economics – Page 24 – Author Carlo Carrasco

President Marcos congratulates Trump, looks forward closely to working with him

January 24, 2025January 22, 2025carlocarrasco

Through social media, Philippine President Ferdinand “Bongbong” Marcos, Jr., congratulated US President Donald Trump (whose 2^nd term has started officially) and expressed that he is looking forward to working with him in relation to Philippines-America ties, according to a news article by the Philippine News Agency (PNA). It should be remembered that Marcos and Trump previously talked over the phone.

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

President Ferdinand R. Marcos Jr. extended his congratulations to newly inaugurated United States (US) President Donald Trump following his return to office, emphasizing the strength of the Philippine-American alliance and its role in regional security.

“Congratulations to POTUS @realdonaldtrump and to the American people on another peaceful transfer of power in their Nation’s nearly 250-year history. I look forward to working closely with you and your Administration,” Marcos said in a statement posted on social media Tuesday.

Marcos underscored the enduring alliance between the Philippines and the US, stressing that it would continue to be a cornerstone for regional stability.

“The strong and lasting PH-US alliance will continue to uphold our shared vision of prosperity and security in the region,” he said.

The Philippines and the United States have long been allies, engaging in numerous joint military, economic, and diplomatic initiatives that now face ongoing regional challenges, including tensions in the South China Sea and broader Indo-Pacific security concerns.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think there will be breakthroughs with regards to the Philippines-America ties? Now that Rodrigo Duterte is no longer the President of the Philippines, do you think President Trump will be more motivated to have America collaborate more with Philippines economically and militarily? Do you think China will refrain from bullying Filipinos at sea once the Trump administration starts working closely with 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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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

P500 million investment coming into Las Piñas City IT park

January 20, 2025January 10, 2025carlocarrasco

Recently in the City of Las Piñas, the newly certified IT (information technology) sector One Townsquare Place is about to receive a major investment of P500 million from an IT and business process management (IT-BPM) firm, 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…

AN information technology and business process management (IT-BPM) company is set to invest P500 million in One Townsquare Place, a recently proclaimed IT Center in Las Piñas City, the Philippine Economic Zone Authority (PEZA) said.

“The fully built IT Center will host companies in various IT-BPM services, with one prospective locator expected to employ more than 500 Filipinos and invest more than P500 million,” PEZA said in a statement on Wednesday.

On Dec. 20, President Ferdinand R. Marcos, Jr. issued Proclamation No. 765, which designated around 3,729 square meters of land in barangay Almanza Uno, Las Piñas City, as an IT Center.

“The approval of this new ecozone will boost Las Piñas City’s growth and employment in the National Capital Region,” PEZA said.

According to PEZA, the construction of the IT Center cost P1 billion. It has been fully developed since 2017.

Including IT Center, 28 economic zones (ecozones) have been proclaimed during the administration of Mr. Marcos. Eleven ecozones were proclaimed in 2023, while 17 were proclaimed last year.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Do you think the P500 million investment into the IT center will make an impact on Las Piñas’ economy this year? Are you hoping that more IT firms will open new offices at the One Townsquare Place?

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

Philippines attracts less than 6 million foreign tourists in 2024, points to tourism revenue for success

January 16, 2025January 7, 2025carlocarrasco

When it comes to the state of tourism in 2024, the Philippines achieved a mixed record by failing to reach its declared target of 7.7 million international visitors while still managing to achieve a new, all-time record with P760.5 billion in tourism revenue, according to a Philippine News Agency (PNA) news article.

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

Philippine tourism earned an all-time high revenue of PHP760.5 billion in 2024, translating to a 126.75 percent recovery rate from the 2019 pre-pandemic levels.

Revenues from inbound tourism expenditures — representing the total amount spent by non-resident visitors — were 9.04 percent higher compared to the PHP697.46 billion in 2023.

Department of Tourism (DOT) data showed earnings surpassed the estimated PHP600.01 billion in 2019 by an impressive 26.75 percent.

“With these figures, it is clear that the Philippine tourism industry is not only bouncing back but also evolving and expanding, contributing significantly to the nation’s economic stability and growth. In the past year, we have witnessed remarkable growth in tourism revenue, which has surpassed previous records,” Tourism Secretary Christina Frasco said Monday.

“This achievement is not just a statistic. It translates to thousands of jobs created for Filipinos, fostering economic resilience and enabling families to thrive,” she added.

