Recently, the investment management arm of AIA Philippines expressed confidence that the Philippine economy will continue to have robust growth in connection with what they claim to be an expanding manufacturing sector, according to news article published by the Philippine News Agency (PNA).
To put things in perspective, posted below is the excerpt from the PNA news report. Some parts in boldface…
An official of the investment management arm of AIA Philippines is optimistic on the robust growth of the domestic economy as the manufacturing sector continues to expand.
In a briefing on Thursday, AIA Investment Management and Trust Corporation Philippines (AIAIM Philippines) chief executive officer Angie Pacis said the country’s manufacturing sector is expected to continue posting expansion following the seven-month high manufacturing index in January 2023.
“Notwithstanding the slight weakening of the business confidence and consumer confidence, businesses will still be on a growth track,” she said.
The S&P Global Manufacturing Purchasing Managers Index (PMI) hit 53.5 in the first month this year. An index of 50 and above indicate expansion while those below 50 indicate contraction.
Pacis said forecasts point to continued 50-level index in the coming months.
Pacis also identified demographic dividends as among the factors that will help boost domestic growth this year given the large number of young people who are part of the workforce.
“It’s a young population, it’s a big population with a growing middle class that is actually becoming stronger. Because of that, we will continue to attract investments notwithstanding some of the structural problems,” she added.
These factors are seen to boost one-year-old AIAIM Philippine business, which currently offers three unit investment trust funds (UITFS) namely AIA Peso Adventurous Fund, AIA Peso Balanced Fund and AIA Peso Conservative Fund.
Pacis said the products they are offering are exclusively available for AIA Philippines policy holders for now, while the assets amounting to PHP155 billion they currently have will be handled purely without catering to outside investors.
Let me end this piece by asking you readers: What is your reaction to this new development? Were you able to understand the explanations from AIA Philippines investment management arm?
For Oxford Economics, the economy of the Philippines will achieve continued growth in 2023 but with a notable slow down to 4.1%, according to a BusinessWorld news report. Oxford Economics mentioned in its statement factors like the global economy entering recession, inflation and the lack of impact from China’s reopening.
To put things in perspective, posted below is the excerpt from the BusinessWorld news article. Some parts in boldface…
PHILIPPINE ECONOMIC GROWTH is expected to slow to 4.1% this year, as external headwinds and elevated inflation are seen to dampen domestic demand, Oxford Economics said.
“After registering respectable growth of 7.6% in 2022, we expect the Philippines’ economy to slow to 4.1% amid global headwinds, elevated inflation, and a fading reopening boost. With monetary tightening set to continue, the economy could use a hand from the fiscal side, but chances are slim,” Makoto Tsuchiya, assistant economist at Oxford Economics, said in a research note released on Wednesday.
Oxford Economics’ gross domestic product (GDP) projection is well below the government’s 6-7% target.
It expects GDP to expand by 4.5% next year, still outside the 6.5-8% target set by the government.
“We expect GDP growth to slow materially amid softer external demand as the global economy enters a recession, led by weakness in major advanced economies. We don’t think China’s reopening will be enough to offset this weakness, with the recovery in private consumption there likely to be lackluster,” Mr. Tsuchiya said.
There is a widely anticipated global recession this year, with the World Bank projecting global growth to slow to 1.7%.
Rising inflation is also seen to “substantially” slow the Philippine economy, Mr. Tsuchiya said.
In January, inflation soared to a 14-year high of 8.7%, marking the 10th consecutive month inflation was above the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target range.
The central bank also raised its average inflation forecast to 6.1% this year from 4.5% previously.
Oxford Economics said that the BSP will continue to hike rates to tame inflation and keep in step with the US Federal Reserve.
“Elevated inflation means policy makers will not be able to react by lowering interest rates. Indeed, we expect tightening to continue for at least the next two meetings, albeit at a slower pace — in contrast to other Asian central banks who can afford to pause,” Mr. Tsuchiya said.
Oxford Economics also cited the lack of policy support as a factor contributing to slower growth this year.
“We think significant support is unlikely given limited policy space on both the monetary and fiscal front. Ideally, fiscal policy would take over the burden of supporting growth. But debt accumulated during the pandemic era means the focus is instead on fiscal consolidation,” Mr. Tsuchiya said, noting that the Philippine government may adopt a more restrained approach in spending.
