Tag: business

Philippine government sees economy growing around 6.5% for 2023

Philippine government sees economy growing around 6.5% for 2023

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Even though HSBC and the World Bank revealed their own 2023 economic growth forecasts for the Philippines to be below 6%, the national government still sees the economy growing around 6.5% this year, according to a recent Manila Bulletin news report.

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

The Philippine government expects a strong full-year gross domestic product (GDP) growth for 2022, most likely much faster than its growth target of 6.5 to 7.5 percent, Department of Finance (DOF) Secretary Benjamin Diokno said here on Jan. 16 (Switzerland time).

Diokno said this during a Monday luncheon hosted for President Ferdinand “Bongbong” Marcos Jr. and Philippine chief executive officers (CEOs) in Davos, Switzerland.

In addition, Diokno said the Philippine economy is seen to “grow by around 6.5 percent this year” due to the expected slowdown of the global economy.

“And that’s still one of the highest, if not the highest, growth projection in the Asia-Pacific Region,” he said.

According to Diokno, the country’s bustling manufacturing sector, record-low unemployment, and stable and resilient banking system can alleviate buffers against external headwinds, all indicating a resilient economy.

Further, opening economic sectors to foreign equity, improving the ease of doing business, and allowing modern transformative industries to take root and grow will sustain the economy.

At the same time, the Finance chief said the Marcos government has created a more competitive and enabling environment through public-private partnership (PPP) to expand further the Build, Better, More infrastructure agenda of the administration.

Diokno said this would further boost investments on top of the government’s goal to spend at least five to six percent of GDP on infrastructure, stressing all these form the backbone for the rapid and sustained growth of the Philippines.

But because of the current challenges, he said the Philippines is taking the first steps toward launching the Maharlika Investment Fund, the country’s first-ever sovereign wealth fund that will support the goals set by the administration in the Philippine Development Plan 2023-2028.

Let me end this piece by asking you readers: What is your reaction to this new development? Do you believe that the Philippines’ economic fundamentals are strong enough to keep the economy growing around 6.5% this year? Do you think that the tourism industry alone will be a major driving force of economic growth and earning foreign currency? Apart from the announced Maharlika Investment Fund (sovereign wealth fund) new economic initiatives do you want to see from President Ferdinand “Bongbong” Marcos, Jr.?

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 and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. 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

Muntinlupa City offers online business permit processing and extends deadline to January 31, 2023

Muntinlupa City offers online business permit processing and extends deadline to January 31, 2023

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Recently in the progressive city of Muntinlupa, the City Government made things more convenient for local business to renew their business permits by offering online business permit processing as well as moving the deadline to January 31, 2023, the Manila Bulletin reported.

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

The Muntinlupa City government is offering an online business permit processing for the convenience of taxpayers.

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

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

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

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

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

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? If you are trying to renew your business permit, are the latest announcements good enough on making things convenient for you?

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

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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

Middle income earners in the Philippines will have lower income taxes this year

Middle income earners in the Philippines will have lower income taxes this year

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Recently, it was emphasized that middle income earners here in the Philippines will have lower income taxes to pay in accordance to the Tax Reform for Acceleration and Inclusion (TRAIN) law (Republic Act Number 10963) which will result in better take-home pay this year, according to a news article published by the Philippine News Agency (PNA). This is related to what was reported weeks ago by GMA Network news.

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

Middle-income earners will have lower income taxes this year and thus, higher take-home pay, under Republic Act No 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) law.

Taxpayers earning more than PHP250,000 a year but not over PHP8 million will be subject to lower income tax rates ranging from 15 percent to 30 percent, from the previous 20 percent to 32 percent.

Those with annual taxable income of PHP250,000 or below will continue to be exempt from paying income taxes.

“Inaasahan natin na lalo pang lalakas ang domestic consumption na may malaking kontribusyon sa paglago ng ating ekonomiya. Dahil sa pinababang buwis, mas mataas ang take-home pay ng mga empleyado na magiging malaking tulong sa gitna ng mataas na presyo ng mga bilihin (We expect a stronger domestic consumption which will be big contribution to our economy. With lower tax and higher take-home pay, this will be a good help amid the rising prices of commodities),” Senator Sherwin Gatchalian said in a statement on Monday.

Gatchalian cited the Teacher 1 post, with a monthly salary of PHP25,439 or Salary Grade (SG) 11, will now have monthly tax savings of PHP420.83 or PHP5,050 for the year.

A Nurse III with SG 17 or an entry level monthly income of PHP43,030 will save PHP1,289.13 monthly or PHP15,469 yearly.

