Tag: cash

DTI Sees More Jobs And Investments Rising In Metro Manila Following Removal Of Ecozone Ban

DTI Sees More Jobs And Investments Rising In Metro Manila Following Removal Of Ecozone Ban

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Following the lifting of the ban on information technology economic zones in Metro Manila, the Department of Trade and Industry (DTI) expects the new investments to come in as well as new jobs to be generated, according to a news report by the Manila Bulletin.

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

The Department of Trade and Industry (DTI) expects the information technology and business process management (IT-BPM) sector to generate more jobs and attract new investments after the lifting of the ban on IT economic zones in Metro Manila.

In a statement on Tuesday, July 28, Trade Secretary Cristina Roque welcomed the issuance of Administrative Order (AO) No. 45, which seeks to ease some of the restrictions under the broader prohibition on the processing and evaluation of applications for ecozones imposed during the previous administration.

“This major policy reform is a resounding victory for the IT-BPM sector and a decisive step forward in strengthening the Philippines’ position as a premier global destination for digital services,” the DTI chief said.

AO 45, signed by President Ferdinand Marcos Jr., excludes applications for the establishment of IT centers and IT parks from the ongoing moratorium on ecozone applications.

The order maintains the prohibition on all other ecozone applications in National Capital Region (NCR), as embodied in AO 18, issued by former President Rodrigo Duterte in 2019. The policy was implemented to encourage development and spur investments in the provinces.

With the lifting of the ban, Roque said the government is addressing long-standing investor demand from IT-BPM firms looking to open or expand in NCR while also creating more opportunities for real estate development.

“As we open new avenues for growth in Metro Manila alongside our continuous push to develop regional IT hubs, we are positioning the IT-BPM sector to generate thousands of high-quality jobs, attract foreign direct investments, and ensure economic growth nationwide,” she said.

The DTI earlier endorsed the proposal of the investment promotion agency (IPA) Philippine Economic Zone Authority (PEZA) to lift the moratorium to provide more options for companies seeking to locate in key central business districts in the capital region.

PEZA Director General Tereso Panga earlier told reporters that the ban has essentially forced firms to operate in existing ecozones, restricting their expansion plans.

“We invite our global partners and prospective investors to take full advantage of this renewed momentum and build their future here in the Philippines,” Roque said.

IT-BPM firms operate in ecozones to avail themselves of the fiscal and nonfiscal incentives provided by the government.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you consider Metro Manila suitable for the establish of new economic zones as well as the expansion of existing economic zones? Do you believe that the demand by IT-BPM firms for expansion in Metro Manila is real?

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 @CarloCarrascoPH as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Time For The Philippines To Revisit Nuclear Energy Production

Time For The Philippines To Revisit Nuclear Energy Production

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During his recent State of the Nation Address (SONA), Philippine President Ferdinand “Bongbong” Marcos, Jr., declared that it is time for the nation to revisit nuclear energy production, according to a news report by GMA News.

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

President Ferdinand “Bongbong” Marcos Jr. on Monday said it is time to revisit nuclear energy production, as he touted some 200 energy projects in the pipeline in a bid to boost the country’s power supply and bring down power rates.

In his fifth State of the Nation Address (SONA), Marcos said the administration is working to revisit nuclear energy, as it is already being used in medicine, agriculture, water filtration, and the upcycling of plastic.

“Pushing the envelope further, perhaps it is time for us to revisit nuclear energy production,” he said, noting confidence in its capacity “to reinforce our energy security and bring down the cost of electricity in our country.”

“Titiyakin nating ito ay ligtas. Titiyakin din nating maipaliwanag nang mabuti sa publiko ang magandang dulot sa atin ng enerhiyang nukleyar” he added.

(We will make sure that this is safe. We will also make sure to explain the benefits of nuclear energy properly to the public.)

According to Marcos, the administration has a pipeline covering some 200 power projects across the country that will have a combined capacity of nearly 10,000 megawatts (MW) — 45 of which have already been completed, while 31 are set to be completed this year. The remaining 124 are targeted to be completed by 2028.

These are on top of 1,700 megawatts that the projects will contribute to energy storage systems, which Marcos said will boost energy security.

