Tag: economic growth

Philippines tourism industry failing to attract many foreign visitors this year

Philippines tourism industry failing to attract many foreign visitors this year

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Based on the latest international tourism statistics and analysis for 2025, the Philippines is clearly failing to attract foreign tourists when compared to its Southeast Asian neighbors, according to a news article by VnExpress.

For the newcomers reading this, the Philippines attracted 5.95 million foreign tourists in 2024 and generated more than P760 billion in tourism revenue. The entire Philippine tourism industry registered an 8.9% share of the Philippine gross domestic product (GDP) for 2024. The nation’s tourism industry had a strong start of over P65 billion in revenue for January 2025.

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

An online debate has erupted on social media as users wonder why the Philippines, with its rich nature, culture, and cuisine, is being overlooked by foreign tourists in favor of destinations like Vietnam and Thailand.

Thea Tan, a Filipino, posted on her X account in May expressing frustration over the Philippines’ underwhelming tourism numbers despite offering what other countries dream of: breathtaking beaches, vibrant culture, incredible food, and the warmest locals.

“So, why are tourists still choosing Thailand, Vietnam, and Bali over us?” she asked.

The post quickly went viral, accumulating over 9,000 likes and hundreds of comments.

In the first quarter of the year, Malaysia topped the list of most-visited Southeast Asian countries, with 10.1 million arrivals, followed by Thailand (9.55 million), Vietnam (6 million), and Singapore (4.3 million). By April, the Philippines had only welcomed 2.1 million visitors.

In 2024, the country saw 5.9 million foreign tourists, falling short of the government’s target of 7.7 million and far behind its regional neighbors including Cambodia, which had 6.7 million visitors.

Many online users, like Tan, argue that the Philippines is not considered a top priority destination in ASEAN.

“We are tiring out tourists with poor infrastructure and complicated transportation,” Tan noted.

Even locals find domestic travel expensive and difficult, let alone for foreign visitors, according to comments on the post.

“The Philippines has beautiful beaches, delicious food, and friendly people, but it lacks roads, reliable airports, and public transportation. Most importantly, the prices here are too high,” one local shared.

Another netizen pointed out, “In all the countries you’ve mentioned, their capitals are also tourist destinations. Manila, on the other hand, is boring for tourists. We don’t have decent museums or historical tours, and moving around in Manila is not easy either.”

A netizen added, “The government isn’t investing in quality tourist facilities and infrastructure like our neighboring countries. That’s where we’re lagging behind.“

Recently, the Philippines was ranked as the most dangerous destination by U.K. financial comparison site HelloSafe in a survey dismissed by the Philippines’ tourism experts as biased and misleading.

Victor Lim, president of the Federation of Filipino-Chinese Chambers of Commerce and Industry, emphasized that the Philippines must improve its infrastructure and enhance safety measures to establish itself as a leading tourist destination in Southeast Asia, Philstar reported.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the Department of Tourism and its strategic partners should get together and come up with hard adjustments to make the Philippines more attractive to foreigners? What do you think are the five biggest problems of the tourism industry of the country? Do you consider tourism-related awards crucial to the Philippines’ ability to attract visitors from around the world?

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

Philippines Inflation Rate Rises to 1.4% in June 2025

Philippines Inflation Rate Rises to 1.4% in June 2025

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After back-to-back months of shrinking, the headline inflation of the Philippines inched up to 1.4% for the month of June 2025, according to a news article by the Philippine News Agency (PNA). By comparison, May 2025 inflation rate was 1.3%.

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

Headline inflation continued to remain below the lower end of the government’s target range in June, despite a slight uptick due to a faster increase in non-food prices.

In a briefing on Friday, National Statistician Dennis Mapa said headline inflation settled at 1.4 percent in June from 1.3 percent in May.

This brings the year-to-date average inflation to 1.8 percent, well within the government’s target range of 2 percent to 4 percent for the year.

Mapa said the slight uptick in headline inflation was driven by higher non-food inflation (1.9 percent from 1.5 percent), with faster price increases observed in electricity (7.4 percent from 2.8 percent) and education (5.4 percent from 4.2 percent). Food inflation, however, eased to 0.1 percent during the month from 0.7 percent in May.

Mapa said the deceleration of food inflation in June was mainly due to the annual decrease in the prices of vegetables, tubers, plantains, cooking bananas, and pulses at 2.8 percent from an annual increase of 3.4 percent in the previous month. Rice deflation also hit a record low of 14.3 percent in June.

Mapa said the rollout of the government’s PHP20 per kg. rice program also contributed to the decline, especially in regular-milled rice prices.

