economics – Page 17 – Author Carlo Carrasco

Parañaque Congressman-elect Yamsuan aims to reduce people’s dependence on ayuda by locally implementing government livelihood programs

May 26, 2025May 21, 2025carlocarrasco

Parañaque City’s incoming 2^nd District Representative Brian Yamsuan aims to reduce people dependence on ayuda (dole outs) as he stepped up the implementation of the government’s livelihood programs, according to a Manila Bulletin news report. Part of his efforts include the refiling of bills in the next Congress.

For context about what happened in the recent elections, Yamsuan ran under the Team Pag-Asa banner and his teammates include Vice Mayor-elect Benjo Bernabe, and the re-elected City Councilors Tess de Asis, Binky Favis and Shannin Olivarez. Yamsuan won over 2^nd District Representative Gus Tambunting with a lead of almost ten thousand votes. The 2^nd District includes the very large Barangay BF Homes, BF Homes subdivision and Tahanan Village. To learn more about Yamsuan, check out his Facebook page by clicking https://www.facebook.com/congbrianyamsuan

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

Parañaque City 2nd district Representative-elect Brian Raymund Yamsuan has stepped up the implementation of the government’s livelihood programs in a bid to reduce district folk’s dependence on “ayuda” or dole outs.

Yamsuan said he has begun exploring tie-ups with non-government organizations (NGOs) to assist in training qualified beneficiaries of his “Dagdag-Puhunan” and “Bigay-Negosyo” entrepreneurship programs.

The solon, who represents Bicol Saro Party-list in the 19th Congress, has been implementing these in the district since last year in coordination with the Department of Labor and Employment (DOLE).

Yamsuan also said he will re-file bills in the incoming 20th Congress that aim to create local job facilitation offices for senior citizens and persons with disabilities (PWDs), and promote entrepreneurship by creating a sustainable financing program for micro and small enterprises, to name a few.

“Ang kailangan natin mabigyan ng mga oportunidad ang mga tao na umangat ang kanilang estado ng pamumuhay. Hindi yung basta magbibigay lang tayo ng ayuda ng walang follow-through. Ang pagbabago magsisimula rin sa mga tao mismo. Bibigyan natin sila ng oportunidad para magtiwala sila sa kanilang sarili na makapagbago at mag-rely sa kanilang kakayahan sa halip na umasa na lamang sa ayuda,” Yamsuan said in a recent media interview.

(What we need is to provide opportunities for people to elevate their standard of living, instead of just giving dole outs without any follow-through. Change will start with the people themselves. We will provide them the opportunity so that they will have the confidence to change and rely on their capabilities instead of just depending on dole outs.)

This “follow through” involves providing livelihood training and seminars for ‘ayuda’ beneficiaries to encourage them to set up micro businesses and “graduate” from being doleout recipients, he said.

Yamsuan said his Dagdag-Puhunan and Bigay Negosyo programs provide comprehensive livelihood training for applicants before they can qualify as beneficiaries.

These programs will be enhanced to include financial literacy seminars to educate people on how to prudently save, spend or invest their ayuda or earnings from livelihood programs.

“Ang ‘ayuda’ kailangan pa rin yan ng ating mga mahihirap na kababayan, kasi pantawid nila yan (Our poor countrymen still need dole outs because it will serve as a lifeline for them),” But we will teach them how to use it wisely. The same goes for those who have received assistance through our livelihood programs,” Yamsuan said.

Yamsuan said his twin programs can lead to success stories if beneficiaries use the funds given to them wisely.

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 incoming District 2 Representative Yamsuan will be able to implement socio-economic reforms for his constituents? Do you think that the 2^nd District of Parañaque could experience a new wave of economic improvements over the next three years? Do you believe now is a good time for Filipinos to become less dependent on government-provided cash assistance?

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 trade officials meet with Pan Pacific International Holdings Corporation (PPIH)

May 25, 2025May 21, 2025carlocarrasco

Recently officials of the Department of Trade and Industry (DTI) met with the executives of Pan Pacific International Holdings Corporation (PPIH) – the company behind the popular Don Quijote stores – and they discussed opportunities of trade expansion, according to a news article by the Philippine News Agency (PNA).

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

Trade Secretary Cristina Roque has met with executives of Pan Pacific International Holdings Corporation (PPIH) to expand trade opportunities for Philippine products.

PPIH is the Japanese retail powerhouse behind Don Quijote and Don Don Donki store chains.

In a statement on Tuesday, DTI said the meeting, held on May 19 in Tokyo, centered on expanding the sourcing of Philippine products for inclusion in PPIH’s global store network, particularly in Japan, the United States, and other Asian markets.

The recent engagement with PPIH officials is in line with President Ferdinand R. Marcos Jr.’s directive to deepen trade and investment ties with key global partners, with the representatives from both parties eyeing collaborative solutions to address regulatory and packaging requirements, facilitating smoother entry of Philippine products into foreign retail markets.

During the meeting, PPIH expressed strong interest in increasing the visibility of Filipino-made goods in their retail ecosystem, both as standalone Philippine-branded products and as ingredients or components for Japanese-packaged offerings tailored to local markets.

PPIH identified food and wellness items, natural and sustainable home goods, and unique lifestyle products as key areas of sourcing interest.

