economics – Page 2 – Author Carlo Carrasco

Philippines Among The Weakest In ASEAN In Credit Card Penetration

July 21, 2026July 16, 2026carlocarrasco

When it comes to credit card penetration within the Association of Southeast Asian Nations (ASEAN), the Philippines is still among the weakest as the number of adult Filipinos who own credit cards remains very low, according to a Manila Bulletin news report.

Be reminded that the Philippines is experiencing weak economic growth, high inflation, and has been weak when it comes to attracting foreign direct investment.

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

Only three percent of adult Filipinos own credit cards, placing the country among the laggards in the Association of Southeast Asian Nations (ASEAN), with the gap most pronounced compared to advanced Asia-Pacific economies.

In Asian emerging markets (EMs), the Philippines trails only Cambodia’s one percent and Bangladesh’s two percent, Visa Business and Economic Insights noted in a report last Tuesday, July 14, citing the 2024 update of the World Bank’s Global Findex Survey.

Meanwhile, the country was outpaced by seven other Asian EMs, including India (five percent), Indonesia and Vietnam (both six percent), Sri Lanka and Thailand (both eight percent), Malaysia (13 percent), and China (46 percent).

This low penetration drives Filipinos to rely heavily on informal and unregulated lending alternatives, which do not help build formal credit histories.

“Across markets such as India, the Philippines, and Indonesia, borrowing from family, moneylenders, or gold-backed loans is widespread due to ease of access and familiarity,” read the report authored by Visa principal Asia-Pacific economist Simon Baptist and Asia-Pacific economist Minakshi Barman.

Meanwhile, advanced Asia-Pacific economies have mature financial systems, with credit card penetration rates reaching nearly three-fourths of adults aged 15 and above. Hong Kong had the highest penetration rate at 72 percent, followed by Japan at 70 percent, South Korea at 68 percent, Taiwan at 64 percent, New Zealand at 57 percent, Australia at 51 percent, and Singapore at 42 percent.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you know anyone in your local community who successfully secured credit cards over the past six months? Do you have friends who already applied for credit cards? What do you think Filipinos are most afraid of when it comes to using credit cards? Do you think the weakening economic growth of the Philippines will discourage Filipinos from applying for credit cards?

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 @CarloCarrascoPH as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Philippines Remains Vulnerable To Effects Of US-Iran War And Is One Of The Least Resilient In The Asia Pacific Region

July 18, 2026July 14, 2026carlocarrasco

When it comes to resilience to the effects of the war between the United States and the Islamic terrorist regime of Iran, the Philippines remains not only vulnerable but also one of the laggards of the Asia Pacific region as a whole, according to a news report by the Manila Bulletin.

Be reminded that the Philippines is experiencing weak economic growth, high inflation, and has been weak when it comes to attracting foreign direct investment. Already S&P Global slashed GDP growth forecast for the Philippines.

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

Asia-Pacific’s (APAC) relative insulation from the Middle East conflict has singled out the Philippines and Indonesia as laggards as external headwinds are exacerbated by domestic turmoil, according to Allianz Research.

Allianz Research said in its half-time outlook report published last week that despite emerging as one of the regions most exposed to the United States (US)-Iran conflict, APAC is still seen as relatively resilient, with average growth of 4.3 percent this year.

This resilience is attributed to the artificial intelligence (AI) boom, which is “doing the heavy lifting that geopolitics and fiscal policy cannot.”

“However, gains are far from evenly shared, with a group of winners emerging, including countries such as Taiwan, Singapore and South Korea, while countries such as the Philippines and Indonesia lag as domestic turmoil compounds exposure to the conflict,” Allianz said.

Apart from the technology surge, the report also pointed to Asia’s role as a global engine of commerce. “In 2026, 80 percent of global trade volume growth in goods and services is driven by Asia and the US,” the report said.

However, this dominance faces fresh challenges from shifting American trade policies. Allianz warned that the shift in US policies “is expected to negatively affect Asian countries in particular,” as the US effective tariff rate is projected to rise from eight percent to 13 percent.

