business news – Page 38 – Author Carlo Carrasco

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.

+++++

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

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.

+++++

BSP sees inflation landing below 4% this year

February 2, 2024January 24, 2024carlocarrasco

The way the Bangko Sentral ng Pilipinas (BSP) sees it, the inflation rate of the Philippines will end up at less than 4% this year although there could be external developments that might alter things, 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…

The Bangko Sentral ng Pilipinas (BSP) expects the inflation rate to fall below four percent this year due to base effects, and is eyeing a lower January 2024 consumer price index (CPI) versus December’s actual 3.9 percent.

BSP Governor Eli M. Remolona Jr. said the base effects will push inflation rates lower for the months of January and February, and for the first quarter on average. They also expect CPI to climb back up after the first three months.

When asked if he sees a below four percent inflation by end-2024, the BSP chief said it is “very likely if you look on a month-on-month basis, it will moderate,” he said in a mix of Filipino and English. “So you have to adjust on base effects,” he added.

The central bank will revise the current 4.2 percent risk-adjusted inflation forecast for 2024 on Feb. 15 to below four percent, said Remolona. “(It’s) very likely,” he said, citing again, the base effects.

The Monetary Board’s first policy meeting this year is scheduled on Feb. 15. The hawkish BSP has kept a tight policy stance of 6.5 percent since October last year.

Meanwhile, the BSP will announce its month-ahead CPI forecast for January on Tuesday, Jan. 30.

According to Remolona, “I think it will be lower (from 3.9% December) because of base effects.”

BSP Deputy Governor Francisco G. Dakila Jr. said upside risks to inflation continue to evolve, and they now include the Red Sea crisis as another factor to their risk-adjusted inflation forecast. The Red Sea conflict centers on the Houthi rebel attacks which disrupted the trade routes in the Suez Canal. This affects the Philippines because oil imports bound for the country passes through the Suez Canal.

The changing labor conditions in the country is another upside risks that could be more of a risk than expected, according to Dakila.

The slowing growth in the global economy, and this already includes China, is a previously cited downside risk to inflation. The El Nino weather phenomenon – originally estimated to last only until March this year, is now expected to extend until the second quarter 2024.

The biggest upside risks to the inflation outlook is the spillovers such as second-round effects. This is electricity rates, transport fare hikes and wage increases.

As for the economy, Remolona said he has more confidence now that the economy will perform better this year.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think inflation here in the Philippines will land below 4%? Do you think that developments overseas could cause a spike in inflation in our country in the months ahead?

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

+++++

BIR now capable of tracking social media influencers’ earnings

January 31, 2024January 24, 2024carlocarrasco

Social media influencers of the Philippines who make a lot of money should be aware that the Bureau of Internal Revenue (BIR) now has methods to track their earnings online, according to a Manila Bulletin news report. As far as the BIR is concerned, the influencers cannot hide from them.

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

The Bureau of Internal Revenue (BIR) has cautioned social media influencers considering tax evasion, emphasizing that the agency has mechanisms to accurately ascertain the earnings of all individuals involved.

BIR Commissioner Romeo D. Lumagui Jr. said the bureau has various methods to effectively obtain and verify the actual earnings of influencers by collaborating with their online platform providers.

“If others think they can hide it, they’re mistaken. We have mechanisms in place to obtain information from these entities about their revenues, so we can access that data,” Lumagui told reporters on Wednesday, Jan. 24.

The BIR categorizes social media influencers as individuals who generate income from their digital posts, identifying them as self-employed individuals operating as sole proprietors.

Despite the BIR’s best efforts, there have been numerous reports indicating that many social media influencers have chosen to ignore the bureau’s requests for voluntary compliance with tax laws.

In 2021, the BIR launched a campagin to address tax non-compliance among influencers, targeting around 250 prominent social media personalities who were believed to have earned substantial incomes and received various benefits.

Under Revenue Memorandum Circular (RMC) No. 97-2021, influencers are required to pay their income and business tax obligations, including either a percentage tax or a value-added tax.

However, the BIR faced a setback after several influential figures promptly deactivated their social media accounts for various reasons following the issuance of RMC 97-2021.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think it is good for the nation that social media influencers should be compelled to pay the BIR the tax on their respective online income? Do you think the local money making social media influencers will come up with new ways to avoid taxation? Do you think the affected social media influencers will somehow rebel against the government by posting subversive content with the 2025 national and local elections in mind?

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

+++++

New deadline for business permit renewal in Las Piñas City is on January 31, 2024

January 29, 2024January 23, 2024carlocarrasco

To those of you who are doing business in Las Piñas City, be reminded that the extended deadline is on January 31, 2024, 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 government has extended the deadline for business permit renewal to Jan. 31.

