The economy of the Philippines grew almost 6% in the 3rd quarter (July-September 2023) which is a huge improvement over the 2nd quarter growth of 4.3%, according to a GMA Network news report.
To put things in perspective, posted below is an excerpt from the GMA Network news report. Some parts in boldface…
The Philippine economy regained its footing in the third quarter of 2023, following a slowdown seen in the previous quarter, the Philippine Statistics Authority (PSA) reported on Thursday.
The economy, as measured by gross domestic product (GDP) or the total value of goods and services produced in a period, grew by 5.9% during the July to September 2023 period, PSA chief and National Statistician Claire Dennis Mapa said at a press conference.
This is faster than the 4.3% growth rate seen in the second quarter of the year —its slowest pace in nine quarters since the country entered the positive territory in the middle of 2021 following a pandemic-induced recession.
“We are pleased to announce that the Philippine economy continues to grow despite several major headwinds that we have experienced and continue to experience,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said.
“This performance makes our economy the fastest among the major emerging economies in Asia that have released their third-quarter 2023 GDP growth: Vietnam at 5.3%, Indonesia and China at 4.9%, and Malaysia at 3.3%,” the NEDA chief said.
The third quarter economic performance brought the year-to-date or the January to September 2023 GDP growth rate to 5.5%.
Let me end this piece by asking you readers: What do you think about this recent development? Do you think there is still a chance for the Philippine economy to accelerate in the 4th quarter and achieve a full-year economic growth of at least 6%?
NOTE: Shortly after the launch of Mardi Gras Bazaar, Madison Galeries renamed it into Mardi Gras Warehouse Sale which had its last sale on December 2 and 3, 2023. The previous announced schedule of Mardi Gras Bazaar set for November 18 to December 31, 2023, no longer matters.
Madison Galeries, the nice open-air shopping mall located along Don Jesus Boulevard in Barangay Cupang, Muntinlupa City, recently announced the return of their popular Mardi Gras Bazaar which is all set to take place from November 18 up to December 31, 2023 at the 3rd floor.
The official image and details that Madison Galeries posted through social media.
For the newcomers reading this, the Mardi Gras Bazaar is a well-known special event of Madison Galeries’ with an emphasis on shopping as well as a wide variety of products that buyers can choose from for gift-giving or for the use of their respective households. It should be noted that several products will be offered at discounted rates which should easily attract bargain hunters as well.
In 2019, I published two posts about the Mardi Gras Bazaar which you can read by clicking here and here. My post-event article has some pictures which should you give an idea of what to expect at the next edition of the Mardi Gras Bazaar.
For the 2023 edition of the Mardi Gras Bazaar at Madison Galeries, the announced schedule of November 18-December 31 is pretty extensive and it should give people a lot of time and opportunities to shop. The schedule of the bazaar for each day is 10AM to 8:30 PM.
What to expect at this year’s bazaar? Based on the official image from Madison Galeries, there will be clothing, toys, appliances, electronics, hardware and other items that can be ideal for gift-giving this Christmas season. As with the past editions of the Mardi Gras Bazaar, a discount of up to 80% will be applied on certain items for sale.
Still on Madison Galeries, it should be noted that The Madison Events PlaceFacebook page shared the 2023 Mardi Gras Bazaar post which suggests that the 3rd floor venue (The Madison Events Place itself) will be the place to go to. Going back to 2019, I personally attended the Mardi Gras Bazaar and the Village Food Fair 2 (click here) on separate occasions and both special events utilized The Madison Events Place as the main venue. The said venue is a really nice and spacious indoor facility that is also comfortable, secure and fully air-conditioned.
Personally, I am eager to attend this upcoming event. For those of you who have yet to visit Madison Galeries in Alabang, the mall has sufficient parking spaces (note: there are elevated indoor parking levels inside).
Watch out for Mardi Gras Bazaar at Madison Galeries on November 18 to December 31, 2023. Visit the mall along Don Jesus Boulevard in Barangay Cupang, Muntinlupa City. The said boulevard is accessible through Alabang Hills Village (for those who have AHVA car stickers) and the West Service Road. Visit Madison Galeries’ official FB page at https://www.facebook.com/MadisonGaleries
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
Those of you who have been engaging with online selling, you better brace yourselves as the Bureau of Internal Revenue (BIR) hopes to begin imposing a creditable withholding tax before December 2023, according to a BusinessWorld news report. Specifically, this move applies on partner-merchants of online platforms.