She attributed this growth to the pro-tourism policies of the Marcos administration that prioritized the sustainable development of Philippine tourism resources.

“These policies focus on enhancing infrastructure, promoting heritage conservation and investing in skills development programs for our workforce, among others. We believe that the growth of tourism should be inclusive and equitable, empowering local entrepreneurs and communities,” she said.

Based on the World Travel and Tourism Council data, international tourists spend at least USD2,073 per capita.

From an average of nine nights in 2019, tourists are now staying an average of over 11 nights in the country, while 70 percent are repeat visitors.

Continued collaboration with stakeholders from the private sector also garnered about 63.18 percent repeat visitors in 2023, the DOT said.

Tourist arrivals – While falling short of its original target of 7.7 million, the DOT said the country still recorded growth in the number of foreign visitors last year at 5,949,350, up by 9.15 percent from the 5.45 million foreign guests recorded in 2023.

South Korea maintained its position as the top source of foreign tourists, with arrivals increasing to 1,574,152 from 1,455,977 in 2023, garnering more than 26.46 percent of the total market share.

Frasco cited the country’s “effective strategic marketing initiatives, enhanced air connectivity and strengthened cultural exchanges” for the sustained number of Korean tourists to the Philippines.

“Furthermore, the Philippines’ growing reputation as a prime destination for incentive travel has played a key role in this positive trend, attracting an increasing number of Korean companies hosting their reward trips for their employees in the Philippines’ world-class tourist destinations,” she said.

The United States ranked second, with 1,076,663 visitors in 2024, increasing from 1,041,305 in 2023. Enhanced connectivity, including nonstop flights from San Francisco to Manila by United Airlines and from Seattle to Manila by Philippine Airlines contributed to the growth of the market.

Japan, meanwhile, emerged as a standout market with a 22.84 percent growth in arrivals, reaching 444,528 visitors from its previous year’s 361,862.

The surge was attributed to aggressive tourism campaigns and strategic partnerships with Japanese travel agencies that paved further awareness and interest in the Philippines as a travel destination.

Though significantly lower than the pre-pandemic figures, China showed signs of recovery with 313,856 arrivals compared to 264,922 in the previous year.

This can be attributed, the DOT said, to the increased number of flights from 2023, both commercial and chartered, including the first half of 2024, connecting China directly to Cebu, Bohol, and Davao.

Cruise ships also started to arrive during the second half of 2024, with the new visa waiver program becoming an important factor for the improved numbers.

Other consistent contributors included Australia (299,286) and Canada (269,300). Emerging markets like Taiwan and Singapore demonstrated strong growth momentum, with arrivals reaching 213,833 and 198,471, respectively.

The introduction of direct flights to Kalibo in Aklan and Puerto Princesa in Palawan, as well as the growth of niche markets such as English as Second Language (ESL) learning and diving, contributed greatly to the visits of guests from Taiwan.

The United Kingdom likewise sustained its position among the top contributors with 178,656 visitors, driven by a keen interest in heritage tourism and adventure activities. Meanwhile, Malaysia emerged 10th with 99,881 registered arrivals in 2024.

The DOT said the Middle Eastern market similarly showed promising signs of recovery in 2024.

The United Arab Emirates (UAE) posted a remarkable 668.34 percent recovery rate from its 2019 figures, reflecting increased air connectivity and a surge in interest in the Philippines as a leisure destination. Qatar followed closely, with an impressive 832.87 percent recovery rate, and Saudi Arabia with 66.54 percent growth.

Likewise, Oman and Bahrain registered more than 200 percent recovery rates from the 2019 number of arrivals, the DOT said.

Those in the top 25 source markets which have fully recovered as compared with 2019 data included Australia (102.63 percent), Canada (109.26 percent), Hong Kong (106.79 percent), UAE (668.34 percent), Italy (143.02 percent), Spain (111.08 percent), Guam (200.19 percent), New Zealand (100.50 percent) and Switzerland (102.01 percent).

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think it is safe to call 2024 a successful year of tourism for the Philippines with regards to the record-high tourism revenue achieved? Do you think the Philippines will be able to attract at least 6 million foreign tourists 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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Maharlika Investment Corp. (MIC) to make first investment this quarter

January 15, 2025January 7, 2025carlocarrasco

The Maharlika Investment Corp. (MIC) – the entity responsible for making investments on behalf of the Philippines – will be making its first investment within the first quarter of 2025, according to a BusinessWorld news report. Take note that it has been over eighteen months since the Maharlika Investment Fund was formally signed into law. The IRR (implementing rules and regulations) has already been finalized.