“Ang mga proyektong ito ay napabilis nang dahil sa mga bagong patakaran at proseso na nagpapadali ng pagnenegosyo dito sa ating bansa, para sa mga Pilipino at dayuhang negosyante,” he said.

(These projects were expedited because of the new regulations and processes that eased doing business here in the country for Filipinos and foreign investors.)

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the highlighting of nuclear energy production in the State of the Nation address will lead to breakthroughs for a nuclear-powered Philippines? Are people in your local community still afraid of nuclear energy? Do you think unchecked corruption inside the government of the Philippines will derail any nuclear-related efforts?

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 @CarloCarrascoPH as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

America Tags Philippines With 12.5% Tariff Over Forced Labor Concerns

America Tags Philippines With 12.5% Tariff Over Forced Labor Concerns

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The Philippines, which is already experiencing slower economic growth, higher inflation and having trouble attracting foreign investment, saw its exports to the United States subject to a higher 12.5% tariff as the Trump administration is convinced that the country failed to prevent the entry of goods produced with forced labor, according to a news report by the Manila Bulletin.

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

The country’s exports to the United States (US) are now subject to a higher 12.5-percent tariff after the Trump administration determined that the Philippines has failed to prevent the entry of goods produced with forced labor.

In a notice on Friday morning, July 24 (Philippine time), the Office of the US Trade Representative (USTR) said it is imposing a 12.5-percent tariff on the Philippines, in accordance with the directive of US President Donald Trump.

The USTR earlier included the Philippines in its investigation into the US’ top 60 trading partners as it sought to crack down on imports made with forced labor that were found to be harmful to American commerce.

In a report on the probe’s findings, the USTR said the Philippines “has failed to impose and effectively enforce a forced labor import prohibition.”

Apart from the Philippines, 40 other economies are subject to the 12.5-percent tariff.

“The US has had a forced labor import ban for nearly a century, and rigorously enforces it. It’s well past time for our trading partners to do the same,” said USTR Ambassador Jamieson Greer.

“Today’s action will begin to correct what is both a human rights abuse and distortive trade practice to improve the welfare of workers everywhere,” he added.

The USTR said it would exempt certain products from the tariff, including goods that cannot be produced in sufficient quantities or at reasonable prices in the US, and products that could cause economy-wide disruptions if they were subjected to the tariffs.

Philippine goods exempt from the 12.5-percent tariff include most of the country’s major exports to the US, including semiconductors, its top export commodity. Also exempted are agricultural commodities such as coconuts, pineapples, and bananas, as well as raw minerals such as nickel ores and concentrates.

The US remains the Philippines’ largest export market, accounting for $13.46 billion, or 15.9 percent, of the country’s total exports in 2025.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the Philippines has been negligent on monitoring the entry of goods produced with forced labor? Does this new economic development dampen your trust in the government of the Philippines?

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

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @CarloCarrascoPH as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Palestinian Arrested In Quezon City For Stealing Money Bag

Palestinian Arrested In Quezon City For Stealing Money Bag

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For some time now, I have been monitoring the criminal acts committed by people who are present in different countries as foreigners. Here in the Philippines, a Palestinian man was arrested in Quezon City for stealing a bag containing a lot of cash from the café of a hotel, according to a news report by the Manila Bulletin.

As it turns out, the Palestinian already has a history of committing other forms of crime. Could it be possible that, apart from violence and terrorism, theft and an obsession of committing crime are parts of the Palestinian nature?

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

A 36-year-old Palestinian man was arrested after allegedly taking a money bag containing P5,020 and an empty cash box from a hotel café on Timog Avenue in Barangay South Triangle, Quezon City, at around 11:06 p.m. on Thursday, July 23.

The suspect, identified as “Ham,” was intercepted by hotel security personnel at the establishment’s exit after the incident was detected through the hotel’s CCTV monitoring system.

Initial investigation showed that the suspect entered the café and allegedly took the money bag and empty cash box without the knowledge or consent of the 24-year-old male cashier.

Recovered from the suspect were P5,020 in various peso bills and coins, the cash bag, the empty cash box, and a backpack.

Personnel of Kamuning Police Station (PS 10) later responded and took custody of the suspect from the hotel security personnel.

Further verification showed that the suspect had previous criminal records for estafa, unjust vexation, resistance and disobedience to a person in authority, use of a fictitious name, and concealing his true name in October 2025, as well as theft in May 2026.