To put things in perspective, posted below is an excerpt from the BusinessWorld news article. Some parts in boldface…
THE BUREAU of Internal Revenue (BIR) is hoping to start imposing a creditable withholding tax on partner-merchants of online platforms before the start of December, an official said.
“The process could be shorter, and we might just come up with it before the start of December. It will not be unreasonable to expect it before the start of December,” BIR Assistant Commissioner Jethro M. Sabariaga told reporters on the sidelines of the SGV Tax Symposium last week.
“The longer you withhold this release, you’re hobbling a significant portion of today’s economic transactions,” he added.
The BIR last week released the final draft of the amendments to Revenue Regulation No. 2-98 which currently does not cover income payments by online platform providers.
Under the final draft, the BIR would impose a withholding tax of 1% on one half of the gross remittances by domestic e-marketplace operators to the online merchants for the goods or services sold through their facility.
However, the withholding tax will not apply if annual total gross remittances to an online merchant for the past taxable year has not exceeded P250,000, or if the cumulative gross remittances to an online merchant in a taxable year has not yet exceeded P250,000.
Also exempted are online merchants who are part of a cooperative duly registered with the BIR with a valid Certificate of Tax Exemption.
Mr. Sabariaga said the BIR took note of the suggestions and objections to the draft rules raised by affected sectors. The BIR’s deadline for comments from stakeholders on the final draft ended on Oct. 27.
“This will all be taken into consideration and then be studied and then the final draft will be released and exposed,” he said.
Since then, Mr. Sabariaga said the agency consulted with various industries to come up with the latest version of the draft.
“It’s the first exposition of the draft, you have to consider the various industries, the applicability of the withholding (tax) on the various industries, the rates, the economic provisions of it,” he added
The BIR has been seeking ways to tax the digital economy, particularly as e-commerce surged during the pandemic.
In 2022, the digital economy contributed P2.08 trillion, equivalent to 9.4% of gross domestic product. Of this, e-commerce had the highest growth at 26.5%, with its share to the economy reaching 20% or P416.12 billion.
Let me end this piece by asking you readers: What is your reaction to this recent development? If you have been regularly selling online, do you think you will be covered by the planned withholding tax by the BIR? Do you have all financial and legal records prepared?
There is no doubt that water is essential for families, businesses and all other sectors of local society. That being said, Filinvest’s corporate entities has partnered with Hitachi, Ltd., to construct a state-of-the-art water recycling facility and upgraded sewage treatment plant (STP) in the Alabang business district in Muntinlupa City with a completion target set for March 2026, according to an official press release published through Hitachi online.
To put things in perspective, posted below is an excerpt from the Hitachi press release. Some parts in boldface…
Seated from L-R, FDCWUI President & CEO Johnny Roxas, FDC Vice Chair Josephine Gotianun Yap, FAI President & COO Catherine Ilagan, Hitachi Ltd. GM of Envi. Sol. Div. Okito Kakudo, and Hitachi Asia Ltd. COO Tang Chay Wee. Standing from L-R, PMI’s Chief Investment Officer Jan Michael Lim and President Alfredo Comendador Jr., ASCOF’s Design Manager Allan Villanueva and Project Manager Ricky De Castro, FLOW’s BD and Marketing AVP Sundy Bergado and CTO Tatsuya Sasuga, Hitachi Asia Ltd. Philippine Branch GM Hiroshi Katagiri and FLOW’s Engineering and Projects AVP Alfred Ables. (source – Hitachi.Asia)
Filinvest City, together with its partners FDC Water Utilities Inc. and Hitachi Ltd, will soon begin the construction of a state-of-the-art water recycling facility and upgraded sewage treatment plant (STP) that promises to innovate urban water management in the Alabang business district. This reflects the Filinvest Group’s commitment to sustainability through the implementation of efficient and technology-driven water operations across all of its developments.
“We aim to make Filinvest City the first sustainable and smart central business district in the Philippines. By implementing advanced technologies and solutions to treat wastewater, we are moving towards a future where local ecosystems are protected and our ecological footprint is reduced,” said Filinvest Development Corporation (FDC) Vice Chairperson Josephine Gotianun Yap during the construction commencement ceremony held recently.