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

THE MAHARLIKA Investment Corp. (MIC) is expected to make its first investment this quarter, most likely in the energy sector, its top official said.

“Definitely the first quarter. I think we had a year to set up. We had a year to basically put our governance in place. We obtained our formal approval to begin hiring last end of July,” MIC President and Chief Executive Officer Rafael D. Consing, Jr. said in an interview with BusinessWorld on Jan. 2.

The MIC has yet to make any investments since President Ferdinand R. Marcos, Jr. signed the law creating the country’s first wealth fund in July 2023. The Maharlika Investment Fund (MIF) had initially committed to make its first investments before the end of 2024.

Mr. Consing said sovereign wealth fund is “ready” and backed with funding and the needed workforce, but will not invest “without the benefit of due diligence.”

MIC earned P2.3 billion in interest income in 2024, Mr. Consing said.

Under the law, the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines were mandated to contribute P25 billion and P50 billion, respectively, as the initial seed capital for the MIF. The two state lenders have remitted the funds to the Bureau of the Treasury in September 2023.

Mr. Consing said the MIC’s strategic plan will be up for board approval on Jan. 9. This after it made some changes after meeting with the Governance Commission for Government-Owned and -Controlled Corporations (GCG) before the holidays, he added.

The MIC is looking into investing in energy, food security, healthcare, and resource development, particularly mining.

“In the first quarter, that would be the energy sector. Healthcare, if it turns out okay, if our due diligence results turn out okay, first half. I would say early second quarter for the latter two,” Mr. Consing said.

Mr. Consing said he believes that investments in the energy sector, particularly transmission lines, would be “most impactful.”

“That’s why ideally, we’d like to be able to buy into the national grid, if we’re able to. Or number two, we have also separately signed MOUs (memoranda of understanding) with the likes of Mindoro and Palawan, which fall under the SPUGS [small power utilities group] category,” he said.

In 2024, the MIC signed an agreement with Occidental and Oriental Mindoro to support investments in critical energy infrastructure.

“There are about 34 SPUGS in the country. The two biggest are Mindoro and Palawan. And we believe that given the contribution of Palawan when it comes to tourism, and also the population that lives in there, and the potential contribution of Mindoro in respect to the entire electricity sector in the Philippines, we felt that these are two priority areas where we can help, in fact, build transmission lines,” he said.

However, Mr. Consing declined to comment on the MIC’s plan to invest in the National Grid Corp. of the Philippines (NGCP).

He said the National Power Corp. is currently doing an inventory of all its assets in Mindoro and MIC “will have to sit down and determine which part of those assets it would need as part of the expansion of these lines.”

“Where we are now is we’re procuring the services of the technical consultant and the team that will be putting together the whole feasibility study. Because all of these will require regulatory approval by the Energy Regulatory Commission,” he added.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think that the MIC will be able to make smart decisions with regards to making the investments? Do you think the Maharlika Investment Fund will make positive impact on the market and encourage others to invest?

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 hit 2.9% in December 2024, 3.2% for the entire year

January 14, 2025January 16, 2025carlocarrasco

In recent times, the inflation rate of the Philippines increased by 2.9% during the month of December 2024 which contributed to a final inflation result of 3.2% for the entire year, according to a Philippine News Agency (PNA) news article.

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

Inflation settled at 2.9 percent in December last year, bringing the 2024 average inflation rate to 3.2 percent, well within the government’s 2 percent to 4 percent target, the Philippine Statistics Authority (PSA) said.

In a briefing on Tuesday, National Statistician Dennis Mapa attributed the downtrend in the annual average inflation to the lower increase in the index of food and non-alcoholic beverages at 4.4 percent in 2024 from 7.9 percent in 2023. Food inflation, in particular, decelerated from 8 percent in 2023 to 4.5 percent last year.

According to Mapa, rice inflation also slowed to 0.8 percent, the lowest since January 2022.

“Iyong inflation rate sa bigas ay bumababa na. In fact, baka mayroon tayong expectation na maging negative na ‘yong inflation sa rice sa January (The rice inflation rate is going down. In fact, we expect negative rice inflation in January). That’s part of the good news,” he said.

The lower annual average inflation of housing, water, electricity, gas, and other fuels at 1.7 percent in 2024 from 4.9 percent in 2023, also contributed to the downtrend in 2024’s overall inflation.

