economics – Page 14 – Author Carlo Carrasco

Department of Finance (DOF) says 6% economic growth is quite difficult to achieve this year

July 31, 2025July 23, 2025carlocarrasco

The uncertainty about this year’s economic growth for the Philippines has gotten stronger as the Department of Finance (DOF) admitted that achieving 6% growth is quite difficult, according to a Manila Bulletin news report. The DOF pointed to external shocks that are affecting the national economy.

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

While the Philippine economy has already been recovering from its deep recession during the height of the Covid-19 pandemic, hitting its growth potential of six percent would be challenging given the global uncertainties spilling over domestically, according to the Department of Finance (DOF).

“We do think that the potential of the Philippines is at the minimum six-percent growth. But of course, it’s quite difficult, especially knowing some of the challenges that we’re seeing,” DOF Undersecretary and Chief Economist Domini Velasquez told reporters during the Philippine thrift banks’ annual convention on Tuesday, July 15.

Just before the initial three-month pause on reciprocal tariffs ended on July 9, United States (US) President Donald Trump had stretched it to Aug. 1, but hiked the rates for Philippine exports to 20 percent from 17 percent previously, repeatedly citing the “significant and persistent trade deficit” that the trade giant has with its former colony.

Velasquez noted that the tariff hike was among the uncertainties that the Cabinet-level Development Budget Coordination Committee (DBCC) had considered in downscaling its growth target for the year, through 2028.

Last month, the economic team slashed its 2025 GDP growth target to between 5.5 percent and 6.5 percent from six- to 6.5-percent previously. Cited as factors were heightened external uncertainties, especially the ongoing conflicts in the Middle East and the imposition of US tariffs.

Finance Secretary Ralph G. Recto told reporters during an informal press chat on Wednesday, July 16, that he expects the economy to accelerate “significantly” in the second quarter compared to the previous quarter.

“In effect, the target is still six percent for the year,” Recto noted, taking off from the recently revised growth goal. “Realistically, it’s probably around 5.7 percent or 5.8 percent for the year. It depends, because there’s a lot of uncertainty—uncertainty with trade policy.”

“But I think the second quarter will definitely be better than the first,” Recto said, noting that the improvement will be driven by both government and household consumption.

The DBCC had also narrowed the growth target range for 2026 to 2028 to six to seven percent, from the previously more ambitious six to eight percent.

“We did recognize those [tariffs]. When we dialed down on our growth target in 2025, it’s really because of the external factors that we were seeing,” Velasquez said.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the national economy is not strong enough to achieve 6% GDP growth by the end of this year? What do you think the national government should do to strengthen economic growth and make the Philippines more attractive to foreign investors? Do you think the Philippines still has a chance to convince America to lower its planned tariff on Philippine-made goods?

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

America sets 19% tariff on Philippine goods after crucial Trump-Marcos meeting

July 24, 2025July 23, 2025carlocarrasco

Months after initial communications were made (click here and here), Philippine President Ferdinand “Bongbong” Marcos, Jr. finally met with US President Donald Trump in the White House and this ultimately resulted in a 19% tariff on Philippine goods by America, according to two related news articles (click here and here) by the Philippine News Agency (PNA).

For the newcomers reading this, America initially announced a 17% tariff on products from the Philippines last April and it was recently revised to 20% which surprised many here in the Philippines. Now that the American tariff for Philippine goods has been settled at 19%, President Marcos called the reduction significant. It should be noted that America generated more than $100 billion in new revenue from tariffs under Trump this year.

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

Philippine exports to the United States (US) will now be subject to a 19 percent tariff, down from the 20 percent Washington initially planned to impose, US President Donald Trump announced following what he called a “beautiful visit” by President Ferdinand R. Marcos Jr. at the White House.

Part of the new deal includes granting zero tariffs for American products bound for the Philippines.

*Philippine President Marcos with US President Trump at the White House. (photo source – the White House)*

“It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff,” Trump posted on his Truth Social account early Wednesday (Manila time).