FDC Water Utilities, Inc. (FDCWUI), a subsidiary of FDC Utilities, Inc., will lead in developing the project that is set to begin in December this year and is expected to be completed by March 2026.
“This project will revolutionize how Filinvest approaches wastewater treatment and water production. Its seamless integration of sewage treatment and production of high-quality recycled water technologies sets a new standard for environmentally responsible development. Only two other projects in the country implement similar processes, but none on this scale,” said Juan Eugenio L. Roxas, President and CEO of FDWUI.
Hitachi Ltd is the project’s technical partner, one of Japan’s largest and most influential corporations spanning sectors such as IT, telecom, power, infrastructure, and industry. Together with Filinvest, Hitachi aims to focus on social and sustainable innovations through data and technology.
“Our advanced water treatment technology, combined with digital solutions, is designed not only to improve water quality but also to enable remote plant monitoring and streamline operations. We are honored to work with Filinvest as we address the pressing issue of water shortages in the Philippines and promote water sustainability together,” said Okito Kakudo, General Manager of Hitachi Ltd.’s Environmental Solution Division, Water and Environment Business Unit.
The upgraded STP will be capable of processing up to 15 million liters of wastewater daily. It will utilize Membrane Bioreactor (MBR) technology for biological nutrient removal, which complies with the stricter regulations on nitrogen and phosphorus removal in the country that cannot be effectively removed by the conventional activated sludge method.
Meanwhile, the new water reuse facility is designed to efficiently produce high-quality recycled water for household use. Capable of producing a capacity of at least 10.5 million liters per day, the facility utilizes a combination of Brackish Water Reverse Osmosis (BWRO) and Advanced Oxidation for its water production.
The initiative will reduce the environmental footprint of Filinvest City and effectively mitigate pollution in waterways. Moreover, the water produced by the reuse facility will be available to local businesses and residents, conserving valuable freshwater sources and ensuring a more reliable supply of clean water.
Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, how do you think this upcoming water recycling facility of Filinvest and Hitachi will help you? Do you think there is a need for more private sector players to be more involved in the water supply and water recycling within Muntinlupa City? Do you own a home or a business property in Filinvest City in Alabang?
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
What would you do if you had so many containers of sunblock lotion? I had to ask that question because the Manila Bulletin reported a recent incident that happened in Alabang, Muntinlupa City in which three people got arrested for shoplifting inside a popular retailer. They were caught carrying over fifty units of expensive sunblock lotion and had no proof of purchase with them as they attempted to leave.
To put things in perspective, posted below is the excerpt from the Manila Bulletin news report. Some parts in boldface…
Three persons were arrested by the police for allegedly shoplifting 55 sunblock lotions at a popular membership-only warehouse club in Muntinlupa.
The Muntinlupa police identified the suspects as Zamuel Campo, 50; Riza Cuatro, 46; and Fatima Cuatro, 39.
According to the police, the shoplifting incident happened at the S&R Membership Shopping branch at Westgate Alabang on March 19.
The three allegedly posed as customers and put 55 pieces of Beach Hut sunblock lotions in a bag and immediately walked out of the store. Each sunblock lotion cost P492 for a total of P27,060.
At the S&R exit, they were searched by the guards and when they failed to show a receipt for the sunblock lotions, they were prevented from leaving.
Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? Do you think the arrested suspects could be working together or could they be working for a crime syndicate?
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 have been engaging on selling items or services online, you should be aware that the Philippines’ authority on taxation the Bureau of Internal Revenue (BIR) is constantly watching you and it is seeking ways to tax you, according to a BusinessWorld news report. Already the BIR has been communicating with the e-commerce platforms.
To put things in perspective, posted below is an excerpt from the BusinessWorld news article. Some parts in boldface…
THE BUREAU of Internal Revenue (BIR) is looking to collect taxes from online sellers on e-commerce platforms more efficiently.
BIR Commissioner Romeo D. Lumagui said it is difficult to monitor taxes on individual online sellers on e-commerce platforms.
“We’re in constant communication with the platforms, because it’s a challenge to monitor. We’re thinking of ways to approach it because if we look at individual online sellers, it’s a bit difficult. It’s a challenge,” he told reporters on Thursday evening.
