional mechanism to “ensure that taxes are paid by the business owners since their income will also be reported by their withholding agents.”

Ms. Velasquez noted that the imposition of the withholding tax may also mitigate some instances of noncompliance by online sellers.

“This measure is expected to increase government revenues and promote transparency among companies engaged in online retail trade,” she added.

Ms. Roque said that the tax will be an “additional administrative burden” on electronic marketplaces.

“These entities will have to put controls in place to identify remittances to online sellers that are subject to withholding taxes,” she said in a Viber message.

Under BIR regulation, a withholding tax of 1% will be imposed on one-half of the gross remittances by e-marketplace operators and digital financial service providers to the sellers or merchants for the goods and services paid or sold through their platforms or facilities.

However, the 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.

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

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the withholding tax on online sellers will solve government revenue leakages?

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 Turok: Dinosaur Hunter #2 (1993)

January 17, 2024January 7, 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 early 1990s and explore a part of the Valiant Comics shared universe through a tale of the Turok: Dinosaur Hunter series.

While issue #1 turned out to be entertaining enough, the Indian protagonist Turok was not too engaging. The story worked primarily due to the combined creative works of David Michelinie and Bart Sears.

With those details laid down, here is a look back at Turok: Dinosaur Hunter #2, published in 1993 by Valiant Comics with a story written by David Michelinie and drawn by Bart Sears.

Early story

The story begins in Colombia in 1987. Set some time after he left the village of Serita (a Colombian lady he connected with), Turok finds himself in the middle of a fight with multiple intelligent dinosaurs that serve his rival and target Mon-ark. Turok recently started using locally produced poison for his arrows as part of his unrelenting hunt for dinosaurs.

Meanwhile in another part of Colombia, the drug lord Comacho holds a private meeting and express his frustration over the decimation of his drug shipments. It turns out, the couriers were slaughtered and eaten by the dinosaurs. Upon learning of the presence of an Indian who makes it his business to hunt dinosaurs, Comacho gives an order to find him…

Quality

*You will see Turok in a lot of action scenes fighting these intelligent and savage dinosaurs.*

As the follow-up to the 1^st issue, this is a story about Turok really hunting dinosaurs as part of his effort to get to Mon-ark (the leader of a pack of dinosaurs present in Colombia) in relation to what happened during the Unity storyline. In addition, you will get to see the protagonist get involved the Colombia drug lord who really needs him as the dinosaurs tremendously disrupted the shipment of illegal substances. As a newcomer in this particular time and place within the shared universe of Valiant Comics, Turok here does not care much about the reputation of Comacho as he is obsessed with hunting dinosaurs.

Speaking of the dinosaurs (who were granted human-like intelligence by the Mothergod), you will get to see Mon-ark have his own share of the spotlight and see him being a leader of his fellow dinosaurs. The showcase of his ruthlessness was expectedly done here to symbolize the element of evil in a violent way.

The plot by Michelinie is nicely structured and the narrative moved in a smooth enough pace leading to an obvious new direction.

Like in the previous issue, Bart Sears drew the art but with the involvement of Bernard Chang. For the most part, I recognized Sears’ work and there were some subtle visual differences here and there. The good news here is that if you enjoyed the gritty look as well as the uncompromised approach to violence in issue #1, then you will find those here as well.

Conclusion

*A look at the intelligence and interaction between these two evil dinosaurs in love. There’s no homosexuality here nor anything related to transgender or the disease called wokeness.*

Turok: Dinosaur Hunter #2 (1993) is entertaining and compelling enough to read. It further explores Turok’s story as a man lost in time who simply would not run away from the dinosaurs as he is obsessed with eliminating Mon-ark. The tale, however, involves a Colombian drug lord as well as his private army which adds depth to the narrative as well as Turok’s place within Valiant’s shared universe of the time. Lastly, this one nicely sets up a big conflict between the Indian and his dinosaur rival.

Overall, Turok: Dinosaur Hunter #2 (1993) is recommended.

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COMELEC’s Register Anywhere Program (RAP) to be implemented on February 12, 2024 nationwide

January 17, 2024January 11, 2024carlocarrasco

In relation to the resumption of the voter registration process set for February 12, 2024, the Commission on Elections (COMELEC) announced that its Register Anywhere Program (RAP) will be implemented nationwide on the same date, 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 Commission on Elections (Comelec) is set to implement nationwide its Register Anywhere Program (RAP) when the voter registration period resumes on Feb. 12.