They also expressed interest to connect directly with more Philippine exporters and manufacturers, beyond current intermediaries, to gain better access to new and trending products.

“We welcome every opportunity to introduce Filipino products to the world — especially through partners who share our commitment to innovation, inclusion, and excellence. As we work toward a more dynamic and future-ready Bagong Pilipinas (New Philippines), engagements like this underscore our dedication to creating new market avenues for Filipino enterprises,” Roque said.

DTI said that while PPIH noted that opening a Donki store in the Philippines remains a long-term consideration, executives acknowledged that a successful sourcing partnership with the Philippine government and exporters could play a significant role in including the Philippines in future regional expansion plans.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think that PPIH will proceed with trade expansion opportunities with the Philippines this year? Do you think that a strategic partnership will be realized 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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Nine foreigners who were caught with undeclared P441 million cash and foreign currency up for deportation

May 24, 2025May 20, 2025carlocarrasco

The nine foreigners – who had two Filipino companions – who were recently caught in the Cebu airport carrying undeclared amounts of cash of over P440 million and some foreign currency will be deported after their local cases get resolved, 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 Bureau of Immigration (BI) said Tuesday it is seeking to deport the nine foreigners arrested at the Mactan-Cebu International Airport for carrying undeclared bags of cash amounting to over P440 million.

According to Immigration spokesperson Dana Sandoval, the deportation proceedings are ongoing.

The nine foreigners and two Filipinos were arrested by the Philippine National Police Aviation Security as they were attempting to board a private plane to Manila at about 10:30 p.m.

The suspects—including six Chinese and individuals from Malaysia, Indonesia, and Kazakhstan—were found carrying seven bags instead of the declared three bags containing up to P441,922,542, USD$168,730 (around P9.342 Million), and HKD$1,000 (around P71,000).

The BI said that aside from deportation proceedings, the group may also face criminal and anti-money laundering charges before local courts.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think there could be more foreigners in the country carrying with them huge amounts of undeclared cash?

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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DILG urges LGUs to adopt cashless payments for government transactions

May 21, 2025May 17, 2025carlocarrasco

By emphasizing transparence, efficiency and public conveniences as key factors, the Department of the Interior and Local Government (DILG) urged local government units (LGUs) nationwide to adopt cashless payments for government transactions, according to a Manila Bulletin news report. The DILG clarified, however, that the traditional modes of payments must still be accepted by LGUs.

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

The Department of the Interior and Local Government (DILG) called on the local government units (LGUs) on Saturday, May 17, to promote electronic payment and collection systems as an alternative to the traditional mode of payment in government transactions.

The DILG memorandum circular encourages the LGUs to implement EPCS for collecting local taxes, fees, and other charges, in accordance with Executive Order No. 170, series of 2022 on the use of digital payments for government transactions.

Further, the DILG asserted that digital payments improve transparency, efficiency and public convenience with the LGUs being encouraged to offer secure, accessible digital options, ensure payment channels are user-friendly, and partner with authorized providers, including government servicing banks.

“All efforts must align with the National Retail Payment System Framework and the Data Privacy Act,’’ the DILG emphasized.

“LGUs are also expected to define clear procedures for issuing electronic invoices and billing notices, consistent with guidelines from the Commission on Audit and the Bangko Sentral ng Pilipinas,’’ it added.

While promoting digitalization, the DILG clarified that the LGUs must still accept cash and other traditional modes of payment to ensure accessibility for all.

To support its full implementation, the DILG prodded the LGUs to pass enabling ordinances and issue local policies.

Let me end this post by asking you readers: What is your reaction to this recent development? When it comes to doing transactions with your local government, do you prefer to pay in cash or use digital methods such as e-wallets? Is your local government already accepting payments in electronic form?

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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BSP to temporarily suspend coin deposit machines project starting June 17, 2025

May 20, 2025May 20, 2025carlocarrasco

By citing their intention to review how to re-circulate idle coins, the Bangko Sentral ng Pilipinas (BSP) announced that its coin deposit machines project will be temporarily suspended in certain shopping malls starting June 17, 2025, according to a news article by the Philippine News Agency (PNA).

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

The Bangko Sentral ng Pilipinas (BSP) will temporarily suspend the operation of coin deposit machines (CoDMs) to review how to re-circulate idle coins.

In an advisory Friday, the BSP said the CoDMs currently installed in select malls in Greater Manila area would be suspended starting June 17.

“The BSP is implementing the temporary suspension to conduct a thorough review of how to re-circulate idle coins and serve Filipinos’ coin exchange needs even better,” the BSP said.

Following the review, the BSP will relaunch the coin deposit machines as part of its commitment to enhancing its coin recirculation program.

Since June 2013, CoDMs processed almost PHP1.5 billion worth of coins. The BSP said the public may deposit fit coins in banks where they have an account.

Persons with no bank accounts may exchange fit, unfit, and mutilated coins in banks and other financial institutions that have agreed to serve as currency exchange centers under the BSP Piso Caravan program.

The BSP said unfit coins may be presented for exchange at any bank as part of their duties to promptly remove unfit currency from circulation.

Let me end this post by asking you readers: What is your reaction to this recent development? Were you able to deposit your loose change at any BSP coin deposit machine over the past six months? Do you hope that the coin deposit machine project suspension will not last more than 30 days?

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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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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