*Press Secretary Karoline Leavitt tweet of President Trump’s TRUTH Social post about the meeting with President Marcos and new trade deal.*

He also described Marcos as a “very good and tough negotiator.”

Latest data from the Philippine Statistics Authority showed that the US comprised the highest export value amounting to USD1.115 billion, or 15.3 percent of the country’s total exports in May this year.

Posted below is an excerpt from the other PNA news article related to Marcos’ description of the 1% reduction of tariff by America as well as his clarification about Philippines’ zero tariff approach on certain American products coming to the country. Some parts in boldface…

President Ferdinand R. Marcos Jr. defended the Philippines’ new trade arrangement with the United States (US), saying the reduced 19 percent tariff on Philippine exports—down from the proposed 20 percent—is a “significant achievement,” amid questions over its fairness.

“One percent might seem like a very small concession. However, when you put it in real terms, it is a significant achievement,” Marcos said in a press briefing following his meeting with US President Donald Trump at the White House on Wednesday (Manila time).

The President acknowledged that the new deal also opens key Philippine markets to American products—particularly vehicles, agricultural goods, and pharmaceuticals—but said the arrangement will benefit Filipinos through lower prices and stronger bilateral trade.

“We will open that market and no longer charge tariffs on that… para makamura naman ‘yung mga – maging mas mura ‘yung gamot natin (so we can lower the cost of medicines),” he said.

Marcos said while the 19 percent tariff on Philippine goods is still substantial, it reflects a step forward in trade engagement with Washington D.C. and lays the groundwork for future negotiations.

For transparency, posted below is the official video from the White House YouTube channel.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you realize that there is a lot more about US and Philippines relations that go beyond the newly agreed trade agreement? Do you think America’s 19% tariff on exports from the Philippines will add challenged to the Philippine economy? What do you think about the Trump-Marcos meeting? Did you pay attention to the planned Subic Bay ammunition manufacturing plant that was mentioned? If you are based in the Philippines, do you look forward to importing American-made vehicles, agricultural products and pharmaceutical products once they enter the country without any tariffs imposed on them? Do you think the newest exchange between Trump and Marcos will make Communist China concerned or worried?

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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Online Lending Company Raided and 168 Employees Arrested Over Harassment Allegations

July 24, 2025July 16, 2025carlocarrasco

Recently in the City of Pasig, law enforcers raided an online lending firm and arrested one hundred and sixty-eight employees over alleged harassment of several borrowers, according to a Philippine News Agency (PNA) news article. It should be noted that one of the victims committed suicide due to harassment over money borrowed from the raided firm.

For the newcomers reading this, this is the latest development about local companies that lend money to clients who later get harassed or threatened as ways to compel them to pay back. There were similar developments that happened over the past few years which you can see by clicking here, here, here and here.

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

The Presidential Anti-Organized Crime Commission (PAOCC) on Tuesday said an inter-agency operation in Pasig City has resulted in the arrest of 168 employees of an online lending company allegedly harassing borrowers.

In a statement, the PAOCC said the operation was conducted at the 22nd floor of Robinsons Equitable Tower in Pasig City, the main operating hub of Creditable Lending Corporation, the company behind the online lending application Easy Peso.

The operation was led by the National Bureau of Investigation (NBI), PNP Anti-Cybercrime Group (ACG), and the PNP-CIDG, with support from the PAOCC, the National Privacy Commission (NPC), and the Securities and Exchange Commission (SEC) by virtue of a Warrant to Search, Seize, and Examine Computer Data (WSSECD) issued by the Regional Trial Court Branch 46 in Manila.

Authorities seized hundreds of computers and several company-issued mobile phones allegedly used for harassment during debt collection, along with hundreds of pre-registered SIM cards, text blasters, and harassment scripts.

The raid followed months of surveillance and investigation, aided by the testimony of a former employee who came forward to expose how the company misled and harassed borrowers.