Oxford Economics expects the budget deficit will reach 2.7% of GDP by 2028, better than the 3% projection given by the Development Budget Coordination Committee (DBCC).
The government projects the fiscal deficit to hit 6.9% of GDP or around P1.5 trillion this year. In the 11 months to November, the budget deficit shrank by 7.2% to P1.24 trillion.
However, Oxford Economics said the debt-to-GDP ratio may remain elevated at 61.1% by 2025. This is higher than the 60% target set by the government in the same period.
The country ended last year with a debt stock at 60.9%, better than the 63.7% seen in end-September but still above the 60% threshold considered manageable by multilateral lenders for developing economies.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think Oxford Economics’ prediction about 4.1% economic growth for the Philippines this year will turn out to be true? Do you think Oxford Economics made a strong case explaining why economic growth in 2023 will be smaller for the Philippines?
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
Tax evasion remains a very serious problem in the Philippines. As far as the Bureau of Internal Revenue (BIR) is concerned, the authorities lose around half a trillion Pesos each year due to tax evasion, according to a BusinessWorld news report.
To put things in perspective, posted below is the excerpt from the BusinessWorld news article. Some parts in boldface…
THE GOVERNMENT loses around P500 billion annually to tax evasion, according to a top Bureau of Internal Revenue (BIR) official.
“There is a lot, especially if we include those involved in illicit trade. In cigarettes alone, there’s around P100 billion,” BIR Commissioner Romeo D. Lumagui, Jr. said, when asked about revenue losses from tax evasion.
“Leakages aren’t part of that yet, like petroleum or vape products that aren’t registered, as well as fake receipts. I think it won’t go below P500 billion if you add everything up,” he added.
Mr. Lumagui said the BIR will have an easier time achieving its collection targets if it addresses tax evasion.
Earlier this month, the BIR filed 74 tax evasion complaints worth P3.5 billion against several companies.
“We will tailor efforts to improve digital services so businesses will leave the shadow economy and join the tax net. We will now focus on enforcement activities against tax evaders, put emphasis on tapping uncollected taxes through illegal activities,” Mr. Lumagui said.
The BIR is currently monitoring and investigating a number of suspected tax evaders.
“The most important right now is the selling of fake receipts and we know who (they are). We are investigating so we can file a case against those involved,” Mr. Lumagui said.
The BIR is targeting to collect P2.6 trillion in revenues this year.
“With all our activities and efforts we are making, we will be able to achieve the tax collection target,” he said.
In 2022, the agency collected a total of P2.34 trillion, surpassing its P2.1-trillion target.
Meanwhile, Mr. Lumagui said the agency will also review its policies after the Supreme Court declared void its regulations that require firms to disclose the personal information of investors.
“We must respect the privacy (of these investors) but when it comes to the correct amount of taxes, the BIR has auditing power. There is still a need to pay taxes and the compliance of these businesses needs to be monitored. When it comes to determining the correct amount of taxes, we can investigate that,” he added.
The Supreme Court declared that the BIR Revenue Regulations No. 1-2014 and Revenue Memorandum Circular (RMC) No. 5-2014 “void for being unconstitutional” as it violated the right to privacy.
The regulations require businesses to disclose investor information such as addresses, tax identification number (TIN), and birthdays, among others.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the BIR will be able to collect P2.6 trillion this year even with tax evasion still going on? What do you think should be done to eradicate tax evasion all over the Philippines?
Disclaimer: This is my original work with details sourced from my personal experiences and observations during the Israel pilgrimage tour I joined. Additional information from the official website of the subject business is also used. Take note that this is not a sponsored article at all. Anyone who wants to use this article, in part or in whole, needs to secure first my permission and agree to cite me as the source and author. Let it be known that any unauthorized use of this article will constrain the author to pursue the remedies under R.A. No. 8293, the Revised Penal Code, and/or all applicable legal actions under the laws of the Philippines.
Let me start by confirming to you all that I just had the greatest foreign trip ever in my life…a pilgrimage tour in Israel with my local church (led by two of its designated pastors for the tour) hosted by its Israeli partner.