According to Allianz, the region’s resilience hinges on the booming technology sector. It said the AI boom, which has been driving nearly two-thirds of Asia’s export growth, is helping “cushion” the global economy from the impact of the Middle East crisis.

This AI boom is broadening Asia’s recovery beyond traditional manufacturing, with major semiconductor firms in Taiwan and South Korea leading regional market gains.

By contrast, the Philippines and Indonesia are struggling with the lingering consequences of energy shocks.

“Despite recent developments toward normalization in the Gulf, we expect inflation to remain elevated in the near term as second-round effects from elevated fuel, energy and fertilizer prices keep weighing on the region,” Allianz said.

Let me end this post by asking you readers: What is your reaction to this recent development? What do you think the Philippines should do in order to become more resilient to the effects of the war between America and the Islamic terrorist regime of Iran? Do you think the national government has been working to improve oil storage capacity, attract more foreign investors and rely less on the Middle East for importing oil? Do you think the Philippines will reach out to the Islamic terrorist regime of Iran to make an economic deal?

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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Japan’s Parliament Enacts National Flag Vandalism Bill

July 18, 2026July 17, 2026carlocarrasco

Japan’s Parliament enacted a bill that would criminalize acts of damaging the national flag, according to a news report by Kyodo News. This new development is the latest legislative victory for Prime Minister Takaichi Sanae whose administration, parliamentary partner and even a few opposition elements submitted it. Those who opposed the bill called it “divisive” and “unconstitutional”.

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

Japan’s parliament on Friday enacted a divisive law introducing criminal penalties for desecrating the national flag, achieving a key legislative goal of Prime Minister Sanae Takaichi in the current Diet session.

The ruling parties argued the law was needed because Japan already criminalized desecration of foreign flags but had no equivalent provision covering its own. Some opposition parties and legal experts criticized the measure, saying it may infringe on freedom of expression and could be unconstitutional.

The bill, jointly submitted by the ruling coalition of the Liberal Democratic Party and Japan Innovation Party, along with the opposition Democratic Party for the People and Sanseito, cleared the House of Councillors.

Under the law, individuals who damage, remove or defile the national flag in a way that arouses “strong feelings of discomfort or disgust” in others could face up to two years in prison or a fine of up to 200,000 yen ($1,200).

The penalties mirror existing provisions in the Penal Code on desecration of foreign flags and follow an October agreement between the LDP and JIP identifying the legal discrepancy as one to be resolved.

Parliamentary debate centered on the law’s implications for constitutional rights and what constitutes a punishable act, with the opposition Constitutional Democratic Party of Japan among its critics.

Under the law, whether an act is punishable will be determined based on the circumstances as a whole. LDP lawmakers cited as possible violations stomping on a flag, covering it with mud in a street or park, and soiling it with feces or urine.

Livestreaming the cutting up or burning of a Japanese flag in a private space is also punishable, although a provision making the subsequent sharing of such footage an offense was dropped during negotiations to secure the DPP and Sanseito’s support for the bill.

A supplementary provision calls for a review around three years after the law takes effect to determine whether additional measures are needed in light of developments such as the online dissemination of images of flag desecration.

Let me end this piece by asking you readers: What is your reaction to this development? Do you think Japan’s parliament did the right move enacting the national flag vandalism proposal? Do you believe that desecrating your nation’s flag should be penalized? What is your opinion about the Islamists and Leftists – both foreigners and citizens – in America and Europe who burned national flags so publicly and shamelessly? Did you notice social media posts that captured images of Leftists and woke nuts in Japan who desecrated the Japanese flag?

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’ Net FDI Inflows Fall Down Sharply In April 2026

July 16, 2026July 10, 2026carlocarrasco

This past April, the net inflows of foreign direct investment (FDI) into the Philippines reached only $250 million which counts as a 10-year low and a 59% fall compared with March 2026, according to a news report by BusinessWorld.

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

Net inflows of foreign direct investments (FDI) in the Philippines plunged to a near 10-year low of $250 million in April, as heightened global uncertainty dented investor sentiment, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

Based on central bank data released on Friday, FDI net inflows declined by 58.8% to $250 million in April from $607 million in the same month last year.

