COVID-19 Crisis – Page 2 – Author Carlo Carrasco

COVID-19 Crisis: OCTA says Metro Manila positivity rate may peak by next week

May 11, 2023May 9, 2023carlocarrasco

As the number of new cases of COVID-19 infection continues to rise here in the Philippines, OCTA Research announced that the positivity rate in Metro Manila may peak next week, according to a Manila Bulletin news report.

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

The Covid-19 positivity rate in Metro Manila may peak next week, but the 25 percent initial projection will not be reached, said OCTA Research fellow Dr. Guido David on Tuesday, May 9.

David noted that only a “slight” increase in the current Covid-19 positivity rate was observed in Metro Manila, which could indicate that the “increasing trend is slowing down.”

“Metro Manila’s seven-day positivity rate increased slightly to 22.9 percent as of May 7, 2023. It was at 17.8 percent on April 30,” David said.

“The increasing trend is slowing down, and the peak could happen within the next week or so. The positivity rate could also miss the 25 percent mark,” he pointed out.

On May 8, David said that the increasing Covid-19 cases, driven by the Omicron subvariant XBB.1.16, may begin to decline “hopefully by late May or June.”

Positivity rate refers to the number of individuals who yielded positive results from among those who have been tested for Covid-19.

The benchmark for the positivity rate set by the World Health Organization is 5 percent.

The Department of Health on Monday reported 1,545 new Covid-19 cases across the country, of which 677 cases were recorded in Metro Manila.

He said the country’s current positivity rate was down to 18.8 percent on May 8, from 19.9 percent on May 7.

Let me end this piece by asking you readers: What is your reaction to this recent development? Did the recent increase of COVID-19 infection impact your living or your livelihood? Have been wearing a face mask more often over the past two weeks? Were you approached by members of the anti-vaccine community recently?

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

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

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

COVID-19 Crisis: Guidelines for 2nd COVID-19 booster shots for Philippines general population approved

April 21, 2023April 19, 2023carlocarrasco

In the latest development regarding COVID-19 here in the Philippines, it was reported via the Philippine News Agency (PNA) that the guidelines regarding 2^nd booster shots for members of the general population have been approved. Specifically, the Department of Health (DOH) referred to healthy adults at least 18-years-old can avail of the said booster shots and there are three specific COVID-19 vaccines to be used.

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

The guidelines on the administration of the second booster of coronavirus disease 2019 (Covid-19) vaccines for the general population have been signed.

The vaccines to be used as second booster shots are AstraZeneca, Moderna, and Pfizer.

“We already signed the guidelines nitong isang araw lamang at eto po ay ipapakalat na sa ating mga (just the other day and we’ll disseminate this to our) local government units,” Department of Health Officer in Charge Maria Rosario Vergeire said during a media forum on Tuesday.

The jabs would be given to all healthy adults aged 18 years old and above.

“Pwede rin pong ibigay sa mga buntis at saka (They may also be given to pregnant and) lactating women of 18 years old and above,” she said. “Maaari rin po ibigay sa (They may also be given to) immunocompromised populations 18 years old and above, regardless of their priority group classification.”

To ensure that the booster shots are accessible to the communities, Vergeire encouraged the local government units to integrate Covid-19 vaccination in their daily health programs and services in the primary health care facilities.

“Para hindi na po natin kailangan mag-upa ng mga (So that we no longer need to rent) mass vaccination sites,” she added.

As of March 20, a total of 78,443,972 or 100.44 percent of the country’s target population (78,100,578) have been vaccinated against Covid-19, including 8.7 million senior citizens, 10.2 million adolescents, and 5.6 million children.

The above report ended stating that 23,811,248 have received booster shots out of the fully vaccinated (2 shots) population.

Let me end this piece by asking you readers: What is your reaction to this recent development? How many people in your local community have been waiting for the availability of 2^nd booster shots? How long did they have to wait? Do you think that the DOH should tackle next the potential 5^th COVID-19 shot (3^rd booster shot) for people who already received two booster shots? Do you think this latest move by the DOH will prevent further COVID-19 vaccines from going to waste?