During a particular day of the tour, our group was in close proximity to the Sea of Galilee (also referred to as Lake Tiberias) when some of us – including myself – participated in water baptism at the Yardenit Baptismal Site. After that, our group went to a nearby store for organic goods and spices to shop. The problem was the store we visited was closed for some reason.
As an alternative, we went to the area of Kinneret (located in close proximity to the Sea of Galilee) and visited the Tamar Bakfar Visitors Center (also referred to as Tamar B’kfar Visitors Center). It turns out, the change was splendid.
The front of the Tamar Bakfar Visitors Center.
Upon entering the store, Tamar Bakfar’s people welcomed us very warmly and one of them oriented us about what they were selling, how wide their lineup of organic goods was, which products are healthy, why nature is emphasized a lot through their products, and the like. The store has a very nice interior design and the products were cleverly organized to be customer-friendly and even be attractive.
The lady representing the store gave our group an in-depth orientation about their business, what they have, what is good, why nature is emphasized a lot on many products and more. It was an enlightening experience to learn from her.
Look at these energy bars made with natural ingredients.
As I personally observed, Tamar Bakfar Visitors Center sells a lot of different types of products that can meet the needs or wants of customers. They have dates and date products (note: date spread, date honey, date conditioner, date syrup and so on), nuts, dried fruits, spices, honey (note: avocado honey, eucalyptus honey, and Galilee-sourced honey to name a few), olive oil, chocolates (note: chocolates come in many different forms), wine and other types of sweets.
I bought from the store this snack of chocolate-covered coffee beans. So enjoyable!
Anyone looking for self-care products should check out their cosmetics section where they have products that used natural ingredients such as age-away hydrating cream, avocado and rosemary soap, the black bamboo soap, cypress nurturing hand cream, honey hand-and-foot cream, and the lavender body wash to name some. If you are insistent on having self-care products that come with natural ingredients, then you will find something here.
If you are into kitchenware, Tamar Bakfar Visitors Center has a good production selection for you: lunch cubes, multipurpose kitchen scissors, thermos bottles, stainless steel pots, bamboo cups, espresso cups, barbeque grill pans and more.
In my experience, walking around the store and observing the products offered was a joyful thing. Just about every product I saw had that premium aesthetic which you will realize by visiting the place and seeing the products personally.
Conclusion
Tamar Bakfar Visitors Center’s store is a must-visit! Ask your tourist guide to bring you there.The store’s personnel are very welcoming and professional.
I can say that our visit at the Tamar Bakfar Visitors Center is a nice blessing from our Lord. Their store is huge and attractive. Their personnel are customer-friendly, helpful and professional. Also what they have in-store are very varied and plentiful. So many choices you can make based on what you need or want. More notably, their store offers the finest of the Galilee region’s harvest in the form of dried fruits, spices, ingredients and more. Galilee is blessed and this should not be surprising at all as our Lord and Savior Jesus spent a good amount of time in the region thousands of years ago. Refer to the holy scriptures below…
On the third day Jesus left there and continued his journey to Galilee, where he had been raised. Now Jesus knew that prophets are honored everywhere except in their own hometown. Even so, as Jesus arrived in the province of Galilee, the people welcomed him with open arms. Many of them had been in Jerusalem during the Passover Festival and had witnessed firsthand the miracles he had performed.
Jesus entered the village of Cana of Galilee where he had transformed water into wine. He met there a governmental official from Capernaum whose son was very sick and dying. When he heard that Jesus had left Judea and was staying in Cana of Galilee, he decided to make the journey to Cana. When he found Jesus, he begged him, “You must come with me to Capernaum and heal my son!”
So Jesus said to him, “You never believe unless you see signs and wonders.”
But the man continued to plead, “Come with me to Capernaum before my little boy dies!”
Jesus looked him in the eyes and said, “Go back home now. I promise you, your son will live.”
The man believed in his heart the words of Jesus and set off for home. When he was still a distance from Capernaum, his servants met him on the road and told him the good news, “Your son is healed! He’s alive!”
Overjoyed, the father asked his servants, “When did my son begin to recover?”
“Yesterday,” they said, “at one in the afternoon. All at once his fever broke—and now he’s well!”
Then the father immediately realized that it was at that very same hour that Jesus spoke the words to him, “Your son will live.”
From that day forward, the man, his servants, and all his family believed. Healing the official’s son was Jesus’ second extraordinary miracle in Galilee after returning from Judea.
