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?
Philippine Tour Operators Association (PHILTOA), the organization composed of tour operators and allied members that are actively involved in the advocacy of responsible tourism, was commended by Department of Tourism (DOT) Christina Frasco during their 4th General Membership Meeting (4th GMM) held recently at Crimson Hotel in Filinvest City, Alabang, Muntinlupa, according to a Manila Bulletin article. Specifically they were commended for unwavering commitment to revitalizing Philippine tourism.
To put things in perspective, posted below is the excerpt from the Manila Bulletin news report. Some parts in boldface…
The Philippine Tour Operators Association (Philtoa) recently hosted its 4th General Membership Meeting at the Crimson Hotel Filinvest City in Muntinlupa, with the Department of Tourism Secretary Christina Garcia Frasco as keynote speaker. Led by Philtoa President Fe Abling-Yu, the meeting also highlighted Bacolod City as the featured destination, with Mayor Alfredo Abelardo “Albee” Benitez in attendance.
Secretary Frasco commended Philtoa for its unwavering commitment to revitalizing Philippine tourism, highlighting the association’s promotion of inclusive tourism development in both established and emerging destinations.
“We recognize that there are several emerging destinations across the country that, if given the right assistance, attention, development, and promotion, have the potential to become key destinations, as far as tourism is concerned,” the tourism chief said. “This is why I’m very grateful to Philtoa, because their focus has not been our world-famous destinations alone, but also in giving opportunities to emerging destinations. This is reflective of true shared tourism governance, where the private sector mobilizes the industry to assist the government to ensure inclusive tourism development.“
With this, Bacolod City also took center stage at the 4th GMM as a growing “super city” with exciting advancements in tourism, including infrastructure, art, culture, and culinary experiences. Mayor Benitez highlighted upcoming projects such as the Bacolod Convention Center, which can accommodate up to 10,000 people for MICE events; the Bacolod Masskara Museum/Trade Center; and the Orange Project, a prominent art gallery. The renowned Masskara Festival, spanning three weeks, promises a vibrant celebration of sports, food, spirits, and festivities.
To further underscore its commitment to fostering partnerships and growth within the industry, Philtoa President Abling-Yu announced the upcoming 34th Philippine Travel Mart, scheduled from Sept. 1 to 3 at the SMX Convention Center Manila in Pasay City.
She stated: “We are grateful for the strong partnerships with the Department of Tourism, Tourism Promotions Board, Philippine Airlines, BPI, and our media partners. The 34th Philippine Travel Mart is not only a showcase of our country’s incredible destinations but also a celebration of our industry’s resilience and strength as a major contributor to the country’s growth and progress.”
The association also welcomed 10 new tour operators, an immigration services agency, and 15 hotel and resort properties, increasing the total membership to over 500.
Let me end this piece by asking you readers: What is your reaction to this development? Are you convinced that the PHILTOA deserves the commendation from the Tourism Secretary? Do you think that Philippine tourism will exceed its foreign tourist arrivals target by a wide margin before the year ends? What other activities or special events should the PHILTOA highlight to keep national tourism grow?
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 progressive City of Muntinlupa, the City Government announced that it has established the local Cooperative Development Council and the Mayor formally signed a related ordinance, according to a 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 Muntinlupa City government has established its own Cooperative Development Council to benefit cooperatives.
Mayor Ruffy Biazon signed Ordinance No. 2023-102 passed by the Muntinlupa City Council, “creating the Cooperative Development Council of Muntinlupa, defining its objectives, functions, and appropriate funds thereof and for other purposes.”
The Muntinlupa City Cooperative Development Council (MCCDC) will “coordinate and harmonize the implementation of various cooperative plans, programs, and projects of the government.”
It will also assist the Cooperative Development Authority (CDA) “in the broad-based monitoring and coordination of the implementation of the Philippine Cooperative Development Plan (PCDP), through the collective efforts of all sectors and to develop such mechanism in line with the PCDP; and “propose policies affecting cooperatives for local and national implementation.”
The Muntinlupa City Cooperative Development Council will be composed of the mayor as chairperson. Its members are the chairperson of the Committee on Livelihood and Cooperatives of the City Council, and chairpersons or representatives of registered and accredited primary and secondary cooperatives.
