business – Page 13 – Author Carlo Carrasco

World Bank says Philippines economic growth will be below 6% per year until 2031

June 3, 2025June 3, 2025carlocarrasco

By pointing to several economic factors, the World Bank stated that it expects the economy of the Philippines to grow less than 6% per year until the year 2031, according to a Manila Bulletin news report.

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

The Philippines’ annual economic growth is expected by the World Bank Group (WBG) to remain below six percent this year until 2031.

Its newest country partnership framework (CPF) for the Philippines, covering fiscal years (FYs) 2026 to 2031, showed that the WBG forecasts Philippine gross domestic product (GDP) growth of 5.3 percent for this year, 5.4 percent for next year, and 5.5 percent for 2027—all below the more ambitious six- to eight-percent target of the Marcos Jr. administration for the second half of its term.

“The average GDP growth forecast for 2025 to 2027 is expected at 5.4 percent. Risks are mostly tilted downside and include potential retaliation by main global players that may affect global growth further, probably hitting domestic growth,” the WBG said, referring to the lingering world trade uncertainty caused by United States (US) President Donald Trump’s tariff spree.

“Increased uncertainty could trigger instability in financial markets and capital flight,” it added.

On the flipside, “the Philippines may benefit from improved margins of preference for key export products, and from lower global commodity prices (tied to lower global growth), and absent any external pressures, the prospect of continued monetary policy rate normalization” in the next three years, the WBG said.

This year, its projected 5.3-percent GDP growth rate—poised to be the slowest pace of expansion since the Philippine economy gradually reopened from the most stringent Covid-19 restrictions—was attributed by the WBG to “the direct impacts of the higher tariffs and trade policy uncertainty on demand for exports, the effects of increased global policy uncertainty on investment demand, and the indirect effects on export and investment demand through lower global growth.”

But on the upside, “these negative effects are dampened as the Philippines is mostly integrated in services rather than merchandise value chains (that have been most affected by trade policy barriers), and as public investment and private investment in non-tradables is expected to remain robust,” the WBG added.

Philippine GDP growth is seen picking up gradually to 5.7 percent in 2028, 5.8 percent both in 2029 and 2030, and 5.9 percent in 2031.

The WBG forecasts headline inflation to be in the range of three to 3.2 percent from 2025 to 2031—within the targeted two- to four-percent annual consumer price increases deemed conducive to economic growth.

As the Marcos Jr. administration embarks on fiscal consolidation to narrow the yawning budget deficit and lower the share of public debt to the economy following massive borrowings at the height of the pandemic, the WBG projected the fiscal deficit narrowing gradually from 5.7 percent of GDP in 2024 to 5.4 percent in 2025, 4.9 percent in 2026, 4.4 percent in 2027, 4.1 percent in 2028, 3.9 percent in 2029, 3.7 percent in 2030, and 3.6 percent in 2031.

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 currently does not have enough strength to exceed the crucial 6% mark for annual growth?

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

Department of Agriculture (DA) recommends retaining 15% tariff on imported rice

June 3, 2025May 29, 2025carlocarrasco

In an attempt to mitigate the effects of inflation on domestic prices, the Department of Agriculture (DA) recommended keeping the 15% tariff on imported rice, according to a GMA Network news report.

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

The Department of Agriculture (DA) has recommended retaining the 15% tariff on imported rice to help mitigate the effects of inflation in local prices.

In a public briefing on Wednesday, DA spokesperson Assistant Secretary Arnel de Mesa said that they aim on lowering the effects of inflation throughout the agricultural industry.

“Napakaimportante yan sa buong ekonomiya ng ating bansa, at masigurado din natin na maging tuloy-tuloy ang mga programa natin na mas mababang presyo ng bilihin di lamang ng bigas kundi iba pang agricultural commodities,” said de Mesa.

(It is very important to the economy of the entire country, and we should ensure that our programs to lower the prices of commodities will continue, not just rice but other agricultural commodities.)

He further said that the majority of every P100 that poor Filipino families spend were used to purchase rice.

“Mga 25% kasi ng bigas na kino-consume natin ay imported. So, kung mapapanatili natin na mababa ang taripa at 15%, mas masisigurado natin na yung pangkalahatang presyo ng bigas ay mas magiging matatag at hindi makakaapekto sa price spikes kung magkakaroon man. Yung inflation overall natin, mapapanatili nating mababa kung mananatiling mababa presyo ng bigas,” he added.

(About 25% of the rice we consume is imported. So, if we keep the tariff low at 15%, we can better ensure that the overall price of rice will remain stable and won’t affect any price spikes. We can keep or overall inflation lower if we keep the price of rice low.)

DA said that they consider the price of rice in international markets, exchange rates, logistics costs from the port of origin, and productivity in the country when considering rice tariffs.

“Napakaimportante lalo na sa panahon ng lean months, ay masigurado natin na yung imported na bigas ay maganda ang presyuhan para di maapektuhan din yung presyo ng local na supply natin. Yung timing is really important to make sure natin na mapapanatili natin na matatag ang presyuhan ng bigas,” he said.

(It is very important, especially in the lean months, that we ensure that the price of important rice will not affect the price of our local supply. The timing is really important to make sure that we keep rice pricing stable.)

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think 15% tariff on imported rice is just right?

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 trade officials meet with Pan Pacific International Holdings Corporation (PPIH)

May 25, 2025May 21, 2025carlocarrasco

Recently officials of the Department of Trade and Industry (DTI) met with the executives of Pan Pacific International Holdings Corporation (PPIH) – the company behind the popular Don Quijote stores – and they discussed opportunities of trade expansion, according to a news article by the Philippine News Agency (PNA).

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

Trade Secretary Cristina Roque has met with executives of Pan Pacific International Holdings Corporation (PPIH) to expand trade opportunities for Philippine products.

PPIH is the Japanese retail powerhouse behind Don Quijote and Don Don Donki store chains.

In a statement on Tuesday, DTI said the meeting, held on May 19 in Tokyo, centered on expanding the sourcing of Philippine products for inclusion in PPIH’s global store network, particularly in Japan, the United States, and other Asian markets.

The recent engagement with PPIH officials is in line with President Ferdinand R. Marcos Jr.’s directive to deepen trade and investment ties with key global partners, with the representatives from both parties eyeing collaborative solutions to address regulatory and packaging requirements, facilitating smoother entry of Philippine products into foreign retail markets.

During the meeting, PPIH expressed strong interest in increasing the visibility of Filipino-made goods in their retail ecosystem, both as standalone Philippine-branded products and as ingredients or components for Japanese-packaged offerings tailored to local markets.

PPIH identified food and wellness items, natural and sustainable home goods, and unique lifestyle products as key areas of sourcing interest.

They also expressed interest to connect directly with more Philippine exporters and manufacturers, beyond current intermediaries, to gain better access to new and trending products.

“We welcome every opportunity to introduce Filipino products to the world — especially through partners who share our commitment to innovation, inclusion, and excellence. As we work toward a more dynamic and future-ready Bagong Pilipinas (New Philippines), engagements like this underscore our dedication to creating new market avenues for Filipino enterprises,” Roque said.

DTI said that while PPIH noted that opening a Donki store in the Philippines remains a long-term consideration, executives acknowledged that a successful sourcing partnership with the Philippine government and exporters could play a significant role in including the Philippines in future regional expansion plans.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think that PPIH will proceed with trade expansion opportunities with the Philippines this year? Do you think that a strategic partnership will be realized 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.

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Do you miss Fukuya Japanese Restaurant?

May 21, 2025May 15, 2025carlocarrasco

On April 30, 2025, Fukuya Japanese Restaurant inside Festival Mall closed down after having its final day of operations which saddened a lot of loyal customers. At 8:41 in morning of that same day, the restaurant announced via social media that they were going to close down which went as follows:

It is with a heavy heart that we are announcing our last day of operations today. We would like to thank our valued customers whom we consider a part of the Fukuya family for your patronage and support since we opened our doors in 1995. We truly cherish the memories we have of you and it is our pleasure to have served you. To our generations of patrons, thank you for your kind words and loyalty to Fukuya. You have made our journey all the more fulfilling. May God bless you all!

*I took this picture on May 1, 2025. This very spot Fukuya previously occupied has since been covered up.*

For the newcomers reading this, Fukuya Japanese Restaurant first opened at SM Southmall in Las Piñas City in the mid-1990s and my first time ever to eat at their place was in 1997. They eventually opened in Festival Mall in Alabang, Muntinlupa some years later and lasted there until April 30 this year. Be aware that a change of ownership of Festival Mall took place months ago which might be related to Fukuya’s closure.

Being fond of Japanese food, I can say that the demise of Fukuya Japanese Restaurant is very unfortunate. To be clear, the number of Japanese restaurants and other businesses selling certain types of Japanese food at Festival Mall has increased over the past several years. In fact, there are certain Japanese restaurants there that sold meals at notably higher prices when compared to similar offerings from Fukuya Japanese Restaurant. Clearly Fukuya had a lot of competitors at Festival Mall alone.

More on Fukuya, there are best known for the Hiroshima-style Okonomiyaki (read my old article by clicking here) which was always served freshly cooked, very flavorful and filling. I had their Okonomiyaki many times and always had a great taste backed with satisfaction. I also tried Okonomiyaki at other Japanese restaurants at Festival Mall but none of them ever came close to what Fukuya had.

Fukuya also served Futo Maki/Futomaki, Yakisoba, ramen, Bento meals, Tempura, sushi, sashimi, Teppanyaki, Udon, Soba and a lot more. They also had value meals to accommodate customers with limited funds.

*Fukuya Japanese Restaurant’s most famous meal is the Hiroshima-style Okonomiyaki.*

While the pandemic is over and the Philippine economy is growing, there are still a lot of internal and external economic forces that make operating businesses challenging. As for the rental fees of Festival Mall under the new owner, I heard allegations that the rates went up. Apart from Fukuya, I noticed a local printing and photocopying business there closed down recently, and I used to have documents photocopied there.

Now that Fukuya Japanese Restaurant is gone, customers who are looking for Japanese meals that are affordable will have to look elsewhere. As of this writing, Fukuya has not updated their Facebook page since April 30, 2025. While their FB page is still active, I can only wonder if the business owners could be planning a revival of Fukuya someday. You can visit their FB page by clicking https://www.facebook.com/FukuyaJapaneseRestaurantFestivalMall

*Do you miss this view from inside Fukuya at Festival Mall?*

For those of you reading this, let me ask you – were you fond of eating at Fukuya Japanese Restaurant? Did you enjoy their Hiroshima-style Okonomiyaki? How was the quality of the food they served you the last time you ate there? What do you think is the main reason behind the closure of Fukuya Japanese Restaurant?

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

Nomura trims Philippine economic growth forecasts for 2025 and 2026

May 16, 2025May 14, 2025carlocarrasco

As far as the Nomura Global Markets Research is concerned, the economic growth of the Philippines will for 2025 and 2026 will end up weaker than previously expected, according to a BusinessWorld news report.

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

NOMURA GLOBAL Markets Research has trimmed its gross domestic product (GDP) growth forecasts for the Philippines for this year and 2026 following the weak first-quarter expansion.

Nomura cut its Philippine economic growth forecast to 5.3% for this year from 5.9% previously, it said in a report dated May 9. It also slashed its 2026 projection to 5.6% from 6.1%.

Both projections are well below the Development Budget Coordination Committee’s 6-8% growth target for 2025 until 2028.

“Our 2025-26 GDP forecast revisions take into account the disappointing first-quarter outturn, which only rose slightly to 5.4% year on year from 5.3% in fourth quarter 2024, despite election-related spending,” Nomura analysts Euben Paracuelles and Nabila Amani said in the report.

“Escalating global trade and geopolitical tensions are the main downside risks to growth. A faster rollout of infrastructure projects and lower oil prices are upside risks.”

The Philippine economy expanded by 5.4% in the first quarter, the government reported last week. This was a tad faster than the revised 5.3% in the previous quarter but sharply slower from the 5.9% growth in the same period in 2024.

Department of Economy, Planning, and Development Undersecretary for Policy and Planning Group Rosemarie G. Edillon said that GDP would need to grow by 6.2% for the rest of the year to reach the lower end of the 6-8% goal.

Based on its forecasts, Nomura expects the Philippines to post below-6% GDP growth for the rest of the year. Broken down, it sees GDP growth of 5.3% in the second quarter, 5.4% in the third quarter, and just 5% in the fourth quarter.

In 2024, the economy expanded by 6.5% in the second quarter, 5.2% in the third quarter, and 5.3% in the fourth quarter.

“A key source of the downside surprise [in the first quarter] was investment spending growth, which we believe suggests businesses have already turned cautious amid surging global trade uncertainty, even in a less open economy,” Nomura said.

“We expect a moderate pickup in real GDP growth in 2026, led by the government’s strong push for more progress on infrastructure projects.”

It added that it expects the country to post a current account deficit of 4.1% of GDP this year and 4.4% of GDP next year, wider than the 3.8% ratio in 2024, driven by an increase in capital goods imports amid the government’s infrastructure push and weaker exports due to the US’ tariffs.

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 can still grow stronger than what Nomura predicts in 2025 and 2026? Do you think the national government should make new economic moves to stimulate the national economy while also attracting new foreign investors?

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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What to watch on YouTube right now – Part 76

May 14, 2025October 6, 2025carlocarrasco

Welcome back my readers, YouTube viewers and all others who followed this series of articles focused on YouTube videos worth watching. Have you been searching for something fun or interesting to watch on YouTube? Do you feel bored right now and you crave for something to see on the world’s most popular online video destination?

I recommend you check out the following videos I found.

#1 Reactions and retro review of Friday The 13^th: The Final Chapter – If you have seen at least a majority of the many Friday The 13^th movies, which one do you think is the best of them all? For me, it is the fourth movie Friday The 13^th: The Final Chapter and you can read my retro movie review of it by clicking here. Already there are many movie reaction and retro review videos about the 1984 film on YouTube, and I selected the entertaining ones for you to see below.

#2 The failure of BuzzFeed – I never relied on BuzzFeed for updates nor entertainment stuff. As I was browsing YouTube, I noticed this video by It’s Blanko focused on BuzzFeed which has been in trouble for some time now (click here, here and here). Recently, BuzzFeed, Inc. tapped into AI (artificial intelligence) for audience engagement and growth. The video below is quite comprehensive with its examination of BuzzFeed’s culture, business practices and how it struggled years later.

#3 PatmanQC examines the history of Atari’s Star Wars arcade game – Now on to retro gaming! Way back in 1989 in a Las Vegas hotel, I played the Star Wars arcade game produced by Atari. It was an enjoyable experience as the game design was pretty immersive, fun and responsive. It was also one of the early first-person view games that I experienced as a gamer. Storywise, the game was set during the Rebels’ attack on the Death Star. To find out more about the history and making of the arcade classic, watch PatmanQC’s in-depth video below.

#4 Retrospective on Parasite Eve – Back in 1998, Square released Parasite Eve, a role-playing game (RPG) that emphasized horror over fantasy, and a story that had some grittiness related with its police story concept. I finished the game on PlayStation and ultimately I was not too impressed with the game nor was there any incentive for me to replay it. While it was commercially successful enough to spawn two sequels, Parasite Eve has been pretty much forgotten by the public and Square Enix showed no signs of reviving its franchise. That being said, I found a retrospective that should interest both Parasite Eve fans and younger gamers who are interested in the 1998 game.

#5 The Denver Nuggets’ memorable 1994 elimination of the Seattle Supersonics – If you are fond of basketball and if you are interested to discover a great upset in the history of the NBA Playoffs, you should check out the shocking fall of the Seattle Supersonics to the Denver Nuggets in the elimination round of the 1994 NBA Playoffs. Back then, Seattle was #1 in the Western Conference while the Nuggets were at #8. Dikembe Mutombo led the Nuggets and their team was fortunate to have talented supporting players to help them outclass Shawn Kemp and the Sonics. To learn all the details, watch the video below.

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Philippine economy grew by 5.4% in 1st quarter of 2025

May 12, 2025May 8, 2025carlocarrasco

The Philippine Statistics Authority (PSA) announced that the economy of the Philippines grew by 5.4% in the first quarter of this year, according to a GMA Network news report.

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

The Philippine economy expanded faster in the first three months of 2025 amid the growth seen in services, industry, and agriculture sectors, according to the Philippine Statistics Authority (PSA).

The country’s gross domestic product (GDP) —the value of goods and services produced in a period— grew faster by 5.4% in the first quarter of 2025, higher than the upwardly revised growth rate of 5.3% in the last quarter of 2024, PSA chief and National Statistician Claire Dennis Mapa reported at a press conference in Quezon City on Thursday.

This was also the fastest GDP growth rate seen since the third quarter of 2024, albeit slower than the 5.9% growth recorded in the first quarter of 2024.

At constant prices, the economy reached a value of P5.477 trillion during the period, up 5.4% from P5.196-trillion GDP seen in the same quarter last year.

Department of Economy, Planning and Development Undersecretary Rosemarie Edillon said the country’s GDP needs to increase by 6.2% in the remaining quarters of 2025 to hit at least the lower-end of the. government’s growth target of 6% to 7% for the year.

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 can still grow by 6% by the end of the year? Do you think election spending will add a lot to economic growth?

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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All LGUs must fully automate business registration processes by 2028

May 10, 2025May 7, 2025carlocarrasco

The Anti-Red Tape Authority (ARTA) recently emphasized that all local government units (LGUs) around the country are required to have their respective business registration processes fully automated by the year 2028, according to a Business Mirror news report.

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

ALL 1,642 local government units (LGUs) are required to fully automate their business registration processes by 2028 or before the end of the term of President Ferdinand R. Marcos, Jr., according to the Anti-Red Tape Authority (Arta).

At a briefing in Malacañang on Tuesday, Arta Secretary Ernesto V. Perez divulged that out of 1,642 LGUs in the country, only 115 LGUs have fully automated their business registration processes as of March 31, 2025 while 1,203 LGUs are “partially automated.”

With only three years left in the Marcos administration, Perez said Arta is intensifying its efforts to make sure that all LGUs across the country will comply with the automation of business registration processes.

Having a fully operational eBOSS or electronic Business One-Stop Shop means being able to streamline the procedures for the filing of applications and issuance of local business licenses, permits, clearances, and authorizations through the LGU’s provision and usage of an “on-demand” single, digital portal, according to ARTA.

“Ang target po before the term of this administration ends in 2028, all LGUs must be compliant. That is why our partners for this are the DICT, DILG and DTI,” said Perez.

With this, the Arta chief revealed that it issued 431 Notices to Explain. “We will file charges against the 134 LGUs that did not respond. Because based on our experience, if they know the government agency is serious and will file charges, they will act on it. I hope they don’t wait for us to file a case against them before they act,” Perez said.

He explained that the Office of the Ombudsman will determine the proper violation and penalty to be imposed on these non-compliant LGUs.

“Our President has a strict directive for all government processes to be streamlined and digitalized,” Perez said, partly in Filipino.

Perez said these LGUs cannot use lack of budget or financial resources as an excuse for non-compliance with eBOSS, “Because there is a free system that DICT developed. This began with the Integrated Business Permitting and Licensing System (IBPLS).”

“The DICT has improved the e-gov.ph and it’s free. The LGU just needs to apply. Meanwhile, those LGUs with budget, they hired third-party service providers,” Perez explained.

Moreover, the Arta chief said LGUs cannot use poor internet connection as an excuse for non-compliance.

Let me end this post by asking you readers: What is your reaction to this recent development? Has your local government unit made its business registration processes fully automated already?

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 inflation rate lands at 1.4% in April 2025, the lowest since November 2019

May 8, 2025May 6, 2025carlocarrasco

The Philippine Statistics Authority (PSA) confirmed that the inflation rate of the Philippines fell down more to 1.4% in April 2025 which is the lowest since November 2019, according to a news report by GMA Network.

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

The Philippines’ inflation rate continued its deceleration streak for the third straight month, remaining below 2% in April, on the back of slower movements of food and transport costs, the Philippine Statistics Authority (PSA) reported on Tuesday.

At a press briefing, PSA chief and National Statistician Claire Dennis Mapa reported that last month’s inflation print —which measures the rate of increase in the prices of consumer goods and services— cooled down further to 1.4% from 1.8% in March.

This was the slowest since November 2019, when inflation clocked in at 1.2%.

April’s inflation rate brought the year-to-date rate to 2%, well within the government’s ceiling of 2% to 4% for the entire 2025.

“Ang pangunahing dahilan ng mas mababang antas ng inflation nitong Abril 2025 kaysa noong Marso 2025 ay ang mas mabagal na pagtaas ng presyo ng Food and Non-Alcoholic Beverages sa antas na 0.9% [from 2.2% in March],” Mapa said.

(The main contributor to the lower inflation rate in April 2025 versus March 2025 was the slower increase in the prices of Food and Non-Alcoholic Beverages with a rate of 0.9%.)

“Ito ay may 82.3% share sa pagbaba ng pangkalahatang inflation sa bansa,” he added.

(This accounted for 82.3% of the decrease in the country’s overall inflation rate.)

The decline in Food and Non-Alcoholic Beverages index was brought by the stronger contraction in cereals, such as rice, to -7.4% from -5.2%.

Also contributing to the overall inflation downtrend was the faster contraction in Transport index at -2.1% from -1.1% month-on-month, accounting for 15.2% to the decline.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the inflation rate of the Philippines could go down even further to as low as 1% 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.

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ANZ Research says Philippine economic growth for 2025 could slow down to 5%

May 2, 2025April 28, 2025carlocarrasco

By pointing to the trade policies of the United States and weak private spending, ANZ Research says that the economic growth of the Philippines for 2025 could slow down to 5%, according to a BusinessWorld news report. ANZ also downgraded its growth forecasts for many other Asian economies.

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

PHILIPPINE economic growth is expected to slow to 5% this year due to the fallout from the Trump administration’s trade policy and weak private spending, ANZ Research said.

In its latest Asia Insight report, ANZ cut its gross domestic product (GDP) forecast for the Philippines to 5% this year from 5.7% previously. It also lowered its 2026 GDP projection to 5.5% from 6% previously.

Both forecasts would fall short of the 6-8% growth target set by the Development Budget Coordination Committee from this year to the next.

“Our new forecasts incorporate our expectations of direct and indirect impact of tariffs, bilateral trade agreements between the US and individual economies, revised growth estimates for mainland China and the US and potential policy response,” ANZ Chief Economist for Southeast Asia and India Sanjay Mathur said.

The downward revisions constitute a “durable shock to regional growth as US tariffs imply a long-term reduction in global trade,” he added.

President Donald J. Trump slapped reciprocal tariffs on most of its trading partners earlier this month but suspended these higher tariffs for 90 days. Only the baseline 10% tariff remains in effect.

The Philippines was hit with a 17% reciprocal tariff, though this was the second lowest in Southeast Asia, just after Singapore.

“It is likely that some Asian economies will negotiate down or even do away with the April 2 reciprocal tariffs owing to the potential damage to US growth,” Mr. Mathur said. “Even so, the uncertainty around US trade policies will constrain business activity, including hiring and investment.”

ANZ slashed its growth projection for Asia, excluding China and India, to 2.9% this year from 3.4% previously. It also trimmed its 2026 forecast to 3.3% from 3.5% previously.

ANZ also downgraded its GDP projections for all countries it covers, namely India, Indonesia, Malaysia, Singapore, Taiwan, Thailand, South Korea and Vietnam.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the Philippines will be able to negotiate with the United States on tariff and trade matters 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.

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