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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COVID-19 Crisis: 2nd booster shots will become available to general population

April 14, 2023April 12, 2023carlocarrasco

Recently the Department of Health (DOH) announced via a press conference that people who belong to the general population will eventually be allowed to receive the 2^nd booster shots for COVID-19, according to a GMA Network news report. Take note that months ago, billions of Pesos worth of COVID-19 vaccines got wasted which the DOH itself actually defended.

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

Department of Health (DOH) officer-in-charge Maria Rosario Vergeire on Wednesday announced that the general population would now be allowed to receive the second COVID-19 booster shots.

At a press conference, Vergeire said the DOH is only waiting for the release of implementing guidelines before the roll out of the second boosters for the general population starts.

Initially, the second booster jabs were only made available to frontline healthcare workers, senior citizens, and persons with comorbidities.

The above report ended stating that over 78 million Filipinos got fully vaccinated (2 shots for most vaccine brands) for COVID-19 while almost 24 million got their booster shots according to the latest data from the DOH.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the pending availability of COVID-19 booster shots for members of the general population will significantly boost the nation’s resistance to the coronavirus? How many people in your local community got fully vaccinate but still have not availed of booster shots? Do you trust DOH office-in-charge Vergeire?

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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SBMA chief Paulino declares 2022 a year of record-breaking accomplishments

April 5, 2023April 3, 2023carlocarrasco

During a high-level address to the stakeholders, Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Rolen C. Paulino declared that 2022 was a year of record-breaking accomplishments and the problems related to COVID-19 did not overwhelm them, according to a Business Mirror news article.

To put things in perspective, posted below is an excerpt from the Business Mirror news article. Some parts in boldface…

Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Rolen C. Paulino declared record-breaking accomplishments for Subic in 2022, as he made his first State of the Freeport Address (SOFA) here in a ceremony hosted by the Subic Bay Freeport Chamber of Commerce on Tuesday.

Comparing his administration’s undertakings against agency records in the last three years of the Covid-19 pandemic, Paulino presented a selection of successes under his “RCP” program that stood for revenue, customer-care, and plans and programs.

“2022 was a banner year for the SBMA despite the fact that the country was just recovering from the hiatus brought about by the Covid-19 pandemic,” Paulino said.

“It was an opportune time to work together, so we could bounce back from the debilitating effects of the pandemic, [and] achieve our ultimate goal—to attract investments and, more importantly, create employment,” he added.

According to the Subic chief, revenue collections by various SBMA departments “have increased compared to 2021 figures and even surpassed pre-pandemic performance” because of intensive revenue collection measures.

As a result, the SBMA was able to turn over to the National Treasury a total of P1.33 billion, an amount 20 percent higher than the 2021 dividends of P1.11 billion, Paulino said.

Figures from the SBMA Business and Investment Group (BIG) indicated that the Subic agency recorded revenue collections of P1.69 billion from January to November 2022. Paulino was appointed chief of the SBMA in March 2022 at the tail end of the Duterte presidency.

On the other hand, the 2021 SBMA report to President Duterte indicated an operating revenue for the agency in the amount of P3.47 billion, or P270 million higher than the 2020 revenue.

Paulino also said that in July 2022, the Subic Bay Freeport was named the top tourist attraction in Central Luzon and number five in the Philippines, with 9.4 million same-day visitor arrivals in the free port.

SBMA figures indeed showed a growing year-on-year tourism growth, with the number of same-day visitors rising from 7.89 million in 2016 to 8.54 million in 2017, 9.23 million in 2018 and 9.56 million in 2019 before plunging to 5.19 million in 2020 when the Covid-19 pandemic curtailed tourism activities globally. Recovery, however, started immediately in 2021, putting the annual record at 7.37 million.

In terms of investments, Paulino reported approving 133 new investment projects with total committed investments of P14.06 billion and 38 expansion projects with commitments of P36.34 billion.

“That is a significant jump from P591 million in 2021, let alone P160 million in 2020,” he pointed out, crediting the accomplishment to “the aggressive marketing strategy of our Business and Investment Group.”

SBMA’s business group, according to its 2021 report, had recorded a strong performance at the tail end of the pandemic with P17.29 billion in committed investments in 2021, compared to P9.24 billion in 2019 before the pandemic, and P1.55 billion in 2020 at the height of the pandemic.