Except for education services, the indices of other commodity groups recorded a downtrend in their annual average inflation in 2024 compared with 2023, with financial services recording an average decline of 0.6 percent in 2024 from a zero percent average inflation in 2023.

“The 3.2 percent average inflation rate in 2024 is a significant improvement from the 6 percent figure in 2023. Despite the risks we encountered throughout the year, our combined efforts to temper inflation have largely been successful. We will build upon this momentum as we commit to keep the inflation rate within our target range in 2025,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said in a separate statement.

“In pursuit of price stability, the Bangko Sentral ng Pilipinas maintains a calibrated approach to its monetary policy easing while the relevant agencies continue to pursue measures to ensure adequate food supply and affordable prices.“

NEDA noted that the government would continue to ramp up efforts to ensure water and food security amid climate risks.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are managing a business, did inflation have any severe impact on the finances of your business? Do you think inflation all over the Philippines will somewhat ease 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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What to watch on YouTube right now – Part 51

January 8, 2025January 7, 2025carlocarrasco

Welcome back my readers, YouTube viewers and all others who followed this series of articles focused on YouTube videos worth watching. Have you been searching for something fun or interesting to watch on YouTube? Do you feel bored right now and you crave for something to see on the world’s most popular online video destination?

I recommend you check out the following topics and the related videos I found.

#1 The dirty business behind Caffeine – Have you been drinking coffee, or sodas or energy drinks a lot over the past twelve months? Chances are, you are dependent on caffeine for your livelihood and your own lifestyle. Sadly, a lot of people out there are not even aware about the subject of caffeine in American history, in business and health studies. YouTuber fern has this in-depth look at caffeine and why there dirty business behind it. Watch and learn.

#2 You, Me and the Movies react to Ace Ventura: Pet Detective – Despite being negatively received by movie critics in 1994, Ace Ventura: Pet Detective still went on to become a surprise hit in the cinemas grossing over $107 million worldwide and establishing Jim Carrey as an effective cinematic comedian. The film has an effective formula on making viewers laugh with Carrey’s performance, the jokes, the unfortunate turn of events, the funny one-liners and the like. I saw the film on home video in 1995 and I revisited it by watching the reaction video of You, Me and the Movies. If you have not seen Ace Ventura: Pet Detective, go watch it first. Otherwise, the reaction video below is entertaining to watch.

#3 The hunt for Ted Bundy explained by fern – Way back in 1989, I saw The Deliberate Stranger on local TV here in the Philippines. It was an engaging portrayal of the very notorious serial killer Ted Bundy (executed in 1989) who was responsible for the kidnapping, rape and murders of several young women and girls. While a lot of documentaries about Bundy have been released, fern’s visual presentation and explanatory observation of the killer’s story is a must-see.

#4 A look at the history of the Ikari Warriors trilogy – Back in the mid-1980s, I played Ikari Warriors (Japanese title: Ikari) on the Nintendo Family Computer (Famicom) and it was a fun game and even relatable. Why relatable? Because at the time of its release, the fictional character Rambo (played by Sylvester Stallone) and the Cold War were still present in our minds. As it turned out, Ikari Warriors was originally intended to be an official video game adaptation of Rambo: First Blood Part II but no agreement was made. Regardless, the game still had Rambo-inspired designs for the playable characters, an obvious Vietnam-inspired environment and lots of shooting-oriented action. It became so successful commercially, it eventually spawned two sequels. To know more about the history of the Ikari Warriors trilogy, watch PatmanQC’s video below.

#5 A look at 50 underrated arcade games from the 1990s – The 1990s was a wild time for people who love playing games in the arcades. While the decade was often perceived to be all about fighting games defining the arcade experience, there still was a greater variety of arcade games of different genres or game designs. This retro gaming video from Marvelous Gamers is a fun look back at the 1990s arcade games that got overlooked.

#6 Ashleigh Burton reacts to National Lampoon’s Vacation – If you are looking for a 1980s comedic viewing experience with a theme about going on holiday, then you should focus on National Lampoon’s Vacation directed by the late Harold Ramis and starring Chevy Chase. Released in cinemas in 1983, the movie became a box office hit grossing over $60 million in the American box office and it won a lot of rave reviews from the critics. If you have seen the movie and want to revisit it without the need to spend time watching it all over again, you should watch the reaction video by the jolly YouTuber Ashleigh Burton.