John 4:43-54 (TPT)
Then Jesus returned in the power of the Spirit to Galilee, and news of Him went out through all the surrounding region. And He taught in their synagogues, being glorified by all.
Luke 4:14-15 (NKJV)
If ever you are visiting Israel and will be spending time in the Galilee region, then I highly recommend visiting the Tamar Bakfar Vistors Center in Kinneret. Visit the company’s official website at https://tamarbakfar.co.il/ and follow them on Instagram.
Watch out for more Israel 2023 travel pieces here.
As far as the Bangko Sentral ng Pilipinas (BSP) is concerned, the Philippine economy will grow between 6% to 7% this year, according to a news report by BusinessWorld. By comparison, HSBC and the World Bank forecast growth rates of 4.4% and 5.4% respectively.
To put things in perspective, posted below is the excerpt from the BusinessWorld news article. Some parts in boldface…
THE “CONTINUED NORMALIZATION” of post-pandemic mobility will help the Philippine economy expand within the government’s 6-7% target this year, but slower growth is likely in 2024, the Bangko Sentral ng Pilipinas (BSP) said.
“GDP (gross domestic product) growth is projected to settle within the DBCC’s (Development Budget Coordination Committee) target of 6-7% for 2023, but economic headwinds could result in slower GDP growth in 2024,” the BSP said in its latest Monetary Policy Report (MPR).
“The full-year growth forecast for 2023 was adjusted upward from the previous MPR. Meanwhile, the growth forecast for 2024 is lower compared to previous round, reflecting weaker global prospects and the impact of cumulative policy rate adjustments of the BSP,” it added.
While the central bank does not give its exact growth forecasts, the DBCC targets 6.5-8% GDP growth in 2024.
According to the central bank, the economy will be “driven by growth in the industry sector as manufacturers signal increased production plans as the economy reopens further.”
Based on data from the Philippine Statistics Authority (PSA), the service sector expanded by 9.8% in the fourth quarter last year, while the industry sector grew by 4.8%. Annually, services jumped by 9.2%, and industry expanded by 6.7%.
Better labor market conditions, higher demand for tourism, and greater economic activity due to the resumption of face-to-face classes are seen to boost growth in the services sector, the BSP said.
“Moreover, the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, Financial Institutions Strategic Transfer (FIST) Act, and the second tranche of the reduction in personal income taxes could help further bolster the domestic outlook in 2023-2024,” it added.
Meanwhile, the overall balance of supply and demand conditions, as reflected by the output gap, is expected to “remain broadly neutral” in the near term.
“Estimates from the BSP’s Policy Analysis Model for the Philippines (PAMPh) indicate that the output gap is estimated to be slightly positive in early 2023, reflecting the sustained economic expansion in 2022,” the central bank said.
The economy grew by 7.6% in 2022, exceeding the government’s 6.5-7.5% target, and the fastest growth since 1975.
“Thereafter, the output gap is seen to remain in broadly neutral territory as the impact of policy interest rate adjustments takes hold on the economy. A projected slowdown in global growth owing in part to tightening monetary conditions across countries could likewise dampen aggregate demand,” the BSP said.
The Monetary Board last week increased the benchmark policy rate by 50 basis points (bps) to 6%, the highest in nearly 16 years. Rates on the overnight deposit and lending facilities were also increased to 5.5% and 6.5%, respectively.
According to analysts, higher interest rates could drag economic growth slower this year.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippines can achieve economic growth beyond 6% this year? Do you think the government should do more with post-pandemic living and economics in mind?
While living here in the Philippines doing your daily chores and fulfilling other objectives, do you still remember how much money did you spend buying rice grain for your household over the last six months? Do you find the current prices of rice expensive nowadays? As far as rice is concerned, the nation of Cambodia could become the next new source of rice grain for the Philippines, according to a news article published by the Philippine News Agency (PNA).
To put things in perspective, posted below is the excerpt from the PNA news article. Some parts in boldface…
Cambodia is exploring opportunities to directly export rice to the Philippines, offering an alternative and cheaper source of rice for the country.
Department of Trade and Industry (DTI) Secretary Alfredo Pascual met with a Cambodian delegation on Thursday, led by chief executive officer of the state-owned Green Trade Company Chan Sokty and the president of the Cambodia Rice Federation Okhna Chan Sokheang.
