economic growth – Page 16 – Author Carlo Carrasco

Visit Mardi Gras Bazaar (2023) at Madison Galeries now!

November 18, 2023December 4, 2023carlocarrasco

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.

It has finally happened and already a lot of people have joined in for their shopping needs or purposes. I’m talking about the latest Mardi Gras Bazaar which officially started this morning at the 3^rd floor of Madison Galeries along Don Jesus Boulevard, Alabang Hills, Barangay Cupang, Muntinlupa City, and I personally visited and bought some nice things with the Christmas season in mind.

*Mardi Gras Bazaar this year is happening at the 3rd floor of Madison Galeries. If you go further in, there is a lot of space inside with all the products for sale.*

Also taking place right now is the Christmas Sale of Oriental Merchants at the 4^th floor of the same mall.

For the newcomers reading this, the Mardi Gras Bazaar this year will last until December 31, 2023 with a schedule of 10AM to 8:30 PM. In my personal experience, this is my 2^nd time to attend the bazaar at Madison Galeries and it also marked the first time in four years since I last attended it (read my 2019 Mardi Gras Bazaar experience by clicking here).

More on the ongoing Mardi Gras Bazaar, check out the pictures I posted below and may these be a reference for you all…

*A wide shot of the venue of the bazaar. There is a lot more products not seen in this image.*

*Looking for a new bicycle? Mardi Gras Bazaar has it!*

*The return of Mardi Gras Bazaar is indeed special. So many products with attractive prices around.*

*In the background are the counters where shoppers lineup with their selected products. Payments by cash, GCash (e-wallet) and credit cards are accepted.*

*In my experience, the process has been orderly.*

For those of you who need directions to get to Madison Galeries for the bazaar, posted below is a screenshot from the social media post of the mall…

As we now live in the post-pandemic age, the newest Mardi Gras Bazaar is an important event not simply because it offers shoppers opportunities to acquire good items at discounted rates but also because it contributes to the normalization of life after the depression of COVID-19.

That being said, I encourage you my readers to take the opportunity to come to Madison Galeries and join the Mardi Gras Bazaar while there is still time. I encourage you also tell your neighbors and friends in our communities about it.

*For your reference, this was at the ground floor of Madison Galeries along Don Jesus Boulevard.*

For more information about Mardi Gras Bazaar (2023) and other activities at Madison Galeries, visit their Facebook page at https://www.facebook.com/MadisonGaleries

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Philippine economy grew by 5.9% in the 3rd quarter of 2023

November 13, 2023November 9, 2023carlocarrasco

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%?

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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Muntinlupa City Government recognized by the Philippine Chamber of Commerce and Industry (PCCI) and the Department of the Interior and Local Government (DILG)

November 9, 2023November 6, 2023carlocarrasco

Recently the City Government of Muntinlupa was recognized and commended by the Philippine Chamber of Commerce and Industry (PCCI) and the Department of the Interior and Local Government (DILG), according to a Manila Bulletin news report.

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

The Muntinlupa City government earned recognition and commendations from the Philippine Chamber of Commerce and Industry (PCCI) and the Department of the Interior and Local Government (DILG).

The PCCI gave the Muntinlupa City government a special recognition at the 2023 Most Business-Friendly Local Government Unit Awards.

The city government also received eight major commendations at the 2023 Urban Governance Exemplar Awards organized by DILG.

“Indeed, we have many, many reasons to be proud of our city. But most of all, we are very grateful for the validation of our efforts to make life better for all Muntinlupeños. Mabuhay tayo!” said Mayor Ruffy Biazon.

The city government earned the special citation from the PCCI for its continuing commitment to excellence in business transactions, such as the multi-awarded Business One-Stop Shop (BOSS) system.

It can be recalled that Muntinlupa has been recognized several times by the PCCI as the Most Business-Friendly LGU in the country for its innovative and people-centric approach to business transactions.

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, are you delighted over what the City Government achieved with regards to public service, business-friendliness and efficiency?

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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IRR of the Maharlika Investment Fund finalized

November 9, 2023November 6, 2023carlocarrasco

President Ferdinand “Bongbong” Marcos, Jr., announced through social media that the implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) have been finalized, according to a GMA Network news report.

