economics – Page 36 – Author Carlo Carrasco

Dutch bank predicts Philippine economy will grow 5.4% this year

March 8, 2024February 28, 2024carlocarrasco

ING, a bank and financial services firm based in the Netherlands, published its forecast that the economy of the Philippines will grow by 5.4% this year, according to a Manila Bulletin news report.

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

Dutch bank ING is projecting a moderate 5.4 percent growth for the Philippines this year, saying the impact of the central bank’s rate hikes could have propelled robust growth but it is handicapped by “soft” capital formation.

The 5.4 percent growth estimate is considerably lower than the government target of 6.5 percent to 7.5 percent this year. It is also lower than 2023’s full-year 5.6 percent growth, which was also below the government’s goal of six percent to seven percent.

ING senior economist Nicholas Mapa, in an ING Manila’s economic briefing on Monday, Feb. 19, said domestic growth seems strong this year but “below par as handicaps persist.”

He said one of these handicaps is the lack in capital formation as an impact of the Bangko Sentral ng Pilipinas’ (BSP) cumulative rate hikes since May 2022, for a combined 450 basis points to bring the target reverse repurchase rate or the policy rate to 6.5 percent.

Because of this, Mapa said the “missing link” for a within-target growth is private investment and a National Government spending spree not hampered by a “soft” capital formation.

Capital formation is an integral part of GDP growth. However, capital formation and growth prospects were soft in 2023 due to rate hikes and it could persist this year.

For 2024, ING also forecasts inflation of three percent versus an actual six percent in 2023. The forecast is within the BSP’s target of two percent to four percent. It is also lower compared to the risk-adjusted forecast of the BSP of 3.9 percent for 2024.

Mapa also predict the exchange rate will end with a stronger peso this year at P54.90 since he also expects the BSP’s Monetary Board will cut the policy rate by 50 basis points (bps) from 6.5 percent to six percent, thereby boosting the peso performance.

Based on his presentation during the briefing, Mapa expects the first quarter GDP will perform better at six percent compared to the fourth quarter 2023 GDP of 5.6 percent. By the second quarter, he thinks the economy will grow by 6.3 percent but then will drop to 4.7 percent by the third quarter and further down to 4.5 percent in fourth quarter this year.

He said the rate hikes impact bank lending as well as GDP growth, and that the “elevated rates (has kept) capital formation subdued after years of underinvestment.”

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think ING’s prediction will turn out correct by the end of this year? Do you think that the economy of the Philippines can somehow grow by at least 6% 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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Philippines described by Nikkei Asia as “Asia’s epicenter for online shopping scams”

March 7, 2024February 27, 2024carlocarrasco

In recent times, a lot of people here in the Philippines got cheated by a scammer over their huge purchases of tickets for a Taylor Swift in Singapore. This incident serves as a painful reminder that the nation has been hit by a lot of scams online, so much so the Nikkei Asia published a December 2023 article describing the Philippines as “Asia’s epicenter for online shopping scams.”

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

James Relativo thought he had landed a great deal on an electric drum set, but instead the Manila resident was cheated out of his money in a country gaining the dubious distinction as Asia’s worst for online sales scams.

Shoppers across the Philippines have been bilked out of millions of dollars so far this year, with some turning to victim chat groups on Facebook and other social media. A recent report found more than one-third of Filipinos surveyed had been scammed or encountered retail fraud online.

“Some people easily believe in false promises even if they are too good to be true,” warned Alexander Ramos, executive director of the Cybercrime Investigation and Coordinating Center (CICC).

In retrospect, Relativo might have been more skeptical about a drum set going for 8,000 pesos ($140), less than half the usual price, on e-commerce site Shopee.

But he hit ‘buy’ without hesitating, and soon things turned suspicious. The seller shifted its communications to a messaging app and demanded half the cost of the drums for “refundable taxes.”

More money demands followed until a frustrated Relativo agreed to bypass Shopee’s payment system and settle his remaining balance on GCash, a digital payments platform. He never got his drums.

“I just kept telling him I wanted my money back,” Relativo told Nikkei Asia, his voice laced with exasperation. “It wasn’t like I was dealing with a scammer — he was talking to me, sending me pictures of the drum set being packed.“

The journalist’s saga highlights a bitter experience for a growing number of people in the Philippines, which clocked the highest scam rate for online shoppers across nearly a dozen economies in the 2023 Asia Scam Report, published in November.

Commissioned by the Global Anti-Scam Alliance (GASA) and Taiwan-based tech security company Gogolook, the report surveyed 20,000 respondents about their online shopping experiences in Vietnam, China, Thailand, Hong Kong, Taiwan, Indonesia, South Korea, Japan, Malaysia, Singapore and the Philippines.