“Dahil sa mas mataas ang kanilang kita, inaasahan din natin na magiging maganda itong insentibo para sa mga empleyado na lalo pa nilang paghusayan ang kanilang trabaho at magtulak sa kanila para mag impok o kaya ay mamuhunan (Because of a higher take-home pay, workers will be inspired to work better, save and invest), Gatchalian said.

Also included in the TRAIN law are provisions for small and micro self-employed professionals, who now have the option to pay a simpler, flat tax of eight percent on gross sales in lieu of the income and percentage tax.

Taxpayers can save time falling in line and filing and paying from eight times a year will be reduced to just four.

Estate tax will also be lowered from 20 percent to a single rate of six percent for net estate with standard deduction of PHP5 million as well as exemption for the first PHP10 million for the family home.

Let me end this piece by asking you readers: What is your reaction to this new development? Are you qualified for a reduction of income taxes under the TRAIN Law? Have you consulted with a certified tax expert 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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Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. 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/.

World Bank sees 5.4% economic growth for the Philippines in 2023

World Bank sees 5.4% economic growth for the Philippines in 2023

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As it continues to make predictions about different nations’ economies around the world, the World Bank (WB) revealed that it sees the Philippines achieving 5.4% economic growth in 2023, according to a BusinessWorld news report. The said forecast goes against the more optimistic 2023 target of the Philippine government.

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

PHILIPPINE economic growth would probably slow to 5.4% this year, from an estimated 7.2% in 2022, amid a looming global recession, the World Bank (WB) said.

In its latest Global Economic Prospects report, it trimmed its gross domestic product (GDP) growth forecast for the Philippines from its 5.6% projection in June.

The World Bank’s latest GDP forecast is below the government’s 6-7% growth target for the year.

“After the strong rebound in 2022, growth in Malaysia, the Philippines and Vietnam is expected to moderate as the growth of exports to major markets slows,” it said.

In December, the World Bank upgraded its forecast for the Philippines to 7.2% for 2022 from 6.5%, amid a surge in private consumption and robust export growth.

The Philippine economy expanded by 7.6% in the third quarter, bringing the nine-month average to 7.7%. The strong third-quarter data prompted economic managers to say that full-year GDP growth would settle above the 6.5-7.5% target.

“The recovery from the pandemic-induced recession has been uneven across the region. Output surpassed pre-pandemic levels last year in Cambodia, the Philippines and Thailand,” the World Bank said.

However, a “sharp, long-lasting” slowdown in the global economy this year is expected to affect nearly all regions, particularly developing countries, World Bank President David Malpass said in a statement.

“Global growth is expected to decelerate sharply to 1.7% in 2023 — the third weakest pace of growth in nearly three decades, overshadowed only by the global recessions caused by the pandemic and the global financial crisis,” the multilateral lender said in the report, noting this is 1.3 percentage points below previous forecasts.

The World Bank said the latest estimate reflects “synchronous policy tightening aimed at containing very high inflation, worsening financial conditions and continued disruptions from Russia’s invasion of Ukraine.”

It said urgent global efforts are needed to mitigate the risks of a global recession and debt distress in emerging market and developing economies.

By the end of 2024, GDP levels in these markets will be about 6% below pre-pandemic levels, according to the report.

Let me end this piece by asking you readers: What is your reaction to this new development? Do you agree with the WB’s analysis about slower economic growth for the Philippines this year? What do you think will help the Philippines achieve the more optimistic targets set by the national government?

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 and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. 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

I Love Israel: Israel attracted 2.675 million tourist entries generating 13.5 billion shekels in tourism revenue for 2022

I Love Israel: Israel attracted 2.675 million tourist entries generating 13.5 billion shekels in tourism revenue for 2022

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The tourism numbers for the State of Israel covering the calendar year of 2022 have been finalized. Israel’s Ministry of Tourism confirmed that the state attracted a total of 2.675 million tourist entries which generated tourism revenue worth 13.5 billion shekels (US$3.8 billion). The Jerusalem Post confirmed the tourist entries figure as well. Take note that Israel opened its borders to international travelers in March 2022 and very clearly their tourism industry is bouncing back strongly which is good for their economy. The above reported figures are the best since 2019 (the record year of tourism in Israel).