April saw the lowest monthly level seen since the $244 million in June 2016, and the steepest year on year drop since the 76.1% in December 2022.

Month on month, FDI net inflows slumped by 59.1% from the $611 million in March.

“The sharp decline in FDI net inflows to $250 million in April likely reflects a combination of weaker intercompany borrowings, slower reinvestment activity, and continued investor caution amid an uncertain global environment,” Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said via Viber.

The latest FDI level was dragged by the 91.7% drop in net investments in debt instruments to $44 million in April from $522 million a year ago.

Reinvestment of earnings likewise slipped by 1.9% to $80 million from $81 million in April 2025.

Meanwhile, investments in equity and investment fund shares more than doubled (143.5%) to P207 million in April from $85 million the prior year.

Foreign net investments in equity capital other than reinvestment of earnings also ballooned (3,041%) annually to $127 million from $4 million previously.

Equity placements jumped by 21.4% to $136 million from $112 million a year earlier, while withdrawals plunged by 91.7% to $9 million from $108 million.

For Mr. Asuncion, the softer FDI inflows in April likely came as firms and investors deferred investments amid highly uncertain global conditions compounded by weak domestic growth.

“At the same time, heightened global uncertainty stemming from trade tensions, lingering geopolitical risks, and episodes of financial market volatility may have prompted multinational firms to defer expansion plans and adopt a more conservative stance toward capital deployment,” he said.

“Domestically, relatively subdued economic growth in the early part of the year may have also tempered investment decisions,” he added.

Let me end this post by asking you readers: What is your reaction to this recent development? Are you convinced that foreign investors have weak trust in the Philippines no matter what the current administration is doing? Do you think weak economic growth in the Philippines will continue until the end of 2028?

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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IMF Reduces Philippine Growth Outlook Until 2027

July 15, 2026July 10, 2026carlocarrasco

While the government of the Philippines is delighted over the nation’s new status as an upper-middle income economy (click here and here) believing that a bright economic future is approaching, the International Monetary Fund (IMF) sees the national economy growing at a weaker pace until 2027, according to a BusinessWorld news report.

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

THE PHILIPPINE ECONOMY could post its weakest growth this year since the pandemic, as the Middle East war drives up prices and dampens economic activity, the International Monetary Fund (IMF) said.

In its latest World Economic Outlook (WEO) released on Wednesday, the IMF trimmed its 2026 gross domestic product (GDP) growth forecast for the Philippines to 3.9% from 4.1% previously. This is still within the government’s 3.5%-4.5% target.

“This reflects a weaker-than-expected outturn in the first quarter of 2026 (2.8%) alongside a larger-than-expected effect of the war in the Middle East on prices and activity in the Philippines,” an IMF spokesperson said in an e-mail.

Oil price shocks and the lingering impact of the flood control fallout dragged first-quarter Philippine GDP growth below market and government expectations at 2.8%.

Since the United States and Israel first launched attacks on Iran on Feb. 28, spiraling oil prices fed into the costs of other key commodities and squeezed consumers’ pockets.

If the IMF’s projection holds true, the country’s full-year expansion will be weaker than the 4.4% recorded in 2025, when a massive flood control corruption scandal dampened public spending, investments, and sentiment.

It would also mark the economy’s worst performance since the 9.5% contraction during the COVID-19 pandemic in 2020.

Excluding the pandemic, it would match the 3.9% expansion in 2011 and would be the worst in 17 years or since the 1.4% in 2009.

The multilateral lender’s Philippine growth estimate is below its projection for ASEAN-5, which it kept at 4.1% for this year. ASEAN-5 is composed of Indonesia, Malaysia, the Philippines, Singapore, and Thailand.

The Philippines is expected to lag Indonesia (5%) and Malaysia (4.7%) but outpace Thailand (1.9%) this year.

At the same time, the IMF trimmed the Philippine growth projection for 2027 to 5.5% from 5.8% previously, on the back of base effects and a potential improvement in sentiment.

