economic recovery – Page 5 – Author Carlo Carrasco

NEDA projects 2023 Philippine economic growth at 6%

December 13, 2023December 10, 2023carlocarrasco

As the 2023 is coming to an end, the National Economic and Development Authority (NEDA) expressed confidence that the economy of the Philippines will achieve 6% growth 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 report. Some parts in boldface…

The National Economic and Development Authority (NEDA) is positive the country will hit the low end of its economic growth target at 6 percent by the end of the year.

“For the year, ang expectation namin is we will hit the low end of the target. If not, close to it (our expectation is that we will hit the low end of the target. If not, close to it). The low end of the growth target is at 6 percent, so either a 6 or very close to that,” NEDA Undersecretary Rosemarie Edillon said at the Saturday News Forum in Quezon City.

The Philippine economy posted the strongest third-quarter growth of 5.9 percent among major Asian economies, bringing the gross domestic product (GDP) expansion for the first nine months of 2023 to 5.5 percent.

Vietnam recorded 5.3 percent, Indonesia and China 4.9 percent, and Malaysia 3.3 percent during the third quarter.

Looking at the Purchasing Manager’s Index (PMI) as one indicator, Edillon said she is optimistic the GDP forecast is achievable.

She also noted the October unemployment data, which fell to 4.2 percent from 4.5 percent during the same month last year.

“Nakita namin na maganda rin naman ang employment numbers natin at ‘yung PMI, nakita namin na mataas pa rin naman siya (We saw that the employment numbers and the PMI are high),” she said. “We are actually hopeful for the rest of the year but especially going forward.”

Edillon said they observed a rise in the number of jobs generated in accommodation establishments, restaurants, transportation, and the information technology – business process outsourcing fields.

She also pointed out the gradual recovery of sectors severely hit by the pandemic, especially the tourism industry, which already surpassed its targeted 4.8 million foreign visitors.

Before the pandemic, the tourism industry’s share in the country’s GDP was estimated at 12.7 percent.

Improved inflation

In the same forum, she took note of the improving inflation rate, which further eased to 4.1 percent in November from 4.9 percent in October.

Food inflation at the national level decelerated further to 5.8 percent in November 2023 from 7.1 percent the previous month.

“(M)agandang balita ito kasi, especially iyong mga food item na binabantayan natin — kunwari iyong pork meat, iyong sugar, iyong mga vegetables — bumaba po iyong presyo nitong mga ito (This is good news, especially with regard to the food items that we are monitoring – the prices of pork meat, sugar, and vegetable went down),” she said.

Edillon said the cost of rice still rose but this could be attributed to the slowdown in importation due to tightening supply in the world market.

“Iyong sa ibang mga bansa, nag-i-expect kasi sila ng impact ng El Niño. Pero ang tingin naman namin, dahil we think that they have been prepared for this so mukhang it will correct actually (Other countries are bracing for the impact of El Niño. But we think because they’re already prepared for it, it will be corrected eventually),” she said.

Still, she said she believes the price cap imposed by President Ferdinand R. Marcos Jr. in September contributed to the lower inflation rate.

Let me end this piece by asking you readers: What is your reaction to this recent development? Are you convinced that the Philippines will be able to achieve 5

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 inflation eases to 4.1% in November 2023

December 11, 2023December 6, 2023carlocarrasco

Inflation here in the Philippines continued to drop and eventually landed at 4.1% for the month of November 2023 and there were several factors behind it, according to a Philippine News Agency (PNA) news report.

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

The country’s headline inflation further eased to 4.1 percent in November this year, the lowest recorded since the 4 percent in March 2022, the Philippine Statistics Authority (PSA) said.

In a briefing on Tuesday, National Statistician Dennis Mapa said the headline inflation last month was significantly lower than the 8 percent recorded in November last year and the 4.9 percent seen in October this year.

Core inflation, which excludes volatile oil and food items, also decelerated to 4.7 percent from 5.3 percent in October.

PSA data shows the downtrend was primarily brought about by the lower year-on-year growth rate of the heavily-weighted food and non-alcoholic beverages at 5.7 percent in November 2023 from 7 percent in October 2023.

Food inflation slowed to 5.8 percent, the lowest recorded since the 5.2 percent in May 2022.

This is due to the deflation in vegetables (-2 percent from 11.9 percent) and lower inflation of fish, meat, sugar, bread and other cereals, and fruits.

Also contributing to the downtrend in the overall inflation in November was the deflation in transportation (-0.8 percent from 1 percent) and slower inflation in restaurant and accommodation services (5.6 percent from 6.3 percent).

The restaurants and accommodation services index with a slower inflation rate of 5.6 percent in November from 6.3 percent in the previous month also contributed to the downtrend of the overall inflation.

Year-to-date, headline inflation was at 6.2 percent while core inflation settled at 6.8 percent.