#7 Popcorn in Bed reacts to Quantum of Solace – I will say it clearly – Quantum of Solace was a very disappointing follow-up to Casino Royale (2006) as it was so negatively impacted by the strike of the Writers Guild of America as well as the lack of focus within the production. By the time I left the cinema, Quantum of Solace left me feeling numb and unsatisfied. That being said, I encourage you to see the reaction video of Popcorn in Bed (who also reacted to Casino Royale) and witness how the 2008 James Bond movie affected their viewing experience.

#8 Justin Trudeau officially resigns from office – I really do not like Justin Trudeau. As Prime Minister of Canada, he has been very out of touch with his people and does not seem concerned with them. Under the super woke and feminist Trudeau, the costs of living in Canada has gone way up, housing is too expensive and crime has gone up. There is also division and infighting within his Liberal Party which is not helping Canadians at all. Trudeau’s failed leadership should be a lesson to everyone that woke nuts, Satanic Leftists and outrageous liberals should not be voted to lead the government. Liberals do not care about common sense at all. Watch and learn from the videos below.

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What to watch on YouTube right now – Part 50

January 6, 2025January 1, 2025carlocarrasco

Welcome back, my readers, YouTube viewers and all others who followed this series of articles focused on YouTube videos worth watching. Have you been searching for something fun or interesting to watch on YouTube? Do you feel bored right now and you crave for something to see on the world’s most popular online video destination?

I recommend you check out the following topics and the related videos I found.

#1 HolyLandSite’s examination of Kursi and Lord Jesus’ power over the demonic realm – Kursi is a place in the east side of the Sea of Galilee in the region of Gerasenes (or Gadarenes) in Israel where two men possessed by demons stayed at. HolyLandSite produced this video to emphasize the biblical relevance of the place, what happened and, most of all, the immense power Lord Jesus had over the demonic forces that caused huge problems for people back then. This is a biblical examination of the place and a lively reminder of the light and authority of Lord Jesus, the Savior and Hope of ALL nations. Grab a copy of the Holy Bible and then watch the video from start to finish.

#2 GTV Japan examines Nintendo’s crisis – Remember back in the late 1980s when a shortage of ROM chips prevented Nintendo from releasing games on time? Back in those days, microchips were essential for manufacturing cartridges of games for consoles. A lot of people believed that Nintendo, which already had several restrictions on game publishing and business with 3^rd party game companies, deliberately created the shortage for their advantage. There is a lot more details and developments that happened beyond the perceived shortage and the video by GTV Japan has a very in-depth look at it in the video below.

#3 What the hard drive of terrorist Bin Laden contained – Remember when America found and eliminated the mass murderer and terrorist Osama Bin Laden in 2011? YouTuber fern published a video focused on one particular aspect related to the operation that took Bin Laden down – the sensitive information contained in his hard drive. The video also has a key analyst interviewed who provided a lot of insight. Watch the video now.

#4 Wokeness in Japan exposed – Believe it or not, there definitely is wokeness in Japan and it was exposed a lot during their news media coverage of the 2024 US Presidential Election which Donald Trump won. In fact, a certain Japanese professor who was included in the media outlet’s coverage (being in the studio with others) was so liberal, he got frustrated as Commie Kamala Harris lost and he even reiterated the Democrats’ buzz words like “threat to democracy”. Think about it very carefully. The Democrats and their Satanic Left pawns have been spreading their distorted views in Japan and influenced some people there. The woke-minded in Japan may not realize it but they are looking and sounding awkward (if not pathetic). Perhaps some woke nuts of Japan love Islamic terrorists and I know they have pro-Palestine zealots. Watch and learn from the video below.

#5 Controversial Alice Guo featured in episode of Dark Asia with Megan – Alice Guo (AKA Guo Hua Ping), the controversial former mayor of Bamban who has been detained for various charges, is now the subject of a new episode of Dark Asia with Megan. For the newcomers reading this, Alice Guo is notorious in the Philippines not only for her links with POGOs (Philippine Offshore Gaming Operators) but also for her very questionable background with regards to citizenship, family and origin. She even escaped the Philippines temporarily before getting brought back. In fact, Alice Guo’s case raises a lot of questions about national security, espionage and foreign infiltration into the systems of governance in the Philippines. Watch and learn from the Dark Asia with Megan video.