Green Trade is the counterpart of DTI’s Philippine International Trading Corp. (PITC).
The Cambodian delegates are also exploring exporting rice through a government-to-government arrangement between Green Trade and PITC.
“They are still in the fact-finding stage. They are surveying our markets,” Pascual told reporters.
Pascual said Cambodia has a rice surplus of 50 percent of its total rice production, and the Southeast Asian country intends to sell it directly to neighboring countries and also in Europe.
Cambodian rice can enter the Philippine market at 35 percent tariff rate.
Pascual added the Cambodian delegates said they can commit to supply 3 million metric tons of rice to the Philippines, which is the level of imported rice by the country in 2022.
Earlier, Go Negosyo founder and ASEAN Business Advisory Council chair Joey Concepcion said Cambodia expressed intention to directly export unmilled rice to the Philippines on the sidelines of the ASEAN Summit in November 2022.
Concepcion then said Cambodia exports unprocessed rice to Vietnam, wherein the country processes the rice before exporting to other countries like the Philippines.
More than 80 percent of the country’s rice imports are sourced from Vietnam, according to the Bureau of Plant Industry.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think rice imported from Cambodia will surely bring down the local rice prices?
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
To put things in perspective, posted below is the excerpt from the Manila Bulletin news report. Some parts in boldface…
The Las Piñas City government extended again the deadline for renewal of business permits and licenses from Feb. 1 until Feb. 28.
Mayor Imelda Aguilar is urging all business owners in the city to avail of the second deadline extension for renewal of business permits, licenses, taxes, and other commercial and industrial fees and charges without penalties and surcharge.
Aguilar said the city government set the first deadline extension for business permit renewal from Jan. 20 to 31 through a City Council resolution.
She said the city government made the move after the Business Permit and Licensing Office (BPLO) noted a high number of business permit registrations and applications.
The mayor said deadline extension until Feb. 28 will also help businesses who have just recovered from the effects of the Covid-19 pandemic.
Aguilar said the extension will also accelerate the city’s collection from business permit renewal and applications.
The mayor is also hoping delinquent businesses can now legalize their operation.
Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Do you find it surprising that the City Government extended the deadline again? Do you know any local business owner who intends to have his or her business permit renewed very soon?
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
If you are a paying customer of Maynilad who got affected by water service interruptions, then you will be receiving a rebate this month as the Metropolitan Waterworks and Sewerage System-Regulatory Office (MWSS-RO) made a big announcement about rebates for over two hundred thousand customers of the water concessionaire, as reported in a recent GMA Network news report.
To put things in perspective, posted below is the excerpt from the GMA Network news report. Some parts in boldface…
Over 200,000 customers of Maynilad Water Services Inc. in areas served by the Putatan Water Treatment Plants (PWTPs) affected by water service interruptions shall expect a hefty refund in their water bills next month, the Metropolitan Waterworks and Sewerage System-Regulatory Office (MWSS-RO) said Tuesday.
During the public information drive for the affected Maynilad customers, MWSS-RO Technical Regulations Area-Operations Monitoring manager Engr. Joel Dominguez said that the agency “found out during the period December 23 to January 15, there was service level breach in the areas of Parañaque, Muntinlupa, Las Piñas, and Cavite which includes Bacoor, Imus, Noveleta, Rosario, and Cavite City.”
“There are actually 222,221 affected customers during the interruption,” Dominguez said.
The said service interruptions was the subject of the MWSS-RO’s investigation which found that Maynilad violated its service obligation of an uninterrupted 24-hour supply in areas served by the PWTPs.
The water concessionaires’ regulator eventually ordered Maynilad to rebate or refund affected customers in the amount of P27.477 million.
The west zone water concessionaire has since agreed on the rebate program and said it would be best for customers to get the details from the public information drive of the MWSS-RO scheduled this week.
During the public information drive, Dominguez said there are two types of service interruptions.
“One is those who are receiving intermittent supply, meaning there are a number of hours that customers were rendered with low pressure or no water,” the MWSS-RO official said.
“The other type of customers were found to have no water for more than 24 hours,” he said.