Paulino also said that with all the economic activities going on in Subic because of new investments, an additional 4,700 jobs will be created soon on top of the 149,681-strong free port workforce today.

The Subic work force has consistently grown in numbers over the years: from 137,547 in 2019 to 138,966 in 2020, the beginning of the Covid-19 health crisis, and to 142,177 in 2021. Majority of the work force belonged to the services sector, which had continuously increased because of the growth in the transshipment and logistics business here, the SBMA Labor Department said.

Meanwhile, Paulino said that in 2022, the SBMA had provided revenue shares to neighboring local government units (LGU). He said Olongapo City received a total of P74.88 million last year, while Subic got P48.77 million; Castillejos, P29.74 million; San Marcelino, P38.54 million; San Antonio, P27.45 million; Morong, P28.1 million; Hermosa, P33.81 million; and Dinalupihan, P39.98 million for a total of P321.27 million.

This remittance was bigger than the LGU shares given by the SBMA during the pandemic: P277.98 million in 2020 and P306.77 million in 2021, but still did not top the shares given by the SBMA in 2019, which was P378.87 million, or even in 2018 at P369.26 million.

I myself was in the Subic Bay Freeport Zone during the summer of 2022 and I personally witnessed the post-pandemic revival there in the forms of tourists enjoying the places and the stores, restaurants and coffee shops attracting lots of customers. Indeed, the socio-economic recovery in Subic Bay Freeport is real and it will continue even though our nation is being hampered by inflation. If you are thinking about having a good time traveling here in the Philippines, I encourage you to visit the Subic Bay Freeport Zone. Also if you are looking for good places to eat or drink at during your next visit to Subic Bay, check out my feature articles of Gourmet Garage Subic and Xtreme Xpresso Café. Also, there will be a big triathlon event there – the NTT ASTC Subic Bay International Triathlon (SuBIT) 2023.

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Muntinlupa City’s Top 10 taxpayers lauded

March 9, 2023March 3, 2023carlocarrasco

Recently in the progressive city of Muntinlupa, the Top 10 taxpayers of the city were lauded for their tremendous economic contributions which played a key role in local recovery from the downturn of the COVID-19 crisis, according to a Manila Bulletin news report. They were commended by Mayor Ruffy Biazon during the 28^th cityhood anniversary celebrations on March 1.

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

Muntinlupa Mayor Ruffy Biazon commended the top 10 taxpayers and the business community for helping in reviving the local economy especially after the onslaught of the Covid-19 pandemic.

During the 28th Muntinlupa cityhood anniversary on March 1, the top 10 taxpayers were recognized.

They were Filinvest Alabang, Inc.; Ford Group Philippines, Inc.; Filinvest Land Inc. – Festival Supermall; Ayala Land Inc.; Filinvest Reit Corporation; Meralco Business Center; Amkor Technology Philippines; Capital One Philippines Support Services Corporation; GenPact Services LLC Philippines, Inc.; and Insular Life Assurance Company Ltd.

In his State of the City Address, Biazon said Muntinlupa is “steadily bouncing back” from the effects of the Covid-19 pandemic, which crippled the economy and resulted in people losing their jobs.

“Our cityhood journey, and now our road to pandemic recovery, underscores the importance of working together, and shows what we can do when we are focused towards a more liveable and more responsive city for Muntinlupeños,” Biazon said.

Taxpayers, including business establishments, have fueled the city’s economic recovery from the pandemic, posting P6.033 billion in total revenues with 101.09 percent collection efficiency.

In addition, the city government recorded 12,232 registered businesses as of January 2023, up 59 percent from 7,651 registered businesses in the same period last year.

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? Are you thankful to the mentioned companies that made the Top 10 list of taxpayers? Are you confident with the City Government’s role with the local economy?

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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Showing proof of vaccination and wearing of masks no longer required in Philippine tourism enterprises

March 9, 2023March 6, 2023carlocarrasco

Having been to Israel recently where locals and tourists are no longer burdened by COVID-19 related restrictions and requirements, I noticed that the Philippines is behind in terms of freedom (from COVID-19 restrictions) on the part of people, businesses and tourists. In short, the Philippines still has yet to fully move on to post-pandemic life.