Inflation in the National Capital Region (NCR) also slowed to 4.3 percent from 4.9 percent in October. For areas outside NCR, headline inflation decelerated to 4.1 percent in November from 4.9 percent the previous month. Inflation for the bottom 30 percent households also eased to 4.9 percent from 5.3 percent.

In a separate statement, the National Economic and Development Authority (NEDA) attributed the drop in inflation to the timely implementation of strategies to stabilize food supply amid the anticipated domestic and external headwinds in the coming months.

“With the right interventions in place, including the proper and timely deployment of trade policy, we are confident that we can effectively manage inflation and prevent unnecessary upticks in prices of goods and commodities to safeguard the purchasing power of Filipino families, especially those from the most vulnerable sectors,” NEDA Secretary Arsenio Balisacan said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think inflation will ease further and go below 4% by January 2024? Does the easing of inflation make you more confident about your economic prospects for 2024?

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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World Bank sees strong economic growth for the Philippines this year and in 2024

December 7, 2023December 5, 2023carlocarrasco

Recently the World Bank announced that the economy of the Philippines will continue to grow strongly this year and next year, according to a Philippine News Agency (PNA) news report.

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

The World Bank on Tuesday said the Philippine economy is expected to continue to post strong growth but fully implementing key reforms to boost investments is crucial to sustain growth.

“We anticipate that the Philippine economy will continue to exhibit strong performance in the next few years,” World Bank country director for Brunei, Malaysia, the Philippines and Thailand Ndiame Diop said in briefing for the presentation of the Philippines Economic Update (PEU) December 2023 edition.

“This growth will be propelled by a healthy labor market and declining inflation, which will stimulate robust household consumption,” he said.

For this year, the World Bank expects the Philippine economy to grow by 5.6 percent and edge up to 5.8 percent in 2024.

The services sector is anticipated to be the main growth driver supported by the ongoing recovery of the tourism sector and the consistent performance of the information technology and business process outsourcing industry.

“We expect that the full implementation of several investment reforms will enhance the country’s competitiveness to attract foreign investment, strengthening the country’s global growth prospects,” said Diop.

The Philippine economy grew by 5.9 percent in the third quarter of the year, bringing the year-to-date economic expansion to 5.5 percent.

“Despite the challenging global environment that resulted in a slowdown for many countries in the region, the Philippines stands out as among the top performers,” Diop added.

He said this can be attributed to the country’s resilient domestic demand which helped mitigate the impact of external headwinds.

Inflation, meanwhile, is forecast to settle at 5.9 percent this year and ease to 3.6 percent in 2024.

Policy recommendations – Diop pointed out that moving forward, full implementation of key forms is needed to mitigate the impact of high inflation amid volatility in global commodity prices and high cost of borrowings to stimulate private investment, promote job creation and reduce poverty.

These include the amendments to the Public Services Act, Retail Trade Liberalization Act, the Foreign Investment Act and amendments to the implementing rules and regulations of the Renewable Energy Act allowing foreign ownership of renewable energy projects.

World Bank senior economist Ralph Van Doorn said that in the short term, domestic policy priorities include containing elevated inflation and providing assistance to vulnerable sectors.

Van Doorn said enhancing forecasting and planning to help stabilize food prices, reducing market volatility and ensuring a consistent and reliable food supply remains fundamental to reducing inflation in the short term.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the World Bank is correct with its findings about the economy of 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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Philippines’ credit ratings affirmed by S&P Global Ratings

December 4, 2023November 30, 2023carlocarrasco

The credit ratings of the Philippines for both long-term and short term were affirmed by the US-based S&P Global Ratings which also saw stronger economic growth for the country in the next few years, 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…

United States-based S&P Global Ratings on Wednesday affirmed the Philippines’ ‘BBB+’ long-term and ‘A-2’ short-term sovereign credit ratings, citing the country’s sustained economic recovery due to the government’s ongoing efforts to address infrastructure gaps and improvements in the business climate.

“The stable outlook reflects our expectation that the Philippine economy will maintain healthy growth rates and the fiscal performance will materially improve over the next 24 months,” S&P Global said in a report.

According to S&P, the country’s gross domestic product (GDP) is projected to grow by 5.4 percent this year, reflecting the impact of high base and the slower growth of the world economy.

The report also showed that Philippine economic growth is projected to accelerate to 5.9 percent in 2024, 6.2 percent in 2025 and 6.4 percent in (2026).

The credit rater expects that the Philippines’ economic growth will remain well above the average among its peers “due to the government’s ongoing efforts to address infrastructure gaps and improvements in the business climate through regulatory and tax reforms, which will further support expansion in economic productivity.”

