business – Page 30 – Author Carlo Carrasco

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

December 18, 2023December 13, 2023carlocarrasco

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%

December 13, 2023December 10, 2023carlocarrasco

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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Philippine inflation eases to 4.1% in November 2023

December 11, 2023December 6, 2023carlocarrasco

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

December 11, 2023December 7, 2023carlocarrasco

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

December 7, 2023December 5, 2023carlocarrasco

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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Philippines’ credit ratings affirmed by S&P Global Ratings

December 4, 2023November 30, 2023carlocarrasco

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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Where to deposit your excess Peso coins while you are in Alabang

November 29, 2023November 27, 2023carlocarrasco

If you are constantly present here in Alabang in Muntinlupa City, and if you have an excess number of Peso coins that you want to have deposited for safekeeping or for personal use, then you should visit the coin deposit machine (CoDM) of the Bangko Sentral ng Pilipinas (BSP) located inside Festival Mall in Filinvest City.

To be more specific, the BSP CoDM inside the said shopping mall is located on ground floor very near the escalators which itself is in close proximity to the following ground floor businesses: SM Savemore grocery, Saibachi Japanese Restaurant and Café BLK & BRWN (this one is just steps away from the machine).

*This is the BSP coin deposit machine inside Festival Mall in Alabang.*

Before you join the line for depositing your coins at the BSP’s coin deposit machine, you must have a valid GCash account (to receive the value of the coins successfully deposited). If you don’t have a GCash account, you can still have the value of the deposited coins converted into SM shopping vouchers (accepted by The SM Store). There is also a Maya option available.

Still before joining the line, you must make sure that your Peso coins are not dented/damaged, and each coin is loose (meaning not taped together as a bundle). Obviously, foreign coins, tokens and demonetized Peso coins (Peso coins that are outdated) will be rejected. These tips are to ensure that the coins will be counted by the machine once deposited. To learn more, watch the video below and pay close attention to the details…

Once you join the line, you will need to be patient not simply because there could be several customers ahead of you but also because there will most likely be other customers ahead of you who brought at least one large container of coins with them for depositing which can take some minutes to be deposited into the CoDM (note: there is always a BSP assistant who will help and occasionally troubleshoot the machine whenever it malfunctions).

Do not be surprised to see other customers ahead of you who brought multiple plastic containers of coins to be deposited. Based on my personal experience depositing coins at the machine inside Festival Mall, I noticed that more families and local businesses are having their idle coins put into the CoDM. There was a time when one customer ahead of me deposited coins from four large containers and it took several minutes for the machine to count them all and this includes moments when the machine malfunctioned and the BSP assistant had to do some fixing on the spot.

Once you start your turn to deposit at the CoDM, let the BSP assistant guide you. There will be buttons on the machine for you to press before you start putting your coins into the receiving mechanism. From time to time as coins get counted, there will be a few coins that the machine will reject and will instead fall into the lower part where you can reach into and collect. You can try depositing the uncounted coins until it gets counted. As mentioned earlier, foreign coins, tokens and demonetized Peso coins will be rejected.

Once your deposit is successful, you can decide whether to have the counted value transferred into your active GCash account or into an SM shopping voucher. Receipts will be issued from the machine which you must always keep to yourself. Do not throw away the receipts.

*Another look at the BSO CoDM inside Festival Mall located near the escalators at the ground floor..*

I hope this post will be helpful to you and your effort to deposit excess Peso coins into the BSP DoCM inside Festival Mall. In my experience, the lines range from very short (1 or 2 customers ahead of me) to long (8 customers ahead of me). There will be customers who will be depositing a small amount and there are others who brought so much coins as the BSP coin deposit project has attracted a lot of attention locally. You will need to be patient and manage your time when you join the line for the CoDM. To learn more about the coin deposit project, click https://www.bsp.gov.ph/Pages/CoinsAndNotes/CDM.aspx

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, have you deposited your idle Peso coins into the BSP CoDM inside Festival Mall? If you were able successfully deposit your coins, how long did you wait before your turn happened?

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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Foreign tourist arrivals in the Philippines about to reach 2023 target

November 28, 2023November 26, 2023carlocarrasco

Philippine tourism is back in the spotlight once again as the Department of Tourism (DOT) headed by its secretary Cristina Frasco announced that the 2023 foreign tourist arrivals target of 4.8 million is about to reached and the tourism sector has contributed more than P400 billion to the national economy, 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 tourism sector is the second highest driver for economic growth during the first half of the year, a result of President Ferdinand R. Marcos Jr.’s focus on the industry.

Department of Tourism Secretary Cristina Frasco said on Saturday that tourism has so far contributed PHP404 billion to the economy and has reached 99 percent of its goal of 4.8 million international arrivals for 2023.

The improving employment rate is the top contributor to the economy while the increase in investment registration activities and students coming back to school follow tourism.