#6 PatmanQC examines Donkey Kong – Long before Donkey Kong Country became a massive critical and commercial hit with gamers around the world, there was the original Donkey Kong in 1981. I never played the arcade version but I played Donkey Kong on the Atari 2600 back in the early 1980s and it was a fun game. A short time later, I played the ColecoVision version and was impressed to see the graphical improvements. The production history of Donkey Kong is really interesting and PatmanQC produced not just one but two documentary videos about the game.

#7 Popcorn in Bed and You, Me and the Movies react to Vertigo – Vertigo, the classic film directed by Alfred Hichcock, was one of the first twenty-five films selected for preservation in the US National Film Registry for being “culturally, historically, or aesthetically significant”. That being said, it is not surprising that it has been the subject of several movie reaction videos on YouTube. If you have not seen it, I encourage you to watch it entirely first when you have the chance. Otherwise, I encourage you to watch the reaction videos of Popcorn in Bed, and You, Me and the Movies below.

#8 Ashleigh Burton reacts to Signs – Back in 2002, I saw Signs inside a packed local cinema during the evening. The film directed by M. Night Shyamalan and starring Mel Gibson kept moviegoers in suspense and occasionally pulled off some sudden scary moments. That being said, you have to see Ashleigh Burton react to it.

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Stakeholders and analysts perceive VAT refund limit for tourists just right to ensure small businesses will benefit

January 3, 2025December 27, 2024carlocarrasco

As far as the analysts and tourism stakeholders are concerned, the minimum purchase requirement for non-resident tourists to qualify for the value-added tax refund is just right in relation to benefiting the small businesses, according to a BusinessWorld news report. There is, however, one dissenting opinion.

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

THE P3,000 ($51) minimum purchase requirement for nonresident tourists to qualify for a value-added tax (VAT) refund is “just right” to ensure small businesses benefit, analysts said.

President Ferdinand R. Marcos, Jr. recently signed into law Republic Act (RA) No. 12079, which allows tourists to claim VAT refunds on purchases worth at least P3,000 from government-accredited stores, in an effort to boost tourism receipts.

“The P3,000 is just right to benefit micro, small and medium enterprise (MSME) retailers and local products,” Philippine Retailers Association (PRA) President Roberto S. Claudio said. He said the purchase cap is kept to a minimum to benefit locally made products.

“I think it’s a good entry and good starting point. Some countries are still higher than P3,000 as well. I think we’re above the middle, so I think that’s a good place to be,” Tourism Congress of the Philippines President James M. Montenegro said via phone call.

Under RA 12079, the value of the locally bought goods from accredited stores must reach at least P3,000 per transaction, provided these goods are taken out of the country within 60 days of purchase.

“This law is primarily designed to boost tourist arrivals and expenditure. Hopefully, it will also increase the sales revenue of retailers,” Mr. Claudio said.

Mr. Montenegro said the minimum purchase amount could be adjusted in the future.

The threshold is subject to review and adjustment every three years by the Finance secretary, upon recommendation of the Commissioner of Internal Revenue, considering the inflation data from the statistics agency.

“I think the minimum rate is at par with our ASEAN [Association of Southeast Asian Nations] neighbors. If you look at the minimum amounts in other countries, it is almost the same,” Eleanor L. Roque, a tax principal at P&A Grant Thornton, told BusinessWorld.

The Philippines has joined other ASEAN countries with a tax refund program for nonresident tourists. The scheme has increased retail activity, particularly in sectors such as fashion, electronics and souvenirs.

In Malaysia, the minimum purchase is 300 ringgit ($67). Singapore allows tourists to spend at least S$100 ($74), while in Indonesia, it starts at 500,000 rupiah ($31).

“It is good to have a minimum amount as it limits the refund claim to valuable expenses. De minimis spendings are normally not considered for VAT refund as it is not administratively practical. In some cases, the cost will be more expensive than the amount being refunded,” Ms. Roque said.

She said the government should tap accredited international firms in the VAT refund processing, adding that the “government should take advantage of the track record and best practices of these known companies.”

Ms. Roque said the government should ensure the goods bought are really brought out of the country.

“Physical inspection of the goods when exiting the country should be strict to ensure that local buyers do not use tourists for availing themselves of the VAT refund,” she added.

However, Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said the P3,000 threshold “may not be enough to significantly encourage higher spending among affluent tourists,” especially compared with ASEAN counterparts.

“A higher or more flexible threshold might align better with international best practices and encourage larger purchases,” he said.

Mr. Rivera also urged the government to simplify the VAT refund process, rather than make it “extra bureaucratic.”

