economics – Page 16 – Author Carlo Carrasco

Seller of fake government IDs arrested

May 18, 2025May 15, 2025carlocarrasco

Recently in the City of Valenzuela, local police officers arrested a woman who was engaged in the selling of fake government identification cards (including driver’s licenses), according to a Manila Bulletin news report. In its official online update, the Land Transportation Office (LTO) confirmed that the authorities seized from the suspect a mobile phone, a UMID identification card, cash bills, boodle money, and fake ID cards as evidence. The LTO stated that the suspect was also involved in the manufacturing of fake IDs.

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

The Valenzuela City Police, led by station chief Col. Nixon Cayaban, arrested a woman for selling fake government IDs on Wednesday, May 14.

The suspect, identified as “Tere”, 29, a resident of Barangay Gen. T. De Leon, was caught in an entrapment operation conducted by the Valenzuela City Police Station (VCPS) and the Northern Police District Anti-Cybercrime Team. Authorities said the suspect was selling fake driver’s licenses and PWD IDs in the city.

Col. Cayaban urged the public to remain cautious, especially when dealing with suspicious online offers, and to report illegal activities to the proper authorities.

Mayor Wes Gatchalian issued a warning to scammers.

“Bawal ang manloloko sa Valenzuela (Scammers are not welcome in Valenzuela).”

“Nawa’y magsilbing babala ito sa lahat ng nagbabalak na manloko sa kapwa ko Valenzuelano. Bawal ang manloloko sa Valenzuela City at sinuman ang magtatangkang gumawa ng krimen kagaya ng pagbebenta ng pekeng government ID ay titiyakin nating mananagot sa batas (May this serve as a warning to anyone planning to deceive my fellow Valenzuelanos. Scammers have no place in Valenzuela City, and anyone who attempts to commit crimes such as selling fake government IDs will be held accountable under the law),” Gatchalian added.

Let me end this post by asking you readers: What is your reaction to this recent development? Are you aware that the government lost more than P88 billion worth of taxes in 2023 because of fake Persons with Disabilities (PWD) ID cards? Do you think someone in your local community is engaging in the making or selling of fake ID cards? Are there any members of your local community searching for sellers of fake IDs?

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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Nomura trims Philippine economic growth forecasts for 2025 and 2026

May 16, 2025May 14, 2025carlocarrasco

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

May 12, 2025May 8, 2025carlocarrasco

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

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

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

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

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

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

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

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

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

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All LGUs must fully automate business registration processes by 2028

May 10, 2025May 7, 2025carlocarrasco

The Anti-Red Tape Authority (ARTA) recently emphasized that all local government units (LGUs) around the country are required to have their respective business registration processes fully automated by the year 2028, according to a Business Mirror news report.

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

ALL 1,642 local government units (LGUs) are required to fully automate their business registration processes by 2028 or before the end of the term of President Ferdinand R. Marcos, Jr., according to the Anti-Red Tape Authority (Arta).

At a briefing in Malacañang on Tuesday, Arta Secretary Ernesto V. Perez divulged that out of 1,642 LGUs in the country, only 115 LGUs have fully automated their business registration processes as of March 31, 2025 while 1,203 LGUs are “partially automated.”

With only three years left in the Marcos administration, Perez said Arta is intensifying its efforts to make sure that all LGUs across the country will comply with the automation of business registration processes.

Having a fully operational eBOSS or electronic Business One-Stop Shop means being able to streamline the procedures for the filing of applications and issuance of local business licenses, permits, clearances, and authorizations through the LGU’s provision and usage of an “on-demand” single, digital portal, according to ARTA.

“Ang target po before the term of this administration ends in 2028, all LGUs must be compliant. That is why our partners for this are the DICT, DILG and DTI,” said Perez.

With this, the Arta chief revealed that it issued 431 Notices to Explain. “We will file charges against the 134 LGUs that did not respond. Because based on our experience, if they know the government agency is serious and will file charges, they will act on it. I hope they don’t wait for us to file a case against them before they act,” Perez said.

He explained that the Office of the Ombudsman will determine the proper violation and penalty to be imposed on these non-compliant LGUs.

