economic recovery – Page 6 – Author Carlo Carrasco

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

November 2, 2023October 31, 2023carlocarrasco

Those of you who have been engaging with online selling, you better brace yourselves as the Bureau of Internal Revenue (BIR) hopes to begin imposing a creditable withholding tax before December 2023, according to a BusinessWorld news report. Specifically, this move applies on partner-merchants of online platforms.

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

THE BUREAU of Internal Revenue (BIR) is hoping to start imposing a creditable withholding tax on partner-merchants of online platforms before the start of December, an official said.

“The process could be shorter, and we might just come up with it before the start of December. It will not be unreasonable to expect it before the start of December,” BIR Assistant Commissioner Jethro M. Sabariaga told reporters on the sidelines of the SGV Tax Symposium last week.

“The longer you withhold this release, you’re hobbling a significant portion of today’s economic transactions,” he added.

The BIR last week released the final draft of the amendments to Revenue Regulation No. 2-98 which currently does not cover income payments by online platform providers.

Under the final draft, the BIR would impose a withholding tax of 1% on one half of the gross remittances by domestic e-marketplace operators to the online merchants for the goods or services sold through their facility.

However, the withholding tax will not apply if annual total gross remittances to an online merchant for the past taxable year has not exceeded P250,000, or if the cumulative gross remittances to an online merchant in a taxable year has not yet exceeded P250,000.

Also exempted are online merchants who are part of a cooperative duly registered with the BIR with a valid Certificate of Tax Exemption.

Mr. Sabariaga said the BIR took note of the suggestions and objections to the draft rules raised by affected sectors. The BIR’s deadline for comments from stakeholders on the final draft ended on Oct. 27.

“This will all be taken into consideration and then be studied and then the final draft will be released and exposed,” he said.

Since then, Mr. Sabariaga said the agency consulted with various industries to come up with the latest version of the draft.

“It’s the first exposition of the draft, you have to consider the various industries, the applicability of the withholding (tax) on the various industries, the rates, the economic provisions of it,” he added

The BIR has been seeking ways to tax the digital economy, particularly as e-commerce surged during the pandemic.

In 2022, the digital economy contributed P2.08 trillion, equivalent to 9.4% of gross domestic product. Of this, e-commerce had the highest growth at 26.5%, with its share to the economy reaching 20% or P416.12 billion.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you have been regularly selling online, do you think you will be covered by the planned withholding tax by the BIR? Do you have all financial and legal records prepared?

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

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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 falls down to 4.4% in August 2023

October 10, 2023October 6, 2023carlocarrasco

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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PHILTOA commended by DOT Secretary Frasco for unwavering commitment to revitalizing Philippine tourism

September 1, 2023August 29, 2023carlocarrasco

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?

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

Cooperative Development Council established in Muntinlupa City

August 29, 2023August 26, 2023carlocarrasco

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?

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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Department of Finance (DOF) says online sellers must pay equal taxes as physical stores

August 3, 2023August 1, 2023carlocarrasco

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?

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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High-priority infrastructure projects to be financed by Maharlika Investment Fund

July 27, 2023July 25, 2023carlocarrasco

Just days after signing into law the Maharlika Investment Fund (MIF), President Ferdinand “Bongbong” Marcos, Jr., stressed during his 2^nd 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’ 2^nd SONA?

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 3 million foreign tourist arrivals counted by the Philippines (January 1 to July 19)

July 24, 2023July 19, 2023carlocarrasco

Even as the Department of Tourism (DOT) is still recovering from the huge embarrassment about a certain tourism video connected with their Love The Philippines slogan, the nation’s tourism sector is undeniably rising strongly as over 3 million foreign tourist arrivals this year as of July 19, according to a Philippine News Agency (PNA) news article. Take note that the official target for the entire 2023 is 4.8 million foreign tourists and the nation attracted a total of 2.65 million foreign tourists in 2022.

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?

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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President Marcos signs Maharlika Investment Fund bill into law

July 20, 2023July 18, 2023carlocarrasco

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?