Its members from the city government will be the heads of the City Cooperative Development Office, Department Of Agriculture-ESO, Public Employment and Services Office, Muntinlupa Traffic Management Bureau, Lake Management Office, Community Affairs Development Office, Gender and Development Office and City Planning and Development Office, and the director of the Muntinlupa City Technical Institute, university president of the Pamantasan ng Lungsod ng Muntinlupa and college director of the Colegio de Muntinlupa.
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 newly established council will benefit local cooperatives?
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
In the years to come and if no major disasters would happen, something new will be rising in the south of Metro Manila. I am talking about the ambitious Villar City project which has been making waves through the media, social media and in nearby communities in recent times. Recently the Manila Bulletin published an article about the planned casino project within Villar City but if you pay close attention to the details, there is a lot more about the said city which should give you an idea about the scope and vision behind it.
To put things in perspective, posted below is an excerpt from the Manila Bulletin article. Some parts in boldface…
Philippines’ richest Manuel B. Villar Jr. announced plans to put up a satellite casino in his newly-launched Villar City in addition to the one he is developing in the 80-hectare Global South integrated resort project.
Being his legacy project, Villar is carefully designing Villar City to be Metro Manila’s “new center of gravity” to ensure that it will be as iconic as it is massive.
The planned 3,500-hectare Villar City spans 15 cities: Taguig, Las Pinas, Paranaque, Muntinlupa, Bacoor, Dasmarinas, Imus, San Pedro, General Mariano Alvarez, Silang, General Trias, Tanza, Trece Martires, Carmona, and Tagaytay.
Villar City will be about 10 times as big as Bonifacio Global City, indicating its sheer magnitude not only in terms of the number of homes, offices and complexes that will be built within this vast community, but also with respect to its potential contribution to job generation and economic development.
Among the highlights of the city’s development will be his second casino project which will be a satellite of the $1 billion integrated casino and resort complex in Global South that is being developed with a Korean partner.
He noted that they have finalized discussions for the partnership with the Korean firm for the Global South project and the cost may likely exceed $1 billion because the land alone is already worth that much.
The first casino will also have a hotel component while Villar said he is converting the upper two floors of the mall there in a casino for high-rollers and VIPs. At 80-hectares, it will be bigger than any of the casinos at the PAGCOR Entertainment City in Parañaque.
Meanwhile, Villar said the satellite casino in Villar City will be bigger but he is not yet sure if it will be developed with the same Korean firm noting that, “It will depend on how well our partnership (in Global South) progresses.”
Aside from the casino, another highlight of Villar City will be a theme park which Villar plans to integrate with the mall that will be built there.
He said they will develop their own concept for the theme park and will not be getting a license or franchise from a foreign theme park operator.
“Part of the them park will be inside the mall so that there will be plenty of things to do in case it rains or when it is too hot outside. So part of the theme park will be indoors and both the theme park and mall will complement each other,” Villar said.
Villar also said he plans to donate a piece of land in Villar City to the University of the Philippines, his alma mater, to build a college focused on technology noting that, located at the city’s entrance is La Salle Dasmariñas.
Let me end this piece by asking you readers: What is your reaction to this development? Do you think Villar City will create a lot of new jobs related to construction and service in connection with its very ambitious scope? Do you think that south of Metro Manila will be receptive to new casinos and theme parks in the future?
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
To put things in perspective, posted below is an excerpt from the GMA news report. Some parts in boldface…
The Philippine economy continued its downtrend as it grew at a slower pace in the second quarter of 2023 — its slowest pace in nine quarters since the country entered the positive territory in the middle of 2021 following a pandemic-induced recession— amid high inflation that tempered consumption during the period, 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 specific period, grew by 4.3% during the April to June 2023 period, PSA chief and National Statistician Claire Dennis Mapa said at a press conference.
This is slower than the 6.4% growth rate seen in the first quarter of the year and far slower than the 7.5% GDP growth seen in the same quarter last year. Quarter-on-quarter, it posted a decline of -0.9% during the period.
This also marks the fifth straight quarter of deceleration for the country’s GDP, and its slowest footing in nine quarters since it exited the pandemic-induced recession in the second quarter of 2021.
The economy was pulled out of recession in the April to June period of 2021 with a GDP growth rate of 12%.