In a statement Thursday, the poll body said the RAP would accept applications in all capital cities and towns and highly urbanized cities (HUCs).

“RAP registration sites will be set up in malls, universities, or government offices/agencies in all capital cities and towns and HUCs nationwide. RAP has now been institutionalized in the Commission as a program owing to its favorable turnout and positive reception by the general public and other stakeholders,” the Comelec added.

In 2022, the poll body held a pilot testing of the RAP in selected areas, including malls and government agencies.

The initial testing was held in SM Fairview, Robinsons Place Manila, SM Sucat, Robinsons Galleria, SM Mall of Asia, Robinsons Tacloban, SM City Legazpi and Robinsons Naga.

Aside from these venues, the Comelec said the program will also be held in select church organizations, private establishments, government agencies and educational institutions.

The RAP’s nationwide implementation aims to provide additional avenues and opportunities for voter registration in places of higher concentration of people traffic and congregation of persons of voting age.

“This move will maximize efforts to register workers, employees, and students with limited time and opportunity to register, for them to become voters for the 2025 National and Local Elections,” it said.

Under the RAP, a registrant will be allowed to file his/her application wherever there is a designated RAP registration site regardless of his/her place of residence.

Other applications that will be accepted in RAP sites include new registration, transfer of registration from another city/municipality/district, transfer of registration from overseas to local, correction of entries or change of status, and reactivation.

The RAP will be available until Aug. 31.

Let me end this piece by asking you readers: What is your reaction to this recent development? Are there many members of your local community who intend to avail of COMELEC’s RAP?

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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Voter registration to resume on February 12, 2024

January 16, 2024January 16, 2024carlocarrasco

Those who intend to get registered as new voters can do so starting February 12, 2024 once the voter registration process formally resumes nationwide, according to a Philippine News Agency (PNA) news article citing the Commission on Elections (COMELEC).

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

Voter registration for the May 2025 midterms elections would resume on Feb. 12, the Commission on Elections (Comelec) announced on Wednesday.

Comelec chairperson George Erwin Garcia, in a phone interview, said the voter registration period will run for seven months or until Sept. 30.

Garcia noted that they expect some 3 million to apply for registration as voters.

“Our projected number of registered voters is around 3 million, which shall be added to the current 68 million voters,” he added

The last voter registration period was held from Dec. 12, 2022 to Jan. 31, 2023.

Let me end this piece by asking you readers: What is your reaction to this recent development? Are there many members of your local community who intend to get themselves registered as new voters with the COMELEC? How far is the nearest COMELEC from your place?

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

Southern Police District (SPD) officers arrest leader of gunrunning group at Festival Mall

January 16, 2024January 10, 2024carlocarrasco

Recently in the City of Muntinlupa, the Southern Police District (SPD) conducted an entrapment operation at a part of Festival Mall that resulted in the arrest of the leader of a gunrunning group for the alleged illegal sale of firearms and ammunition, 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 suspected leader of a gunrunning group was arrested by the Southern Police District (SPD) at a popular mall in Alabang, Muntinlupa on Jan. 9.

The SPD Special Operation Unit carried out the operation against the illegal sale of firearms and ammunition.

SPD Director Brig. Gen. Mark Pespes identified the arrested suspect as alias Ivan, 51, alleged leader of the Sgt. Ivan Gun Running Group. The driver of the van with the alias Alvin, 41, is being investigated.

A member of the group, alias Daryl, 40, was arrested in another operation in Sampaloc, Manila.

The arrest was made at about 8 a.m. in front of a Korean grill restaurant in Festival Mall in Alabang.

A subsequent operation at 11:15 a.m. on the same day in Sampaloc, Manila led to the arrest of Daryl, the second target of the operation.

The SPD said the operation stemmed from intelligence provided by a confidential informant, allegedly detailing the involvement of the Sgt Ivan Group in gunrunning activities.

The group is allegedly composed of reservists or former uniformed personnel and believed to be operating in the southern part and nearby cities of the National Capital Region (NCR).

SPD said the entrapment operation, jointly conducted with the Station Intelligence Section of the Muntinlupa Police, the Philippine National Police’s Criminal Investigation and Detection Group Quezon City District Field Unit and Manila Police District Substation 4.