Take note that the implementation was previously suspended and things should move forward from this point on. Already there were business leaders of Saudi Arabia who expressed interest in the MIF.

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

President Ferdinand “Bongbong” Marcos Jr. said Monday that the implementing rules and regulations of the Maharlika Investment Fund (MIF) have been finalized, weeks after he said its implementation was suspended.

“The Investment Rules and Regulations of Maharlika Investment Fund have been finalized,” Marcos said on Instagram.

“Upon our approval, we’ll swiftly establish the corporate structure, getting the MIF up and running,” he added.

The IRR, which would spell the beginning of MIF’s operationalization, was released in August. Marcos announced the suspension of its implementation “pending further study” on October 18.

Before leaving for Saudi Arabia last month, Marcos clarified that the MIF was not put on hold, saying the government was still working to have it operational within the year.

“We are, the organization of the Maharlika Fund proceeds apace, and what I have done though, is that we have found more improvements we can make, specifically to the organizational structure of the Maharlika Fund,” the President had said.

Marcos had said the suspension of the IRR should not be misinterpreted as a judgement of rightness or wrongness of the MIF.

he President also maintained that economic managers and “personalities who will actually be involved in the fund” had been consulted regarding the MIF.

Marcos signed into law Republic Act No. 11954 or the Maharlika Investment Fund (MIF) Act of 2023 in July, with the aim to tap state assets for investment ventures to generate additional public funds.

The law creates the Maharlika Investment Corp. (MIC), a government-owned company that will manage the MIF — a pool of funds sourced from state-run financial institutions that will be invested in high-impact projects, real estate, as well as in financial instruments.

Under the law, the initial capitalization of the MIF would be sourced from Landbank at P50 billion, DBP at P25 billion, and the national government at P50 billion.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that there is no stopping the implementation of the Maharlika Investment Fund in the near-future?

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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National economic managers expect government collections to exceed 2023 revenue target

November 7, 2023November 4, 2023carlocarrasco

Even though it looks like that economic growth for the Philippines this year will end up short of 7%, the economic managers of the Marcos administration expect revenue collections to exceed the target for 2023, 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 economic managers of the Marcos administration are expecting the government revenue collections this year to exceed target amid measures to improve tax administration and collection efficiency.

In a statement following a special coordination committee meeting on Friday, the Development Budget Coordination Committee (DBCC) said the “emerging total revenue collection for 2023 is estimated to be P3.84 trillion to P3.90 trillion.”

The projected revenue collection for the entire year is above the P3.73-trillion target set earlier by the DBCC.

In April, the economic managers set the revenue goal at P3.73 trillion this year, P4.184 trillion in 2024, P4.692 trillion in 2025, P5.255 trillion in 2026, P5.895 trillion in 2027, and P6.621 trillion in 2028.

The DBCC, chaired by the Budget chief, is composed of the secretaries of National Economic and Development Authority (NEDA), Finance (DOF), as well as the governor of the Bangko Sentral ng Pilipinas (BSP).

The DBCC, likewise, is expecting tax revenues to clock in at P3.50 trillion to P3.55 trillion, surpassing the target by about 15%.

The above-target revenue project resulted from the higher actual collections in the first nine months of 2023, which reached P2.84 trillion, up 6.8% year-on-year and exceeding the target for the period by 3%.

This, as both tax and non-tax revenues registered positive growth at 6.4% and 10.5%, respectively, “owing to the higher collections from the Bureau of Customs (BOC) and non-tax revenues of P152.57 billion.”

The DBCC said the Bureau of Internal Revenue (BIR) and the BOC are implementing several reforms to strengthen tax administration and enhance revenue collection, which include digitalization programs intended to eliminate corruption, increase transparency, and improve the ease of paying taxes.

Tax reform measures – Moreover, the economic managers said they will work closely with Congress for the passage of the previous administration’s remaining tax reforms on passive income and financial intermediaries taxation and real property valuation and assessment, as well as new tax measures.

“These include the excise tax on single-use plastics (SUPs), rationalization of the mining fiscal regime, motor-vehicle road users’ tax, excise tax on sweetened beverages and junk foods, tax on pre-mixed alcohol, value-added tax (VAT) on digital service providers, carbon taxation, capital market development bill, and the military and uniformed personnel (MUP) pension reform bill,” the DBCC said.