Let me end this post by asking you readers: What is your reaction to this recent development? Are there a lot of Palestinians living in your local community right now? Are you aware of the fact that a lot of Palestinians follow Islamic terrorists as their leaders? How many Palestinians do you think are present all over the Philippines today? Did you notice an increase of the number of foreign Islamists in your local community over the past twelve months? Do you think the national government is secretly allowing Palestinians to enter the Philippines as high-priority refugees with immigration in mind?

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 @CarloCarrascoPH as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

First Batch Of Tricycle Drivers Receive Cash Relief Assistance In Las Piñas City

First Batch Of Tricycle Drivers Receive Cash Relief Assistance In Las Piñas City

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Around two thousand tricycle drivers (the first batch) have received their cash relief assistance at the Aguilar Sports Complex recently, according to the social media announcement of the City Government of Las Piñas. Each tricycle driver received P5,000 as relief from the much higher prices of fuel caused by the ongoing war against the Islamic terrorist regime of Iran which itself attacked multiple nations in the Middle East with missiles and drones.

To put things in perspective, posted below is an excerpt from the social media announcement of the City Government. Some parts in boldface…

The distribution of P5,000 cash payout of the AICS program for the first batch of tricycle drivers in Las Piñas City was held at Aguilar Sports Complex.

This is part of President Ferdinand “Bongbong” Marcos Jr.’s support to help drivers cope with the continuing rise of oil prices due to tensions in the Middle East.

The Department of Social Welfare and Development (DSWD), City Social Welfare and Development Office (CSWDO), and other offices of the city government are working together to ensure a smooth and peaceful distribution of aid to beneficiaries.

On the first day of payout, almost 2,000 drivers from TODA groups ACAPODA, APHDA, ATODA, BFLTSODA, BFRSSCV, BFRV-VG, CCTODA, CEBMTODA and BFATODA were given cash assistance. Payout will continue in the coming days to provide all registered members of TODA.

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 often ride the tricycle when moving around?

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 engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

57% of retail payments in the Philippines are digital

57% of retail payments in the Philippines are digital

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There is no denying that consumers here in the Philippines prefer to use digital methods of paying over cash as more than 57% of retail transactions by volume are digital, according to a business news report by Malay Business Insight. The details were revealed by the Bangko Sentral ng Pilipinas (BSP).

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

More Filipinos are going cashless and transacting in e-money or digital cash as the most preferred payment for retail accounts, the Bangko Sentral ng Pilipinas (BSP) said in a report on Monday.

Based on the latest BSP status report, digital payments now account for 57.4 percent of retail transactions by volume as of end-2024, up from 52.8 percent in 2023. In terms of value, e-money’s share also increased to 59 percent from 55.3 percent.

The figures surpassed the government’s target range of between 52 and 54 percent as set under the Philippine Development Plan 2023–2028.

BSP Governor Eli M. Remolona Jr. said the steady year-on-year growth “reinforces the momentum built after surpassing the 2023 digitalization target of 50 percent for volume.”

He also said the upward trajectory “reflects the long-term impact of market developments, policy initiatives, and the growing trust and familiarity of Filipinos with digital payment options.”

Remolona said the BSP will continue to harness technology and finance to connect markets and ensure that “every Filipino becomes part of the formal financial system.”

They will do this by empowering banks, non-banks and the fintech sector to leverage innovation in designing financial products that are not only accessible but also more responsive to the needs of consumers.”

Let me end this post by asking you readers: What is your reaction to this recent development? When it comes to retail transactions, do you prefer to pay with cash or with a digital payment method? Do you have any e-wallets (electronic wallets) 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

Nine foreigners who were caught with undeclared P441 million cash and foreign currency up for deportation

Nine foreigners who were caught with undeclared P441 million cash and foreign currency up for deportation

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The nine foreigners – who had two Filipino companions – who were recently caught in the Cebu airport carrying undeclared amounts of cash of over P440 million and some foreign currency will be deported after their local cases get resolved, according to a GMA Network news report.

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

The Bureau of Immigration (BI) said Tuesday it is seeking to deport the nine foreigners arrested at the Mactan-Cebu International Airport for carrying undeclared bags of cash amounting to over P440 million.