At Festival Mall, Ivan, the No. 1 target of the operation, sold two ammunition boxes of 5.56mm containing an estimated 2,000 rounds after receiving marked buy-bust money. Subsequently another operation was launched involving three high-caliber firearms.

The transaction started in Muntinlupa City and extended to D. Tuazon, Quezon City. Target No. 2, Daryl, aware of the situation, swiftly changed the location to Bataan Street, Barangay 55, Sampaloc, near the boundary of Quezon City and Manila. Despite attempts to evade arrest, Daryl was swiftly apprehended by the team.

Recovered by the police from Ivan were P1,000 genuine bill marked money, two ammunition boxes containing an estimated 2,000 rounds of green tip 5.56 ammunition, one Intelligence Service Identification Card under the name of suspect alias Ivan.

Meanwhile, recovered from Daryl, the SPD said, were P1,000 genuine bill, one unit of Imbel Brasil .45 caliber pistol, one magazine for .45 caliber pistol, 15 live ammunition for .45 caliber pistol, black inside holster for .45 caliber pistol, one Bentley shotgun, 35 shotgun shells, red sling bag intended as pouch for shotgun ammunition, one US carbine with foldable butt and sling, 82 live ammunition for carbine, black pouch intended for carbine ammunition, brown sling bag. An Armscor .45 caliber pistol recovered from Daryl is under verification.

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 surprised that the buy-bust operation and arrest happened within the area of Festival Mall?

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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Philippines unemployment rate falls to 3.6% (as of November 2023)

January 15, 2024January 14, 2024carlocarrasco

Based on the latest findings of the Philippine Statistic Authority (PSA), the national unemployment rate fell down to 3.6% as of November 2023, 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 country’s unemployment rate fell to its lowest level in November last year, while employment reached its highest since April 2005, the Philippine Statistics Authority (PSA) reported on Tuesday.

At a briefing, National Statistician Dennis Mapa said results of the PSA’s latest Labor Force Survey (LFS) showed that unemployment rate further went down to 3.6 percent during the month, down from the 4.2 percent recorded in November 2022 and October 2023.

It was the lowest recorded unemployment rate since the PSA introduced a new methodology for measuring the LFS in 2005.

In terms of magnitude, the number of unemployed Filipinos was estimated at 1.83 million, down from 2.18 million in November 2022 and 2.09 million last October.

The Labor Force Participation Rate (LFPR), meanwhile, was registered at 65.9 percent or about 51.47 million Filipinos aged 15 and above who were either employed or unemployed.

The LFPR during the month was lower than the 67.5 percent recorded in November last year.

In a statement, the National Economic and Development Authority (NEDA) said the decline was mainly due to reduced participation of young people (34.4 percent from 40 percent) and women (55.4 percent from 57.8 percent) in the labor force, influenced by family responsibilities, schooling, and age-related factors.

The country’s employment rate was estimated at 96.4 percent, also the highest recorded since April 2005.

The number of employed Filipinos was estimated at 49.64 million.

Underemployed persons or those who expressed the desire to have additional hours of work in their current job or to have an additional job or to have a new job with longer hours of work was recorded at 5.6 million, lower than last year’s 7.16 million.

NEDA Secretary Arsenio Balisacan said there is a need to expand the digital economy, including the digitalization of Micro, Small, and Medium Enterprises and startups, to address the declining labor force and increase labor market gains in 2024 and beyond.

“Digitalization enables alternative work arrangements, particularly for the youth, women, and those in the creative sector. This will help address the declining labor force,” Balisacan said.

“We will take full advantage of the liberalization reforms intended to attract investments in the Philippines, especially in digital infrastructure. Upgrading our infrastructure will attract investments that generate high-quality jobs,” he added.

Balisacan said the government will further support a more productive, agile, and adaptive workforce by passing and implementing crucial regulatory reforms, such as the Apprenticeship Bill, Lifelong Learning Bill, and the Enterprise Productivity Act.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines has enough momentum to grow and open up new job opportunities for more Filipinos?

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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HIV awareness campaign launched in Las Piñas City

January 12, 2024January 9, 2024carlocarrasco

Recently in the City of Las Piñas, an effort to spread awareness about the human immunodeficiency virus (HIV) – the virus that leads to acquired immunodeficiency syndrome (AIDS) – was launched by the health department under the City Government, according to a Manila Bulletin news report.

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

The Las Piñas City Health Office (CHO) has launched an awareness campaign on the human immunodeficiency virus (HIV) as it recorded more than 1,500 cases of infection in the city.

