This is for motorists who have been traveling along the highways without radio frequency identification (RFID) tags or with insufficient load. The Department of Transportation (DOTr) recently announced that it has officially postponed to October 1, 2024 the implementation of new tollway guidelines and fines, according to a BusinessWorld news report. The implementation was supposed to have happened on August 31.
To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…
THE Department of Transportation (DoTr) postponed the implementation of new tollway guidelines, which impose fines on motorists with no radio frequency identification (RFID) tags or insufficient funds on their accounts, to Oct. 1.
“We hope the concerned agencies and tollway operators would use the 30-day deferment to fine-tune expressway operations and further intensify the public information campaign to enable tollway users to comply with the new guidelines,” Transportation Secretary Jaime J. Bautista said in a statement on Tuesday.
The new rules, under Joint Memorandum Circular No. 2024-001, were supposed to be enforced starting Aug. 31.
Under the rules, all motorists passing through expressways without RFID tags or having insufficient balance on their accounts will face penalties starting Aug. 31.
“These revised guidelines should significantly improve traffic along expressways through cashless or contactless toll plazas,” Mr. Bautista said.
The Toll Regulatory Board (TRB) said motorists entering an access highway without RFID tags or electronic toll collection (ETC) device will incur a fine of P1,000 for the first offense, P2,000 for the second offense, and P5,000 for subsequent offenses.
Motorists exiting toll expressways with insufficient account balance will be fined P500 for the first offense, P1,000 for the second offense, and P2,500 for subsequent offenses.
Let me end this piece by asking you readers: What is your reaction to this recent development? Have you been driving regularly on the highways without an RFID tag on your vehicle?
To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…
LOCAL PROPERTY DEVELOPERS are unfazed by the government’s ban on Philippine offshore gaming operators (POGO), saying that it has minimum or no effect on their office and residential businesses.
“Our direct exposure to POGO is rather limited. Only 1% of our office portfolio is occupied by POGOs,” she said.
“We were never a big POGO locator. It has even gone down over the years. Now, we’re down to 1%. In terms of our sales, we have very little sales to Chinese buyers in general, whether POGO or not,” she added.
Ms. Dy said that ALI conducted checks across its residential buildings following the announcement of the ban and found that only less than 5% are occupied by POGOs or probable POGO employees.
“Our products are not that exposed to the POGO market, either directly in the office or indirectly as tenants for our residential buildings,” she said.
Sy-led conglomerate SM Investments Corp. (SMIC) said the POGO ban also has no impact on their property business. SM Prime Holdings, Inc. develops residential and commercial properties through SM Development Corp.
“Fortunately, (the POGO ban) has no impact to us,” SMIC President and Chief Executive Officer Frederic C. DyBuncio said in a mobile phone message after being asked for comment.
In a recent disclosure, Gotianun-led Filinvest REIT Corp. (FILRT) said that it is not affected by the POGO ban. The company is the real estate investment trust (REIT) of Filinvest Land, Inc.
“FILRT has no POGO exposure and has been free of POGOs since the second quarter of 2022,” it said.
“The company has been deliberately diversifying its tenant mix, with the addition of traditional tenants and coworking locators,” it added.
Luxury property developer Shang Properties, Inc. recently said that the POGO ban will have no effect on the company’s residential business.
“The profile of our buyers is mostly Filipinos. We have a healthy mix of foreign buyers which are not China-based, so we’re not as affected,” Shang Properties Executive Vice-President for Commercial Maria Rochelle S. Diaz said at a recent media briefing.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that the nationwide ban on POGOs will not harm the office and residential businesses of all property developers?
In relation to helping the Philippines recover from the many negative effects caused by Philippine offshore gaming operators (POGOs), the declared nationwide ban on POGOs will help expedite the nation’s exit from the “gray list” of a global financial watchdog that has been monitoring jurisdictions for money laundering risks, according to a BusinessWorld news report.
To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…
THE RECENT BAN on Philippine offshore gaming operators (POGO) would help expedite the country’s exit from a global financial watchdog’s “gray list” of jurisdictions under increased monitoring for money laundering risks, the central bank governor said.
“With the POGO ban, we do see a drop in money laundering, which should help us exit the gray list,” Bangko Sentral ng Pilipinas (BPS) Governor Eli M. Remolona, Jr. told BusinessWorld in a text message.
Last week, President Ferdinand R. Marcos, Jr. ordered a total ban on all offshore gaming operations due to their ties to illicit activities such as financial scams, money laundering, prostitution and human trafficking.
Mr. Marcos directed the Philippine Amusement and Gaming Corp. (PAGCOR) to shutter all POGO facilities by the end of the year.