The second quarter print brought the year-to-date economic growth rate at 5.3%, according to Mapa.
To achieve the government’s 6% to 7% target, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the economy “needs to grow by 6.6% in the second half.”
“Notwithstanding the challenges, we believe this is still attainable,” Balisacan said, reading the joint statement of the economic team.
The country’s chief economist earlier floated that the second quarter GDP growth is expected to “further moderate.”
High inflation, interest rates – The slower growth came amid a still high inflation environment and the consequential costly interest rates to temper rising prices.
As of the first half of the year, inflation or the rate of increase in the prices of goods and services clocked in at 7.2%, still far above the government’s comfortable ceiling of 2% to 4%.
To tame inflation, the Bangko Sentral ng Pilipinas (BSP) raised monetary policy rates by a cumulative 425 basis points since May last year.
“For the second quarter, the moderate economic expansion was driven by increases in tourism-related spending and commercial investments, but was tempered by high commodity prices, the lagged effects of interest rate hikes, the contraction in government spending, and slower global economic growth,” Balisacan said.
Notably, Household Final Consumption Expenditure (HFCE) contracted by 0.1% quarter-on-quarter.Likewise, Agriculture, Forestry, and Fishing posted a quarter-on-quarter decline of -0.97% in the second quarter.Industry and Services sectors also saw contractions of 0.7% and 1.02%, respectively, during the period
Let me end this piece by asking you readers: What is your reaction to this recent development? What do you think must be achieved to boost economic growth for the rest of 2023? Do you think the Philippine economy will achieve growth of at least 6% by the end of this year?
As far as the Bureau of Internal Revenue (BIR) is concerned, senior citizens and persons with disabilities (PWDs) are entitled to discounts over the online purchases they made, according to a GMA Network news report.
To put things in perspective, posted below is an excerpt from the GMA Network news article. Some parts in boldface…
The Bureau of Internal Revenue (BIR) on Wednesday said the discounts on purchases made online by senior citizens and persons with disabilities are mandatory.
“Online platforms should recognize the mandatory discounts given to senior citizens (SC) and persons with disabilities (PWD). The BIR has issued Revenue Regulation (RR) No. 8-2023 to this effect,” BIR Commissioner Romeo Lumagui Jr. said in a statement.
“The signature of the SC/PWD is not needed if the purchase is made through online means. The SC/PWD Identification card number should still be provided,” Lumagui said.
Under RR No. 8-2023, the BIR said that the signature of the SC or PWD shall not be required for qualified purchases made online or through mobile applications.
“Nonetheless, the SC/PWD Identification Card number should still be provided by the SC/PWD when purchasing through online or mobile platforms; and the rules on entitlement to the benefits of the SC/PWD and to the tax deduction… and to future issuances pertaining to SC/PWD purchases through online or mobile applications, shall be strictly followed,” the RR read.
Lumagui said the issuance is “a step towards making the BIR a service-oriented agency, not merely a goal-oriented one.”
Meanwhile, the BIR is proposing to impose a creditable withholding tax of 1% on one-half of the gross remittances of online platform providers to their partner sellers or merchants.
The taxman had defended the proposal, saying it is not a new tax and its collection is within existing laws.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that mandatory discounts on online purchases made by senior citizens and PWDs are justified? Do you think the BIR made the right move?
As far as the Department of Finance (DOF) is concerned, those who sell online must pay equal taxes as the physical stores do, according to a Manila Bulletin news report. Take note that the Philippines continues to recover from the economic downturn of COVID-19 and the coronavirus itself no longer poses a danger to the nation.
To put things in perspective, posted below is an excerpt from the Manila Bulletin news article. Some parts in boldface…
The Department of Finance (DOF) asserted that online sellers should be subject to the same tax obligations as traditional brick-and-mortar business owners for the sake of fairness.
Finance Secretary Benjamin E. Diokno said the collection of withholding tax on online sellers by the Bureau of Internal Revenue (BIR) is driven by the principle of fairness, and it does not constitute a new tax.
Withholding tax is a type of tax collected from various income sources, including salaries, wages, interest, and other earnings.
“It’s a matter of fairness because if you buy from a regular store, you have to pay taxes. But here [in online business], you don’t have to pay, and that’s unfair,” Diokno told reporters.