“I am also here to deliver the good news under the President’s focus of prioritizing tourism. Tourism has emerged as one of the strongest pillars of our economy. According to our national economic managers, tourism is the second top highest driver for economic growth in the first six months of this year,” Frasco said during the opening of the 2nd North Luzon Tourism Expo at Camp John Hay in Baguio City.

She said for Marcos, tourism is a priority “and for that very reason, we have seen the strides we have accomplished in a year.”

Among the government support for the tourism industry are at least 158 kilometers of roads rehabilitated and in 2024, there will be more improvements in airports, Frasco said.

“The flight portfolio of our major international gateways is gradually recovering and we have increased the tourism experience across the country by building tourist rest areas (TRA) across Luzon, Visayas, and Mindanao,” Frasco said.

She said the TRA is one of the ways the government wants to extend its welcome to tourists by giving them a special experience.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that the DOT has done a good job making tourism a more vibrant and more economic sector this year? Has the increase of foreign tourist arrivals this year benefited your business? Do you think that the foreign tourist arrivals will reach 5,000,000 by the end of 2023?

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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Over P170 million deposited into BSP coin machines as of October 30, 2023

November 23, 2023November 22, 2023carlocarrasco

Recently, the Business Mirror published a news article revealing that more than P170 million worth of coins have been deposited in the many coin deposit machines (CODMs) of the Bangko Sentral ng Pilipinas (BSP) nationwide as of October 30, 2023. Based on recent findings, more people and business representatives have been lining up at their local CODM to deposit their excess coins and turn it into added value into their GCash accounts or PayMaya accounts, or use the value for shopping vouchers (accepted by The SM Store). Previously the figure was revealed at P115 million and this major project by the BSP launched this past June.

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

THE coin deposit machines (CoDMs) have collected an average of a million pesos per day since June, according to the latest data from the Bangko Sentral ng Pilipinas (BSP), which rolled out the program four months ago to ease the coin shortage and cut government losses in minting coins.

As of October 30, the CoDM collections have reached P171.09 million since June 20. This means an average of P1.29 million worth of coins every day for a period of 133 days.

As of October 20, only 10 days prior, collections already reached P146.78 million. This means, in just 10 days, some P25.31 million or an addition of P2.53 million worth of coins were collected per day.

The data obtained by BusinessMirror also showed that a total of 59.8 million coins were deposited in CoDMs as of October 30.

This means an average of 449,607 coins were deposited into the 25 CoDMs located in various malls and groceries in Metro Manila. This translates to about 17,984 coins per machine everyday.

These coins include the P20, P10, P5, P1, 25 centavo, 10 centavo, 5 centavo, and 1 centavo. These are converted into e-wallets and shopping vouchers.

Based on the data, more than half of the coins deposited in CoDMs are P1 and 25 centavo coins. A total of 22.96 million P1 coins were deposited between June 20 and October 30 while 13.79 million 25 centavo coins were received by the machines during the period.

This was followed by the P5 coin with 12.89 million pieces; P10 coin, 3.02 million pieces; 5 centavo coin, 2.73 million pieces; P20 coin, 2.49 million pieces; and P10 centavo coin, 1.88 million pieces. The lowest was the 1 centavo coin with only 47,496 pieces.

In the data as of October 20, the largest sum ever deposited in a single transaction was P105,818. This was deposited on September 30 in an SM-owned location.

The highest volume of coins deposited during the period reached 33,794 pieces which was received in a CoDM in another SM-owned property last September 3.

The data as of October 20, also showed almost all or 97.63 percent of the amount of the coins collected by CoDMs were converted into GCash credits. The total amount converted into GCash reached P142.33 million as of October 20.

In terms of coin volume, GCash also converted the most into credits with 51.13 million coins or 97.63 percent of the total. This covered a total of 50,225 transactions or 97.04 percent of all CoDM transactions.

In June, BSP rolled out the CoDMs to alleviate the coin shortage in the country and cut the government’s losses in minting coins.

Former BSP Governor Felipe M. Medalla said the Philippines currently has a problem with coins, given that its coins per capita have more than doubled in less than a decade.

There are 39 billion pieces of coins in circulation in the country. At 110 million Filipinos, this translates to around 355 coins per capita which is a 195 percent growth from the 120 coins per capita eight years ago.

Let me end this piece by asking you readers: What do you think about this recent development? Were you able to deposit your excess coins into a BSP cash deposit machine in your city? Was there a time when you had to wait long in the line at a BSP cash deposit machine because one of the customers ahead of you brought several jars full of coins with them for deposit? Do you think having one BSP CODM per shopping mall is sufficient to meet local customers’ need for coin depositing? When waiting for your turn at the BSP CODM takes too long, do you take your coins with you to the bank to deposit into your personal account?