As the Philippines really needs to attract more tourists from overseas this year and fully revive the tourist industry as a whole, the Department of Tourism (DOT) announced recently the scrapping of mask wearing and proof of vaccination as requirements in tourism enterprises around the country, the Manila Bulletin reported. In other words, tourists and tourism-related business joints will have lesser COVID-19 hassles to deal with.

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

As the country’s tourist destinations become more open for travelers, showing proof of vaccination and wearing masks are no longer required in tourism enterprises, the Department of Tourism (DOT) said on Monday, March 6.

Supporting the “national government’s liberalization of the COVID-19 restrictions in the country”, the DOT released the Memorandum Circular (MC) 2023-0002 to further ease health and safety guidelines governing the operations of tourism establishments. According to Tourism Secretary Christina Garcia Frasco, the MC is a follow-through of the efforts they started last year to assist the economic hardships of tourism stakeholders by issuing regulations pushing for the opening of the country to tourism.

“This latest issuance on the relaxed health and safety guidelines for tourism establishments reinforces the Department of Tourism’s commitment towards addressing the economic hardships of the tourism industry brought about by the lockdowns and restrictions of the pandemic,” she noted.

“Our country is open for tourism, and that we are keeping up with global practices on tourism operations that have already opened up worldwide,” she went on.

The tourism department already made similar issuances last year through its Office of Tourism Standards and Regulation (OTSR) and regional offices following the signing of Executive Order No. 7, which mandated the voluntary wearing of mask in indoor and outdoor settings.

It can be recalled that the OTSR issued Memorandum 2022-509 in November 2022 reiterating the voluntary wearing of face masks and the waning requirement on the presentation of proof of full vaccination in tourism enterprises.

Last month, on the other hand, the Department of Trade and Industry Safety Seal Secretariat announced the discontinuance of the Safety Seal Certification Program, the voluntary certification scheme affirming that an establishment is compliant with the minimum public health standards set by the government and uses or integrates its contact tracing with staysafe.ph.

Through DOT MC 2023-0002, the DOT ordered the lifting of the previous administration’s earlier requirement for tourism establishments to install plastic, acrylic barriers, and dividers in designated areas, and likewise ordered the removal of signages, visual cues, and other installations on mandatory protocols, which have since been liberalized by the national government.

“In adherence to the country’s policy shifts on minimum public health standards, the DOT also announced that it shall no longer issue the PH Safety Seal and WTTC Safe Travels Stamp to tourism enterprises found compliant to guidelines set in accordance with Joint Memorandum Circular No. 21-01 issued by the DOT and other national government agencies on the Safety Seal Certification Program, and Memorandum Circular 2022-003, respectively,” it was disclosed.

Let me end this piece by asking you readers: What is your reaction to this new development? Do you think the latest moves by the DOT will make the Philippines a more convenient and friendlier place for both local and foreign tourists? Do you think that the Department of Health (DOH) should stay away from the tourism industry and let the DOT handle all the COVID-19 related matters? If you are managing a business trying to attract tourists, what is the one thing about COVID-19 rules that harms your business the most?

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

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

Muntinlupa Mayor Biazon declares city steadily bouncing back

March 6, 2023March 2, 2023carlocarrasco

Recently in the progressive city of Muntinlupa, Mayor Ruffy Biazon stated that the city is steadily bouncing back from the downturn of COVID-19 as he delivered his State of the City Address during the 28^th cityhood celebration, according to a Manila Bulletin news report. The mayor also shared updates about the city government’s programs.

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

Mayor Ruffy Biazon delivered his first State of the City Address on Muntinlupa’s 28th cityhood anniversary on March 1 and said the city is bouncing back from the effects of the Covid-19 pandemic.

“The pandemic has been a true test of our strength, even of our faith. It has been—and for some, still is—a difficult time, but the good news is that we are steadily bouncing back. We are steadily recovering from the effects of the crisis caused by the pandemic,” he said.

One indicator, he said, is that the number of registered businesses in Muntinlupa increased to 12,232 as of Jan. 31 this year, up by 59 percent from 7,651 in January 2022.