This comes after the Financial Action Task Force (FATF) in June kept the Philippines in its gray list for a third straight year.
The global watchdog said the country still needs to address three remaining action items, one of which is “demonstrating that supervisors are using anti-money laundering and counterfinancing of terrorism (AML/CFT) controls to mitigate risks associated with casino junkets.”
Mr. Remolona earlier said the Philippines would likely exit the gray list by next year as it still needs to address the remaining deficiencies cited by the FATF.
From 2018 to 2023, the Philippines was among the top five countries in Southeast Asia with money laundering activities added over the five-year period, earlier data from Moody’s showed.
The number of money laundering events added in the Philippines jumped by 45% from 2022 to 2023, it said.
Chester B. Cabalza, founding president of Manila-based International Development and Security Cooperation, said Mr. Marcos’ order to ban POGOs would encourage more “legitimate” investments to enter into the country.
“With the expected ban, the Philippines may be relieved with the gray list tag and re-strategize for fulfilling more legal and moral entertainment investments for the inclusive growth of the country,” he said via Facebook Messenger.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think improvements will be realized gradually over the next twelve months with the ban on POGOs in effect? Do you think that money laundering and crime related to POGOs will go down sharply?
As some of you are already aware, I fully stand with Israel which is very connected with my uncompromising faith in the Lord. I keep on praying to Him for Israel to overwhelm its enemies, rescue the hostages and recover from the effects of the October 7, 2023 terrorist attacks committed by the Palestinian terrorist group Hamas. I can assure all of you that nobody from the evil Islamo-Leftist mob, nobody from the pro-Palestine radicals and nobody from any evil society would stop me from supporting and loving Israel.
Now, on with the news…
Recently, Israel’s Ambassador to the Philippines Ilan Flus confirmed that startups from the Jewish state view the Philippines as a viable gateway to Southeast Asian markets, according to a BusinessWorld news report.
To put things in perspective, posted below is an excerpt from the BusinessWorld news article. Some parts in boldface…
ISRAEL companies, particularly startups, view the Philippines as a viable gateway to Southeast Asian markets, according to the Israeli Ambassador and the head of Israel’s economic mission in Manila.
“Asia is a growing market, and Israeli companies are becoming more and more interested in the markets here,” Ambassador Ilan Fluss told BusinessWorld on the sidelines of an Israeli tech startup pitch event at his residence in Makati City.
“The Philippines is also an entry point to the Association of Southeast Asian Nations,” he added.
He said the embassy is working closely with the Anti-Red Tape Authority to find ways to make it easier to do business in the Philippines.
“I think the important thing for an Israeli company is to have a good Filipino partner that will be able to guide them (in navigating) the economy,” Mr. Fluss said, noting the difficulties posed by bureaucracy.
Tomer Heyvi, head of the Israel Economic Mission to the Philippines, said more Israeli startups are showing interest in seeking investors from the Philippines.
“The Philippines is a rising star and there is a lot of interest from the Israeli companies in trade, commerce, but also, of course, in investment,” he told BusinessWorld.
Mr. Heyvi said there are more than 9,000 startups in Israel that are seeking partnerships to help them break through in various global markets, including the Philippines.
“Every year, we see an increase in the interest of Israeli companies. So, for me, it’s already an indication that they find this market interesting.”
According to the Central Bureau of Statistics of Israel, trade between the Philippines and Israel amounted to $532 million last year.
Israel’s Ministry of Economy and Industry said on its website that business services between both countries last year were mostly provided by Israeli startups and tech companies engaged in artificial intelligence-based platforms, cybersecurity, and financial technology solutions.
Very clearly, the ties between Israel and the Philippines remain intact and are in fact gradually gaining strength. The future of economic cooperation between the two nations looks bright even though there are lots of uncertainties happening overseas (armed conflicts with Hamas and Hezbollah, anti-Israel rallies in America and Europe, and so on).
To my fellow Filipinos reading this, I encourage you to accept the truth that Israel is the land God designated specifically for the Jewish people (read Genesis 35:10-12) and His command must be followed without hesitation. If you want to be blessed further by the Lord, do so by loving and blessing the Jewish people (Genesis 12:1-3). I did my part when I was in Israel. Also, let me remind you all that the ties between the Jews and Christians are truly biblical!