Mr. Lumagui said the BIR is prioritizing ways to better collect taxes from online sellers and other new platforms this year.
The pandemic forced many entrepreneurs to shift to online selling using e-commerce platforms like Shopee and Lazada, as well as social media platforms such as Facebook, Instagram and Tiktok.
As of 2022, the Department of Trade and Industry (DTI) estimated there are around two million entities doing business as online sellers.
In 2021, the digital economy contributed 9.6% to the country’s gross domestic product (GDP), or about P1.87 trillion. DigiPinas, the multi-sectoral initiative led by UBX Philippines Corp., earlier said the Philippine digital economy can grow to as much as $150 billion or about P8.3 trillion in the next decade.
Meanwhile, Mr. Lumagui said the BIR will tap social media influencers to help educate the public on the importance of paying taxes.
“They have reach and I think that one way of making people comply with tax obligations is to educate the people since tax is a very complicated topic not easy to understand,” he said, adding the BIR will schedule a dialogue with them.
Mr. Lumagui said the BIR will continue its efforts to collect taxes from social media influencers, since they’re earning income. He noted there are already some who are undergoing tax audits.
“What we want is to dialogue with them that these are your obligations as social media influencers, you’re earning from whatever you’re doing, so this is your responsibility as income earners,” he said.
The BIR said it collected around P44.6 billion worth of tax from online content creators and retail sales at the end of 2021.
Let me end this piece by asking you readers: What is your reaction to this recent development? If you have been selling products or services online for the last twelve months, do you think the BIR’s move with taxing your business will negatively affect Philippine e-commerce as a whole? Have you set aside enough money for potential taxation by the BIR? What is the one thing about online selling that made you stay away from selling through physical establishments like a store?
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. 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.
During the one and only free day I had in my recent tour of Israel, I decided to make use of the extra time to visit the Temple Mount, the Western Wall (note: my return for prayer), the Jewish Quarter, King David’s Tomb and Oskar Schindler’s grave on foot. It was also my plan to have lunch at the popular Mahane Yehuda market.
Coming from the old city of Jerusalem, I marched along Jaffa Street heading towards Mahane Yehuda. However, the accumulated stress of very long walks in the morning caught up with me and I needed a break. It was then I decided to pursue finding a certain Jerusalem joint known for good food, drinks and books which was featured on the YouTube channel of Israel (called Jerusalem’s culture café). That place is Tmol Shilshom and as soon as I saw a sign of it along the very busy Jaffa Street, I made the decision to search for it knowing it was a challenge to do so.
What exactly is Tmol Shilshom? It is described as “the one holy place of Jerusalem that stands above the fray,” quoting Amoz Oz.
According to the official material of theirs, Tmol Shilshom is a Jersualem institution. A café-restaurant and bookstore that was established in 1994 in a century-old building in the Nahalat Shiv’a quarter of the city center. The joint’s name means “yesteryear”, is the title of a classic Hebrew novel by Nobel laureate S.Y. Agnon. Tmol Shilshom was founded as a unique way to combine culture, good food, and a cozy atmosphere, as imagined by the late David Ehrlich who was the business partner of the joint’s owner Dan Goldberg.
For several minutes, I struggled to find Tmol Shilshom going through a few narrow walkways coming from Jaffa Street. I did not have mobile Internet access with me and there was no way Google Maps could help me. I simply paid attention to details of the walkways and the signs that I saw. There was a point when I thought I got lost but I found another sign leading to the place. After some further walk, turns and climbing up some steps, I finally made it to Tmol Shilshom!
My experience inside Tmol Shilshom
As soon as I entered the café-restaurant, I felt this great relief not only from the cold weather outside but also because I found the place’s beautiful interiors very welcoming and cozy instantly. The place’s heater was so good, I took off my trench coat and sat at the nearest table enjoying the instant warmth and comfort.
As it was my plan to have lunch at Mahane Yehuda, I first wanted to try Tmol Shilshom’s coffee. On the table, however, I noticed there was this visual reference about their special drinks offered complete with descriptions and prices (in Shekels) displayed. After some thinking and wanting to try something really unique, I decided to order their Halva Drink which is a vegan beverage composed of date honey, tahini, hot soy milk and shredded Halva. I stated my order to the waiter who passed it on to the counter. The waiter was also helpful in granting me access to their Wi-Fi.