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 raises forecast on Philippine economy growth for 2023

June 12, 2023June 8, 2023carlocarrasco

With the year 2023 nearing the half-way point, the World Bank revised its forecast on the Philippine economy seeing a 6% growth (versus the previous 5.4% growth forecast), according to a BusinessWorld news report.

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

THE PHILIPPINE ECONOMY is likely to grow by 6% this year amid strong domestic demand and despite elevated inflation, the World Bank said, raising its forecast from 5.4% in January.

A recovery in jobs, improved consumer sentiment and strong remittances from Filipinos overseas would drive local consumption, the multilateral lender said in its Global Economic Prospects report on Wednesday.

“Despite external challenges, high domestic inflation and tight monetary conditions, domestic demand has once again remained resilient, fueling growth,” World Bank Country Director for the Philippines Ndiame Diop separately told a virtual news briefing.

The latest growth forecast is the lower end of the government’s 6-7% growth target this year. The Philippine economy grew by 6.4% in the first quarter, slower than 8% a year ago and 7.1% a quarter earlier.

“Despite weak global conditions, our upward revision reflects this continued strength in domestic demand,” World Bank Philippines Senior Economist Ralph van Doorn said.

But the potential global slowdown could still affect growth. “Although the global economy displayed remarkable resilience in early 2023, economic conditions will remain subdued for the rest of 2023,” Mr. Diop said.

He said global growth is expected to wane due to “persistent inflation, slowdown of global trade and the effect of recent monetary tightening.”

The World Bank expects global growth to slow to 2.1% this year, though this is higher than its earlier 1.7% projection. It also sees global growth reaching 2.4% next year and 3% in 2025.

“Risks remain tilted to the downside,” Mr. Diop said. “Recent episodes of market instability have raised concerns of a potential spillover. The possibility of further monetary tightening amid sticky core inflation could raise the cost of global financing and lead to a more pronounced and prolonged global slowdown.”

Persistent inflation remained a cause for concern, the World Bank said.

“Although our baseline forecast (shows) inflation will decelerate, it is still the main challenge,” Mr. van Doorn said.

The World Bank expects Philippine inflation to average 5.7% this year, higher than its earlier 4.2% forecast.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you agree with the World Bank’s analysis about economic growth for the Philippines this year? Do you think the Philippine economy can do better than expected 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 2 million foreign tourist arrivals in the Philippines counted as of May 12, 2023

May 17, 2023May 17, 2023carlocarrasco

Even though new cases of COVID-19 grew significantly nationwide over the past several weeks, that did not stop the forward momentum for Philippine tourism as the Department of Tourism (DOT) confirmed that foreign tourist arrivals in the country surpassed the 2,000,000 mark as of May 12, 2023, according to a Philippine News Agency (PNA) news article. Take note that that total number of foreign tourist arrivals in the country for the year 2022 was at 2.65 million and it looks likely for the Philippines to exceed that figure before the year ends.

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

The Philippines breached the two million mark in international arrivals for the first five months of 2023, surpassing last year’s baseline target.

The Department of Tourism (DOT) announced the good news over the weekend, citing the latest data of 2,002,304 international visitor arrivals from January 1 to May 12 that exceeded the entire 2022 target of 1.7 million foreign visitors.

“Notwithstanding the challenges and difficulties that our country faced, a pandemic and the various calamities that come into our shores, the good news is that these have done nothing to break the Filipino spirit or to diminish the beauty of the Philippines,” DOT Secretary Christina Garcia Frasco said in a news release.

“We’re very optimistic for the prospects in out country in terms of being a tourism powerhouse in Asia, anchored on the strength of our Filipino culture as well as the values of sustainability, resilience and global competitiveness.”

South Koreans made up almost a quarter of the total number of visitors with 487,502 (24.35 percent); followed by Americans with 352,894 or 17.62 percent; Australians, 102,494 (5.12 percent); Canadians, 98,593 (4.92 percent); Japanese, 97,329 (4.86 percent); Chinese, 75,043; Taiwanese, 62,654; British, 62,291; Singaporeans, 53,359; and Malaysians, 36,789.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that the Philippines will be able to attract the targeted 4.8 million foreign tourist arrivals by the end of this year?

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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