We live in a very divided world. Around the world, Leftist forces have been supporting evil forces like the current regime of Iran which is known for supplying and arming the Palestinian terrorists, Hezbollah and other terrorist groups around the Middle East. The Leftists and terrorists always go together and their anti-Semitism is clearly obvious. Hamas, which has long been supported by terrorist state Iran, is purely evil and they are being protected by not only their fellow terrorists but also by mainstream news media outlets who are linked with Leftist forces and people who hate Israel and the Jewish people. Iran even has Hezbollah in Lebanon doing their evil works for them. Beware of the evil union of the Islamo-Left which is wicked deep within.
With all that said, I encourage you all to pray to the Lord God in support of Israel and believe that He will guide the Israeli forces to another victory which means finishing off Hamas, crushing Hezbollah and forcing Iran and its terror proxies to give up. Read Joshua 11:1-20 in the Holy Bible for relevance and truth. Pray to the Lord to support Israel, its government officials, the Israel Defense Forces (IDF) and other stakeholders.
In light of the recent news that the economy of the Philippines grew by 5.7% during the 1st quarter of 2024, economic analysts stated that growth should be more than 6% per quarter over the next three quarters in order to meet the set target of the year, according to a BusinessWorld news report.
To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…
THE PHILIPPINE ECONOMY should expand by more than 6% in the next three quarters to meet the government’s growth target this year, analysts said.
“The Philippines needs to grow almost 6.1% for the remaining three quarters to reach 6% growth for the entire year, which appears to be a tall order, particularly given the slowdown in household spending in quarter one and the subdued global economic backdrop this year,” Makoto Tsuchiya, an economist at Oxford Economics Japan, said in an e-mail.
Philippine gross domestic product (GDP) grew by 5.7% in the first quarter, slightly faster than the 5.5% in the fourth quarter of 2023 but below the government’s 6-7% target.
University of Asia and the Pacific Senior Economist Cid L. Terosa said GDP growth should average 6-6.5% for the rest of the year to hit the lower end of the government’s target band.
“We had always been expecting growth to stay subdued largely due to the ‘triple threat’ faced by the economy. Elevated inflation, high borrowing costs and fiscal consolidation are the troika of challenges we face,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.
Household spending, which accounts for nearly three-fourths of economic output, rose by 4.6% in the January-to-March, the slowest since the coronavirus pandemic and weaker than 5.3% in the fourth quarter and 6.4% a year ago.
Mr. Tsuchiya said private consumption lagged due to “economic-wide” pressures on spending in the first three months of the year.
“We believe the softening in household consumption was due to a combination of elevated inflation, tepid confidence and the impact of monetary tightening,” Mr. Tsuchiya said.
Inflation quickened to 3.8% in April amid rising food and transport costs. April was the third straight month that inflation accelerated.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that inflation will continue to rise and prevent the Philippines from achieving economic growth of 6% for 2024?
In the view of the National Economic and Development Authority (NEDA), headline inflation may ease in the 2nd half of 2024 as a result of the subsiding of pressure on food prices connected with the El Niño effect, according to a BusinessWorld news report.
To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…
HEADLINE INFLATION may start easing in the second half of the year as pressure on food prices subsides after the El Niño weather event ends, the National Economic and Development Authority (NEDA) chief said.
“In the second half of this year, we expect the pressure from food prices to diminish, because a big part of that food inflation was imported in the sense that food prices, particularly for staple, have been rising in the world market,” NEDA Secretary Arsenio M. Balisacan told reporters on the sidelines of a forum on Monday afternoon.
Inflation rose for a second straight month in March to 3.7% amid rising food prices. Food inflation accelerated to 5.7%, its fastest pace in four months, mainly driven by rice.
Rice inflation surged to 24.4% in March, the highest since the 24.6% print in February 2009.
“But for rice, (pressure) is expected to decline, (as prices) reached the peak and will start falling after June as the El Niño phenomenon is waning,” Mr. Balisacan said.
The El Niño weather phenomenon is expected to persist until May, but the Philippines may continue to feel its impact until August, the Department of Science and Technology said earlier.
Mr. Balisacan said he is hoping that April inflation would fall within the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target band, although oil prices pose a risk.
He noted April inflation will likely be close to the 3.7% print recorded in March.
“[The] 2-4% is still a fighting target. Of course, we are watching closely the developments in the Middle East. If the oil prices would be affected by the development, there would be some pressure for us,” Mr. Balisacan said, refer-ring to the conflict between Israel and Iran.
The local statistics agency will release April inflation data on May 7.
Mr. Balisacan said that economic growth in the first half may be affected if inflation continues to breach the target.
“[It’s] a challenge because domestic consumption, particularly home consumption and investment, are very sensitive to inflation and interest rates,” he said.
Earlier this month, the Development Budget Coordination Committee (DBCC) revised its gross domestic product (GDP) growth target range to 6-7% this year from 6.5-7.5% previously amid geopolitical tensions, price upticks, and trade restrictions.