According to the PAOCC, some victims were directed to send payments to personal GCash or bank accounts under the guise of clearing their loans, only to be contacted again by collectors despite having paid.

This operation comes just days after a man from Valenzuela City took his own life after suffering harassment from individuals connected with Easy Peso.

“May isang buhay na nawala dahil sa pang-aabuso ng isang lending app. Hindi utang ang pumatay sa kanya kundi ‘yung walang-awang pangha-harass (A life was gone due to the abuses of a lending app. The victim did not die due to his debt, but due to cruel harassment),” PAOCC Executive Director Gilbert Cruz said.

“Sa bawat biktima, huwag kayong matakot. Hindi kayo nag-iisa. Nandito ang gobyerno na handa kayong tulungan (To each victim, don’t be scared. You are not alone. The government is here ready to help you) ,” he said

Meanwhile, the SEC is reviewing the company’s legal and regulatory compliance, as its operations appear to have exploited the system while falsely claiming legitimacy.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think there are still a lot of online lending firms that planned to harass or threaten its borrowers? Do you know anyone who borrowed money from such firms only to get threated to pay back? Did you notice the presence of online lending firms in your local community?

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

Government pushing direct international access to Philippine tourist hubs

July 22, 2025July 14, 2025carlocarrasco

In what is clearly an attempt to help the Philippines attract more foreign tourists, the government is pushing to open regional tourism and business hubs to international flights which should enable foreigners to have better access to other parts of the country, according to a Manila Bulletin news report.

For context, it has been reported already that the Philippines is failing on attracting foreign tourists when compared to the other Southeast Asian nations. In 2024, the Philippines attracted less than 6 million foreign tourists and the Department of Tourism’s (DOT) declared target for the year was 7.7 million foreign tourists.

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

President Marcos has underscored the government’s push to open regional tourism and business hubs to international flights, saying these would allow foreign travelers to skip Metro Manila and head straight to their chosen destinations.

Marcos said this as he led the groundbreaking of the Caticlan Passenger Terminal Building in Aklan on Monday, July 18.

In his speech, the President said regional airports such as Caticlan are key to welcoming foreign travelers directly to Philippine destinations, bypassing Metro Manila and stimulating regional economies.

“We are slowly putting together the building blocks of our policy of opening up our tourist areas… to international travelers without having to go through the Manila Airport,” he said.

Marcos added that the new passenger terminal, which will serve as the main airport gateway to Boracay and other destinations in Western Visayas, would help ease travel to the region and boost economic activity.

“It is not just Aklan who is involved in this; it is the entire region that will be assisted by the construction of this terminal building,” he said.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the national authorities will be able to establish new ways for foreign tourists to skip Metro Manila and move on to their chosen destinations located in other parts of the country? On a scale of 1 to 10, how would you rate the current state of tourism in 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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Muntinlupa City’s Sidewalk Vendors Meet With Mayor

July 22, 2025July 16, 2025carlocarrasco

Recently in the City of Muntinlupa, several local vendors from specific locations met with Mayor Ruffy Biazon at City Hall and discussed relevant issues, according to a Manila Bulletin news report.

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

Muntinlupa Mayor Ruffy Biazon held a dialogue with Muslim vendors operating on sidewalks in Alabang.

Biazon said the vendors operate in the Alabang viaduct, Alabang junction, Montillano Street, Petron gas station, and Liana’s, all located in Alabang.

He recently ordered the Muntinlupa Traffic Management Bureau and cooperatives to conduct an inspection of sidewalks of the Alabang viaduct area and Alabang public market.

“Dahil nandito ang transportation hubs, I see Alabang Viaduct as the gateway of Muntinlupa. At bilang gateway, gusto natin na kapag nadaanan ito ng mga tao, ang unang impression nila: maayos, malinis, at disiplinado ang Muntinlupa (Because the transportation hubs are here, I see Alabang Viaduct as the gateway of Muntinlupa. And as a gateway, what we want is when people pass through it, their first impression is: Muntinlupa is neat, clean, and disciplined).”