Of the total 222,221 accounts or customers affected during the water interruptions, 18,032 accounts were those who experienced no water for more than 24 hours while the bulk or 204,189 were those who experienced intermittent supply.
“We have computed a total penalty for those accounts with no water for more than 24 hours in the amount of P6,794,166.67. Followed by customers with intermittent supply… the computation was P20,673,450.46,” Dominguez said.
The refund shall be reflected in the bills of affected customers next month.
“The rebate for those who were rendered no water for more than 24 hours is at P376.78, while those accounts with intermittent supply of water it’s at P101.30 per water service connection,” Dominguez said.
Let me end this piece by asking you readers: What is your reaction to this new development? If you are a paying Maynilad customer who got affected by water service interruptions in recent times, do you think you are qualified for the rebate of P376.78?
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
Recently, water concessionaire Maynilad announced that it is more than half-way through with its construction of a new water treatment plant in Barangay Poblacion in Muntinlupa City and additional water supply be the end of the year is expected, according to a news report by BusinessWorld.
To put things in perspective, posted below is the excerpt from the BusinessWorld news report. Some parts in boldface…
MAYNILAD Water Services, Inc. said on Tuesday that it is now more than halfway through the construction of its Poblacion water treatment plant in Muntinlupa.
“Once fully operational by the first half of 2024, this facility will have the capacity to produce 150 MLD (million liters per day) of potable water for the southern portion of Maynilad’s concession area, particularly Parañaque, Las Piñas, Muntinlupa, and Cavite,” the west zone water concessionaire said.
The Poblacion water treatment plant, now 53% complete, is expected to produce 50 MLD of additional water supply by yearend. It will be Maynilad’s third facility to tap Laguna Lake as an alternative raw source of water.
Currently, Maynilad has two treatment plants in Putatan, which provide 300 MLD to around 1.7 million customers.
“Our production of 300 MLD is stretched to meet the current requirements of our customers in the south. Hence, whenever extreme conditions necessitate reduced production, there is no extra supply so some of our customers experience service disruption. The additional output that we will get from the Poblacion WTP will help to address that,” said Maynilad Chief Operating Officer Randolph T. Estrellado.
The Poblacion water treatment plant is part of Maynilad’s P220 billion service enhancement program for 2023 to 2027.
Separately on Tuesday, Lee Robert M. Britanico, deputy administrator for customer service regulation of the Metropolitan Waterworks and Sewerage System (MWSS), said that the agency’s corporate office continues to look for a new water source.
“If we fail to look for an additional source the existing water supply can no longer meet the demand and the increasing population,” he said in a virtual press briefing.
He also said that the MWSS is now coordinating with Maynilad and Manila Water Co., Inc. to ensure adequate and uninterrupted water supply for the summer months.
“We have a supply deficit now not just in southern Metro Manila,” Mr. Britanico said, referring to the Philippine capital and parts of Cavite and Rizal provinces.
“[Because] the population in these areas continued to grow and the water supply is not coming from Metro Manila, our corporate office is looking for another source to augment that deficit, and we encourage everyone to conserve water and encourage Maynilad and Manila Water to be efficient,” he said.
Mr. Britanico said the MWSS is now preparing for the summer months when it expects a supply deficit due to high temperatures and the lack of rainfall.
“Rest assured as of now, we are okay but we encourage the public to conserve water, let us not take that for granted,” he said.
Mr. Britanico added that if population growth continues amid a lack of new water sources, a significant supply deficit might happen by 2024.
“Right now, if we will base the projection on the population, most likely next year we will have a problem but if we can find a new water source for Metro Manila, Cavite and Rizal, then that will address the issue,” he said.
Meanwhile, the MWSS regulatory office on Tuesday directed Maynilad to rebate P27.48 million to customers affected by the water services interruptions in areas served by the concessionaire’s Putatan water treatment plants.
“MWSS has determined the final rebate amount for Maynilad customers. Maynilad shall rebate a total of P27.477 million as reasonably determined by this office,” Mr. Britanico said.
The decision came after the recurring service interruptions from December 2022 until January this year in areas covered by the Putatan plants such as the southern part of Metro Manila.
Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? As a local resident, do you think that Maynilad will be able to complete its Poblacion water treatment plant and improve the local water supply? Do you manage a business that got negatively affected by the most recent water service interruptions?