Las Piñas City Mayo Imelda Aguilar said the City Council, headed by Vice-Mayor April Aguilar, passed and approved a resolution on Jan. 20 extending the period for the payment of business permits, licenses, taxes and such other similar commercial and industrial fees and charges from Jan. 20 to 31without surcharges and penalties.

Aguilar said the chief of Business Permit and Licensing Office (BPLO), Jesus Wilfredo Gaerlan, requested for the extension of the deadline.

She said this will not only encourage the settlement of such business, commercial and industrial fees and charges and accelerate the collection but also enable the delinquent individuals and firms to legalize their business operation.

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? If you are managing a business in the city, have you been able to renew your business permit? If you did, was the processing at the Las Piñas BPLO efficient?

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

+++++

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

New deadline for business permit renewal in Muntinlupa City is on January 31, 2024

January 27, 2024January 23, 2024carlocarrasco

To those of you who own or manage business in Muntinlupa City, be reminded that the new deadline for renewing your business permits is on January 31, 2024, according to a Manila Bulletin news report. Renewal of permits can be done online or on-site at the Muntinlupa Sports Center in Barangay Tunasan.

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 is offering an online business permit processing for the convenience of taxpayers.

The Business Permits and Licensing Office (BPLO) encouraged people, especially those who are unable to visit the Business Permit Renewal Hub at the Muntinlupa Sports Center in Barangay Tunasan, to avail of the Business E-Payment System (BESt) as a more convenient alternative to the renewal process.

In addition, the Muntinlupa City Council passed a resolution granting the request of BPLO officer-in-charge Engr. Allan Cachuela to extend the business permit renewal deadline to Jan. 31 to give business owners the chance to comply and avoid penalties.

Mayor Ruffy Biazon welcomed these developments and urged Muntinlupeños to beat the deadline by taking these opportunities that support grassroots businesses–a key component of his economic agenda.

Entrepreneurs who wish to renew their permit may visit the Muntinlupa City government website (https://muntinlupacity.gov.ph/). They must first send their business account details and active company email address to bplo.muntinlupa@yahoo.com or through a personal message to the BPLO Muntinlupa Facebook page. For security, entrepreneurs must send their details via message and not put them in the Facebook comments.

An official notification will be sent to the provided email address. Afterwards, the applicant must create a BESt account and undergo verification through email. Once verified, entrepreneurs must sign into the BESt portal, choose the business permit renewal option, and provide the necessary details and business information. Payment fees can then be settled via Development Bank of the Philippines or Landbank.

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 consider the deadline extension essential for the city’s economy? If you manage a business within the city, have you been able to renew your business permit?

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

+++++

New SBMA chief Aliño eyes more hotels and infrastructure projects to make Subic Bay freeport more attractive to investors

January 26, 2024January 26, 2024carlocarrasco

Recently a local businessman who has extensive experience of doing business inside the Subic Bay Freeport Zone took office as the new head of the Subic Bay Metropolitan Authority (SBMA) and made clear his plan to make the zone more attractive to investors, according to a Philippine News Agency (PNA) news article. His predecessor served for last than one year.

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

Businessman Eduardo Aliño officially assumed post on Monday as chairman and administrator of the Subic Bay Metropolitan Authority (SBMA).

During his first press conference as SBMA head, Aliño noted the vast potential of Subic which should be given priority for development.

“We have so many potentials here in Subic and we may be putting more hotels, more infra projects to attract more investors,” he said, adding that together with his management team, they will study everything to determine what is lacking.

Citing his experience as a locator himself, he also expressed his desire to give investors who are experiencing difficulties in paying their financial obligations to SBMA, a chance or consideration to recover.

He said these businessmen had invested so much money and it would be so painful to lose the business they dreamed of in Subic, so giving them a chance to recover would be like giving them a new lease on life.

Earlier on Monday, Aliño attended the flag ceremony in front of the SBMA Administration Office with his family, and was welcomed by senior officers, members of the board, and employees of the agency.

In his message, he revealed having some apprehensions when President Ferdinand R. Marcos Jr. offered him the position.

He said he consulted his family and thought about it for a while before saying “yes” to the President.

“How can I say no to your President?” he said. “Because if you always refuse to help our leaders, who else would? So, I said yes.”

Aliño said his acceptance of the post was also driven by his desire to repay for all the help that SBMA people had given him and his business over the past 20 years.

“It is because of you, other than us, that made our terminal into what it is right now. Hindi po namin magagawa ang lahat ng ito kung wala ang tulong ninyo (We won’t be able to accomplish all of these without your help)”, he said.