He said what the city government wants is for the sidewalks to be walkable and the goods, trash and obstruction do not hinder pedestrians. On the other hand, Biazon said he recognizes that sidewalks offer income opportunities for some of the residents.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, do you think vendors should be allowed to occupy space on sidewalks to be able to do business? Do you think that obstruction on sidewalks add to the possibility of accidents happening? Do you think that vendors who are not certified residents of Muntinlupa City should not be allowed to sell in the city?

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 office leasing market rebounds strongly despite POGO ban

July 20, 2025July 13, 2025carlocarrasco

Recently the real estate advisory firm Leechiu Property Consultants (LPC) announced that the office leasing market of the Philippines rebounded strongly in the first half of 2025 even though there were many Philippine Offshore Gaming Operators (POGOs) that closed down due to the government ban on them, according to a Philippine News Agency (PNA) news article. It should be noted that the POGO ban resulted in weaker demand for office spaces in 2024.

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

The office leasing market sustained a strong momentum in the first half of 2025, with demand reaching 67 percent of full-year 2024, despite the withdrawal of Philippine Offshore Gaming Operators (POGO), real estate advisory firm Leechiu Property Consultants (LPC) said Thursday.

“Demand has been strong for the first half of the year. We believe it will continue. We never know what will happen, but we are optimistic about it,” Mikko Barranda, LPC director for Commercial Leasing, said during the presentation of the LPC Q2 2025 Philippine Property Market Report in Makati City.

The Information Technology and Business Process Management (IT-BPM) took up 50 percent of the total leasing activity, or 365,000 square meters, in the first half of 2025.

Traditional industries, on the other hand, accounted for 48 percent, or 354,000 sqm, of the demand, while government offices took the rest of the share at 21,000 sqm.

At least 79 percent, or 581,000 sqm, of the overall demand came from Metro Manila, with Bonifacio Global City representing 146,000 sqm, while provincial demand was at 21 percent to 159,000 sqm, with Cebu covering 81,000 sqm.

Barranda reported that the net demand has breached more than 50 percent to 271,000 sqm of the firm’s projection for the year.

“Contractions are tapering off and net take-up in terms of what we have projected back in Q1, which we feel will be at 490,000 sqm levels, were already touching 55 percent,” he said.

In the absence of POGOs, LPC Chief Executive Officer David Leechiu said this surge is already the highest since 2017.

Let me end this post by asking you readers: What is your reaction to this recent development? How far do you think the current surge of office leasing market will go by the end of the year? Do you think there are a lot more companies out there actively searching for office spaces to rent?

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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Prominent Muntinlupa Hotels Recognized by City Government for Exceptional Resilience

July 19, 2025July 12, 2025carlocarrasco

Recently in the City of Muntinlupa, prominent hotels The Bellevue Manila, Crimson Hotel and Somerset Alabang Manila were recognized by the City Government for resilience during times of crisis, according to a news report by the Daily Tribune.

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

The local government of Muntinlupa announced that three prominent hotels were recognized for their exceptional resilience in navigating various crises, from the recent pandemic to natural calamities.

In a statement, Muntinlupa Mayor Ruffy Biazon said that the awards highlight not just business success but also the steadfastness of these enterprises in the face of adversity.

Crimson Hotel secured the first prize for the Most Resilient Business Enterprise, followed by The Bellevue Manila in second place and Somerset Alabang in third.

“This isn’t just an award for business success, but for resilience amidst crisis,” Biazon said. “From the pandemic to various calamities, they have continuously remained open, provided assistance, and served as a pillar for our city.”

He also stressed that true success is measured not only by how high one reaches but by one’s fortitude during challenges.

“I salute businesses that not only recovered but also became part of the solution,” Biazon said, acknowledging the crucial role these establishments played.