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

In 2022, 2.675 million tourist entries were recorded (as opposed to only 397,000 in 2021 and 831,000 in 2020). The skies in Israel were opened officially to incoming tourism in March 2022 and only three months later, in May, without any restrictions. Incoming tourism to Israel in 2022 is about 41% lower than 2019, a record year for incoming tourism. Revenue from incoming tourism stands at about NIS 13.5 billion (not including cost of flights) as opposed to about NIS 23 billion in 2019.

The Ministry of Tourism notes that there are a number of factors that have affected tourist entries in this recovery year: tourists plan their trips far in advance, and Israel opened for incoming tourism later than similar destinations in the area and Europe. Therefore, Israel’s recovery rate from the crisis is slightly lower than the global average of about 36% decrease in the volume of incoming tourism relative to 2019.

However, a renewed growth in tourism can be seen. In December 2022, 266,200 tourist entries were recorded (compared with 20,500 in December 2021 and 358,300 in December 2019)  – a decrease of about 25% (only) in relation to December 2019.

Very clearly, Israel continues to rise with its tourism industry as their nation keeps on persevering with recovering from the depression that came with the COVID-19 crisis a few years back. Considering what was achieved in 2022 in terms of attracting visitors from overseas, further growth this year should not be surprising. There are many millions of people around the world who are eager to visit Israel and spend time at the many holy sites in relation to their faith. For insight about the recovery and growth of tourism in Israel, watch the videos below…

Be thankful to God that the State of Israel is recovering strongly from the COVID-19 crisis. Thank Him for the big rebound of tourism Israel is having right now. Be thankful to Him as many millions of people around the world who believe and follow Lord Jesus will have opportunities to visit the Holy Land to deepen their faith in Him even more.

If you truly believe in Lord Jesus, the Holy Spirit and God the Heavenly Father wholeheartedly and you continue to be faithful, you should be aware that Christians are meant to stand united with Israel and love the Jewish people no matter what. You can do your part supporting Israel by donating to Christians United for Israel (CUFI). Do not forget to read the Holy Bible, then pray in tongues to the Lord in the privacy of your room with the door shut.

Always be the fearless and aggressive church of Lord Jesus! Always stand in support of Israel, the land that God designated to the Jewish people (read Genesis 35:10-12)!

In ending this I Love Israel piece, posted below are Israel-related videos for your viewing pleasure and enlightenment.

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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

Marcos reiterates vow to upgrade Philippine transport system

Marcos reiterates vow to upgrade Philippine transport system

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Recently, Philippine President Ferdinand “Bongbong” Marcos, Jr., reiterated his vow to improve the transport system of the entire nation which can benefit many people who need to travel, according to a Philippine News Agency (PNA) news article. This is similar to what his predecessor declared before.

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

President Ferdinand R. Marcos Jr. on Monday reiterated his vow to continue upgrading the country’s transport system to relieve commuters of their daily ordeal due to traffic congestion.

“We will continue to invest and improve our transportation system as well as pursue more projects in the years to come so that Filipinos can gain greater access to places of work, commerce, recreation, and other vital areas,” Marcos said in his speech during the launch of the Metro Manila Subway Project’s (MMSP) tunnel boring machine (TBM) at its depot in Barangay Ugong, Valenzuela City.

“Having an effective and efficient transportation system will have multiplier effects on employment, the economy, our society, it will bring comfort, convenience, an easier life for all,” he added.

Marcos said developments on the country’s first subway system in the country allow Filipinos to look forward to “better days” as it would also spur economic development and job creation.

He thanked both the public and private sectors for working to ensure the realization of what he described as an “ambitious” endeavor.

In particular, he expressed gratitude to the Japanese government and the Japan International Cooperation Agency (JICA) for being active partners in the fulfillment of the Philippine infrastructure program.

According to Marcos, the Philippines would not have fulfilled its many infrastructure projects without the assistance of JICA.

“This tunnel boring machine highlights Japan’s expertise and technology and trailblazing contributions in the modern world and thus I am confident that they will help us shape our railway infrastructure and keep them at par with the highest international standards,” he said.

He acknowledged the joint venture of Filipino and Japanese companies for working with the Philippine government on the Metro Manila Subway Projects Contract Package 101 and expressed hope it would be completed on time.

“I hope that both of you and the DOTR will not waiver on your commitment to finish the contract package by the end of 2027 to ensure that Filipinos will get to enjoy the project at the soonest possible time,” he said.

Marcos likewise sought their continued patience, trust, and support, especially as big-ticket projects take years to complete.

“…Let the launching of this tunnel boring machine become a testament to this administration’s commitment to continue to projects of the previous administration and more importantly build better more,” he added.