This is within the government’s 5%-6% target for the year. It is also above the IMF’s 2027 growth projection of 4.3% for ASEAN-5.

“The rebound in 2027 is driven mainly by favorable base effects, alongside a gradual pickup in investment as confidence improves and supply-side effects related to the war ease,” the IMF spokesperson said.

According to the multilateral lender, risks to domestic growth may come from extreme weather disturbances, as well as a slower-than-projected normalization of public investments and reform momentum.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you find the IMF’s analysis for the Philippines believable? Do you think the economy of the Philippines will grow below 5% per year until the end of 2028?

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 Eyes Late-2026 Relaunch Of Coin Deposit Machines

July 14, 2026July 7, 2026carlocarrasco

Remember the many coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas (BSP) installed in key locations in the Philippines? The BSP is aiming to relaunch the coin deposit machines program before the end of this year, according to a news article by the Philippine News Agency (PNA).

It is recalled that almost P1.5 billion worth of coins were deposited before the BSP suspended their program in June of 2025.

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

The Bangko Sentral ng Pilipinas (BSP) is aiming to relaunch the operation of coin deposit machines (CoDMs) in Metro Manila before the end of the year.

In a recent media luncheon, BSP Deputy Governor Bernadette Romulo-Puyat told reporters the BSP is targeting the initial relaunch of the existing 25 CoDMs for the last week of October to early November 2026.

“This timeline takes into account the required software enhancements, modifications to the enclosure and hardware components, as well as the calibration, accuracy testing, and end-to-end testing of the existing CoDM units prior to deployment,” Romulo-Puyat said.

CoDMs allow customers to conveniently deposit legal tender coins and directly credit the equivalent amount to their GCash electronic wallets.

To recall, the BSP temporarily suspended the operation of CoDMs last year to review how to re-circulate idle coins.

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

Romulo-Puyat said the BSP partnered with SM to lower the operational costs of the CoDMs.

“The coin retrieval was so expensive, so we found ways for the private sector to be able to bear the cost,” she said.

Aside from the 25 CoDMs earlier deployed in Metro Manila, another 25 will be deployed in other areas next year.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you agree with the Supreme Court’s decision on the law about VAT refund for foreign tourists? Apart from the VAT refund for foreign tourists, what problems that plagued the Philippine tourism industry should the government solve 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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Vietnam Collects Over $9 Billion From Foreign Tourists In First Half Of 2026

July 13, 2026July 6, 2026carlocarrasco

Following its current success on attracting tourists from around the world during the first half of this year, Vietnam raked in $9 billion in the said period, according to a news report by VnExpress.

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

Vietnam collected more than US$9 billion from foreign visitors in the first six months, while Vietnamese spent $8 billion abroad in the same period.

The country recorded a tourism trade surplus of $950 million, compared with a surplus of $480 million in 2025 and a deficit of $380 million in 2024, according to the General Statistics Office.

Vietnam’s Party General Secretary and President To Lam, in a meeting with government bodies on Saturday, called for a more detailed analysis of the country’s services trade balance and urged the development of a strategy to rebalance Vietnam’s tourism sector in the coming years.

He said achieving a larger tourism surplus would require upgrading the industry so that international visitors spend more during their stays, while encouraging more Vietnamese travelers to choose domestic destinations.

The country welcomed nearly 12.3 million international visitors in the first six months, up 14.9% year-on-year.

Minister of Culture, Sports and Tourism Lam Thi Phuong Thanh said the government would continue efforts to develop tourism into a genuine key economic sector.

She said the mutually supportive relationship between tourism and related industries should be strengthened, with the sector shifting from a growth model focused on scale and visitor numbers to one emphasizing quality, higher value-added services, creative products, and distinctive travel experiences.

Vietnam’s tourism industry will also target higher-spending visitors and longer-stay travelers, she added.

Let me end this piece by asking you readers: What is your reaction to this development? With tourism booming in their country, do you think Vietnam can collect at least $20 billion from foreign tourists 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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Vietnam Attracts 12.3 Million Foreign Tourists In 1st Half Of 2026

July 10, 2026July 4, 2026carlocarrasco

Tourism in Vietnam continues to boom as the nation attracted more than twelve million foreign tourists in the first half of this year, according to a news report by VnExpress.