“Muntinlupa’s hospitality industry, particularly its hotels, often finds itself on the front lines during disasters. These establishments frequently serve as evacuation sites and partners in emergency response efforts,” he added.

The mayor also said that resilience is not accidental as it requires deliberate planning, preparation, and effort, encompassing robust business continuity planning, comprehensive staff training, and close coordination with local government units.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, are you delighted to know that the prominent hotels played key roles in dealing with crisis?

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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Parañaque Congressman Yamsuan Unveils Proposal Supporting Seniors and PWDs’ Search for Better Job Opportunities

July 16, 2025July 9, 2025carlocarrasco

Parañaque City’s 2^nd District Representative Brian Yamsuan has a new proposal to create public offices at the local government level to assist senior citizens and persons with disabilities (PWDs) in their search for better job opportunities, according to a Manila Bulletin news report.

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

Parañaque 2nd district Rep. Brian Raymund Yamsuan is batting for the creation of public offices at the local government level that will help persons with disabilities (PWDs) and senior citizens land jobs.

Such offices–to be known as Local Centers for Inclusive Employment (LCIEs)–will partner with the private sector to assist PWDs and seniors for this purpose. According to Yamsuan’s proposal, they will also provide access to upskilling opportunities.

“Disabled persons and seniors who are fit to work can become productive members of our economy if given the chance. However, many PWDs and elderly citizens remain poor because they find it difficult to get hired for jobs that suit them,” Yamsuan said iin a statement Tuesday, July 8.

“Sayang ang kanilang galing, dedikasyon at sipag na madadala sa kanilang trabaho kung sila ay mananatiling jobless. Sa halip na kaawaan o hindi bigyang pansin, dapat ay kinikilala natin ang kanilang mga kakayahang makapag-ambag sa paglago ng ating ekonomiya,” added Yamsuan.

(Their talent, dedication and diligence that they will bring to the workplace will go to waste if they remain jobless. Instead of pitying or ignoring them, we should recognize their capabilities to contribute to our economic growth.)

Yamsuan said he will soon re-file in the 20th Congress a bill which aims to mandate the Department of Labor and Employment (DOLE) to set up, operate and maintain job facilitation offices called LCIEs for PWDs and seniors.

These LCIEs will be established upon the request of the LGUs in capital towns, key cities and other strategic areas.

The proposed legislation was filed earlier by Yamsuan in the previous 19th Congress following extensive consultations conducted with seniors and PWDs in his home city of Parañaque.

Among the complaints aired by PWDs and senior citizens during these meetings were the perceived lack of government support in helping them find jobs that match their skills and qualifications.

Yamsuan said that despite the enactment of laws that aim to encourage the hiring of PWDs and seniors, government data show low labor participation rates in these sectors.

Figures from the Philippine Statistics Authority (PSA) reveal that only 353,000 PWDs were gainfully employed out of the 1.9 million who were within working age in 2022.

In the same year, the elderly sector faced a similar predicament where only 38.2 percent or about 965,200 of 2.54 million qualified senior citizens were employed.

A study made by the Institute for Labor Studies (ILS) found that most PWDs were unaware that they can seek assistance in finding jobs through existing Public Employment Service Offices (PESOs) in LGUs.

Let me end this post by asking you readers: What do you think about this recent development? If you are a resident of Parañaque, do you think Congressman Yamsuan’s proposal makes a lot of sense and has the potential to help senior citizens and PWDs find better job opportunities someday? Do you think the City Government of Parañaque has been neglectful towards senior citizens and PWDs on job opportunities?

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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Domestic travel leading recovery of Philippine tourism industry

July 15, 2025July 11, 2025carlocarrasco

While it is a fact that the Philippines is failing on attracting visitors from overseas, the real estate advisory firm Leechiu Property Consultants (LPC) pointed to domestic travel as the key to the industry’s recovery, 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…

Domestic travel continues to lead the recovery of the Philippine tourism industry, with its receipts able to make up for the “shortfall” in international arrivals, real estate advisory firm Leechiu Property Consultants (LPC) said Thursday.