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
The Philippines’ recovery from the downturn of the COVID-19 crisis continued strongly as it has been confirmed that the national economy expanded by 7.6% for the entire year of 2022 which includes a 7.2% 4th quarter economic growth, according to a news article by the Philippine News Agency (PNA). Take note that the Philippines is expected to grow between 6.5% and 7% in 2023 according to the national authorities while there are signs that the United States economy will fall into a recession this year. Regardless, the Philippines ended 2022 competitively in terms of economic expansion among its Asian neighbors.
To put things in perspective, posted below is the excerpt from the PNA news report. Some parts in boldface…
The Philippine economy expanded by 7.2 percent in the last quarter of 2022, bringing full-year growth to 7.6 percent, driven by increased economic activity mainly from pent-up demand as it fully reopened amid elevated inflation rate.
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said among the major emerging economies in the region that have released their fourth-quarter gross domestic product (GDP) growth, the Philippines grew the fastest, followed by Vietnam at 5.9 percent and China at 2.9 percent.
“Our improved Covid-19 (coronavirus disease 2019) risk management and the easing of mobility restrictions have created a positive economic outlook, boosting economic activity and creating more jobs despite external headwinds,” he said in a briefing on Thursday.
Balisacan said measures being implemented by the government to further buoy the economy’s recovery are working.
“Our strong economic growth performance for 2022 proves that our calibrated policies and strategies have helped put us on the path to recovery and on track to achieving our aspiration for an inclusive, prosperous, and resilient society by 2028,” he said.
Balisacan said pent-up demand drove growth in the fourth quarter as the economy was fully reopened during the period, with household consumption accounting for around three-fourths of domestic output, and investments contributing around a fifth.
“The improvements in labor market conditions, increased tourism, revenge and holiday spending, and resumption of face-to-face classes supported growth in the quarter, further reflecting a solid rebound in consumer and investor confidence in the economy,” he said.
Balisacan said had it not been for the elevated inflation rate, which rose to its highest since November 2008 last December when it accelerated to 8.1 percent, “growth could have been higher by another perhaps 1 to 2 percentage points.”
“It shows how overall demand is sensitive to inflation,” he added.
In terms of the volume of economic activities, Balisacan said domestic growth has recovered for many sectors, except for others such as tourism.
“(But) in so far as per capital income… we haven’t fully recovered yet,” he said.
Balisacan said the government is firm on ensuring that quality jobs will be available to Filipinos to lessen their need to work abroad.
“Inclusive growth across the archipelago will be our vehicle for reducing poverty incidence from 18 percent of the population in 2021 to a single-digit level by 2028,” he said.
National Statistician Dennis Mapa said 2022 full year GDP growth of 7.6 percent exceeded the government’s 6.5 to 7.5 percent growth assumption for the year and the highest after the 8.8 percent in 1976.
Mapa said the fourth-quarter growth, slower than the 7.6 percent in the previous quarter, was driven by the wholesale and retail trade, repair of motor vehicles and motorcycles, financial and insurance activities and retail estate and ownership of dwellings boosted domestic growth.
He said domestic demand remained strong, with the household final consumption expenditure (HFCE) rising by 2.1 percent quarter-on-quarter, led by the restaurants and hotels, food and non-alcoholic beverages, and miscellaneous goods and services. Year-on-year expansion of HFCE stood at 7 percent.
Among the major economic industries, Mapa said agriculture, forestry, and fishing contracted by 1.7 percent because of the lower output of sugarcane, palay (rice), and poultry and egg production.
Meanwhile, Balisacan said the government is doing pro-active assessment of the current situation to address the elevated inflation rate in the country, which is expected to go back to within the government’s 2 to 4 percent target band by the second half of this year.
He said the government continues to allow the importation of several food items to boost domestic supply, adding that not doing so will hurt both the consumers and domestic growth.
Let me end this piece by asking you readers: What is your reaction to this new development? Do you believe that the economy of the Philippine economy will grow between 6.5% to 7% this year? Do you think that more foreign tourists coming into the country will be able to help the nation achieve its economic growth targets this year? Apart from what was already mentioned, what do you think the national government should do to combat inflation? Do you think that the lower income tax for middle income earners will make a positive contribution to economic growth?
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Author Carlo Carrasco 