“Our President has a strict directive for all government processes to be streamlined and digitalized,” Perez said, partly in Filipino.

Perez said these LGUs cannot use lack of budget or financial resources as an excuse for non-compliance with eBOSS, “Because there is a free system that DICT developed. This began with the Integrated Business Permitting and Licensing System (IBPLS).”

“The DICT has improved the e-gov.ph and it’s free. The LGU just needs to apply. Meanwhile, those LGUs with budget, they hired third-party service providers,” Perez explained.

Moreover, the Arta chief said LGUs cannot use poor internet connection as an excuse for non-compliance.

Let me end this post by asking you readers: What is your reaction to this recent development? Has your local government unit made its business registration processes fully automated already?

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 inflation rate lands at 1.4% in April 2025, the lowest since November 2019

May 8, 2025May 6, 2025carlocarrasco

The Philippine Statistics Authority (PSA) confirmed that the inflation rate of the Philippines fell down more to 1.4% in April 2025 which is the lowest since November 2019, according to a news report by GMA Network.

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

The Philippines’ inflation rate continued its deceleration streak for the third straight month, remaining below 2% in April, on the back of slower movements of food and transport costs, the Philippine Statistics Authority (PSA) reported on Tuesday.

At a press briefing, PSA chief and National Statistician Claire Dennis Mapa reported that last month’s inflation print —which measures the rate of increase in the prices of consumer goods and services— cooled down further to 1.4% from 1.8% in March.

This was the slowest since November 2019, when inflation clocked in at 1.2%.

April’s inflation rate brought the year-to-date rate to 2%, well within the government’s ceiling of 2% to 4% for the entire 2025.

“Ang pangunahing dahilan ng mas mababang antas ng inflation nitong Abril 2025 kaysa noong Marso 2025 ay ang mas mabagal na pagtaas ng presyo ng Food and Non-Alcoholic Beverages sa antas na 0.9% [from 2.2% in March],” Mapa said.

(The main contributor to the lower inflation rate in April 2025 versus March 2025 was the slower increase in the prices of Food and Non-Alcoholic Beverages with a rate of 0.9%.)

“Ito ay may 82.3% share sa pagbaba ng pangkalahatang inflation sa bansa,” he added.

(This accounted for 82.3% of the decrease in the country’s overall inflation rate.)

The decline in Food and Non-Alcoholic Beverages index was brought by the stronger contraction in cereals, such as rice, to -7.4% from -5.2%.

Also contributing to the overall inflation downtrend was the faster contraction in Transport index at -2.1% from -1.1% month-on-month, accounting for 15.2% to the decline.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the inflation rate of the Philippines could go down even further to as low as 1% 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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Proposed measure to increase tax on capital gains withdrawn by DOF

May 5, 2025April 30, 2025carlocarrasco

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

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

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

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

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

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

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

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

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

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

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

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

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

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

May 2, 2025April 28, 2025carlocarrasco

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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25-year infrastructure masterplan to be crafted by DEPDev

April 23, 2025April 21, 2025carlocarrasco

A 25-year infrastructure masterplan will be crafted soon by the Department of Economic Planning and Development (DEPDev) to ensure the continuation of critical projects even though government transitions happen, according to a Philippine News Agency (PNA) news article.

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

The Department of Economic Planning and Development (DEPDev) is set to craft the country’s first 25-year infrastructure masterplan to ensure that critical projects continue despite changes in administration.

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said in a recent press chat that the Economy, Planning and Development Act, which reorganizes NEDA to DEPDev, mandated the agency to formulate the country’s first long-term infrastructure blueprint.

The law was signed by President Ferdinand R. Marcos Jr. on April 10 and would take effect on April 27.

“The law now tasks us to produce the first long-term framework for the period 2025 to 2050. And then it also tasks us to provide and to lead the efforts in coming up with this long-term comprehensive infrastructure development framework,” Balisacan told reporters.

Balisacan said this is the first time that a government agency is mandated by law to oversee and carry these plans forward, especially as administration changes.

“The new law gives that mandate to DEPDev, serving as link between the outgoing administration and the incoming administration,” he added, emphasizing the importance of continuity of key infrastructure projects.