In a separate statement, the Department of Economy, Planning, and Development (DEPDev) said government measures to stabilize food supply, boost agriculture, and improve logistics helped ease food inflation during the month.

“The sharp decline in food inflation over the past year underscores the continued progress in our coordinated efforts to boost local production, improve logistics, and implement calibrated trade and biosecurity measures,” DEPDev Secretary Arsenio Balisacan said.

“We will sustain these interventions and complement them with targeted initiatives to ensure a continuous, stable supply and shield consumers from future price pressures.”

To further strengthen food supply chains, DEPDev said the Department of Agriculture (DA) would intensify the implementation of industry recovery and expansion programs, such as the Swine Industry Recovery Project and Livestock Economic Enterprise Development, to accelerate the rehabilitation of the hog industry and restore the pre-African Swine Fever hog population levels.

The DA will also establish the country’s first Onion Research and Extension Center in Bongabon, Nueva Ecija for the development of effective methods to combat pests and diseases, enhance seed quality, and increase farm yields.

The Department of Energy, meanwhile, has partnered with private oil companies to offer fuel discounts to motorists affected by oil price fluctuations amid geopolitical uncertainties.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think inflation rate of the Philippines will be able to settle below 2% per month until the end of the year? If you are managing a local business, how much of an impact did inflation have on your business?

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

Nineteen More Medicines VAT-Exempt in the Philippines

Nineteen More Medicines VAT-Exempt in the Philippines

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Following the recent announcement of several medicines declared exempted from the value-added tax (VAT), nineteen more medicines became VAT-exempt as a result of the recommendation of the Food and Drug Administration (FDA) to the Bureau of Internal Revenue (BIR), 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 article. Some parts in boldface…

Nineteen maintenance and lifesaving medicines have been included in the list of those exempted from value added tax (VAT), benefiting more people.

Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr., during the Bagong Pilipinas Ngayon briefing on Thursday, said nine medicines were included under Revenue Memorandum Circular (RMC) 59-2025 issued on June 11, 2025 while the other 10 are covered by RMC 62-2025.

He said the inclusion of the medications for VAT exemption was based on the recommendation of the Food and Drug Administration (FDA).

Of the total, seven of these medicines are for cancer treatment; three each for diabetes, hypertension and mental illness; one each for high cholesterol, kidney disease, and tuberculosis.

“Ang mga ito ay mga maintenance at lifesaving medicines na ngayon ay hindi na papatawan ng VAT. Isang kongkretong hakbang para mas mapagaan ang gastuhin ng mga pasyente (These are maintenance and lifesaving medicines that will now be exempt from VAT. This move is a concrete step to lower patients’ expenses),” Lumagui said.

The BIR chief said both the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law and the Tax Reform for Acceleration and Inclusion (TRAIN) law provide VAT exemptions on certain health products.

He said BIR coordinates with the FDA and the Department of Trade and Industry (DTI) among others to monitor compliance among pharmaceutical companies and drugstores regarding this price changes.

Let me end this post by asking you readers: What is your reaction to this recent development? Were you surprised that a lot more medicines were declared VAT-exempt?

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

Philippines Lowers Economic Growth Target Amid Global Uncertainty

Philippines Lowers Economic Growth Target Amid Global Uncertainty

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As there are more signs of weakness and uncertainty, the economic managers of the Philippines officially lowered their economic growth target this year, 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…

Economic managers on Thursday revised the economic growth target for this year amid mounting global uncertainties.

At a briefing after the 191st Development Budget Coordination Committee (DBCC) meeting, Budget Secretary and DBCC Chair Amenah Pangandaman said the economic growth assumption for 2025 was revised downward to 5.5 to 6.5 percent from the previous 6 to 8 percent.

For 2026 to 2028, the Philippine economy is projected to expand by 6 to 7 percent, reflecting a more cautious and resilient economic outlook amid global headwinds.

“The revisions take into account heightened global uncertainties, such as the unforeseen escalation of tensions in the Middle East and the imposition of U.S. tariffs,” Pangandaman said.

She said that despite these challenges, the DBCC remains “vigilant and ready to deploy timely and targeted measures” to mitigate their potential impact on the Philippine economy.

The budget chief said the country continues to be one of the fastest-growing economies in ASEAN driven by robust domestic demand.

To maintain this momentum, she highlighted the administration’s focus on structural reforms, including the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act and the Public-Private Partnership (PPP) Code, both designed to enhance the country’s trade and investment competitiveness.