It also recognized the government’s efforts to prioritize infrastructure development and fiscal measures and cited crucial reforms such as the public-private partnership (PPP) framework and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

“The Philippine government has generally enacted effective and prudent fiscal policies over the past decade. Improvements to the quality of expenditure, manageable fiscal deficits, and low general government indebtedness testify to this. This track record of sustainable public finances helped the government accumulate fiscal resources to respond to the pandemic,” the report said.

It also underscored the importance of tax reforms in ensuring that public finances remain sustainable, while infrastructure and social needs are addressed.

S&P said the general government (GG) deficit is estimated to decline and to settle at 3.8 percent of GDP in 2023, from 4.4 percent in 2022.

“We believe the fiscal shortfall will continue to narrow over the coming years while the economy regains its footing and the government scales back stimulus measures. We expect the medium-term fiscal framework (MTFF) revealed by the Marcos administration last year to guide the consolidation process,” it said.

The report also highlighted the country’s solid household and corporate balance sheets and sizable remittance inflows, and expects foreign direct investments to remain stable this year.

However, S&P said it may lower the country’s ratings if economic recovery falters, if general government debt exceeds 4 percent of GDP, if net debt stock exceeds 60 percent of GDP or if interest payments exceed 15 percent of revenue on a sustained basis.

“We may raise the ratings if the economy recovers much faster than we expect, and the government achieves more rapid fiscal consolidation,” it said.

Let me end this piece by asking you readers: What do you think about this recent development? Are you satisfied with what was accomplished this year with regards to foreign tourist arrivals and the related revenues? Do you think the Philippine economy will continue to grow stronger each year until 2026? Do you believe in the findings of S&P Global Ratings?

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 about to reach 2023 target

November 28, 2023November 26, 2023carlocarrasco

Philippine tourism is back in the spotlight once again as the Department of Tourism (DOT) headed by its secretary Cristina Frasco announced that the 2023 foreign tourist arrivals target of 4.8 million is about to reached and the tourism sector has contributed more than P400 billion to the national economy, according to a Philippine News Agency (PNA) news article.

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

The tourism sector is the second highest driver for economic growth during the first half of the year, a result of President Ferdinand R. Marcos Jr.’s focus on the industry.

Department of Tourism Secretary Cristina Frasco said on Saturday that tourism has so far contributed PHP404 billion to the economy and has reached 99 percent of its goal of 4.8 million international arrivals for 2023.

The improving employment rate is the top contributor to the economy while the increase in investment registration activities and students coming back to school follow tourism.

“I am also here to deliver the good news under the President’s focus of prioritizing tourism. Tourism has emerged as one of the strongest pillars of our economy. According to our national economic managers, tourism is the second top highest driver for economic growth in the first six months of this year,” Frasco said during the opening of the 2nd North Luzon Tourism Expo at Camp John Hay in Baguio City.

She said for Marcos, tourism is a priority “and for that very reason, we have seen the strides we have accomplished in a year.”

Among the government support for the tourism industry are at least 158 kilometers of roads rehabilitated and in 2024, there will be more improvements in airports, Frasco said.

“The flight portfolio of our major international gateways is gradually recovering and we have increased the tourism experience across the country by building tourist rest areas (TRA) across Luzon, Visayas, and Mindanao,” Frasco said.

She said the TRA is one of the ways the government wants to extend its welcome to tourists by giving them a special experience.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that the DOT has done a good job making tourism a more vibrant and more economic sector this year? Has the increase of foreign tourist arrivals this year benefited your business? Do you think that the foreign tourist arrivals will reach 5,000,000 by the end of 2023?

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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Over P170 million deposited into BSP coin machines as of October 30, 2023

November 23, 2023November 22, 2023carlocarrasco

Recently, the Business Mirror published a news article revealing that more than P170 million worth of coins have been deposited in the many coin deposit machines (CODMs) of the Bangko Sentral ng Pilipinas (BSP) nationwide as of October 30, 2023. Based on recent findings, more people and business representatives have been lining up at their local CODM to deposit their excess coins and turn it into added value into their GCash accounts or PayMaya accounts, or use the value for shopping vouchers (accepted by The SM Store). Previously the figure was revealed at P115 million and this major project by the BSP launched this past June.

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

THE coin deposit machines (CoDMs) have collected an average of a million pesos per day since June, according to the latest data from the Bangko Sentral ng Pilipinas (BSP), which rolled out the program four months ago to ease the coin shortage and cut government losses in minting coins.

As of October 30, the CoDM collections have reached P171.09 million since June 20. This means an average of P1.29 million worth of coins every day for a period of 133 days.

As of October 20, only 10 days prior, collections already reached P146.78 million. This means, in just 10 days, some P25.31 million or an addition of P2.53 million worth of coins were collected per day.

The data obtained by BusinessMirror also showed that a total of 59.8 million coins were deposited in CoDMs as of October 30.