After several minutes of browsing and checking updates online, a pretty blonde served to me my Halva Drink and she said, “Enjoy.”
The Halva Drink is one of the special drinks from Tmol Shilshom and I enjoyed this a lot! You should go for this when you visit!
Just looking at the Halva Drink, I was very impressed with the way it looked and how Tmol Shilshom made it. As a native of the Philippines who had been to local cafés and other cafés in the United States, Canada, Japan and Hong Kong, the drink truly looked one-of-a-kind to me!
After marveling at it, I finally decided to start drinking my Halva Drink. The first sensation of my tongue registered a mild sweetness that was also delightful. Naturally, I wanted more of the enjoyable taste so I continued consuming it. The combination of Halva combined with the other mentioned ingredients made it a pretty engaging and very unique drink experience for me. Whoever prepared the Halva Drink there at Tmol Shilshom deserves admiration and thanks! The same should also go to whoever designed the drink there.
As I enjoyed my drink, I took a break from my smartphone and observed the really nice interiors around me. There was this unique feeling of being at home (note: explanation in the Conclusion section) while also feeling comfortable as a consumer. I have been to many cafés and restaurants in my life but Tmol Shilshom is not only very unique but also a standout.
Lots of books on display. Tmol Shilshom is also a bookstore and if you love literature, you should ask for their recommendations.
It comes to no surprise that the Halva Drink, combined with the warmth, the coziness and fine atmosphere of the interior, relaxed me a lot. The stress and the slight soreness of my feet faded away, and I was ready to move on to Mahane Yehuda for lunch and further exploration. Before leaving, I ordered bottled water (to keep myself hydrated), paid the bill and tipped them.
Conclusion
That’s a cozy looking spot and the decorations around are really nice.
While my stay at Tmol Shilshom lasted less than an hour, my experience there still proved to be memorable with the mentioned factors above. I really enjoyed the place (note: the building was originally residential and it got converted for commercial use) and the minimal interior space was not a problem to me at all. Their workers were very professional, friendly and accommodating. It should be noted that apart being a fine place for dining, reading and working, Tmol Shilshom also established itself as a place for special events and gatherings.
If ever I will get to revisit Jerusalem, I would not hesitate to return to Tmol Shilshom and try out their meals and other offerings. It is truly a very special place of Jerusalem and I encourage you to visit them for your food and beverage interests. I personally thank our Lord for guiding me to find the place.
As you therefore have received Christ Jesus the Lord, so walk in Him, rooted and built up in Him and established in the faith, as you have been taught, abounding in it with thanksgiving.
Colossians 2:6-7 (NKJV)
So, whether you eat or drink, or whatever you do, do all to the glory of God.
1 Corinthians 10:31 (ESV)
To each of you reading this, I highly recommend visiting Tmol Shilshom when you are in Jerusalem. For your reference, visit their website at https://www.tmol-shilshom.co.il/en/home/ and follow them on Instagram.
Watch out for more Israel 2023 travel pieces here.
Recently in a high-level economic meeting in Germany, Philippines Finance Secretary Benjamin Diokno declared that the national economy is resilient enough for the post-pandemic world and that the national government has been making adjustments, 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 report. Some parts in boldface…
Finance Secretary Benjamin Diokno on Monday told foreign investors and business leaders that the Philippine economy is resilient enough and that the government is doing its best to address post-pandemic challenges.
Diokno made the remarks during the Philippine economic briefing attended by the economic managers in Frankfurt, Germany that was streamed through various government agency Facebook pages.
The Finance chief noted that inflation is also a concern in the Philippines just like in other countries, but measures are being undertaken by the government to address the issue, such as managing prices by ensuring adequate supplies of agricultural products, and boosting the agriculture sector’s capacity and productivity to help address the rising commodity prices, among others.
“We also are continuing the importation of necessary commodities to ease inflation,” he said.
The government has allowed the continued importation of rice, sugar, and meat, which are among the primary factor for the elevated food prices due to supply issues.
Relatively, Diokno assured investors that the government has put in place a fiscal consolidation program to address the uptick in government liabilities, due in part to the increased borrowing to finance pandemic-related programs.