Muntinlupa became a highly urbanized city on March 1, 1995 when then President Fidel Ramos signed Republic Act 7926 or the Charter of the City of Muntinlupa.

According to Biazon, in 2022, the Muntinlupa City government collected P6.03 billion in total revenues, exceeding the target income for the year with 101.09 collection efficiency.

“This means we have enough collections to fund our pandemic recovery programs and projects,” he said.

Under his administration, he focused on reviving the local economy and in strengthening health services and education.

“It is important to mention that Congressman Jimmy Fresnedi’s leadership paved the way for the progressive and developed Muntinlupa that it is today,” he said.

He added, “Our cityhood journey, and now our road to pandemic recovery, underscores the importance of working together, and shows what we can do when we are focused towards a more livable and more responsive city for Muntinlupeños.”

Biazon ran and won as mayor in the May 2022 elections, and launched his 7K Agenda containing the blueprint of his administration.

HEALTH – In 2022, he said, the city government continued its immunization program against Covid-19. The city achieved 136 percent vaccination rate of the eligible target population, or 580,614 individuals, while 80 percent have received their booster shots. In addition, 80 percent of the target population got immunized under the Chikiting Bakunation Program.

The Putatan Health Center was transformed into a Super Health Center that expanded medical and diagnostic services, and operating hours up to 10 p.m. The health center provides basic consultation, minor surgery, laboratory and radiology services, ultrasound for pregnant women and medicine.

The Biazon administration also launched the Womb to Work Program aiming to provide programs for children.

Services at the city-run Ospital ng Muntinlupa were improved including the construction of a new annex building that increased the facility’s bed capacity from 200 to 250.

“I’m also glad to share with you all that we can look forward to the Ospital ng Muntinlupa being an accredited Malasakit Center in the near future. This program, in partnership with the national government, will serve as a one-stop hub for requesting assistance for medical services and for providing indigent patients access to free medicines and quality health care and medical intervention,” said Biazon.

EDUCATION – Biazon thanked the Schools Division Office for preparing for the return of nearly 89,000 students to face-to-face classes. He turned over hygiene kits to the office as part of the full implementation of face-to-face classes in public schools.

The city government also launched programs such as the Muntinlupa Reading Book Club to encourage reading among the youth.

Under the city’s scholarship program, 82,000 students have received financial assistance. Of the P450 million budget for scholarship programs, 85 percent of it is for elementary and high schools students. The city also has about 3,000 college and university scholars.

The Doctor of Medicine Program of the Pamantasan ng Lungsod ng Muntinlupa and Ospital ng Muntinlupa was also launched.

LIVELIHOOD – Biazon said Muntinlupa was recognized as the fifth most competitive economy among 33 highly urbanized cities in the Philippines by the Department of Trade and Industry Competitiveness Bureau.

Under the Dagdag Puhunan, or zero-interest loan program of the city government, more than P20 million was provided to 7,533 entrepreneurs

This year, he said, the city government will launch the SIKAP loan or startup capital loan for those who want to start their own business.

He also thanked business owners who have complied with City Ordinance 96-80 that mandates that at least 70 percent of their total workforce should be from Muntinlupa. He is requesting for the amendment of the ordinance to give incentives to businesses that have 100 percent Muntinlupa resident employees.

The mayor also thanked the Department of Agriculture, led by President Ferdinand Marcos Jr., for holding the Kadiwa program in Muntinlupa.

To find more details from the mayor’s speech, click https://mb.com.ph/2023/03/02/biazons-soca-muntinlupa-steadily-bouncing-back/

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? Did the mayor deliver all the relevant details in his speech? What do you think the City Government should do to strengthen the local economy to pre-pandemic levels?

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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Oxford Economics says Philippine economic growth will slow down to 4.1% this year

February 28, 2023February 23, 2023carlocarrasco

For Oxford Economics, the economy of the Philippines will achieve continued growth in 2023 but with a notable slow down to 4.1%, according to a BusinessWorld news report. Oxford Economics mentioned in its statement factors like the global economy entering recession, inflation and the lack of impact from China’s reopening.

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

PHILIPPINE ECONOMIC GROWTH is expected to slow to 4.1% this year, as external headwinds and elevated inflation are seen to dampen domestic demand, Oxford Economics said.