Diokno stressed the need for individuals to view the tax system as fair and willingly fulfill their tax obligations.
The BIR has proposed a new rule that would require online platform providers, such as Lazada and Shopee, to withhold one percent of the money they pay to their partner sellers. This withholding tax would be applied to half of the total amount being paid.
The BIR explained that this is not an additional tax, but rather a way to enforce existing tax laws and ensure proper tax collection.
“It’s not only increasing tax revenues, it’s a matter of fairness. A good tax system should be fair. That should be one of the characteristics of a good tax system, fairness,” the finance chief said.
BIR Commissioner Romeo D. Lumagui, Jr. earlier said the tax agency aims to begin collecting a creditable withholding tax from online platform partner merchants by the fourth quarter of 2023.
Lumagui also said that their objective is to fully implement this tax by next year.
He also explained that the purpose of imposing taxes on online merchants is to ensure a level playing field between traditional brick-and-mortar retailers and those selling on digital platforms or marketplaces.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you agree with the DOF on taxing online sellers? If you own a physical store selling products, does the presence of local online sellers harm your business?
Just days after signing into law the Maharlika Investment Fund (MIF), President Ferdinand “Bongbong” Marcos, Jr., stressed during his 2nd State of the Nation Address (SONA) that the new law will finance the high-priority infrastructure projects of the Philippines, according to a Philippine News Agency (PNA) news article.
To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…
President Ferdinand R. Marcos Jr. on Monday said the newly established Maharlika Investment Fund (MIF) would be used to fund high-priority projects.
“For strategic financing, some of the nation’s high-priority projects can now look to the newly established Maharlika Investment Fund, without the added debt burden,” Marcos said in his second State of the Nation Address (SONA).
The MIF is the Philippines’ first-ever sovereign wealth fund designed to catalyze economic development by mobilizing government financial assets.
“In pooling a small fraction of the considerable but underutilized government funds, the Maharlika Fund shall be used to make high-impact and profitable investments, such as the ‘Build Better More’ program,” Marcos said.
He said the gains from the Fund shall be reinvested into the country’s economic well-being.
To ensure sound financial management, Marcos assured that a group of internationally recognized economic managers shall oversee the operations of the Fund, guided by principles of transparency and accountability.
“This guarantees that investment decisions will be based on financial considerations alone, absent any political influence,” Marcos said.
“The funds for the social security and public health insurance of our people shall remain intact and separate.”
The Department of Finance (DOF) earlier said the Fund can look into big-ticket infrastructure such as in green and blue projects, countryside development, and other employment-generating projects.
For the newcomers reading this, if you want to understand what a sovereign wealth fund is and how it would work with the Philippines in mind, watch the video below…
Let me end this piece by asking you readers: What is your reaction to this recent development? Were you able to watch President Marcos’ 2nd SONA?
To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…
The Philippines has recorded more than three million international visitor arrivals seven months into the year, closing in on its target 4.8 million tourists in 2023.
The latest data from the Department of Tourism (DOT) recorded a total of 3,000,079 international visitor arrivals from Jan. 1 to July 19 this year.
The country’s inbound tourism receipts from Jan. 1 to June 30 also climbed to PHP212.4 billion or 502.02 percent higher than the PHP35.6 billion generated from the same period last year.
Tourism Secretary Christina Garcia Frasco, who is currently on leave, said these post-pandemic figures reflect the sector’s “robust recovery” and the gains of the Marcos administration toward tourism resurgence.
“Tourism provides employment and livelihood to millions of Filipinos. We are grateful for the renewed interest worldwide in the Philippines, which offers a multitude of reasons to love travel across our islands,” she said. “We thank as well our fellow Filipinos who continue to travel domestically, supporting our local communities and families who are all part of the tourism value chain.”
Of the arrivals, 91.36 percent, or 2,740,802 are foreign tourists and the rest are returning overseas Filipinos.
South Korea ranked the highest in the number of arrivals with 741,658 (24.72 percent) followed by the United States with 550,569 (18.35 percent); Australia with 146,062 (4.87 percent); Japan with 143,227 (4.77 percent); and Canada with 132,018 (4.4 percent).