He also described the launch of the TBM as “a very apt beginning” for a year with renewed vigor and commitment to his administration’s mission to improve the lives of Filipinos.

“We also gain inspiration from the selfless individuals who constantly strive to turn our vision for the transportation sector into a grand reality,” he said.

The PHP488.48 billion Metro Manila subway will stretch for about 33 kilometers across seven cities, from Valenzuela City to Pasay City, and will be able to serve over 519,000 passengers daily once completed.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you believe that the Metro Manila subway will make local travel more efficient? What new infrastructure projects do you think the country needs right now?

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

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

Ten earliest taxpayers recognized by Muntinlupa City Government

Ten earliest taxpayers recognized by Muntinlupa City Government

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During the first day of the processing of the renewal of business permits in the City of Muntinlupa, the City Government formally recognized the first ten taxpayers who made it, according to a Manila Bulletin news report. The said taxpayers were also rewarded.

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

The Muntinlupa City government recognized the 10 taxpayers who were the earliest to pay their taxes during the first day of the renewal of business permits on Jan. 3.

Mayor Ruffy Biazon, together with City Administrator Allan Cachuela, city councilors and department heads, awarded the top 10 earliest taxpayers at the Muntinlupa Sports Center in Barangay Tunasan, where the renewal of business permits is being done until Jan. 20.

The top 10 earliest taxpayers on Jan. 3 are Elmer Jesalva (RJ Sari-Sari Store), Erchie Tamon (Erchie Appliance & Parts), Ma. Pinky Begona (MPLG Bagona Trading), Althea Ador (OOST & VOOST Inc.), Denise Dador (Block Devs Asia Inc.), Almer Cesar Piedad (ALFG Trucking Services), Joceln Jalac (Edson Dacana Apartment), Kimberl Lauveles (Beecube Inc.), Arnold Bantiligan (Bob Garon Vandelvort Consultancy) and Laudemer Waminal (Chaulamber Enerprises).

Jesalva has been the No. 1 earliest taxpayer in the last three years. The top 10 received certificates of recognition and baskets of groceries from the Muntinlupa City government.

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development. If you are running a business within Muntinlupa, have you ever tried becoming one of the ten earliest taxpayers whenever the business permit license renewal processing happens?

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

Processing and renewal of business permits in Muntinlupa City ongoing

Processing and renewal of business permits in Muntinlupa City ongoing

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Since January 3 – the first business day of the year 2023 – the City Government of Muntinlupa has officially started the issuance and renewal of business permits and applicants for such permits are welcome to visit the Muntinlupa Sports Center in Barangay Tunasan, according to a Manila Bulletin news report.

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

The Muntinlupa City government has started the issuance and renewal of business permits on Tuesday, Jan. 3.

The renewal of business permits will be held from Jan. 3 to 20 at the Muntinlupa Sports Center in Barangay Tunasan.

Business owners can also apply for a permit online through the Business E-Payment System (BEST) at https://best.muntinlupacity.gov.ph/Accounts/Login.aspx.

“Please make sure that you have all the requirements for a smooth transaction,” said Mayor Ruffy Biazon.

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 2022 (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

More requirements can be seen in the full news article of the Manila Bulletin.

Let me end this piece by asking you readers: If you are a Muntinlupa City resident who runs a local business, have you tried having your business permit renewed already? Do you prefer to have it renewed online or over the counter?

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

Philippines counted 2.6 million tourist arrivals in 2022

Philippines counted 2.6 million tourist arrivals in 2022

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Since it opened its borders for travelers from abroad in early 2022, the Philippines registered a total of 2.6 million tourist arrivals for the year, according to a GMA Network news report quoting the Department of Tourism (DOT). Take note that the DOT has higher targets for attracting foreign tourists this new year.

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

A total of 2.6 million tourists arrived in the Philippines in 2022, the Department of Tourism (DOT) said.

This is due to the opening of borders to all international travelers in February, the DOT added, according to a report on GMA Integrated News’ Unang Balita on Monday.

Some P173 billion tourism revenue was recorded in 2022, the department said.

The DOT said more than 628,000 arrivals are returning Filipinos.

The top arriving international tourists were from the US, South Korea, Australia, and United Kingdom.

Very clearly, the recovery from the COVID-19 pandemic continues to happen in different ways around the world. For the Philippines itself, the arrivals and presence of foreign tourists as well as Filipinos based overseas are crucial for the socio-economic development of the whole nation. As such, we Filipinos can be more supportive towards the DOT and other national stakeholders to make tourism – both foreign and local – thrive again with the nation in mind.