He identified three factors that will support the government’s fiscal consolidation and one of this is the fact that “only a small fraction of our outstanding debt is exposed to interest rate resetting.”
This, as bulk of the government liabilities are sourced from domestic fund sources, with around 75 percent of the borrowing program allocated to the domestic market.
“We already have anticipated the tightening monetary policy conditions when we formulated the interest rate payments in the 2023 budget,” Diokno said.
He added that “government securities market is dominated by local players that are bank-centric and homogeneous in investment governance.”
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 Philippines is resilient enough for the post-pandemic age even as there are concerns about high inflation and economic slowdown around the world? Do you believe that the national government has what it takes to make key adjustments to unforeseen developments that could happen anytime? Are you convinced that foreign investors as well as foreign tourists will come into the Philippines in great numbers over the next eighteen months? How is your local government doing when it comes to economic developments like livelihood, jobs training and other related activities?
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 in the City of Las Piñas, the City Government announced that the deadline for the renewal of business permits has been moved from January 20 to January 31, 2023, according to a Manila Bulletin news report. Their City Council approved a resolution which was subsequently signed by the Mayor.
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 announced on Saturday, Jan. 21, that the deadline for the renewal of business permits has been extended from Jan. 20 to Jan. 31.
Mayor Imelda Aguilar signed the resolution extending the period for payment of business permits, licenses, taxes, and other similar commercial fees and charges without surcharges and penalties.
The resolution was passed and approved by the City Council on Jan. 16.
Aguilar said they made the move since the Business Permit and Licensing Office (BPLO) has been receiving numerous business permit registration and renewal applications.
She said the resolution states that an extension of deadline for payment of business permits and licenses will not only encourage the settlement of fees and charges but also accelerate the collections. It likewise enables delinquent individuals and firms to legalize their business operations.
The resolution also says the extension will ultimately redound to the benefit of the city because the taxpayers will be able to comply with the mandatory obligation of providing revenues to the city government.
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? If you are running a business within the city, will the extension be helpful to you?
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
Even though HSBC and the World Bank revealed their own 2023 economic growth forecasts for the Philippines to be below 6%, the national government still sees the economy growing around 6.5% this year, according to a recent Manila Bulletin news report.
To put things in perspective, posted below is the excerpt from the Manila Bulletin news report. Some parts in boldface…
The Philippine government expects a strong full-year gross domestic product (GDP) growth for 2022, most likely much faster than its growth target of 6.5 to 7.5 percent, Department of Finance (DOF) Secretary Benjamin Diokno said here on Jan. 16 (Switzerland time).
Diokno said this during a Monday luncheon hosted for President Ferdinand “Bongbong” Marcos Jr. and Philippine chief executive officers (CEOs) in Davos, Switzerland.
In addition, Diokno said the Philippine economy is seen to “grow by around 6.5 percent this year” due to the expected slowdown of the global economy.
“And that’s still one of the highest, if not the highest, growth projection in the Asia-Pacific Region,” he said.
According to Diokno, the country’s bustling manufacturing sector, record-low unemployment, and stable and resilient banking system can alleviate buffers against external headwinds, all indicating a resilient economy.
Further, opening economic sectors to foreign equity, improving the ease of doing business, and allowing modern transformative industries to take root and grow will sustain the economy.
At the same time, the Finance chief said the Marcos government has created a more competitive and enabling environment through public-private partnership (PPP) to expand further the Build, Better, More infrastructure agenda of the administration.
Diokno said this would further boost investments on top of the government’s goal to spend at least five to six percent of GDP on infrastructure, stressing all these form the backbone for the rapid and sustained growth of the Philippines.
But because of the current challenges, he said the Philippines is taking the first steps toward launching the Maharlika Investment Fund, the country’s first-ever sovereign wealth fund that will support the goals set by the administration in the Philippine Development Plan 2023-2028.
Let me end this piece by asking you readers: What is your reaction to this new development? Do you believe that the Philippines’ economic fundamentals are strong enough to keep the economy growing around 6.5% this year? Do you think that the tourism industry alone will be a major driving force of economic growth and earning foreign currency? Apart from the announced Maharlika Investment Fund (sovereign wealth fund) new economic initiatives do you want to see from President Ferdinand “Bongbong” Marcos, Jr.?
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
Author Carlo Carrasco 