According to Immigration spokesperson Dana Sandoval, the deportation proceedings are ongoing.

The nine foreigners and two Filipinos were arrested by the Philippine National Police Aviation Security as they were attempting to board a private plane to Manila at about 10:30 p.m.

The suspects—including six Chinese and individuals from Malaysia, Indonesia, and Kazakhstan—were found carrying seven bags instead of the declared three bags containing up to P441,922,542, USD$168,730 (around P9.342 Million), and HKD$1,000 (around P71,000).

The BI said that aside from deportation proceedings, the group may also face criminal and anti-money laundering charges before local courts.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think there could be more foreigners in the country carrying with them huge amounts of undeclared cash?

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

What to watch on YouTube right now – Part 53

What to watch on YouTube right now – Part 53

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Welcome back my readers, YouTube viewers and all others who followed this series of articles focused on YouTube videos worth watching. Have you been searching for something fun or interesting to watch on YouTube? Do you feel bored right now and you crave for something to see on the world’s most popular online video destination?

I recommend you check out the following topics and the related videos I found.

#1 Popcorn in Bed reacts to An Officer and a Gentleman – Released in 1982, An Officer and a Gentleman is a romantic drama film with a militaristic flavor showing a young Richard Gere and Louise Gosset, Jr., in a very memorable role. Some parts of the movie were filmed on location here in my native Philippines. While I am not exactly a fan of the movie, I can say that it still has some shining moments as well as some memorable dramatic scenes. Recently, YouTuber Popcorn in Bed posted its reaction video of the movie, and I can say it is worth watching.

#2 When hackers made ATMs release so much money – Recently, YouTuber fern published a new video explaining a certain financial crime that resulted in physical activities that was hard to imagine – automatic teller machines (ATMs) shooting out multiple bills of cash for thieves to collect. What happened, what can financial institutions do to prevent their system from getting hacked, and how the events turned out are explained in detail by fern.

#3 Criterion Collection shows how to restore and remaster very old films – The Criterion Collection (AKA Criterion) is a company that specializes on licensing, restoring and releasing selected films that movie buffs, fans and new film enthusiasts could enjoy. I myself own the Criterion Blu-ray discs of The Blob (1958) and Gojira, and I can say that the company did a great job restoring the said films while adding stuff for collectors and fans to enjoy. When it comes to restoring decades-old films and making them presentable with quality in mind, Criterion really works hard and you can learn a lot from them by watching the videos below.

#4 VKunia reacts to Man of Steel – Do you movie fans enjoy watching Zack Snyder’s Man of Steel? The 2013 Superman movie remains divisive among fans and superhero movie enthusiasts to this day. I’ve seen the movie many times from the local cinemas to my Blu-ray copy, and I can say it truly is a mixed bag when it comes to providing viewers fun and defining Superman in the 21st century. Still, there is a chance that the Man of Steel reaction video by YouTuber VKunia could spark your interest in the film as well as in Zack Snyder’s visceral vision of DC Comics superheroes. I encourage you to watch her reaction video below.

#5 Commie Kamala Harris proves herself pathetic yet again during California wildfire briefing – By the time you are reading this, Donald Trump has officially returned as United States President. That being said, even during times of disaster, the defeated Commie Kamala Harris proved to be pathetic and worthless during the recent briefing about the wildfire in California. She is so pathetic and worthless, Harris proved she is not trustworthy. Imagine all the amounts of American taxpayers’ money that got wasted by Harris during her 4 years as US Vice President.

#6 Battlezone revisited – Released by Atari in 1980, Battlezone was a groundbreaking game both visually and with game design. It gave gamers an immersive experience of driving a tank with 3D graphics, fun gameplay and a first-person view. If you wish to learn about the history of Battlezone, who the creators were and how were they able to produce the game, watch the video of gaming history expert PatmanQC.

#7 Minty Comedic Arts and the 1980s – I really enjoy watching the videos of Minty Comedic Arts. His series of “10 things you didn’t know about…” videos on pop culture (mostly movies) is fun to watch and he often entertains with his delivery of trivia information. In recent times, he posted trivia videos about certain films from the 1980s – each one being memorable in their own ways – namely Fast Times at Ridgemont High, The Breakfast Club, The Blue Brothers, Beverly Hills Cop and Indiana Jones and the Temple of Doom. Watch Minty’s videos now!