“After registering respectable growth of 7.6% in 2022, we expect the Philippines’ economy to slow to 4.1% amid global headwinds, elevated inflation, and a fading reopening boost. With monetary tightening set to continue, the economy could use a hand from the fiscal side, but chances are slim,” Makoto Tsuchiya, assistant economist at Oxford Economics, said in a research note released on Wednesday.

Oxford Economics’ gross domestic product (GDP) projection is well below the government’s 6-7% target.

It expects GDP to expand by 4.5% next year, still outside the 6.5-8% target set by the government.

“We expect GDP growth to slow materially amid softer external demand as the global economy enters a recession, led by weakness in major advanced economies. We don’t think China’s reopening will be enough to offset this weakness, with the recovery in private consumption there likely to be lackluster,” Mr. Tsuchiya said.

There is a widely anticipated global recession this year, with the World Bank projecting global growth to slow to 1.7%.

Rising inflation is also seen to “substantially” slow the Philippine economy, Mr. Tsuchiya said.

In January, inflation soared to a 14-year high of 8.7%, marking the 10th consecutive month inflation was above the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target range.

The central bank also raised its average inflation forecast to 6.1% this year from 4.5% previously.

Oxford Economics said that the BSP will continue to hike rates to tame inflation and keep in step with the US Federal Reserve.

“Elevated inflation means policy makers will not be able to react by lowering interest rates. Indeed, we expect tightening to continue for at least the next two meetings, albeit at a slower pace — in contrast to other Asian central banks who can afford to pause,” Mr. Tsuchiya said.

Oxford Economics also cited the lack of policy support as a factor contributing to slower growth this year.

“We think significant support is unlikely given limited policy space on both the monetary and fiscal front. Ideally, fiscal policy would take over the burden of supporting growth. But debt accumulated during the pandemic era means the focus is instead on fiscal consolidation,” Mr. Tsuchiya said, noting that the Philippine government may adopt a more restrained approach in spending.

Oxford Economics expects the budget deficit will reach 2.7% of GDP by 2028, better than the 3% projection given by the Development Budget Coordination Committee (DBCC).

The government projects the fiscal deficit to hit 6.9% of GDP or around P1.5 trillion this year. In the 11 months to November, the budget deficit shrank by 7.2% to P1.24 trillion.

However, Oxford Economics said the debt-to-GDP ratio may remain elevated at 61.1% by 2025. This is higher than the 60% target set by the government in the same period.

The country ended last year with a debt stock at 60.9%, better than the 63.7% seen in end-September but still above the 60% threshold considered manageable by multilateral lenders for developing economies.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think Oxford Economics’ prediction about 4.1% economic growth for the Philippines this year will turn out to be true? Do you think Oxford Economics made a strong case explaining why economic growth in 2023 will be smaller for the Philippines?

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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Las Piñas City extends business permit renewal deadline to February 28, 2023

February 6, 2023February 2, 2023carlocarrasco

Recently the City of Las Piñas issued another extension of the local deadline for the renewal of business permits which is now February 28, 2023, according to a Manila Bulletin news report. Previously, the deadline was set for January 31, 2023.

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

The Las Piñas City government extended again the deadline for renewal of business permits and licenses from Feb. 1 until Feb. 28.

Mayor Imelda Aguilar is urging all business owners in the city to avail of the second deadline extension for renewal of business permits, licenses, taxes, and other commercial and industrial fees and charges without penalties and surcharge.

Aguilar said the city government set the first deadline extension for business permit renewal from Jan. 20 to 31 through a City Council resolution.

She said the city government made the move after the Business Permit and Licensing Office (BPLO) noted a high number of business permit registrations and applications.

The mayor said deadline extension until Feb. 28 will also help businesses who have just recovered from the effects of the Covid-19 pandemic.

Aguilar said the extension will also accelerate the city’s collection from business permit renewal and applications.

The mayor is also hoping delinquent businesses can now legalize their operation.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Do you find it surprising that the City Government extended the deadline again? Do you know any local business owner who intends to have his or her business permit renewed very soon?