The local statistics agency is set to release first-quarter GDP data on May 9.
“With food prices starting to come down, that should be good for growth. But of course, if the energy prices continue to rise, then it could affect logistics, distribution, and it could impact food prices too. But we hope that it will not be serious,” Mr. Balisacan said.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think headline inflation in the Philippines will go down slightly in the 2nd half of this year? Do you think external economic developments will cause inflation to rise?
Filinvest Land, Inc. (FLI) will continue to be aggressive with property development as they recently announced they will introduce this year more residential projects worth an estimated P25 billion located in different parts of the country, according to a BusinessWorld news report.
To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…
GOTIANUN-LED property developer Filinvest Land, Inc. (FLI) has announced plans to introduce residential projects worth P25 billion this year.
“(We) aim to optimize our land bank and sustain our strong market presence in cities where we are already present,” FLI President and Chief Executive Officer Tristaneil D. Las Marias said during the company’s virtual annual stockholders meeting on Friday last week.
Some of the residential projects eyed to be launched this year are located in Cavite, he added. These include the company’s first mid-rise condominium project in Bacoor, as well as new developments for its 94-hectare The Wood Estates residential township in Trece Martires.
“We will upgrade our Wood Estates… with commercial shops, transport terminals, and affordable low-rise condo developments,” he said.
Mr. Las Marias also announced that FLI will launch the 11.4-hectare Iloilo Centrale residential township in Leganes, Iloilo, which will include supermarkets, daycare centers, public transport terminals, a park, and a football field.
“Iloilo Centrale will also offer our first walk-up project which will provide very affordable condo units located in a complete residential setting that provides social spaces, outdoor sports, activity event areas, and modern amenities at very affordable prices,” he said.
“We have also kept a balanced geographical portfolio for our residential business by exploiting residential business opportunities in key cities in Visayas and Mindanao,” he added.
He said that FLI will open several mid-rise condo buildings in Dumaguete, Zamboanga, and General Santos.
The company also plans to launch taller condo buildings in Cebu and Davao to “match the growing market potentials in these highly urbanized cities and optimize land bank values.”
“We have also seen the huge unserved demand in housing. We plan to continue to offer affordable housing projects in Rizal, Cavite, Laguna, Bataan, Zamboanga, and other second class cities in Visayas and Mindanao with the intent to make housing accessible to as much government and private workers within the mass market income bracket and help more Filipinos build their dream,” he said.
FLI is also planning to complete nine additional ready-built factories at its Filinvest Innovation Park in the next two years. The planned factories will span 12,500 square meters each.
Last month, FLI completed the turnover of a ready-built factory to StB GIGA for the production of lithium iron phosphate batteries.
The Filinvest Innovation Park is within the Filinvest New Clark City mixed-use township, which is part of the 9,450-hectare New Clark City development in Capas, Tarlac.
“We also have about 55 hectares of land available for long-term lease already built at the moment,” he said.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the planned residential projects of FLI will make positive socio-economic impact in the mentioned locations around the country? Do you think there is good demand for new homes around the country?
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
For this year and 2025, Moody’s Ratings projects the Philippines will end up as the 2nd fastest growing economy in Southeast Asia, according to a BusinessWorld news report.
To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…
THE PHILIPPINES is projected to be the second-fastest growing economy in Southeast Asia this year and in 2025 as domestic demand is expected to remain resilient, according to Moody’s Ratings.
“We have kept unchanged our 2024 and 2025 forecasts for the Philippines and Malaysia and also expect sequentially higher growth in both countries. Domestic demand remains the primary economic growth engine for the Philippines,” it said in a report.
Moody’s Ratings kept its forecast for gross domestic product (GDP) growth for the Philippines at 5.9% this year and 6% in 2025.
However, these projections fall short of the government’s growth targets of 6.5-7.5% for this year and 6.5-8% for next year.
At 5.9%, the Philippines has the second-fastest projected growth in Southeast Asia for 2024, after Vietnam (6%). It is ahead of Indonesia (5%), Malaysia (4.5%) and Thailand (2.8%).
For 2025, the Philippines is again expected to post the second-fastest growth behind Vietnam (6.5%) but ahead of Indonesia (5%), Malaysia (4.8%), and Thailand (3%).
Moody’s Ratings said that growth in domestic demand-driven countries like the Philippines is “increasing more than we previously expected.”
The economy grew by a weaker-than-expected 5.6% in 2023, slower than the 7.6% expansion in 2022 and short of the 6-7% government goal.