#8 The failure of Segway remembered – Remember decades ago when the Segway was first launched and heavily featured through the media? Invented by Dean Kamen, the Segway was a 2-wheeled personal transporter which was released looking fantastic but ended up as a failure. The Segway also ended up looking very bad in media reports about accidents with it. To find out what led to the Segway’s debut and how it failed, watch the video below.

#9 GoodBadFlicks examines five major flops – When it comes to movies that failed miserably, were those really terrible to watch or were they actually decent productions that failed to attract enough moviegoers? There are factors as to why movies fail. There are films that generated so much negative press, the moviegoers were convinced to avoid them. There are movies that were really badly made and there are others that got promoted or distributed very poorly. GoodBadFlicks recently post a video examining five major flops and it might convince you to watch The 13th Warrior, Final Fantasy: The Spirits Within, Titan A.E., The Chronicles of Riddick and Cutthroat Island.

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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

Stakeholders and analysts perceive VAT refund limit for tourists just right to ensure small businesses will benefit

Stakeholders and analysts perceive VAT refund limit for tourists just right to ensure small businesses will benefit

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As far as the analysts and tourism stakeholders are concerned, the minimum purchase requirement for non-resident tourists to qualify for the value-added tax refund is just right in relation to benefiting the small businesses, according to a BusinessWorld news report. There is, however, one dissenting opinion.

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

THE P3,000 ($51) minimum purchase requirement for nonresident tourists to qualify for a value-added tax (VAT) refund is “just right” to ensure small businesses benefit, analysts said.

President Ferdinand R. Marcos, Jr. recently signed into law Republic Act (RA) No. 12079, which allows tourists to claim VAT refunds on purchases worth at least P3,000 from government-accredited stores, in an effort to boost tourism receipts.

“The P3,000 is just right to benefit micro, small and medium enterprise (MSME) retailers and local products,” Philippine Retailers Association (PRA) President Roberto S. Claudio said. He said the purchase cap is kept to a minimum to benefit locally made products.

“I think it’s a good entry and good starting point. Some countries are still higher than P3,000 as well. I think we’re above the middle, so I think that’s a good place to be,” Tourism Congress of the Philippines President James M. Montenegro said via phone call.

Under RA 12079, the value of the locally bought goods from accredited stores must reach at least P3,000 per transaction, provided these goods are taken out of the country within 60 days of purchase.

“This law is primarily designed to boost tourist arrivals and expenditure. Hopefully, it will also increase the sales revenue of retailers,” Mr. Claudio said.

Mr. Montenegro said the minimum purchase amount could be adjusted in the future.

The threshold is subject to review and adjustment every three years by the Finance secretary, upon recommendation of the Commissioner of Internal Revenue, considering the inflation data from the statistics agency.

“I think the minimum rate is at par with our ASEAN [Association of Southeast Asian Nations] neighbors. If you look at the minimum amounts in other countries, it is almost the same,” Eleanor L. Roque, a tax principal at P&A Grant Thornton, told BusinessWorld.

The Philippines has joined other ASEAN countries with a tax refund program for nonresident tourists. The scheme has increased retail activity, particularly in sectors such as fashion, electronics and souvenirs.

In Malaysia, the minimum purchase is 300 ringgit ($67). Singapore allows tourists to spend at least S$100 ($74), while in Indonesia, it starts at 500,000 rupiah ($31).

“It is good to have a minimum amount as it limits the refund claim to valuable expenses. De minimis spendings are normally not considered for VAT refund as it is not administratively practical. In some cases, the cost will be more expensive than the amount being refunded,” Ms. Roque said.

She said the government should tap accredited international firms in the VAT refund processing, adding that the “government should take advantage of the track record and best practices of these known companies.”

Ms. Roque said the government should ensure the goods bought are really brought out of the country.

“Physical inspection of the goods when exiting the country should be strict to ensure that local buyers do not use tourists for availing themselves of the VAT refund,” she added.

However, Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said the P3,000 threshold “may not be enough to significantly encourage higher spending among affluent tourists,” especially compared with ASEAN counterparts.

“A higher or more flexible threshold might align better with international best practices and encourage larger purchases,” he said.