Historically, infrastructure development in the Philippines has suffered from inconsistent implementation, with projects often stalled or abandoned due to shifts in leadership.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think that infrastructure development in the Philippines will change for the better once the 25-year masterplan becomes a reality in the near future? Are you sick and tired seeing infrastructure projects getting disrupted whenever a change of government happens?

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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Meralco and French firm sign nuclear power development agreement

April 18, 2025April 14, 2025carlocarrasco

The movement towards a nuclear-powered Philippines progressed some more as Meralco and the French energy firm Électricité de France SA (EDF) formally signed an agreement to explore nuclear energy development in the country, according to a news article by the Philippine News Agency (PNA).

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

Power utility giant Manila Electric Company (Meralco) has signed a strategic cooperation agreement with France’s state-owned Électricité de France SA (EDF) to explore the deployment of nuclear energy in the Philippines, an initiative aimed at bolstering long-term energy security.

EDF will provide Meralco with technical support and strategic guidance in conducting feasibility studies under the two-year memorandum of cooperation, according to a news release over the weekend.

Meralco revealed in November 2024 that it is in talks with the French government on research collaborations.

The studies will focus on evaluating site readiness, grid integration and the economic viability of nuclear energy in the Philippines.

“One of Philippine government’s key objectives is to achieve greater energy security for our country and nuclear power is one viable path toward that goal,” Meralco chair and chief executive officer Manuel V. Pangilinan said.

“We see this cooperation as a significant first step for Meralco, and we are committed to taking a leadership role in advancing nuclear energy in the Philippines,” he added.

EDF, one of the world’s largest nuclear power operators, will also offer tailored training on nuclear reactor technologies and project management.

It will support Meralco in preparing for potential deployment and in seeking financing options, including those from the French government.

“Through this important first step — and the opportunity to engage in meaningful discussions with you — we hope to make real progress at your site as well. This is the beginning of what we envision as a remarkable, long-term journey, one that could span the next hundred years,” EDF senior vice president for International Nuclear Development Vakisasai Ramany told Meralco officials.

The collaboration builds on Meralco’s nuclear energy strategic transition initiative and its ongoing engagements with France’s top research institutions.

Through its Meralco Power Academy, the company has partnered with Université Paris-Saclay under the Filipino Scholars and Interns on Nuclear Engineering program to develop future Filipino experts in the nuclear field.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think that a nuclear-powered Philippines will be realized in the years to come?

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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Thai-led oil firm announces P1.5 billion, 5-year expansion in the country

April 17, 2025April 11, 2025carlocarrasco

The Thai-led oil firm PTT Philippines recently announced that it will expand its operations in the country over the next five years with P1.5 billion worth of investments, according to a Manila Bulletin news report. The expansion includes putting up new fuel stations.

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

In a briefing on Friday, April 11, PTT Philippines officials said the company is eyeing to increase its fuel stations to 280 within the next five years.

Athiwat Rattanakorn, president and chief executive officer of PTT Philippines, stated that the oil firm aims to improve its nationwide presence, particularly focusing on establishing more stations in Luzon and Visayas.

Currently operating 170 stations throughout the Philippines, PTT plans to not only boost its pumping stations but also increase the brand’s presence.

The firm has also introduced a reformulated line of fuel brands, namely Power+ gasoline, Eco+ gasoline, Ultra+ diesel, and Save+ diesel.

“This is going to redefine high-performance fuels as they are intended to improve driving experience not only in terms of mileage but also the cleaning and protection formula for the engine to last longer,” Rattanakorn said.

Apichate Thipphayakosai, supply and logistics director of PTT Philippines, clarified that while they’re only aiming to add around 110 stations in the next five years, they’re focused on the aviation industry.

“We don’t go aggressively on the number of stations… We have to invest effectively in terms of that one,” he told reporters. “But one other thing that can be the mainstream of revenue of PTT Philippines is aviation. We can say that [for] most of the domestic flights.”

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think this new plan by PTT will make the Philippines a more attractive destination for foreign investors? Is there a PTT fuel station near you 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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