Let me end this piece by asking you readers: What is your reaction to this new development? Do you believe the DOT can achieve its targets for 2023? Do you think the local government units (LGUs) should become more pro-active on emphasizing local tourism? What is the most notable local tourist site in your city right now? Did you notice your favorite local coffee shop or restaurant having more foreigners as customers lately?

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 and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. 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/.

SEC sues companies for operating unregistered online lending platforms

SEC sues companies for operating unregistered online lending platforms

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Online lending firms here in the Philippines have been reported for alleged violations that include harassing clients (click here and here). Very recently, the Securities and Exchange Commission (SEC) sued companies for operating online lending platforms that were allegedly unregistered, according to a Manila Bulletin news report.

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

The Securities and Exchange Commission (SEC) has has filed criminal complaint against Suncash Lending Investors Corp., UCash Lending Investors Corp., Suncredit.ph Finance Corp., and ECredit Finance Inc. for operating unregistered online lending platforms (OLPs).

The SEC Enforcement and Investor Protection Department (EIPD) filed the criminal complaint against Suncash, UCash, Suncredit and Ecredit before the Department of Justice (DOJ) last December 20.

The firms’ failure to disclose their online lending applications (OLA) is in violation of the Lending Company Regulation Act (LCRA) and the Financing Company Act (FCA).

The Commission implicated Qi Lu, the president of Ecredit, Suncash, and Suncredit, who was also found to be the beneficial owner of Suncash alongside Zhu Junfeng. Junfeng is also a director of the three other companies.

Also implicated in the complaint were other incorporators, directors and officials of the companies, including Chang Yuting, Joyclyn V. Pelayo, Chang Tao, Bryan Dordas Pelayo, Jasmin Tabjan Vianzon, Jayson Lee, Meng Jie, Xiaofang Song, Danilo Felicilda, Roger Publico, Yaping Liu, Xianming Tian, Shiling Xu, Xiaobo Pan, Sheila Pagkalinawan, and Xiaojing Luo.

The EIPD, together with the Philippine National Police Anti-Cybercrime Group (PNP-ACG), Eastern District Anti-Cybercrime Team, Manila Police District, and the Special Weapons and Tactics Philippines (SWAT), previously implemented a warrant to search, seize, and examine computer against Suncash, as part of the SECs crackdown against unregistered lenders.

The Makati Regional Trial Court Branch 147 issued the search warrant against Suncash upon several complaints received by the PNP-ACG and the SEC against the company.

During the implementation of the search warrant, it was discovered that other lending companies, including Ucash, Suncredit, and Ecredit, had been operating alongside Suncash in its headquarters in Sampaloc, Manila.

The joint operation resulted in the arrest of 83 individuals, identified as operators, managers, employees, and agents of Suncash.

The Commission found that Suncash operated unregistered online lending platforms (OLPs), defying Sections 12(2)(a) 12(3)(a) of the LCRA, in relation to SEC Memorandum Circular No. 19, Series of 2019 (SEC MC 19), providing the Disclosure Requirements on Advertisements of Financing Companies and Lending Companies and Reporting of Online Lending Platforms.

SEC MC 19 requires lending and financing companies to report all their existing OLPs to the Commission.

Records show that Suncash had been operating three unregistered OLPs, namely Suncash, Flashloan, and Peso Pautang, contrary to what is stated in its affidavit of compliance that it operated no other OLP than Suncash.

The EIPD also said that Suncash operated the unregistered OLPs to circumvent and defy the moratorium imposed on the registration of new OLPs effective November 5, 2021, as per SEC Memorandum Circular No. 10, Series of 2021.

Meanwhile, Ucash filed an affidavit for the operation of its OLP on December 7, 2022, when the moratorium on new OLPs was still in effect.

Further, the EIPD charged Suncredit and Ecredit for violation of Sections 14(1)(a) and 14(2)(a) of the FCA, in relation to SEC MC 19. Suncredit and Ecredit were found to be the operators of Peso Pautang and Flashloan, respectively.

The Commission also noted that all the companies engaged in abusive, unethical, and unfair debt collection practices, in violation of SEC Memorandum Circular No. 18, Series of 2019, or the Prohibition on Unfair Debt Collection Practices of Financing Companies and Lending Companies.

Let me end this piece by asking you readers: What do you think about this recent development? Which among the reported companies sound familiar to you? Do you personally know anyone who borrowed money from an online lending firm and got harassed through communication because he or she was unable to settle the debt? Do you plan to borrow money from any online lending firm anytime 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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