Meanwhile, the national government’s disbursement accelerated significantly from 93.4% of the program as of June 2023 to 98.9% as of September.

“This was mainly driven by the robust disbursement in the third quarter, reaching P3.82 trillion as of the end of September,” the economic managers said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that government collections will exceed the 2023 revenue target?

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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Imposition of withholding tax on online sellers could happen before December 2023

November 2, 2023October 31, 2023carlocarrasco

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?

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 unemployment rate falls down to 4.4% in August 2023

October 10, 2023October 6, 2023carlocarrasco

As the Philippines continues to move forward in this post-pandemic age, the national unemployment rate fell down to 4.4% this past August, according to a Manila Standard news report.

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

The unemployment rate in the Philippines fell to a three-month low of 4.4 percent in August 2023 from 4.8 percent in July, the Philippine Statistics Authority said Friday.

National statistician and civil registrar-general Dennis Mapa said in an online briefing the August unemployment rate was also lower than 5.3 percent recorded a year ago.

This translated to about 468,000 fewer unemployed individuals in August, according to the National Economic and Development Authority (NEDA).

“In terms of magnitude, there were 2.21 million unemployed Filipinos aged 15 years and over in August 2023,” Mapa said.

“It was also lower than the 2.27 million unemployed in July 2023 and 2.68 million a year ago,” he said.

The underemployment rate also fell from 14.7 percent in August 2022 and 15.9 percent in July 2023 to 11.7 percent in August this year. This was equivalent to 1.4 million fewer underemployed persons, particularly among those employed in the services and industry sectors.

Underemployed persons are those who have expressed the desire to have additional hours of work in their present job or to have an additional job, or to have a new job with longer hours of work.

The number of employed persons aged 15 years and over in August 2023 increased to 48.07 million from 47.87 million a year earlier. This translated into 95.6 percent employment rate, higher than the reported employment rate in August 2022 and July 2023 at 94.7 percent and 95.2 percent, respectively.

Total employment increased 203,000 in the agriculture and industry sectors.

Mapa said the labor force participation rate (LFPR) in August reached 64.7 percent, lower than 66.1 percent a year ago, but higher than 60.1 percent in July 2023.

NEDA underscored the Marcos administration’s commitment to generating high-quality and high-paying job opportunities for workers.

NEDA said that apart from the decline in underemployment, several other indicators pointed to an accompanying increase in the quality of employment, including the increase in wage and salary, and full-time employment, and the decline in vulnerable and part-time employment.

“However, much remains to be done as the number of middle- and high-skilled occupations decreased (-354,000), while low-skilled occupations increased (+551,000) compared to the previous year,” NEDA said.

NEDA Secretary Arsenio Balisacan said the government would continue its efforts to create better job opportunities for workers in the country.

“To raise the quality of employment further, the Marcos administration is committed to exerting all efforts to shape an attractive business climate for investors who have the resources needed to bring in high-quality and high-paying jobs,” he said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Were there many people in your local community who were fortunate to get a new job over the past twelve months?

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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Philippine economic growth for 2023 could hit 5.5%

October 4, 2023October 2, 2023carlocarrasco

In the views of the First Metro Investment Corporation (FMIC) and the University of the Asia and the Pacific (UA&P), the economy of the Philippines could grow by 5.5% for the year, according to a news article by Philippine News Agency (PNA). 2023 has been an economically challenging year and many anticipated that the national economy won’t grow as high as it did in 2022.

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

The Philippine economy is projected to grow by 5.5 percent this year, driven by the growth in government spending, a report released by the First Metro Investment Corporation (FMIC) and the University of the Asia and the Pacific (UA&P) said.

In the September issue of The Market Call released on Wednesday, FMIC and UA&P said Philippine economic growth in the third quarter of the year will likely reach 5.0 to 5.2 percent.

For the fourth quarter of this year, FMIC and UA&P project the country’s gross domestic product (GDP) to grow by 6 percent.

This would bring the full year GDP growth to 5.5 percent which is slightly below the government’s 6 to 7 percent target for this year.

“Despite the weak July-August, we think the NG will accelerate further its spending on infrastructure and transportation for the rest of the year, and employment will have strong rebound in September,” the report said.