During the “Serbisyo Las Piñero” health edition program of the city government hosted by Dr. Dhaniel Calma, CHO medical director, Dra. Maria Alinea Salatan, HIV/AIDS control program medical coordinator; and Jaydee Trinidad, nurse, discussed the number of HIV cases in the city.

Trinidad said the Las Piñas Social Hygiene Clinic in Barangay Almanza Uno logged a total of 1,536 HIV cases in June 2023.

He said the highest number of recorded infections came from the working group (746 or 49 percent) and from the youth (435 or 23 percent).

Salatan said the youngest patient afflicted with HIV being treated at their clinic is a 16-year-old.

She said the city social hygiene clinic is conducting an HIV/AIDS awareness campaign by teaching individuals to practice safe sex to prevent getting the disease.

They are offering free HIV testing from 8:00 a.m. to 5:00 p.m. They extend the testing time for the working group from 5:00 p.m. to 8:00 p.m.

Salatan said they are also conducting free HIV testing for pregnant women to ensure their babies are free from the virus.

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? Are you concerned that HIV or AIDS cases in the city are gradually multiplying? Are there many people in your local community who are willing to get tested for HIV or AIDS?

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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Finance Secretary Diokno says Philippine economic growth this year will be robust

January 11, 2024January 8, 2024carlocarrasco

The economy of the Philippines will continue with robust growth this year according to the recent statement by Finance Secretary Benjamin Diokno, as reported by the Philippine News Agency (PNA).

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

Philippine economic growth is expected to remain robust this year mainly driven by private consumption and the continued implementation of structural reforms, Finance Secretary Benjamin Diokno said on Monday.

“While multilateral organizations project a slower global outlook for 2024 at 2.9 percent, the Philippine economy is expected to improve, reinforcing its status as one of the fastest-growing economies in the region,” Diokno said in a statement.

The Philippine economy grew by 5.9 percent in the third quarter of 2023, bringing the year-to-date growth to 5.5 percent.

Diokno said that for the full year of 2023, growth is expected to settle close to the low end of the government’s 6 to 7-percent target.

For 2024, economic managers assume a growth rate of 6.5 percent to 7.5 percent.

“Amid the ongoing strong El Niño and geopolitical and trade tensions, the country’s growth is expected to be driven by strong private consumption, supported by the expected return of inflation within the target range, falling oil prices, robust public spending, greater investments lured by the country’s sound macroeconomic fundamentals, investment-grade credit rating, and the implementation of structural reforms, and increased demand for Philippine exports as supply chain bottlenecks ease,” he said.

Diokno said economic prospects will be even better with the alignment of policies between fiscal and monetary authorities, measures to bring down inflation, and greater coordination of all public sectors to implement programs.

He added multilateral organizations also expect the Philippines to be one of the fastest growing economies in 2024.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines has enough momentum to achieve growth of at least 6.5% this year?

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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CREATE Law attracts over P1 trillion worth of investments

January 10, 2024January 4, 2024carlocarrasco

While it is still uncertain as to how much the Philippine economy will grow by the end of this new year, over a trillion Pesos of investments were attracted by means of project approvals under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, according to a news article published by the Philippine News Agency (PNA).

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

More than 900 projects with total investments of PHP1.02 trillion have so far been approved under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act as of end-October last year, the Department of Finance (DOF) said on Thursday.

In a Facebook post, the DOF said a total of 910 projects varying across priority sectors listed in the Strategic Investment Priority Plan (SIPP) have been approved under the CREATE law.

“This monumental achievement is a testament to the continuous efforts of the PBBM administration to promote the Philippines as a sound investment destination,” the department said.

Of the 910 projects, 49 big-ticket tax incentive applications with a combined investment capital of PHP817 billion were approved by the Fiscal Incentives Review Board.

The remaining 861 projects with a total investment capital of PHP203 billion were from Investment Promotion Agencies.

“These projects are expected to accumulate a committed employment count of around 99,400 jobs within its incentivized period, with the labor-intensive manufacturing sector having the highest number of approved projects among the priority sectors,” the DOF added.

“This underscores the employability of the country’s workforce in high-quality jobs that will contribute to long-term economic growth.”

CREATE establishes a performance-based, time-bound, targeted, and transparent tax incentives regime in the country.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that more big-time investment-related projects will continue to come in via the CREATE Law?

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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