Let me end this post by asking you readers: What is your reaction to this recent development? Do you consider the current purchase requirement for the VAT refund for foreign tourists a proper amount? Do you think foreign tourists will be receptive to the current standard for VAT refund of their purchases here 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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The newest polymer bank notes from the BSP

January 2, 2025January 2, 2025carlocarrasco

Recently the Bangko Sentral ng Pilipinas (BSP) unveiled the newest polymer bank notes which were described as crisp and capable of withstanding tough conditions, according to a news feature by the Manila Bulletin.

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

The familiar crinkle of a crisp paper bill, the faded ink from countless transactions, the subtle tear at the edge – these are the hallmarks of the Philippine piso as many know it. But come January, Filipinos will begin to experience a currency revolution.

The Bangko Sentral ng Pilipinas (BSP) is ushering in a new era with the first series of polymer banknotes, a move that signifies more than just a change in material. It’s a leap towards a more secure, sustainable, and hygienic future for the nation’s currency.

Imagine pulling out a banknote that feels smoother, almost plastic-like, and noticing intricate details that shimmer under the light. This is the promise of the new polymer piso.

These banknotes, designed to last longer and withstand the rigors of daily use, are imbued with advanced security features that make counterfeiting a near impossibility. Microprinting, tactile elements, and clear windows are just some of the technologies embedded within these notes, providing a robust defense against fraudulent activities and bolstering public confidence in the currency.

“We have the mandate of issuing the currency, and we always try to look for ways to improve our currency,” explains BSP Assistant Governor Mary Anne Lim. “In improving our currency, we consider the needs of our users in utilizing it, and also advances in technology when it comes to printing and using our banknotes.”

The shift to polymer addresses a critical concern in today’s world: hygiene. Paper banknotes, passing through countless hands, can harbor bacteria and viruses. Polymer notes, on the other hand, are less hospitable to these pathogens.

Their non-porous surface makes it harder for microbes to cling and survive, contributing to a healthier and safer transaction experience in a post-pandemic world.

But the BSP’s vision goes beyond practicality. The new banknotes are also an opportunity to celebrate the Philippines’ rich biodiversity and cultural heritage.

Each denomination features a carefully chosen endangered species, a poignant reminder of the country’s unique natural treasures and the need for their conservation.

The 1,000-piso note, already in circulation since April 2022, showcases the majestic Philippine eagle soaring above the Tubbataha Reefs Natural Park, a UNESCO World Heritage Site.

The 500-piso note features the elusive Visayan spotted deer amidst the lush greenery of the Puerto Princesa Subterranean River National Park.

The 100-piso note highlights the vibrant Palawan peacock-pheasant against the backdrop of the iconic Mayon Volcano, while the 50-piso note presents the playful Visayan leopard cat with the serene Taal Lake in the background.

These visuals are complemented by intricate designs inspired by traditional weaving patterns, showcasing the artistry and craftsmanship of different Filipino communities. The banknotes, therefore, become more than just a medium of exchange; they transform into miniature canvases that tell a story of the Philippines’ natural wonders and cultural heritage.

“The polymer series raises awareness of the country’s threatened species, serves as a symbol of Filipino identity, and fosters national pride,” shares BSP Governor Eli M. Remolona, Jr., highlighting the inspiration and symbolism behind the chosen themes

The environmental impact of currency production is another crucial factor considered by the BSP.

Polymer banknotes, with their longer lifespan, reduce the need for frequent replacements. This translates to less paper consumption, lower energy use in production, and a smaller carbon footprint. The BSP’s commitment to sustainability is evident in this conscious choice of material, aligning with the global push towards eco-friendly practices.

The transition to polymer banknotes is a milestone in the Philippines’ journey towards modernization. It’s a testament to the BSP’s proactive approach to currency management, ensuring that the Philippine piso remains secure, resilient, and relevant in a rapidly changing world.

Let me end this post by asking you readers: What is your reaction to this recent development? Are you receptive towards the newest polymer bank notes from the BSP? What do you think of the new P500, P100 and P50 bills? Do you have a problem about the new bills not showing historical people of 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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What to watch on YouTube right now – Part 49

January 1, 2025December 19, 2024carlocarrasco

Happy New Year to all my readers, YouTube viewers and all others who followed this series of articles focused on YouTube videos worth watching. Have you been searching for something fun or interesting to watch on YouTube? Do you feel bored right now and you crave for something to see on the world’s most popular online video destination?