Pangandaman said the government will also pursue the approval and implementation of other reforms recently ratified by Congress, such as the Liberalizing the Lease of Private Lands by Foreign Investors Act, Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, Accelerated and Reformed Right-of-Way (ARROW) Act, and Konektadong Pinoy Act.

The DBCC also revisited the medium-term macroeconomic assumptions to take into consideration recent global and domestic developments.

The inflation assumption for this year was cut to 2 to 3 percent from the previous 2 to 4 percent. For 2026 to 2028, the inflation assumption was retained at 2 to 4 percent.

For 2025 to 2028, crude oil price assumptions were reduced to USD60 to USD70 per barrel from USD60 to 80 per barrel, despite escalating geopolitical tensions.

The foreign exchange rate is assumed to remain stable, averaging at PHP56 to PHP58 per US dollar from 2025 through 2028, supported by lower domestic inflation.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines is lacking momentum to achieve 6% growth this year? Do you think that inflation and unemployment will eventually rise before the year ends? Are you convinced that foreign investors are staying away from the Philippines?

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

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

World Bank says Philippines economic growth will be below 6% per year until 2031

World Bank says Philippines economic growth will be below 6% per year until 2031

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By pointing to several economic factors, the World Bank stated that it expects the economy of the Philippines to grow less than 6% per year until the year 2031, according to a Manila Bulletin news report.

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

The Philippines’ annual economic growth is expected by the World Bank Group (WBG) to remain below six percent this year until 2031.

Its newest country partnership framework (CPF) for the Philippines, covering fiscal years (FYs) 2026 to 2031, showed that the WBG forecasts Philippine gross domestic product (GDP) growth of 5.3 percent for this year, 5.4 percent for next year, and 5.5 percent for 2027—all below the more ambitious six- to eight-percent target of the Marcos Jr. administration for the second half of its term.

“The average GDP growth forecast for 2025 to 2027 is expected at 5.4 percent. Risks are mostly tilted downside and include potential retaliation by main global players that may affect global growth further, probably hitting domestic growth,” the WBG said, referring to the lingering world trade uncertainty caused by United States (US) President Donald Trump’s tariff spree.

“Increased uncertainty could trigger instability in financial markets and capital flight,” it added.

On the flipside, “the Philippines may benefit from improved margins of preference for key export products, and from lower global commodity prices (tied to lower global growth), and absent any external pressures, the prospect of continued monetary policy rate normalization” in the next three years, the WBG said.

This year, its projected 5.3-percent GDP growth rate—poised to be the slowest pace of expansion since the Philippine economy gradually reopened from the most stringent Covid-19 restrictions—was attributed by the WBG to “the direct impacts of the higher tariffs and trade policy uncertainty on demand for exports, the effects of increased global policy uncertainty on investment demand, and the indirect effects on export and investment demand through lower global growth.”

But on the upside, “these negative effects are dampened as the Philippines is mostly integrated in services rather than merchandise value chains (that have been most affected by trade policy barriers), and as public investment and private investment in non-tradables is expected to remain robust,” the WBG added.

Philippine GDP growth is seen picking up gradually to 5.7 percent in 2028, 5.8 percent both in 2029 and 2030, and 5.9 percent in 2031.

The WBG forecasts headline inflation to be in the range of three to 3.2 percent from 2025 to 2031—within the targeted two- to four-percent annual consumer price increases deemed conducive to economic growth.

As the Marcos Jr. administration embarks on fiscal consolidation to narrow the yawning budget deficit and lower the share of public debt to the economy following massive borrowings at the height of the pandemic, the WBG projected the fiscal deficit narrowing gradually from 5.7 percent of GDP in 2024 to 5.4 percent in 2025, 4.9 percent in 2026, 4.4 percent in 2027, 4.1 percent in 2028, 3.9 percent in 2029, 3.7 percent in 2030, and 3.6 percent in 2031.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines currently does not have enough strength to exceed the crucial 6% mark for annual 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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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

Nomura trims Philippine economic growth forecasts for 2025 and 2026

Nomura trims Philippine economic growth forecasts for 2025 and 2026

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As far as the Nomura Global Markets Research is concerned, the economic growth of the Philippines will for 2025 and 2026 will end up weaker than previously expected, according to a BusinessWorld news report.

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

NOMURA GLOBAL Markets Research has trimmed its gross domestic product (GDP) growth forecasts for the Philippines for this year and 2026 following the weak first-quarter expansion.

Nomura cut its Philippine economic growth forecast to 5.3% for this year from 5.9% previously, it said in a report dated May 9. It also slashed its 2026 projection to 5.6% from 6.1%.

Both projections are well below the Development Budget Coordination Committee’s 6-8% growth target for 2025 until 2028.