The shopping scam rate in the Philippines led the group at an eye-watering 35.9%, followed by mainland China at 27.2%. South Korea had the lowest incidence, at 4.2%.

The explosion in online shopping has created a lucrative market for scammers. And a lack of cybercrime awareness is aggravating the problem in the Philippines, where people spend an average of 10 hours a day online by some estimates.

“Although (Filipinos) are considered very connected and digitally wired, (they) do not have adequate digital literacy skills,” said Mark Manantan, director of cybersecurity and critical technologies at the Pacific Forum in Hawaii.

The survey found that Filipinos were easy prey for scammers because they “respond too quickly” to sellers’ demands.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think Nikkei Asia’s article is detailed enough and trustworthy when it comes to gaining a strong awareness about online scams? How members of your household or your local community got scammed online over the past six months? Why do you think a lot of people in the Philippines are so determined to spend a lot of money to watch a Taylor Swift event overseas?

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

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Muntinlupa City Council amends ordinances related to companies’ hiring of local residents

March 7, 2024February 27, 2024carlocarrasco

Recently in the progressive City of Muntinlupa, the City Council amended two local ordinances that affects companies (with operations within the city) with regards to their hiring of local residents, according to a Manila Bulletin news report.

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

The Muntinlupa City Council amended an ordinance that requires companies operating in the city to hire 70 percent of their rank-and-file employees from among residents.

Under existing ordinances 08-028 and 96-80, all companies that have at least five employees are mandated to hire at least 70 percent of their rank-and-file employees from among Muntinlupa residents.

Ordinance 2024-151 was passed by the City Council amending the two ordinances.

Under the amended ordinance, excluded in the scope of the local law are the banking sector and any industry mandated by law to implement periodic forced rotation of employees.

Section 6 of Ordinance 96-80 was also amended. Under the new provision, all companies in Muntinlupa including business establishments that contract or avail of rank-and-file employees from service agencies located outside the city are required to submit a yearly report of the list of their employees.

The list will be submitted to the Muntinlupa Public Employment Service Office (PESO) by Sept. 30 of every year.

The PESO monitors all business establishments and companies in Muntinlupa for their compliance with the 70-percent workforce requirement.

According to PESO, the ordinance addresses the unemployment problem in the city by giving Muntinlupeños assurance to be employed by companies.

Under the existing ordinance, companies are required to submit to the PESO and Business Permit and Licensing Office (BPLO) a list of employees as part of requirements in the issuance of business permits.

In the amended law, in addition to submitting the age, address, period of employment in the company, and position and duties of employees, companies are now required to submit the employee’s gender, employees who are classified as persons with disabilities (PWDs) and senior citizens, and the company’s reason for not meeting the 50 percent compliance rating in the employment of Muntinlupa residents.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City who happens to be looking for a job, do you think the latest move by the City Council will boost your chances of getting hired? If you own a business operating in the city, do you think the amendments will make managing your lineup of employees more challenging?

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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DTI lauds signing of Tatak Pinoy law (Republic Act Number 11982)

March 5, 2024February 28, 2024carlocarrasco

In relation to the recent signing of Republic Act Number 11982 (RA11982 or Tatak Pinoy law) into law by Philippine President Ferdinand “Bongbong” Marcos, Jr., the Department of Trade and Industry (DTI) lauded the signing stressing that it will empower the nation’s industrialization, according to a Philippine News Agency (PNA) news article.

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

Department of Trade and Industry (DTI) Secretary Alfredo Pascual reaffirmed the department’s commitment to boost its science, technology and innovation-driven industrialization agenda with the enactment of Republic Act (RA) 11982 or the Tatak Pinoy Act on Monday.

In line with President Ferdinand R. Marcos Jr.’s priorities in the Philippine Development Plan (PDP) 2023-2028, the newly passed legislation will empower Philippine industries to manufacture a broader range of higher quality and sophisticated products, elevate the country’s position in the global value chain, and enhance productivity and competitiveness in the global market.

The Tatak Pinoy Law lies at the core of the nation’s industrialization strategy, revitalizing and driving the economic agenda with precision. With its focus on promoting industrial excellence, embracing innovation and navigating contemporary challenges, Tatak Pinoy is a transformative legislation that empowers Philippine industries to thrive in an intensely competitive global landscape.

Under the law, a Tatak Pinoy Council will spearhead the development and implementation of a multi-year strategy focusing on five key pillars: human resources, infrastructure, technology and innovation, investments, and sound financial management.