I recommend you check out the following topics and the related videos I found.

#1 You, Me and the Movies react to The Tower (2012) – The Tower (2012) is a South Korean disaster film that drew huge audiences in its country and found some success overseas. Its concept will remind long-time movie buffs about 1974’s The Towering Inferno which itself was an inspiration for director Kim Ji-hoon. If you want to discover The Tower but you are not willing to spend time and money to see it, I encourage to watch You, Me and the Movies’ reaction video.

#2 Alien versus Predator games history examined by Slope’s Game Room – I really enjoy watching the retro gaming videos of YouTuber Slope’s Game Room. This time around, Slope examines the history of video games featuring one of the most memorable sci-fi crossovers ever: Alien versus Predator. For the newcomers reading this, there was a time when Alien and Predator were separate sci-fi film franchises. How a crossover between them happened and what video games were made are explained in detail in the video below.

#3 The rise of cold coffee in America – Do you like drinking coffee that is actually cold? Over the past several years in America, spending on cold coffee skyrocketed and outpaced hot coffee. To be clear, cold coffee includes iced coffee, cold brew and frozen coffee drinks. Already, cold coffee sales really grew for certain businesses that sell coffee. To find out why Americans are buying more cold coffee and what possibly started the trend, watch the video below.

#4 Changing the Middle East – There is no denying the fact that Israel will be remembered for significant gains against Iran-sponsored terrorists in 2024. They did not have much support from Biden-led America but Israel still succeeded in eliminating Yahya Sinwar (Hamas) and Hassan Nasrallah (Hezbollah). Israel also succeeded in hitting military targets in terrorist state Iran which crippled them significantly. Also the collapse of the wicked Assad regime in Syria proved to be a huge loss for Iran which had a sinister alliance with Bashar al-Assad (who abandoned Syria).

With Donald Trump set to return as United States President on January 20, 2025, Israeli Prime Minister Benjamin Netanyahu expressed confidence of changing the Middle East. Netanyahu talked with Trump recently and you can learn more by watching CBN News’ video.

If you have accepted Jesus as your Lord and Savior, I encourage you to pray to Him in support of Israel and the new Trump administration to change the Middle East in 2025. Pray to Him for the Christians in Syria who will soon be affected negatively by the new regime’s plan to impose Sharia Law. Pray to Him for the rescue or release of the hostages of the October 7, 2023 attacks.

#5 Lefties losing it – In case you did not notice, the Democrats in America don’t just have wicked and dishonest leaders. They also have Hollywood celebrities as Democrat activists who are actually phony intellectuals who love to fool their fellow Americans. A lot of Democrat leaders and activists are actually out of touch with the people and reality in general, which is what this Lefties Losing It video from Sky News Australia emphasized clearly. Watch and learn from start to finish.

#6 PatmanQC examines Gun.Smoke – Developed by Capcom, Gun.Smoke debuted in the arcades in 1985 and eventually got ported to different platforms. I never played the arcade version but I had fun with Gun.Smoke on the Nintendo Family Computer (Famicom) Disk System. It was a run-and-gun shooter with an Old West setting and its designer was Yoshiki Okamoto (1942, Street Fighter II and Resident Evil). The production history of the game is quite interesting and you can find out more in PatmanQC’s video.

#7 Ashleigh Burton reacts to The Naked Gun 2½: The Smell of Fear – I love watching Ashleigh Burton’s movie reaction videos, especially the ones that has her laughing a lot. She’s a jolly YouTuber and often entertaining. That being said, you have to watch her reaction to 1991’s The Naked Gun 2½: The Smell of Fear.

#8 Popcorn in Bed reacts to Star Trek: Nemesis – Were you able to watch the entire Star Trek: The Next Generation (Star Trek: TNG) series from 1987 to 1994? I never had the privilege to watch all seven seasons but I managed to watch several random episodes of it and got to know the characters enough before proceeding to watch all four Star Trek: TNG movies from 1994 to 2002. Star Trek: Nemesis (2002) was released in American theaters right in the middle of intense box office competition with a Harry Potter movie, a James Bond movie and a Lord of the Rings movie. Apart from its box office failure, there was something wrong that happened behind the scenes during Star Trek: Nemesis’ production which explains its disappointing quality. If you want to discover the movie but you don’t want to spend too much time nor money on it, I encourage you to watch Popcorn in Bed’s reaction video.

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