“Our 2025-26 GDP forecast revisions take into account the disappointing first-quarter outturn, which only rose slightly to 5.4% year on year from 5.3% in fourth quarter 2024, despite election-related spending,” Nomura analysts Euben Paracuelles and Nabila Amani said in the report.

“Escalating global trade and geopolitical tensions are the main downside risks to growth. A faster rollout of infrastructure projects and lower oil prices are upside risks.”

The Philippine economy expanded by 5.4% in the first quarter, the government reported last week. This was a tad faster than the revised 5.3% in the previous quarter but sharply slower from the 5.9% growth in the same period in 2024.

Department of Economy, Planning, and Development Undersecretary for Policy and Planning Group Rosemarie G. Edillon said that GDP would need to grow by 6.2% for the rest of the year to reach the lower end of the 6-8% goal.

Based on its forecasts, Nomura expects the Philippines to post below-6% GDP growth for the rest of the year. Broken down, it sees GDP growth of 5.3% in the second quarter, 5.4% in the third quarter, and just 5% in the fourth quarter.

In 2024, the economy expanded by 6.5% in the second quarter, 5.2% in the third quarter, and 5.3% in the fourth quarter.

“A key source of the downside surprise [in the first quarter] was investment spending growth, which we believe suggests businesses have already turned cautious amid surging global trade uncertainty, even in a less open economy,” Nomura said.

“We expect a moderate pickup in real GDP growth in 2026, led by the government’s strong push for more progress on infrastructure projects.”

It added that it expects the country to post a current account deficit of 4.1% of GDP this year and 4.4% of GDP next year, wider than the 3.8% ratio in 2024, driven by an increase in capital goods imports amid the government’s infrastructure push and weaker exports due to the US’ tariffs.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines can still grow stronger than what Nomura predicts in 2025 and 2026? Do you think the national government should make new economic moves to stimulate the national economy while also attracting new foreign investors?

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

Philippine economy grew by 5.4% in 1st quarter of 2025

Philippine economy grew by 5.4% in 1st quarter of 2025

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The Philippine Statistics Authority (PSA) announced that the economy of the Philippines grew by 5.4% in the first quarter of this year, according to a GMA Network news report.

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

The Philippine economy expanded faster in the first three months of 2025 amid the growth seen in services, industry, and agriculture sectors, according to the Philippine Statistics Authority (PSA).

The country’s gross domestic product (GDP) —the value of goods and services produced in a period— grew faster by 5.4% in the first quarter of 2025, higher than the upwardly revised growth rate of 5.3% in the last quarter of 2024, PSA chief and National Statistician Claire Dennis Mapa reported at a press conference in Quezon City on Thursday.

This was also the fastest GDP growth rate seen since the third quarter of 2024, albeit slower than the 5.9% growth recorded in the first quarter of 2024.

At constant prices, the economy reached a value of P5.477 trillion during the period, up 5.4% from P5.196-trillion GDP seen in the same quarter last year.

Department of Economy, Planning and Development Undersecretary Rosemarie Edillon said the country’s GDP needs to increase by 6.2% in the remaining quarters of 2025 to hit at least the lower-end of the. government’s growth target of 6% to 7% for the year.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines can still grow by 6% by the end of the year? Do you think election spending will add a lot 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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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

Proposed measure to increase tax on capital gains withdrawn by DOF

Proposed measure to increase tax on capital gains withdrawn by DOF

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In recent times, the Department of Finance (DOF) has withdrawn the proposed measure on increasing taxes on capital gains pointing to certain economic factors according to a GMA Network news report.

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

The proposed measure increasing taxes on capital gains, donor’s, and estate to 10% from 6% has been withdrawn as the Department of Finance (DOF) determined that there would be “no need” for additional revenue measures, citing the government’s robust fiscal position.

In a statement, Albay 2nd District Representative and House Ways and Means chairman Joey Sarte Salceda disclosed that the DOF pulled out the Government Revenues Optimization through the Wealth Tax Harmonization (GROWTH) Bill, which proposed a hike in tax rate for capital gains, donor taxes, and estate taxes.

The bill is the Marcos administration’s tweaked version of the Passive Income and Financial Intermediary Taxation Act (PIFITA), proposed by the Duterte administration as Package 4 of its Comprehensive Tax Reform Program (CTRP).

Citing a letter from the DOF, dated April 29, Salceda said the Finance Department is withdrawing the proposed measure, citing “stronger-than-expected revenue collections, a double-digit growth rate in tax collections, and steady progress toward the government’s fiscal consolidation goals.”