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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America-Philippines nuclear deal opens opportunities for investments and energy

November 22, 2023November 20, 2023carlocarrasco

Recently a landmark deal about nuclear power for peaceful purposes was signed between the United States of America and the Philippines which opens up opportunities for investments and energy that the Filipino people can benefit from, according to separate news stories (click here and here) published by the Philippine News Agency (PNA).

To put things into perspective, posted below is an excerpt from the PNA story pertaining to investments. Some parts in boldface…

President Ferdinand R. Marcos Jr. on Friday (Manila time) expressed elation over the signing of the much-awaited “123 Agreement” on nuclear cooperation between the governments of the Philippines and the United States.

This was after Energy Secretary Raphael Lotilla and US Secretary of State Antony Blinken signed the nuclear cooperation agreement that will facilitate the collaboration between the two countries on technical exchanges, scientific research, and initiatives to ensure the safe operation of nuclear power installations.

The agreement was signed on the sidelines of Marcos’ participation in the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco, California.

“I am most pleased to be here today to join you this afternoon to witness another milestone towards a more energy-secure and green Philippines,” Marcos said, noting that the move was in line with his plans to ensure an “affordable, reliable, and sustainable energy supply” for the Philippines.

Marcos expressed optimism that the signing of the nuclear deal would encourage more foreign investors to pursue nuclear power projects in the Philippines.

The nuclear power cooperation, he said, would enable the country to meet its growing energy demands and provide a “more investor- and consumer-friendly environment.”

“The signing of the Philippines – United States Agreement for Cooperation Concerning Peaceful Uses of Nuclear Energy or the 123 Agreement is the first major step in this major regard, taking our cooperation on capacity-building further and actually opening the doors for US companies to invest and participate in nuclear power projects in the country,” Marcos said.

The 123 Agreement will establish a legal framework that allows the export of nuclear fuel, reactors, equipment, and special nuclear material from the US to the Philippines.

The agreement will allow the Philippines to use US nuclear technology, not for war, but for energy security and climate goals.

The President noted that apart from the 123 nuclear deal, Meralco and Ultra Safe Nuclear Corp. also signed a cooperation agreement to undertake a Pre-Feasibility Study on Micro-Modular Reactors (MMRs) to explore clean and sustainable energy options in the country.

Under the agreement, a feasibility study will be conducted for the potential deployment of MMRs to Meralco sites to enforce the sustainable energy agenda and provide affordable and dependable access to power, particularly to the underserved and off-grid areas for economic empowerment.

“I know our companies are eager to advance discussions on potential projects. Just yesterday, the MOU (memorandum of understanding) between Meralco and Ultra Safe Nuclear Cooperation was also presented to me. So, I believe congratulations are in order for the work of our respective negotiating teams, especially to the team from the United States,” Marcos said.

“I look forward to seeing this agreement in action in the years to come. Nuclear energy is one area where we can show that the Philippines-US alliance and partnership truly works, for our peoples, our economies, and the environment.”

For the PNA story pertaining to energy and modular reactors, below is the excerpt. Some parts in boldface…

The historic nuclear cooperation deal between the United States and Philippines would allow the Philippines to secure US-developed nuclear technologies, including small modular reactors.

Manila and Washington D.C. signed the civil nuclear cooperation deal, commonly known as a 123 Agreement, at the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco on Nov. 16 (US time).

The agreement will facilitate and enhance cooperation on clean energy security and strengthen the two nations’ alliance, the US State Department said.

“With access to US material and equipment, the US and the Philippines will be able to work together to deploy advanced new technologies, including small modular reactors, to support climate goals as well as critical energy security and baseload power needs within the Philippines,” it said.

The signing marks the successful culmination of the negotiation process launched by Vice President Kamala Harris during her trip to the Philippines in November 2022.

The deal, the State Department said, also spells out limitations on enriching, reprocessing, and transferring specific items without the other party’s consent.

“This agreement lays out a comprehensive framework for peaceful nuclear cooperation between the Philippines and United States based on a mutual commitment to nuclear nonproliferation and is required by US law to allow for the transfer of nuclear equipment and material for peaceful uses,” it said.

The name 123 Agreement is derived from Section 123 of the US Atomic Energy Act, which requires the US to have an agreement with a country before it can conduct nuclear export.

Section 123 establishes nine nonproliferation criteria that 123 Agreements must include and signatories must uphold.

Last May, US nuclear energy firm NuScale Power Corporation has expressed interest to invest in the Philippines and bared its plan to conduct a study to locate a site in the country.

Oregon-based NuScale is known for developing a small nuclear power system, described as safe, modular and scalable.

Let me end this piece by asking you readers: What do you think about these recent developments? Can you imagine what a nuclear-powered Philippines would be like in the years to come? Are there still people in your local community who are afraid of anything related to nuclear power? Do you admire the efforts of the Marcos administration when it comes to modernizing the Philippines with nuclear technology and power?

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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