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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Philippines achieves 7.6% economic growth in 2022

January 30, 2023January 26, 2023carlocarrasco

The Philippines’ recovery from the downturn of the COVID-19 crisis continued strongly as it has been confirmed that the national economy expanded by 7.6% for the entire year of 2022 which includes a 7.2% 4^th quarter economic growth, according to a news article by the Philippine News Agency (PNA). Take note that the Philippines is expected to grow between 6.5% and 7% in 2023 according to the national authorities while there are signs that the United States economy will fall into a recession this year. Regardless, the Philippines ended 2022 competitively in terms of economic expansion among its Asian neighbors.

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

The Philippine economy expanded by 7.2 percent in the last quarter of 2022, bringing full-year growth to 7.6 percent, driven by increased economic activity mainly from pent-up demand as it fully reopened amid elevated inflation rate.

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said among the major emerging economies in the region that have released their fourth-quarter gross domestic product (GDP) growth, the Philippines grew the fastest, followed by Vietnam at 5.9 percent and China at 2.9 percent.  

“Our improved Covid-19 (coronavirus disease 2019) risk management and the easing of mobility restrictions have created a positive economic outlook, boosting economic activity and creating more jobs despite external headwinds,” he said in a briefing on Thursday.

Balisacan said measures being implemented by the government to further buoy the economy’s recovery are working.

“Our strong economic growth performance for 2022 proves that our calibrated policies and strategies have helped put us on the path to recovery and on track to achieving our aspiration for an inclusive, prosperous, and resilient society by 2028,” he said.

Balisacan said pent-up demand drove growth in the fourth quarter as the economy was fully reopened during the period, with household consumption accounting for around three-fourths of domestic output, and investments contributing around a fifth.

“The improvements in labor market conditions, increased tourism, revenge and holiday spending, and resumption of face-to-face classes supported growth in the quarter, further reflecting a solid rebound in consumer and investor confidence in the economy,” he said.

Balisacan said had it not been for the elevated inflation rate, which rose to its highest since November 2008 last December when it accelerated to 8.1 percent, “growth could have been higher by another perhaps 1 to 2 percentage points.”

“It shows how overall demand is sensitive to inflation,” he added.

In terms of the volume of economic activities, Balisacan said domestic growth has recovered for many sectors, except for others such as tourism.

“(But) in so far as per capital income… we haven’t fully recovered yet,” he said.

Balisacan said the government is firm on ensuring that quality jobs will be available to Filipinos to lessen their need to work abroad.

“Inclusive growth across the archipelago will be our vehicle for reducing poverty incidence from 18 percent of the population in 2021 to a single-digit level by 2028,” he said.

National Statistician Dennis Mapa said 2022 full year GDP growth of 7.6 percent exceeded the government’s 6.5 to 7.5 percent growth assumption for the year and the highest after the 8.8 percent in 1976.

Mapa said the fourth-quarter growth, slower than the 7.6 percent in the previous quarter, was driven by the wholesale and retail trade, repair of motor vehicles and motorcycles, financial and insurance activities and retail estate and ownership of dwellings boosted domestic growth.

He said domestic demand remained strong, with the household final consumption expenditure (HFCE) rising by 2.1 percent quarter-on-quarter, led by the restaurants and hotels, food and non-alcoholic beverages, and miscellaneous goods and services. Year-on-year expansion of HFCE stood at 7 percent.

Among the major economic industries, Mapa said agriculture, forestry, and fishing contracted by 1.7 percent because of the lower output of sugarcane, palay (rice), and poultry and egg production.

Meanwhile, Balisacan said the government is doing pro-active assessment of the current situation to address the elevated inflation rate in the country, which is expected to go back to within the government’s 2 to 4 percent target band by the second half of this year.

He said the government continues to allow the importation of several food items to boost domestic supply, adding that not doing so will hurt both the consumers and domestic growth.

Let me end this piece by asking you readers: What is your reaction to this new development? Do you believe that the economy of the Philippine economy will grow between 6.5% to 7% this year? Do you think that more foreign tourists coming into the country will be able to help the nation achieve its economic growth targets this year? Apart from what was already mentioned, what do you think the national government should do to combat inflation? Do you think that the lower income tax for middle income earners will make a positive contribution to economic growth?

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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