In a separate statement, Finance Secretary Ralph Recto said that “given our current strong fiscal performance, these are not needed at this time.”

“The government is properly managing its finances, ensuring that public needs are met without burdening the citizenry with new taxes,” he added.

‘More than sufficient’ – In particular, the Finance chief cited the 13.55% growth in total tax collections to P931.5 billion in the first quarter of 2025.

Broken down, the Bureau of Internal Revenue (BIR) posted P690.4 billion in collections, up 16.67% year-on-year; while the Bureau of Customs saw a 5.72% growth in collection to P231.4 billion during the same period.

“At this point, current revenues are more than sufficient to support our expenditure requirements. We are meeting our obligations, funding key programs, and growing the economy without having to impose new taxes on our kababayan,” Recto said.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think it was just right for the DOF to withdraw the measure? Do you thinking hiking capital gains tax, donor taxes and estate taxes are needed to ensure economic growth 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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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

ANZ Research says Philippine economic growth for 2025 could slow down to 5%

ANZ Research says Philippine economic growth for 2025 could slow down to 5%

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By pointing to the trade policies of the United States and weak private spending, ANZ Research says that the economic growth of the Philippines for 2025 could slow down to 5%, according to a BusinessWorld news report. ANZ also downgraded its growth forecasts for many other Asian economies.

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

PHILIPPINE economic growth is expected to slow to 5% this year due to the fallout from the Trump administration’s trade policy and weak private spending, ANZ Research said.

In its latest Asia Insight report, ANZ cut its gross domestic product (GDP) forecast for the Philippines to 5% this year from 5.7% previously. It also lowered its 2026 GDP projection to 5.5% from 6% previously.

Both forecasts would fall short of the 6-8% growth target set by the Development Budget Coordination Committee from this year to the next.

“Our new forecasts incorporate our expectations of direct and indirect impact of tariffs, bilateral trade agreements between the US and individual economies, revised growth estimates for mainland China and the US and potential policy response,” ANZ Chief Economist for Southeast Asia and India Sanjay Mathur said.

The downward revisions constitute a “durable shock to regional growth as US tariffs imply a long-term reduction in global trade,” he added.

President Donald J. Trump slapped reciprocal tariffs on most of its trading partners earlier this month but suspended these higher tariffs for 90 days. Only the baseline 10% tariff remains in effect.

The Philippines was hit with a 17% reciprocal tariff, though this was the second lowest in Southeast Asia, just after Singapore.

“It is likely that some Asian economies will negotiate down or even do away with the April 2 reciprocal tariffs owing to the potential damage to US growth,” Mr. Mathur said. “Even so, the uncertainty around US trade policies will constrain business activity, including hiring and investment.”

ANZ slashed its growth projection for Asia, excluding China and India, to 2.9% this year from 3.4% previously. It also trimmed its 2026 forecast to 3.3% from 3.5% previously.

ANZ also downgraded its GDP projections for all countries it covers, namely India, Indonesia, Malaysia, Singapore, Taiwan, Thailand, South Korea and Vietnam.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the Philippines will be able to negotiate with the United States on tariff and trade matters 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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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

Philippines unemployment rate down in February 2025

Philippines unemployment rate down in February 2025

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The Philippine Statistics Authority (PSA) revealed recently that the unemployment rate of the Philippines fell down to 3.8% this past February from 4.3% the previous month, according to a Philippine News Agency (PNA) news article.

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

The country’s unemployment rate fell to its lowest level in three months, data from the Philippine Statistics Authority (PSA) showed.

In a briefing on Tuesday, National Statistician Dennis Mapa said preliminary results of the latest Labor Force Survey showed that the unemployment rate further declined to 3.8 percent in February this year from 4.3 percent the previous month. It was the lowest rate since the 3.1 percent recorded in December last year.

Mapa said the number of unemployed Filipinos declined to 1.94 million from 2.16 million in January this year.

Employment rate on the other hand, rose to 96.2 percent in February this year from 95.7 percent the previous month.

Mapa said the number of employed Filipinos went up to 49.15 million, higher than the 48.49 million and 48.95 million recorded in January this year and in February 2024, respectively.

Industries which recorded the largest increase in employment include accommodation and food service (+377,000), fishing and aquaculture (+365,000), public administration and defense (+330,000), construction (+258,000), and other service activities (+232,000).

Mapa said preparations for the midterm elections and summer holidays helped increase employment in accommodation and food service and other service activities.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think there will be more than enough job opportunities for the unemployed throughout the year? Do you think the Philippine economy will grow strongly to sustain new job creation until the end of 2025?

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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