“We are confident that this legislation will bolster our ongoing programs, propelling industries towards greater global recognition and success. It underscores our commitment to implement measures that enhance the competitiveness of our local industries, ensuring that the world gets to experience what the Philippines has to offer,” Pascual said in a news release.

The Atlas of Economic Complexity, which measures the level of sophistication of export products being produced by countries globally, ranks the Philippines as 33rd among 133 countries, with an overall economic complexity index of 0.76.

This is driven by the country’s exports of high to moderate complex products such as electronics and integrated circuits, electrical machinery and equipment, as well as information and communications technology (ICT) services.

The country ranks 4th in Southeast Asia, trailing behind Singapore (5th), Thailand (23rd), and Malaysia (28th), and above Vietnam (61st) and Indonesia (64th).

“The Tatak Pinoy Law is a significant milestone that will enable our industries to climb up the economic complexity ladder, making the Philippines a more formidable player in the global market. Tatak Pinoy will enable our industries to embrace new technologies and effectively overcome the challenges of the modern world,” DTI Undersecretary Rafaelita Aldaba said.

With the implementation of the Tatak Pinoy Law, the DTI aims to elevate the country’s ranking by supporting and promoting the production of more sophisticated and high-quality products.

Tatak Pinoy will build on the existing flagship initiatives of the DTI, such as the One Town, One Product (OTOP) and Malikhaing Pinoy Program, which cultivate and promote unique products and empower local entrepreneurs and innovators to elevate the quality and marketability of locally made products.

Tatak Pinoy is poised to revolutionize industries, particularly Philippine manufacturing, amidst the entry of Fourth Industrial Revolution technologies. It will amplify DTI’s efforts in building an Industry 4.0 Pilot Factory, establishing a Center for Artificial Intelligence Research (CAIR), and supporting the country’s Regional Inclusive Innovation Centers (RIICs).

The new law will also drive innovation and facilitate Industry 4.0 adoption, especially among micro, small and medium-sized enterprises (MSMEs).

Pascual said a critical provision of the law is the mandate for the Philippine government to prioritize Filipino products and services in government procurement, strengthening collaboration between the public and private sectors.

“This initiative serves as a catalyst for creating a robust market environment, particularly beneficial for SMEs and startups,” he said.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think the new Tatak Pinoy law will improve the nation’s industrialization in the years ahead? Do you think it will lead to even more new jobs in the future?

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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DOE eyes 1,200-MW nuclear power capacity with SMR technologies in the Philippines by 2032

March 4, 2024February 24, 2024carlocarrasco

The path will be long and challenging for the Philippines to become a nuclear-powered nation but the Department of Energy (DOE) remains determined on achieving that goal by the year 2032 with the use of small modular reactor (SMR) technologies that could generate an initial 1,200 megawatts, according to a news article by the Philippine News Agency (PNA).

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

Department of Energy (DOE) top and senior officials said the agency is targeting to get a 1,200-megawatt installed power capacity from nuclear resources using small modular reactor (SMR) technologies by 2032.

This was confirmed by DOE Secretary Raphael Lotilla as well as Undersecretaries Rowena Cristina Guevara and Sharon Garin to reporters in an interview in Taguig City on Thursday.

Lotilla said the government remains open to all technologies that will supply the growing power demand of the country in the coming years.

“(T)he commercial rollout of certain nuclear technologies are going to be there… (W)e can start planning for 2032 at the earliest. From the figures, you can see these are modest figures, 1,200 (MW) by 2032,” the DOE chief.

In her speech at the B2B Matching to Support Energy Transition (B2B SET), Guevara said this potential capacity would come from eight 150-MW SMRs.

She added that under the DOE’s Clean Energy Scenario (CES) 1, the 1,200 MW potential installed capacity for nuclear by 2032 is forecast to have additional 1,200 MW capacity by 2035 and another 2,400 MW by 2050.

Manila Electric Company has partnered with American firm Ultra Safe Nuclear Corp. (USNC) to explore the potential of micro-modular reactors in the country.

AboitizPower Corp. is also exploring collaborations with NuScale Power Corp. and USNC in this sector.

Aside from the latest SMR technologies, Garin said the country is studying the viability of conventional nuclear reactors like the existing Bataan Nuclear Power Plant (BNPP).

Garin said the DOE is in talks with the Korea Hydro and Nuclear Power Co., Ltd. (KHNP) for a more comprehensive feasibility study for the BNPP.

She added that the feasibility study with KHNP will determine if the government should pursue BNPP as a nuclear energy source in the future.