Mr. Rivera also urged the government to simplify the VAT refund process, rather than make it “extra bureaucratic.”

Let me end this post by asking you readers: What is your reaction to this recent development? Do you consider the current purchase requirement for the VAT refund for foreign tourists a proper amount? Do you think foreign tourists will be receptive to the current standard for VAT refund of their purchases here in the Philippines?

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

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

The newest polymer bank notes from the BSP

The newest polymer bank notes from the BSP

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Recently the Bangko Sentral ng Pilipinas (BSP) unveiled the newest polymer bank notes which were described as crisp and capable of withstanding tough conditions, according to a news feature by the Manila Bulletin.

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

The familiar crinkle of a crisp paper bill, the faded ink from countless transactions, the subtle tear at the edge – these are the hallmarks of the Philippine piso as many know it. But come January, Filipinos will begin to experience a currency revolution.

The Bangko Sentral ng Pilipinas (BSP) is ushering in a new era with the first series of polymer banknotes, a move that signifies more than just a change in material. It’s a leap towards a more secure, sustainable, and hygienic future for the nation’s currency.

Imagine pulling out a banknote that feels smoother, almost plastic-like, and noticing intricate details that shimmer under the light. This is the promise of the new polymer piso.

These banknotes, designed to last longer and withstand the rigors of daily use, are imbued with advanced security features that make counterfeiting a near impossibility. Microprinting, tactile elements, and clear windows are just some of the technologies embedded within these notes, providing a robust defense against fraudulent activities and bolstering public confidence in the currency.

“We have the mandate of issuing the currency, and we always try to look for ways to improve our currency,” explains BSP Assistant Governor Mary Anne Lim. “In improving our currency, we consider the needs of our users in utilizing it, and also advances in technology when it comes to printing and using our banknotes.”

The shift to polymer addresses a critical concern in today’s world: hygiene. Paper banknotes, passing through countless hands, can harbor bacteria and viruses. Polymer notes, on the other hand, are less hospitable to these pathogens.

Their non-porous surface makes it harder for microbes to cling and survive, contributing to a healthier and safer transaction experience in a post-pandemic world.

But the BSP’s vision goes beyond practicality. The new banknotes are also an opportunity to celebrate the Philippines’ rich biodiversity and cultural heritage.

Each denomination features a carefully chosen endangered species, a poignant reminder of the country’s unique natural treasures and the need for their conservation.

The 1,000-piso note, already in circulation since April 2022, showcases the majestic Philippine eagle soaring above the Tubbataha Reefs Natural Park, a UNESCO World Heritage Site.

The 500-piso note features the elusive Visayan spotted deer amidst the lush greenery of the Puerto Princesa Subterranean River National Park.

The 100-piso note highlights the vibrant Palawan peacock-pheasant against the backdrop of the iconic Mayon Volcano, while the 50-piso note presents the playful Visayan leopard cat with the serene Taal Lake in the background.

These visuals are complemented by intricate designs inspired by traditional weaving patterns, showcasing the artistry and craftsmanship of different Filipino communities. The banknotes, therefore, become more than just a medium of exchange; they transform into miniature canvases that tell a story of the Philippines’ natural wonders and cultural heritage.

“The polymer series raises awareness of the country’s threatened species, serves as a symbol of Filipino identity, and fosters national pride,” shares BSP Governor Eli M. Remolona, Jr., highlighting the inspiration and symbolism behind the chosen themes

The environmental impact of currency production is another crucial factor considered by the BSP.

Polymer banknotes, with their longer lifespan, reduce the need for frequent replacements. This translates to less paper consumption, lower energy use in production, and a smaller carbon footprint. The BSP’s commitment to sustainability is evident in this conscious choice of material, aligning with the global push towards eco-friendly practices.

The transition to polymer banknotes is a milestone in the Philippines’ journey towards modernization. It’s a testament to the BSP’s proactive approach to currency management, ensuring that the Philippine piso remains secure, resilient, and relevant in a rapidly changing world.

Let me end this post by asking you readers: What is your reaction to this recent development? Are you receptive towards the newest polymer bank notes from the BSP? What do you think of the new P500, P100 and P50 bills? Do you have a problem about the new bills not showing historical people of the Philippines?

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

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