This means an average of 449,607 coins were deposited into the 25 CoDMs located in various malls and groceries in Metro Manila. This translates to about 17,984 coins per machine everyday.

These coins include the P20, P10, P5, P1, 25 centavo, 10 centavo, 5 centavo, and 1 centavo. These are converted into e-wallets and shopping vouchers.

Based on the data, more than half of the coins deposited in CoDMs are P1 and 25 centavo coins. A total of 22.96 million P1 coins were deposited between June 20 and October 30 while 13.79 million 25 centavo coins were received by the machines during the period.

This was followed by the P5 coin with 12.89 million pieces; P10 coin, 3.02 million pieces; 5 centavo coin, 2.73 million pieces; P20 coin, 2.49 million pieces; and P10 centavo coin, 1.88 million pieces. The lowest was the 1 centavo coin with only 47,496 pieces.

In the data as of October 20, the largest sum ever deposited in a single transaction was P105,818. This was deposited on September 30 in an SM-owned location.

The highest volume of coins deposited during the period reached 33,794 pieces which was received in a CoDM in another SM-owned property last September 3.

The data as of October 20, also showed almost all or 97.63 percent of the amount of the coins collected by CoDMs were converted into GCash credits. The total amount converted into GCash reached P142.33 million as of October 20.

In terms of coin volume, GCash also converted the most into credits with 51.13 million coins or 97.63 percent of the total. This covered a total of 50,225 transactions or 97.04 percent of all CoDM transactions.

In June, BSP rolled out the CoDMs to alleviate the coin shortage in the country and cut the government’s losses in minting coins.

Former BSP Governor Felipe M. Medalla said the Philippines currently has a problem with coins, given that its coins per capita have more than doubled in less than a decade.

There are 39 billion pieces of coins in circulation in the country. At 110 million Filipinos, this translates to around 355 coins per capita which is a 195 percent growth from the 120 coins per capita eight years ago.

Let me end this piece by asking you readers: What do you think about this recent development? Were you able to deposit your excess coins into a BSP cash deposit machine in your city? Was there a time when you had to wait long in the line at a BSP cash deposit machine because one of the customers ahead of you brought several jars full of coins with them for deposit? Do you think having one BSP CODM per shopping mall is sufficient to meet local customers’ need for coin depositing? When waiting for your turn at the BSP CODM takes too long, do you take your coins with you to the bank to deposit into your personal account?

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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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

President Marcos tells American business community that Philippines is ready to take off as Asia’s leading investment destination

November 20, 2023November 16, 2023carlocarrasco

Recently in the United States, President Ferdinand “Bongbong” Marcos, Jr., met with members of the American business community and enticed them to invest in the Philippines stating that a wealth of opportunity awaits them and the country is set to take off as a major Asian investment destination, according to a news article published 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…

The Philippines is all set to become the “leading” investment destination in Asia, President Ferdinand R. Marcos Jr. said Thursday (Manila time).

“With a solid reform agenda and unabating growth amid headwinds, the Philippines is ready to take off as a leading investment hub in Asia,” Marcos said during the Philippine Economic Briefing (PEB) in San Francisco, California, as he enticed the business community in the United States (US) to invest in the Philippines.

“A wealth of opportunity awaits you in the Philippines, and we are ready to explore new horizons with your investments in the coming years,” he added.

Marcos assured the US businesses of a favorable business environment in the Philippines, adding that his administration is committed to promoting high-value investments.

He said an influx of highly-desirable investments in strategic sectors of the Philippine economy is expected, considering the amendments to the Public Service Act, Foreign Investments Act, Retail Trade Liberalization Act and the Implementing Rules and Regulations of the Renewable Energy Act.

He noted that the government has also introduced reforms to the Philippines’ fiscal incentives structure through the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to attract both domestic and global firms to invest in strategically important sectors.

“Investments in rural areas and highly-advanced and technology-enabled projects and activities are given top priority and, consequently, greater and longer incentives,” Marcos said.

“Investments in the digital space are also highly prioritized. Incentives are given to projects covering research and development and those adopting advanced digital production technologies such as, for example, artificial intelligence, additive manufacturing, data analytics, cloud computing, and nanotechnology,” he added.

Marcos said the public-private partnerships (PPP) framework has also been modified to simplify the approval processes, ensure the viability and bankability of PPP projects, cut red tape, and pave the way for quality infrastructure development.

“These reforms support the Philippines’ massive infrastructure drive. We are prioritizing the implementation of 197 infrastructure flagship projects worth around USD155 billion, with a sharp focus on upgrading physical and digital connectivity, water, agriculture, health, transport, and energy,” he said.

Let me end this piece by asking you readers: What do you think about this recent development? Do you think a huge amount of investments from American businesses into the Philippines will be realized in due time? What do you think the government should do to keep attracting more foreign investors as the Philippines is now in the post-pandemic age?

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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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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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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