She said around 12 sites, mostly in the western parts of the country, are being studied for future locations of nuclear power facilities.

Safety first – Meanwhile, Lotilla stressed that the government will ensure that the safety concerns on nuclear energy technologies will be addressed first before putting up nuclear power plants.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think the both the government and the private sector can make breakthroughs happen to pave the way for a nuclear-powered Philippines? Are there many people in your local community who are still afraid of nuclear energy because of what they saw in movies or TV shows that showed nuclear disasters?

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

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Muntinlupa City Mayor emphasizes many accomplishments and what lies ahead for the city

March 4, 2024March 2, 2024carlocarrasco

Recently in the progressive City of Muntinlupa, Mayor Ruffy Biazon revealed through his State of the City Address lots of details about what the City Government has achieved and what lies ahead, according to a Manila Bulletin news report. The mayor’s speech happened on the afternoon of March 1 during the cityhood anniversary celebration and Charter Day celebration.

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

Muntinlupa Mayor Ruffy Biazon bared the accomplishments of his administration since assuming office in 2022 and said “there is much work still to be done” for the city.

“But as we reflect on our accomplishments, we also recognize that there is much work still to be done. We must remain committed to our vision of progress and continue working tirelessly to address the challenges that lie ahead,” said Biazon during his State of the City Address (SOCA) held during Muntinlupa’s 29th cityhood anniversary on March 1.

Muntinlupa became a highly urbanized city through Republic Act 7926 or the Charter of the City of Muntinlupa signed into law on March 1, 1995.

During Biazon’s second SOCA, he also recognized the efforts of past mayors of Muntinlupa including Baldomero Viñalon, Ignacio Bunye and Jaime Fresnedi.

“And as we gather to reflect on our past accomplishments and set our sights on the future, I am reminded of the enduring truth that progress is not merely measured by the structures we build or the policies we implement. It is also seen in how included, relevant and heard a person feels as a member of his or her community,” said Biazon.

When he became the mayor of Muntinlupa, Biazon said, “I adopted as my mission two objectives — provide the needs of Muntinlupeños and no one gets left behind.”

“We all want better days for our children and our children’s children. But in order to get there, we have to embark on a journey that begins with accepting the reality that the present isn’t perfect. We have gaps in our service, there are initiatives that are struggling to take off, there are limitations that are unanticipated,” he said.

He added, “We envision a Muntinlupa where every citizen embodies the values of integrity, responsibility, and excellence. Where each Muntinlupeño takes pride in their role as a law-abiding citizen, a dependable worker, a nurturing parent, or a diligent student.”

Among the programs of the Muntinlupa City government, Biazon said the scholarship program tremendously helped students and their families.

There are about 80,000 scholars in Muntinlupa every year. The city government increased the budget for scholarship to P587 million from P416 million “to provide for the increase of scholarship allowances that began last year.”

About 100,000 public school students were also provided with a free “Balik Eskwela” packages containing school bags, school supplies and leather shoes.

To help the education sector, Biazon launched the Womb to Work Program “that stitches together a series of interventions that address the different stages that a child goes through from the womb of the mother up to the age of productivity. The mission is to give each Muntinlupeño child the opportunity to grow up healthy, educated and productive. It begins by providing care for children even while they are in the womb, which means care for the mothers is just as critical.”

Part of Biazon’s program for children is on nutrition – “The good news is we’re on the right track. In fact, Muntinlupa City recently was recently conferred the CROWN or Consistent Regional Outstanding Winner in Nutrition Award dahil sa back-to-back-to-back na pagtanggap natin ng Green Banner Award mula sa National Nutrition Council. Palakpakan natin ang ating City Nutrition Committee,” he said.

He added, “The local government’s nutrition programs continue to bring down the incidence of malnutrition. The number of underweight and severely underweight young children has gone down by almost a third since 2020.”

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, are you satisfied over what the City Government has achieved since the day Mayor Biazon first took office? Do you think Muntinlupa will stand out as the most dynamic economic city in South Metro Manila by having lots of business thriving and more than enough new jobs created? What do you think the City Government should do in preparation for the 30^th cityhood anniversary on March 1, 2025?

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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Sun Life Investment Management and Trust Corporation (SLIMTC) anticipates strong Philippine economic growth for 2024

March 4, 2024February 23, 2024carlocarrasco

As far as Sun Life Investment Management and Trust Corporation (SLIMTC) is concerned, the Philippine economy can achieve strong growth this year with favorable economic factors supporting it, according to a Philippine News Agency (PNA) news article.