“Domestic travel is so big. It’s so big and strong that it can make up for, now in the short term, the shortfall of international arrivals,” Alfred Lay, LPC director for Hotels, Tourism, and Leisure, said during the presentation of the LPC Q2 2025 Philippine Property Market Report in Makati City.

“It can do that for a long time, and the long-term goal for domestic tourism would probably to double (its) size within the next five to 10 years.”

Lay noted that domestic tourism expenditure in 2024 reached PHP3.16 trillion, surpassing the pre-pandemic level of PHP3.14 trillion in 2019. Tourism contributed 8.9 percent of the country’s gross domestic product (GDP) last year.

International tourism expenditures, on the other hand, stood at PHP699 billion, up from PHP600 billion pre-pandemic levels, despite missing the 2024 targets.

In an interview, Lay said he expects inbound arrivals this year to reach at least six million.

He noted that the arrival of South Korean visitors, the Philippines’ top market, has seen a decline in the past five months, likely due to the “negative media coverage” in South Korea over security issues in the country, but long-haul tourists are increasing and have offset the decline.

According to the LPC report, Korean arrivals in the first five months of 2025 dipped 19 percent to 552,000 from 682,000 in the same period last year, while inbound arrivals from the United States, Japan, Australia, and Canada surged between 9 percent and 19.4 percent.

Additional routes and flight frequencies, he said, are likewise expected to sustain this upward momentum.

Meanwhile, Lay addressed news coverage about the affordability of travel to the Philippines, stating that the country only ranks in the “middle of the pack” in terms of hotel average daily rates (ADR) compared to Southeast Asian neighbors and competitors.

The LPC report showed that the Philippines ranks fourth in hotel ADR at PHP6,048, with Thailand (PHP8,171), Cambodia (PHP6,591), and Vietnam (PHP6,359) in the top three places.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the tourism industry of the Philippines will do better this year with domestic travel as the main factor? Do you think it is still possible for the Philippines to attract at least six million foreign tourists by the end of this year? Do you think both the national government and private sector should work together to improve local infrastructure so that the cost of travel will go down?

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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57% of retail payments in the Philippines are digital

July 15, 2025July 8, 2025carlocarrasco

There is no denying that consumers here in the Philippines prefer to use digital methods of paying over cash as more than 57% of retail transactions by volume are digital, according to a business news report by Malay Business Insight. The details were revealed by the Bangko Sentral ng Pilipinas (BSP).

To put things in perspective, posted below is an excerpt from Malaya Business Insight’s news report. Some parts in boldface…

More Filipinos are going cashless and transacting in e-money or digital cash as the most preferred payment for retail accounts, the Bangko Sentral ng Pilipinas (BSP) said in a report on Monday.

Based on the latest BSP status report, digital payments now account for 57.4 percent of retail transactions by volume as of end-2024, up from 52.8 percent in 2023. In terms of value, e-money’s share also increased to 59 percent from 55.3 percent.

The figures surpassed the government’s target range of between 52 and 54 percent as set under the Philippine Development Plan 2023–2028.

BSP Governor Eli M. Remolona Jr. said the steady year-on-year growth “reinforces the momentum built after surpassing the 2023 digitalization target of 50 percent for volume.”

He also said the upward trajectory “reflects the long-term impact of market developments, policy initiatives, and the growing trust and familiarity of Filipinos with digital payment options.”

Remolona said the BSP will continue to harness technology and finance to connect markets and ensure that “every Filipino becomes part of the formal financial system.”

They will do this by empowering banks, non-banks and the fintech sector to leverage innovation in designing financial products that are not only accessible but also more responsive to the needs of consumers.”

Let me end this post by asking you readers: What is your reaction to this recent development? When it comes to retail transactions, do you prefer to pay with cash or with a digital payment method? Do you have any e-wallets (electronic wallets) right now?

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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