Household consumption typically accounts for three-fourths of the Philippine economy. Last year, household spending expanded by 5.6%, much slower than 8.3% in 2022.
Meanwhile, Moody’s Ratings sees inflation averaging 3.8% this year, higher than the Bangko Sentral ng Pilipinas’ (BSP) 3.6% full-year forecast but within the 2-4% target.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that strong household consumption alone can help the Philippine economy grow stronger than what Moody’s Ratings projected for 2024 and 2025?
Recently the World Bank (WB) revealed its forecast of stronger economic growth for the Philippines in the year 2025 although still below the projections of the government, according to a BusinessWorld news report.
To put things in perspective, posted below is an excerpt from the BusinessWorld report. Some parts in boldface…
THE WORLD BANK (WB) maintained its economic growth forecast for the Philippines this year but raised its 2025 growth projection, amid expectations of higher consumer spending and foreign investments.
In its latest East Asia and Pacific (EAP) Economic Update, the World Bank said it expects Philippine gross domestic product (GDP) to grow by 5.8% this year, the fastest in Southeast Asia along with Cambodia.
The Philippines and Cambodia are seen to expand faster than Vietnam (5.5%), Indonesia (4.9%), Malaysia (4.3%), Lao People’s Democratic Republic (4.0%), Timor-Leste (3.6%), Thailand (2.8%) and Myanmar (1.3%).
For 2025, the World Bank raised its GDP forecast for the Philippines to 5.9% from 5.8%.
However, the World Bank’s growth forecasts for the Philippines are lower than the government’s target of 6.5-7.5% for 2024 and 6.5-8% for 2025 to 2028.
“What has sustained growth in the Philippines, like much of the region, has been consumption and the recovery in services,” WB East Asia and Pacific Chief Economist Aaditya Mattoo said at a virtual briefing on Monday.
He noted foreign investment flows into the Philippines might increase after the government implemented significant reforms such as Republic Act No. 11659 or the Public Service Act, which allows full foreign ownership in key sectors such as telecommunications and airlines.
“(The reforms) should begin to pay off in terms of greater foreign investment, which though in the short run… the flows have been less strong than we would have expected,” Mr. Mattoo said.
Climate and geopolitical shocks, as well as elevated inflation and high interest rates are risks to the growth outlook.
“If there is a resurgence in inflation, for example in the United States, which might well see interest rates even higher for longer, that would certainly affect growth throughout the region as we have estimated,” he said.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippine economy can grow stronger than the forecast of the World Bank for 2025?
Financial firm Fitch Ratings expects the economy of the Philippines to grow the fastest among Southeast Asian economies this year with a growth rate of 6.4%, according to a news article by BusinessWorld.
To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…
THE PHILIPPINES is expected to be the fastest-growing economy in Southeast Asia this year, according to Fitch Ratings.
Data from Fitch Ratings’ Asia-Pacific Sovereigns Credit Outlook for February showed that the Philippines’ gross domestic product (GDP) is projected to expand by 6.4% this year.
This will be the fastest growth in Southeast Asia, ahead of Vietnam (6.3%), Indonesia (5%), Malaysia (4.2%), Thailand (3.8%) and Singapore (2.3%).
Krisjanis Krustins, Fitch Ratings’ primary sovereign analyst for the Philippines, said Philippine GDP growth would likely remain above 6% in the next few years.
“We forecast real GDP growth of above 6% over the medium term, considerably stronger than the ‘BBB’ median of 3%, supported by large investments in infrastructure and reforms to foster trade and investment, including through public-private partnerships (PPPs),” he said in an earlier commentary.
Fitch Ratings’ forecast is slightly below the government’s 6.5-7.5% target this year.
The Philippine economy grew by 5.6% in 2023, slower than 7.6% in 2022 and fell short of the government’s 6-7% full-year target.
Economic managers have said they might revise growth assumptions and targets to be more “realistic” and account for global economic conditions.
The Philippine Statistics Authority (PSA) is set to release first-quarter GDP data on May 9.
For 2025, Fitch expects Philippine economic output to expand by 6.5%. This also makes it the fastest-growing economy in the region next year, alongside Vietnam. It will be ahead of Indonesia (5.2%), Malaysia (4.5%), Thailand (3.4%) and Singapore (3%).
In November, Fitch Ratings affirmed the Philippines’ “BBB” investment grade rating and kept its “stable” outlook.
A “BBB” rating indicates low default risk and reflects the economy’s adequate capacity to pay debt. A “stable” outlook on the rating also means it is likely to be maintained over the next 18-24 months.
Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think Fitch’s predictions for the Philippine economy will turn out true by the end of 2024?
Author Carlo Carrasco 