The Philippine economy grew by 4.3 percent in the second quarter of this year. During the quarter, government expenditure contracted by 7.1 percent.

FMIC and UA&P however expect government spending to accelerate in the second half of the year.

“National Government took up the slack in July spending as it ramped up expenditures by 16.2 percent year-on-year in July through higher social protection and infrastructure outlays,” the report said.

Aside from government spending, FMIC and UA&P also expect manufacturing and construction to drive growth.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the national economy can do better than the 5.5% growth foreseen by the First Metro Investment Corporation (FMIC) and the University of the Asia and the Pacific (UA&P)?

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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Marcos signs Trabaho Para sa Bayan Act into law

October 3, 2023September 30, 2023carlocarrasco

In a new attempt to provide jobs in the Philippines and boost the economy, President Ferdinand “Bongbong” Marcos, Jr., recently signed into law the Trabaho Para sa Bayan Act, according to a news article by the Philippine News Agency (PNA).

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

The passage of the Trabaho Para sa Bayan Act will help the government achieve the goal of the Philippine Development Plan to provide more jobs to Filipinos, the National Economic and Development Authority (NEDA) said Wednesday.

President Ferdinand R. Marcos Jr. signed on Wednesday the Trabaho Para sa Bayan Act which seeks to, among others, address the challenges in the labor market.

“We support the Trabaho Para sa Bayan Act as it contributes to the Philippine Development Plan 2023-2028, which aims to increase employability, expand access to employment opportunities and achieve shared labor market governance,” NEDA Secretary Arsenio Balisacan said in a statement.

The law mandates the formulation of the Trabaho Para sa Bayan Plan (TPB) to address unemployment, underemployment, the informality of working arrangements, the reintegration of Overseas Filipino Workers and other challenges in the labor market.

It will also focus on improving the employability and competitiveness of Filipino workers through upskilling and reskilling initiatives and will provide support for micro, small and medium enterprises, and industry stakeholders.

The TPB Inter-Agency Council, chaired by the NEDA Secretary, will conduct a comprehensive analysis of the employment situation and labor market in the country.

The Council will also ensure the effective use of resources, harmonizing and complementing all governmental efforts and assisting local government units in planning, devising and implementing employment generation and recovery plans and programs within their respective localities.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Trabaho Para sa Bayan Act will create positive results over the next few years if it succeeds? Do you think that more could be done to help local job hunters find opportunities and get employed 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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Foreign tourist arrivals in the Philippines approaching 4 million

September 25, 2023September 25, 2023carlocarrasco

Close to four million foreign tourist arrivals have been counted lately as Department of Tourism (DOT) secretary Christine Frasco confirmed, according to a Philippine News Agency (PNA) news article. Take note that the target for 2023 is 4.8 million foreign tourist arrivals and the government intends to make the country a stronger tourism force in Asia by the year 2028.

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

The Philippines is close to hitting its 2023 arrival target after recording more than 3.87 million foreign tourists as of Sept. 19, Tourism Secretary Christina Frasco said Wednesday.

At the opening of the 2023 Philippine Travel Exchange (PHITEX) in Cebu, Frasco said the country logged 3,877,183 inbound arrivals or at least 80.77 percent of the 4.8 million foreign tourists that the DOT targets to reach by the end of the year.

In the same period, the Philippines generated PHP316.9 billion in revenue from tourists coming mostly from South Korea, the United States and Japan.

Frasco is optimistic these figures will increase as business-to-business meetings between sellers and buyers at the PHITEX commence on Sept. 20.

She said the Marcos administration would continue working to transform the Philippines as a “tourism powerhouse in Asia”.

She shared the DOT’s plans and programs aimed at promoting ecotourism, the development of tourism communities across the country, fostering robust private sector participation to promote heritage protection, diversification of the country’s tourism portfolio and other initiatives to benefit tourism stakeholders.

Let me end this piece by asking you readers: What do you think about this recent development? With the likelihood that the Philippines will be able to surpass its 2023 foreign tourist arrivals target of 4.8 million, do you think the number could reach 6 million by the end of the year? Did you notice any positive economic impact from the rising foreign tourist arrivals? If you own a business, did you benefit from foreign tourists’ spending?

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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