Aliño is the former president and chairman of the S.T.A.R. Group of Companies and former chairman of the Subic Bay Yacht Club. The S.T.A.R. Group of Companies is engaged in integrated supply chain services and port operations.

He is also the former president and chairman of the Subic Bay Freeport Grain Terminal Services Inc. and Mega Equipment International Corp. which is now being managed by one of his sons.

Addressing the employees of SBMA, the new administrator and chairman assured fairness and honesty in serving the people, while asking for their support.

“I promise you that I will be fair. I promise you to be honest,” he said, adding that he has no agenda other than to help and to serve SBMA as a gesture of love for the country, God and the President.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the new SBMA head Aliño and his team will succeed in revitalizing business in the Subic Bay Freeport over the next six months?

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

+++++

VAT exemption in sale of residential properties hiked to P3.6 million

January 20, 2024January 17, 2024carlocarrasco

Those of you who own residential properties should be aware that the Bureau of Internal Revenue (BIR) formally announced that it has hiked the value-added tax (VAT) exemption in the sale of residential properties to P3.6 million (over P400,000 higher than previous), according to a Philippine News Agency (PNA) news article.

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

The Bureau of Internal Revenue (BIR) has increased the threshold for value-added tax (VAT) exemption for the sale of house and lot as well as other residential dwellings from nearly PHP3.2 million to PHP3.6 million.

This, as BIR Commissioner Romeo Lumagui Jr. has issued Revenue Regulations 1-2024, compliant with Section 109 (P) of the National Internal Revenue Code.

The adjustment reflected the commitment to align the threshold with present values every three years using the consumer price index as published by the Philippine Statistics Authority.

“This timely increase in VAT exemption shows our commitment to Excellent Taxpayer Service. This increase in the selling price threshold, for VAT exemption purposes, of the sale of house and lot, and other residential dwelling from PHP3,199,200 to PHP3,600,000 gives testament to the BIR’s improved and updated services,” Lumagui said.

The BIR said its focus on Excellent Taxpayer Service aligns with President Ferdinand R. Marcos Jr.’s recent signing of the Ease of Paying Taxes Act.

The enactment of the legislation pushes for a modernized tax system, aiming to assist taxpayers in fulfilling their obligations, Lumagui said.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a property owner, does the BIR’s act affect you? Do you think the raised VAT exemption will make a strong impact on many residential properties?

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

+++++

First Metro Investment Corp. and University of Asia and the Pacific expect Philippine economy will grow by 6% this year

January 19, 2024January 13, 2024carlocarrasco

Recently, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) expressed expectation that the economy of the Philippines will achieve 6% growth for the year 2024, 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 PHILIPPINES’ gross domestic product (GDP) is projected to grow faster this year as easing inflation will help boost “revenge spending,” analysts said.

First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said they expect GDP growth at 6% this year, still below the government’s 6.5-7.6% target.

“I think they will not be able to make the 6.5% unless foreign investments come in. And so far, if we look at 2023, foreign investments were actually down significantly… but we have to see how things pan out in the coming months,” Victor A. Abola, an economist at UA&P, said at a briefing in Makati City on Thursday.

FMIC and UA&P projected full-year GDP to average 5.5% in 2023, still below the government’s 6-7%. The economy grew by 5.5% in the nine-month period.

The Philippine Statistics Authority (PSA) is set to release full-year 2023 GDP data on Jan. 31.

“Growth will accelerate from 5.5% (in 2023) to 6% (in 2024), driven by the services sector, particularly, transport, accommodations, and food services, which are experiencing revenge spending,” Mr. Abola said.

Filipino consumers are expected to continue to splurge this year, which will help drive growth.

“We’re just seeing the beginning of (revenge spending) because high inflation has sort of toned down that expansion. So, I think that we’ll see faster GDP growth in 2024,” Mr. Abola said.

Improved employment will also boost the economy this year, Mr. Abola said, citing the record low jobless rate seen in November.

The country’s unemployment rate fell to 3.6% in November from 4.2% in the previous month and a year ago, marking an 18-year low. In November, the number of employed people also rose to 49.64 million from 47.8 million in October and 49.7 million in November 2022.

FMIC Executive Vice-President Daniel D. Camacho said the BSP will likely keep rates steady for the first half.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think internal and external economic factors will somehow become favorable for the Philippines and allow better economic growth along the way? Do you think there is too much attention paid on so-called revenge spending?

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

+++++

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.

+++++

	Instapundit »… on Immigrant from the Philippines…
	The Politics of Depo… on Residency Period For Naturaliz…
	Luisito baluyot on Applications for Las Piñas Cit…
	Ben on Trump’s Immigration Crackdown…
	Instapundit »… on Trump’s Immigration Crackdown…

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this: