Tag: business

Ease of Paying Taxes Act signed into law by President Marcos

Ease of Paying Taxes Act signed into law by President Marcos

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In recent times, Philippine President Ferdinand “Bongbong” Marcos, Jr., signed into law the Ease of Paying Taxes Act (officially referred to as Republic Act Number 11976 or RA11976), according to a news article 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…

President Ferdinand R. Marcos Jr. signed into law Republic Act (RA) 11976 or the Ease of Paying Taxes Act which aims to modernize and increase the efficiency and effectiveness of tax administration and strengthen taxpayer rights.

In a statement on Sunday, the Presidential Communications Office (PCO) said the Ease of Paying Taxes Act is one of the priority legislations mentioned during the State of the Nation Address in 2022 and 2023.

“The law allows the government to capture as many taxpayers as possible into the tax net by streamlining the system and minimizing the burden on taxpayers, increasing the country’s revenue collection in the long run,” the PCO said.

The new law, signed on Friday, introduces administrative tax reforms and amendments to several sections of the National Internal Revenue Code of 1997.

It also updates the Philippine taxation system, adopts best practices and replaces antiquated procedures.

Among RA 11976’s salient features are classification of taxpayers into micro, small, medium, and large; electronic or manual filing of returns and payment taxes either to the Bureau of Internal Revenue (BIR), through any authorized agent bank or authorized tax software provider; option to pay internal revenue taxes removal to the City or Municipal Treasurer; elimination of the distinction between documentation and basis of sales of goods and services; and classification of value-added tax (VAT) refund claims into low, medium and high-risk.

The law ensures the availability of registration facilities to non-Philippine resident taxpayers; promoting and assisting taxpayers in tax processes; streamlining; reducing documentary requirements; and digitalizing BIR services through the development of the Ease of Paying Taxes and Digitalization Roadmap.

The law likewise imposes 180 days to act on claims for refund of erroneous or illegal tax collection and increases the amount for the mandatory issuance of receipts for each sale and transfer of goods and services from PHP100 to PHP500.

According to PCO, the law mandates the BIR to adopt an integrated digitalization strategy by providing end-to-end solutions for the benefit of taxpayers.

These include adopting integrated and automated system for facilitating basic tax services, setting up electronic and online system for data and information exchange between offices and departments, streamlining of procedures by adopting automation and digitalization of BIR services, and building up BIR’s technology capabilities.

RA 11976’s implementing rules and regulations shall be promulgated 90 days from the effectivity of the Act after the consultation of the Finance Secretary with the BIR and the private sector.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think this new law will positively impact the nation’s taxation system? Do you think the new law’s impact will be felt within the next two years?

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

CREATE Law attracts over P1 trillion worth of investments

CREATE Law attracts over P1 trillion worth of investments

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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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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

2024 business permit renewal processing in Muntinlupa City ongoing

2024 business permit renewal processing in Muntinlupa City ongoing

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UPDATE: Muntinlupa City officially extended the deadline to January 31, 2024 according to a Manila Bulletin news report.

Recently in the City of Muntinlupa, the City Government announced that it has formally launched on January 2, 2024, the annual processing of applications for business permits – both new and renewals) at the Muntinlupa Sports Center in Barangay Tunasan, according to a Manila Bulletin news report. As of this writing, the entire process will last until January 20, 2024, but an extension of the deadline might be declared as with prior years.

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

According to the city government, the renewal of business permits will be held from Jan. 2 to 20 at the Muntinlupa Sports Center.

Business owners can also apply business permits online through the Business E-Payment System (BESt).

According to the Muntinlupa Business Permits and Licensing Office (BPLO), the requirements for the renewal of business permits this year are:

1 BIR Monthly/Quarterly Payments for 2023 (photocopy and original)

– Form No. 2550Q/2551Q/2550M

– Form No. 1701Q/1702Q

2. Audited financial statements duly filed before the SEC/BIR (for the period covering two years prior) / Annual Income Tax Return

3. Previous Mayor’s Permit

4. Declaration of gross sales:

a. Notarized Certificate of Gross Sales for 2023

b. If financial documents are consolidated”

– Notarized certificate of breakdown of gross sales per branch for 2023

– 2023 Business Permits/Assessment from other LGUs

– Official Receipts/Sales Invoices/Journals/ POS Reports, etc. (if applicable)

c. Certificate of gross sales for 2023 from the mall admin (if business is located in the mall)

5. Others

a. Copy of 2024 cedula from head office (If business is a branch only)

b. Certification from market administrator (If business is located in Alabang Central Market)

c. Authorization letter and valid ID for representatives

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 who plans to start a business locally, do you find the list of requirements intimidating? Do you think it is inevitable for the City Government to announce a deadline extension?

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 at https://www.instagram.com/authorcarlocarrasco

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

A successful 2023 for tourism in the Philippines

A successful 2023 for tourism in the Philippines

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If you set aside all the politicking and hatred, you will realize that there is no denying that tourism in the Philippines (handled by the Department of Tourism under the administration of President Ferdinand “Bongbong” Marcos, Jr.) turned out very successful over the previous year in terms of foreign tourist arrivals and tourism revenues based on the most recent statistics recorded as emphasized in the recent news article published by the Philippine News Agency (PNA). The exact and final 2023 tourism statistics should be revealed very soon. 

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

As inbound and domestic travel gain momentum, tourism in the Philippines has seen a remarkable turnaround this 2023, breaching targets and continuing to generate employment to millions of Filipinos.

Based on the Department of Tourism’s (DOT) latest data, the industry already surpassed its target of 4.8 million foreign arrivals with over five million visitors recorded as of Dec. 12.

From January to November, the Philippines has hit PHP439.5 billion in foreign visitor receipts shooting past the 2022 figures of PHP208.96 billion.

This number also translates to a 95.85 percent recovery of the 2019 pre-pandemic international visitor receipts, when the country generated PHP458 billion for the same months.

As of Dec. 12, South Korea ranked first as the Philippines’ top source market with 1,341,029 arrivals, followed by the United States with 836,694; Japan with 285,655; China with 252,171; and Australia with 238,487.

Canada landed sixth place with 206,571, followed by Taiwan with 186,140, United Kingdom with 141,516, Singapore with 140,633, and Malaysia with 92,383.

“The performance of Philippine tourism this year has exceeded all expectations. And what these numbers would indicate is a robust economic growth,” Tourism Secretary Christina Frasco said in her year-end assessment report.

Citing the country’s economic managers, Frasco said tourism this year has also emerged as one the “strongest pillars” of the economy, ranking second in terms of the source for growth.

“Notably, the number one source of economic growth is employment of which tourism also contributes in large number of over 5.35 million, in fact,” she said.

Roads, rest areas, flights – Since the beginning of the year, the DOT has been pushing for the construction of more rest areas and roads leading to tourist destinations across the country.


To date, the DOT and its infrastructure arm, the Tourism Infrastructure and Enterprise Zone Authority (TIEZA), have launched ten tourist rest areas, with plans to build 18 more in 2024.

DOT’s collaboration with the Department of Public Works and Highways has also yielded 158 kilometers of tourism roads and an investment of at least PHP16 billion in tourism roads for 2023.

Frasco said the country has likewise recovered nearly 80 percent of its pre-pandemic international incoming seat capacity.

As of November 2023, there are over 1.4 million international seats available, vis-a-vis the one million recorded last year, and the 1.7 million recorded in 2019.

Frasco had also been meeting with stakeholders to relay Manila’s support for direct flights, including with France, the United Kingdom, and Italy.

Consistently ‘leading’ – The Philippines once again showcased the unrivaled charm of its beaches and underwater destinations to tourists from across the globe after bagging the World’s Leading Dive Destination and the World’s Leading Beach Destination awards at the prestigious World Travel Awards (WTA) 2023.


The country also net the Global Tourism Resilience Award for demonstrating “global leadership, pioneering vision, and innovation to overcome critical challenges and adversity while Manila was named the World’s Leading City Destination.

The DOT this year also introduced its new tourism branding “Love the Philippines” to emphasize that the Philippines has a lot more to offer than fun from its natural assets and history to its rich culture.

Along with the new campaign, the DOT sought to increase travel activities in other regions by helping them develop lesser-known tourism destinations.

The DOT launched various tourism initiatives such as the Philippine Experience Programs: Culture, Heritage, and Arts Caravan, which emphasized the country’s diverse cultural heritage and has so far staged four in Davao, Calabarzon, Bicol, and Western Visayas.

Better than expected – Leechiu Property Consultants (LPC) graded the industry’s performance as “better than expected,” saying the country’s focus on domestic travel also contributed to its resurgence in the face of “uncertainties” in key source markets such as China and Japan.


“Despite uncertainties in these external markets, the country’s focus on boosting internal tourism significantly bolstered the industry’s stability and growth,” it said.

For 2024, the DOT has set a modest target of 7.7 million foreign visitors, 500,000 less than the 8.2 million arrivals it generated before the pandemic

LPC Director for Hotel, Leisure, and Tourism Alfred Lay said South Korea has returned to about 72 percent arrivals while China only recovered 15 percent.

Lay said the Philippines, Thailand, Vietnam and Indonesia were all in the “same boat” and have witnessed fairly low recovery rates from Chinese inbound guests but the country was still able to breach its 2023 target.

“Next year is going to be a pivotal year because where are we going to get those (2024) numbers? If the Chinese economic slowdown continues and the Japanese Yen stays where it is, maybe the Korean market will give us more but another two million more, I don’t think so,” he said.

“The 7.7 million is a very interesting target and I’m very interested to see what happens next year, to see if the Philippines has the ability to generate two million new arrivals,” he added.

Let me end this piece by asking you readers: What do you think about this recent development? Do you think the 2024 target of 7.7 million foreign tourist arrivals is achievable even though there are uncertainties overseas that could affect the Philippines as a tourist destination? Do you think the DOT should focus more on encouraging locals to add to the tourism industry’s growth in 2024? When it comes to foreign visitor revenue, do you think the Philippines can attract P500 billion in 2024? Do you think the recent conflicts between the Philippines and China over the West Philippine Sea could negatively affect the inflow of Chinese tourists into the country 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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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 at https://www.instagram.com/authorcarlocarrasco

Philippines attracts 5 million foreign tourist arrivals, sets 2024 target at 7.7 million

Philippines attracts 5 million foreign tourist arrivals, sets 2024 target at 7.7 million

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With a few more weeks to go before 2023 finally comes to an end, the Department of Tourism (DOT) confirmed that the number of foreign tourist arrivals in the Philippines just surpassed the 5,000,000 mark and they raised the stakes even higher for 2024, according to a Malaya Business Insight news report.

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

After breaching 5 million in tourist arrivals as of December 12, the Philippines hopes to attract 7.7 million tourists in 2024.

Christina Frasco, secretary of the Department of Tourism (DOT) in her accomplishment report yesterday, said  the Philippines has exceeded its 4.8 million goal when it logged 5.06 million visitors as of yesterday.

These tourists contributed  P440 billion in receipts  to the economy or more than double than the P209 billion recorded last year.

“In 2024, we are more than optimistic that we will once again reach our targets as we have proven in the past two years. For next year, we’re targeting 7.7 million international arrivals. I understand that this is not yet pre-pandemic numbers  of 2019 at over 8.2 million international arrivals, but what I can assure you is that we will push as hard as we can and fully activate our convergences with other government agencies  to reach this target and bring us closer to pre- pandemic numbers even as we grapple with many forces beyond our control globally and locally,” Frasco said.

Frasco also disclosed the DOT has proposed  P5 billion infusion for the construction of new tourism roads in addition to the construction of tourism roads for 2024.

Frasco said recovery rate on arrivals to pre-pandemic of Philippine tourism is at 65 percent as of November, faster than the 62 percent average rate in Asia-Pacific as of September.

She said in terms of international visitor receipts,  Philippine recovery is at 95 percent of the  P458 billion visitor receipts in 2019.

This is a 267 percent increase versus the same period last year with a little over 2.6 million visitor arrivals  in 2022. Tourism created over 5.35 million jobs which means that for every 100 Filipinos, 11 are employed in tourism related jobs.

According to Frasco, the Philippines has already recovered nearly 80 percent of its pre-COVID international incoming seat capacity.

Let me end this piece by asking you readers: What is your reaction to this recent development? Now that the Philippines has recorded more than 5 million foreign tourist arrivals, do you think there is still a chance for the figure to reach 6 million by December 31, 2023? Do you think the 2024 target of 7.7 million foreign tourist arrivals is achievable?   

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

NEDA projects 2023 Philippine economic growth at 6%

NEDA projects 2023 Philippine economic growth at 6%

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As the 2023 is coming to an end, the National Economic and Development Authority (NEDA) expressed confidence that the economy of the Philippines will achieve 6% growth this year, according to a Philippine News Agency (PNA) news article.

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

The National Economic and Development Authority (NEDA) is positive the country will hit the low end of its economic growth target at 6 percent by the end of the year.

“For the year, ang expectation namin is we will hit the low end of the target. If not, close to it (our expectation is that we will hit the low end of the target. If not, close to it). The low end of the growth target is at 6 percent, so either a 6 or very close to that,” NEDA Undersecretary Rosemarie Edillon said at the Saturday News Forum in Quezon City.

The Philippine economy posted the strongest third-quarter growth of 5.9 percent among major Asian economies, bringing the gross domestic product (GDP) expansion for the first nine months of 2023 to 5.5 percent.

Vietnam recorded 5.3 percent, Indonesia and China 4.9 percent, and Malaysia 3.3 percent during the third quarter.

Looking at the Purchasing Manager’s Index (PMI) as one indicator, Edillon said she is optimistic the GDP forecast is achievable.

She also noted the October unemployment data, which fell to 4.2 percent from 4.5 percent during the same month last year.

“Nakita namin na maganda rin naman ang employment numbers natin at ‘yung PMI, nakita namin na mataas pa rin naman siya (We saw that the employment numbers and the PMI are high),” she said. “We are actually hopeful for the rest of the year but especially going forward.”

Edillon said they observed a rise in the number of jobs generated in accommodation establishments, restaurants, transportation, and the information technology – business process outsourcing fields.

She also pointed out the gradual recovery of sectors severely hit by the pandemic, especially the tourism industry, which already surpassed its targeted 4.8 million foreign visitors.

Before the pandemic, the tourism industry’s share in the country’s GDP was estimated at 12.7 percent.

Improved inflation

In the same forum, she took note of the improving inflation rate, which further eased to 4.1 percent in November from 4.9 percent in October.

Food inflation at the national level decelerated further to 5.8 percent in November 2023 from 7.1 percent the previous month.

“(M)agandang balita ito kasi, especially iyong mga food item na binabantayan natin — kunwari iyong pork meat, iyong sugar, iyong mga vegetables — bumaba po iyong presyo nitong mga ito (This is good news, especially with regard to the food items that we are monitoring – the prices of pork meat, sugar, and vegetable went down),” she said.

Edillon said the cost of rice still rose but this could be attributed to the slowdown in importation due to tightening supply in the world market.

“Iyong sa ibang mga bansa, nag-i-expect kasi sila ng impact ng El Niño. Pero ang tingin naman namin, dahil we think that they have been prepared for this so mukhang it will correct actually (Other countries are bracing for the impact of El Niño. But we think because they’re already prepared for it, it will be corrected eventually),” she said.

Still, she said she believes the price cap imposed by President Ferdinand R. Marcos Jr. in September contributed to the lower inflation rate.

Let me end this piece by asking you readers: What is your reaction to this recent development? Are you convinced that the Philippines will be able to achieve 5  

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

Philippine inflation eases to 4.1% in November 2023

Philippine inflation eases to 4.1% in November 2023

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Inflation here in the Philippines continued to drop and eventually landed at 4.1% for the month of November 2023 and there were several factors behind it, according to a Philippine News Agency (PNA) news report.

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

The country’s headline inflation further eased to 4.1 percent in November this year, the lowest recorded since the 4 percent in March 2022, the Philippine Statistics Authority (PSA) said.

In a briefing on Tuesday, National Statistician Dennis Mapa said the headline inflation last month was significantly lower than the 8 percent recorded in November last year and the 4.9 percent seen in October this year.

Core inflation, which excludes volatile oil and food items, also decelerated to 4.7 percent from 5.3 percent in October.

PSA data shows the downtrend was primarily brought about by the lower year-on-year growth rate of the heavily-weighted food and non-alcoholic beverages at 5.7 percent in November 2023 from 7 percent in October 2023.

Food inflation slowed to 5.8 percent, the lowest recorded since the 5.2 percent in May 2022.

This is due to the deflation in vegetables (-2 percent from 11.9 percent) and lower inflation of fish, meat, sugar, bread and other cereals, and fruits.

Also contributing to the downtrend in the overall inflation in November was the deflation in transportation (-0.8 percent from 1 percent) and slower inflation in restaurant and accommodation services (5.6 percent from 6.3 percent).

The restaurants and accommodation services index with a slower inflation rate of 5.6 percent in November from 6.3 percent in the previous month also contributed to the downtrend of the overall inflation.

Year-to-date, headline inflation was at 6.2 percent while core inflation settled at 6.8 percent.

Inflation in the National Capital Region (NCR) also slowed to 4.3 percent from 4.9 percent in October. For areas outside NCR, headline inflation decelerated to 4.1 percent in November from 4.9 percent the previous month. Inflation for the bottom 30 percent households also eased to 4.9 percent from 5.3 percent.

In a separate statement, the National Economic and Development Authority (NEDA) attributed the drop in inflation to the timely implementation of strategies to stabilize food supply amid the anticipated domestic and external headwinds in the coming months.

“With the right interventions in place, including the proper and timely deployment of trade policy, we are confident that we can effectively manage inflation and prevent unnecessary upticks in prices of goods and commodities to safeguard the purchasing power of Filipino families, especially those from the most vulnerable sectors,” NEDA Secretary Arsenio Balisacan said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think inflation will ease further and go below 4% by January 2024? Does the easing of inflation make you more confident about your economic prospects for 2024?  

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

Muntinlupa City Government opens Christmas bazaar at renovated Alabang Central Market (ACM)

Muntinlupa City Government opens Christmas bazaar at renovated Alabang Central Market (ACM)

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Recently in the City of Muntinlupa, the City Government formally opened a Christmas bazaar at the renovated Alabang Central Market (ACM) and the bazaar will last until January 1, 2024, according to a Manila Bulletin news report. The bazaar’s operating schedule is 4PM to 10PM.

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

The Muntinlupa City government opened a Christmas bazaar at the renovated Alabang Central Market (ACM), giving shoppers more options this holiday season.

Mayor Ruffy Biazon presided over the reopening of the newly renovated Building B of the ACM and invited shoppers to enjoy the bazaar at the refurbished market.

The new building features 357 stalls for general merchandise, salon services, and dry goods. Building A, which was reopened earlier, is the wet section of the market.

The renovated ACM now has more updated service facilities such as individual power supply, air handling system,️ fire protection system, fire detection and alarm system, and rainwater collection system.

Let me end this piece by asking you readers: What do you think about this recent development? If you are a resident of Muntinlupa, are you delighted with this new Christmas bazaar located in the renovated ACM? Have you been to this specific bazaar recently? Do you consider Alabang the best place for Christmas bazaars in the entire south of Metro Manila?

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 at https://www.instagram.com/authorcarlocarrasco

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

World Bank sees strong economic growth for the Philippines this year and in 2024

World Bank sees strong economic growth for the Philippines this year and in 2024

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Recently the World Bank announced that the economy of the Philippines will continue to grow strongly this year and next year, according to a Philippine News Agency (PNA) news report.

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

The World Bank on Tuesday said the Philippine economy is expected to continue to post strong growth but fully implementing key reforms to boost investments is crucial to sustain growth.

“We anticipate that the Philippine economy will continue to exhibit strong performance in the next few years,” World Bank country director for Brunei, Malaysia, the Philippines and Thailand Ndiame Diop said in briefing for the presentation of the Philippines Economic Update (PEU) December 2023 edition.

“This growth will be propelled by a healthy labor market and declining inflation, which will stimulate robust household consumption,” he said.

For this year, the World Bank expects the Philippine economy to grow by 5.6 percent and edge up to 5.8 percent in 2024.

The services sector is anticipated to be the main growth driver supported by the ongoing recovery of the tourism sector and the consistent performance of the information technology and business process outsourcing industry.

“We expect that the full implementation of several investment reforms will enhance the country’s competitiveness to attract foreign investment, strengthening the country’s global growth prospects,” said Diop.

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

“Despite the challenging global environment that resulted in a slowdown for many countries in the region, the Philippines stands out as among the top performers,” Diop added.

He said this can be attributed to the country’s resilient domestic demand which helped mitigate the impact of external headwinds.

Inflation, meanwhile, is forecast to settle at 5.9 percent this year and ease to 3.6 percent in 2024.

Policy recommendations – Diop pointed out that moving forward, full implementation of key forms is needed to mitigate the impact of high inflation amid volatility in global commodity prices and high cost of borrowings to stimulate private investment, promote job creation and reduce poverty.

These include the amendments to the Public Services Act, Retail Trade Liberalization Act, the Foreign Investment Act and amendments to the implementing rules and regulations of the Renewable Energy Act allowing foreign ownership of renewable energy projects.

World Bank senior economist Ralph Van Doorn said that in the short term, domestic policy priorities include containing elevated inflation and providing assistance to vulnerable sectors.

Van Doorn said enhancing forecasting and planning to help stabilize food prices, reducing market volatility and ensuring a consistent and reliable food supply remains fundamental to reducing inflation in the short term.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the World Bank is correct with its findings about the economy of the Philippines?  

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

Philippines’ credit ratings affirmed by S&P Global Ratings

Philippines’ credit ratings affirmed by S&P Global Ratings

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The credit ratings of the Philippines for both long-term and short term were affirmed by the US-based S&P Global Ratings which also saw stronger economic growth for the country in the next few years, 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…

United States-based S&P Global Ratings on Wednesday affirmed the Philippines’ ‘BBB+’ long-term and ‘A-2’ short-term sovereign credit ratings, citing the country’s sustained economic recovery due to the government’s ongoing efforts to address infrastructure gaps and improvements in the business climate.

“The stable outlook reflects our expectation that the Philippine economy will maintain healthy growth rates and the fiscal performance will materially improve over the next 24 months,” S&P Global said in a report.

According to S&P, the country’s gross domestic product (GDP) is projected to grow by 5.4 percent this year, reflecting the impact of high base and the slower growth of the world economy.

The report also showed that Philippine economic growth is projected to accelerate to 5.9 percent in 2024, 6.2 percent in 2025 and 6.4 percent in (2026).

The credit rater expects that the Philippines’ economic growth will remain well above the average among its peers “due to the government’s ongoing efforts to address infrastructure gaps and improvements in the business climate through regulatory and tax reforms, which will further support expansion in economic productivity.”

It also recognized the government’s efforts to prioritize infrastructure development and fiscal measures and cited crucial reforms such as the public-private partnership (PPP) framework and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

“The Philippine government has generally enacted effective and prudent fiscal policies over the past decade. Improvements to the quality of expenditure, manageable fiscal deficits, and low general government indebtedness testify to this. This track record of sustainable public finances helped the government accumulate fiscal resources to respond to the pandemic,” the report said.

It also underscored the importance of tax reforms in ensuring that public finances remain sustainable, while infrastructure and social needs are addressed.

S&P said the general government (GG) deficit is estimated to decline and to settle at 3.8 percent of GDP in 2023, from 4.4 percent in 2022.

“We believe the fiscal shortfall will continue to narrow over the coming years while the economy regains its footing and the government scales back stimulus measures. We expect the medium-term fiscal framework (MTFF) revealed by the Marcos administration last year to guide the consolidation process,” it said.

The report also highlighted the country’s solid household and corporate balance sheets and sizable remittance inflows, and expects foreign direct investments to remain stable this year.

However, S&P said it may lower the country’s ratings if economic recovery falters, if general government debt exceeds 4 percent of GDP, if net debt stock exceeds 60 percent of GDP or if interest payments exceed 15 percent of revenue on a sustained basis.

“We may raise the ratings if the economy recovers much faster than we expect, and the government achieves more rapid fiscal consolidation,” it said.

Let me end this piece by asking you readers: What do you think about this recent development? Are you satisfied with what was accomplished this year with regards to foreign tourist arrivals and the related revenues? Do you think the Philippine economy will continue to grow stronger each year until 2026? Do you believe in the findings of S&P Global Ratings?

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 at https://www.instagram.com/authorcarlocarrasco