Other top source markets are China with 129,077 visitors (4.3 percent); Taiwan with 104,211 (3.47 percent); United Kingdom with 85,847 (2.86 percent); Singapore with 81,656 (2.72 percent); and Malaysia with 54,411 (1.81 percent).
The DOT earlier said it sought to reach 4.8 million in foreign visitors by the end of 2023.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippines could possibly attract 6 million foreign tourist arrivals by the end this year considering the latest numbers achieved?
A new economic age for the Philippines has started as President Ferdinand “Bongbong” Marcos, Jr., signed into law the Maharlika Investment Fund (MIF) bill which formally establishes the nation’s sovereign wealth fund, according to a Philippine News Agency (PNA) report.
To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…
President Ferdinand R. Marcos Jr. on Tuesday signed into law a bill establishing the Maharlika Investment Fund (MIF), the Philippines’ first-ever sovereign wealth fund.
Marcos signed Republic Act (RA) 11954 in a ceremony at the Kalayaan Hall of Malacañan Palace in Manila.
In a keynote speech, Marcos said the MIF is designed to drive economic development in the country.
“The MIF is a bold step towards our country’s meaningful economic transformation. Just as we are recovering from the adverse effects of the pandemic, we are now ready to enter a new age of sustainable progress, robust stability and broad-based empowerment,” Marcos said.
“We now have an available fund that will provide us the seed money for investments and to attract other foreign investments and for us to be able to participate in those operations, in those investments without additional borrowings,” he added.
Following the signing of RA 11954, Marcos said his administration would “go out to the world and do the changes that are necessary for the Philippines to become an investment-friendly nation.”
“The fund will fail if we do not make money on the fund. It’s that simple… That is why we put up a Maharlika Fund so as to be able to give us the capacity and the ability to join in those investments, be part of that,” he said.
He reiterated that he would make sure that the MIF would be “well-run” by professionals.
He added that the country has the “best” economic managers both in government and the private sector to ensure the proper management of the MIF.
“Let us make sure that the decisions that are being made for the fund are not political decisions, that they are financial decisions because that is what the fund is,” Marcos said.
The MIF is established to optimize national funds by generating returns to support the Marcos administration’s economic goals laid out in the Medium-Term Fiscal Framework, the 8-point Socioeconomic Agenda, and the Philippine Development Plan 2023-2028.
In a separate statement, Budget Secretary Amenah Pangandaman said the Department of Budget and Management (DBM) will continue to provide support and technical assistance in the formulation of the implementing rules and regulations of RA 11954.
“The creation of this development fund is very good news because this means we now have an opportunity to expand our fiscal space for the government’s priority programs,” Pangandaman said. “Of course, we fully support this as it will help expand our fiscal space. So we at the DBM remain committed to helping ensure that this development fund will be a success and implemented with utmost integrity.”
Under RA 11954 , the MIF will be used to invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects that contribute to the attainment of sustainable development.
The establishment of the MIF will provide the government with a long-term source of income, as well as ease the burden on the national budget by providing additional funding for other priority projects of the government.
Unlike other government-owned or -controlled corporations (GOCCs), the MIF will be able to maximize government assets through its investments in projects that generate bigger returns.
The proposed measure seeks the establishment of the Maharlika Investment Corp. (MIC), which will act as the “sole vehicle for the purpose of mobilizing and utilizing the MIF for investments in transactions in order to generate optimal returns on investments (ROIs).”
The MIC is expected to have at least PHP75 billion in paid-up capital this year, with PHP50 billion sourced from the Land Bank of the Philippines and PHP25 billion from the Development Bank of the Philippines.
The law prohibits government agencies and GOCCs that provide for social security and public health insurance to contribute to and invest in the Fund.
These include the Social Security System, Government Service Insurance System, Philippine Health Insurance Corporation, Home Development Mutual Fund, Overseas Workers Welfare Administration, and Philippine Veterans Affairs Office pension fund.
For the newcomers reading this, if you want to understand what a sovereign wealth fund is and how it would work with the Philippines in mind, watch the video below…
Let me end this piece by asking you readers: What is your reaction to this recent development? What do you think about the Maharlika Investment Fund that is now officially a law? Do you expect financial or economic breakthroughs to happen for the Philippines soon?
Author Carlo Carrasco 