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

Vietnam received 12.3 million international visitors in the first six months of the year, a 14.9% increase from the same period last year, fueled by the country’s reputation as a safe destination amid global geopolitical uncertainty.

In the second quarter alone, the number of foreign visitors to Vietnam reached 5.49 million, up 18.2% year-on-year, according to the General Statistics Office.

Mainland China remained the largest source of visitors so far this year with 2.69 million, followed by South Korea with 2.1 million. The rest of the top 10 were Russia, Taiwan, the U.S., Cambodia, India, Japan, the Phillippines and Australia.

The Vietnam National Administration of Tourism attributed the strong growth to the country’s reputation as a safe and stable destination amid global political uncertainty.

Let me end this piece by asking you readers: What is your reaction to this development? What do you think makes Vietnam very attractive to visitors from around the world? Have you thought about visiting Vietnam 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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Japan To Raise Foreigners’ Residency Fees Significantly

July 9, 2026July 3, 2026carlocarrasco

In a clear attempt to cover the administrative costs resulting from the sharp increase of foreign residents in their country, Japan intends to raise foreigners’ residency fees significantly this year, according to a news article by Jiji Press.

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

Japan announced a draft cabinet order Friday to raise the fees for permission to change temporary residence status and extend the period of stay to up to 75,000 yen from the current 6,000 yen.

The new fees will range from 10,000 to 75,000 yen, varying depending on the length of the period, according to the draft, released by the Immigration Services Agency. The fee to obtain permanent resident status will jump to 200,000 yen from 10,000 yen.

The agency hopes to put the fee hikes into effect in October after a public comment period from Friday.

Let me end this piece by asking you readers: What is your reaction to this development? Do you think the planned hike of foreigners’ residency fees are justified and timely? Do you think the plan will deter Third World countries from sending their citizens to Japan as immigrants or as migrant workers? Do you think the hike of foreigners’ residency fees will take effect this October?

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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American Investors To Explore Mega Infrastructure, Energy Deals And Other Opportunities In The Philippines

July 4, 2026July 3, 2026carlocarrasco

Several business executives and investors from the United States are set to visit the Philippines next week to explore investment opportunities in the nation’s infrastructure sector, energy sector, and more, according to a news report by the Manila Bulletin. The American investors will engage with their Filipino counterparts during the planned 5-day trade mission.

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

More than 25 American business executives and investors will visit the country next week for a business mission as the United States (US) seeks to deepen its economic ties with the Philippines, which recently secured upper-middle-income status.

In a statement, the Department of Trade and Industry (DTI) said the US business delegation would mount a five-day trade mission across major economic areas in the Philippines from July 6 to 10.

The delegation includes business leaders and investors from the Northeast and Midwest regions of the US. The mission is organized by the DTI’s Philippine Trade and Investment Center (PTIC) in New York and the Philippine Consulates General in New York and Chicago.

The DTI said the business mission aims to strengthen economic ties between the two longtime trade partners while also encouraging US companies to invest more in the country’s growing economy.

Based on the latest country income classifications of the World Bank, the Philippines has moved up from lower-middle-income to upper-middle-income status. This was based on the country’s gross national income (GNI) per capita estimate for 2025, which reached a record $4,850.

The DTI noted that the upcoming visit also comes at a time when the Philippines is actively positioning itself as a key partner for US companies looking to expand in Asia.

During the business mission, the US delegation will meet with Philippine government leaders and local business owners to explore business, tourism, and investment opportunities.

The US business leaders will also attend business meetings, informational briefings, and tours of key economic areas in Manila, Clark, Subic, and Corregidor.

Let me end this piece by asking you readers: What is your reaction to this development? Do you see a promising future between the United States and the Philippines when it comes to economics and investment under the leadership of US President Donald Trump? Are you convinced the corruption within the Philippines is no longer a turn-off for American 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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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 @CarloCarrascoPH as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

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