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

The government’s 6.5 to 7.5 percent economic growth target for this year is attainable as the projected decline in interest rates will help boost consumption and investments, a top official of Sun Life Investment Management and Trust Corporation (SLIMTC) said on Thursday.

“It seems like it’s something that’s still attainable. Let’s see when rate cuts are there and especially when those infrastructure projects are in,” said SLIMTC Chief Investment Officer Ritchie Teo in a briefing at the Milestone Building in Bonifacio Global City in Taguig City.

According to Teo, the Bangko Sentral ng Pilipinas (BSP) is projected to cut rates by a total of 100 basis points this year as inflation continues to ease.

Headline inflation, which reached 6 percent in 2023, is projected to settle at 3.8 percent this year.

Teo said the BSP will likely wait for the US Federal Reserve to slash interest rates thus, the first rate cut is forecast to happen around June or the early part of the second half of the year.

“Probably good to say they will only cut when Fed cuts. They will wait for Fed so probably that’s on the latter part. Not in April, maybe in June or early second half,” said Teo.

SLIMTC expects the US Federal Reserve to cut policy rates by 75 to 100 basis points by mid-year as US inflation returns to target.

“They [BSP] will leave some [easing] on the latter part of the year mainly because of risks like the November election. So it’s good to have something on the table,” he added.

Teo said the lower interest rates will boost consumption and private investments, which in turn will help accelerate the country’s economic growth.

“Based on the latest gross domestic product (GDP) forecast, we anticipate 6% growth for 2024, largely driven by higher consumption and private investments,” he said.

Government spending especially on infrastructure projects is also expected to be one of the major growth drivers for this year.

“If you look into the investment side, maybe more on the government, given that they’ve been trailing but for the private investments, especially with the rate cuts, again their spending will improve because with the higher interest rates, some are really holding back,” said Teo.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think easing inflation, lower interest rates and strong consumption will be enough to help the Philippine economy grow by at least 6% 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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Measures for elderly citizens and Philippine products signed into law

March 1, 2024February 26, 2024carlocarrasco

Recently Philippine President Ferdinand “Bongbong” Marcos, Jr., signed into law two measures concerning the benefits of senior citizens and investing in Filipino competence, according to a Philippine News Agency (PNA) news article.

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

President Ferdinand R. Marcos Jr. on Monday signed into law Republic Act (RA) 11981, or the Tatak Pinoy (Proudly Filipino) Act, and RA 11982, granting benefits to octogenarians and nonagenarians.

“Today, it’s my honor to sign into law two bills which not only honor two key sectors of society, but mandate measures that protect their rights and promote their development,” Marcos said in his speech during the signing of the two bills at Malacañan Palace’s Ceremonial Hall.

“Each of these laws encapsulates the merits that the Bagong Pilipinas uphold toward building a strong nation. For example, the Tatak Pinoy Act is about investing in Filipino competence and talent. That genius and gift must be supported, not by exhortation alone but by true, tangible support,” he added.

The Tatak Pinoy (Proudly Filipino) Act aims to strengthen the partnership between the government and the private sector towards promoting Philippine goods and services by making these increasingly diversified and globally competitive.

Marcos said Tatak Pinoy gives incentives to local products that deserve to carry the “Made in the Philippines” trademark, showing the creativity and skills of the Filipino worker.

“It is about creating products and services of the highest quality, because Tatak Pinoy is also about excellence, and as a seal of great workmanship, it must only be applied to those that meet this high standard. As such, we shall give preference and priority to our products,” he said.

RA 11982 or the Amendments to the Centenarians Act of 2016, meanwhile grants monetary benefits to octogenarians and nonagenarians.

Through the expanded Centenarian Act, senior citizens aged 80, 85, 90 and 95, whether residing in the Philippines or abroad, will receive PHP10,000 cash incentive every age milestone and will still receive PHP100,000 upon reaching 100 years old.

Marcos said the expansion of the coverage of the Centenarians Act is a homage to the Filipino trait of compassion, and in the Philippine culture, this shows more kindness and compassion to the elderly.

“But they deserve more than cash in an envelope. What they should get is a support infrastructure that every society owes to its greying population. There were already close to 10 million seniors two years ago … But as this demographic enlarges, the societal facilities that attend to them should be expanded as well,” Marcos said.

Honoring the elderly – Senators believe that the Expanded Centenarians Act shall have a huge impact on the lives of elderly Filipinos.

“Malaking bagay iyon para sa kanila lalo na’t may mga pangangailangan din sila at gastos para sa gamot, vitamins, supplement, pagkain at iba pa (It is a big thing for them especially for their expenses in medicine, vitamins, supplement, food, among others),” Senator Ramon Revilla Jr., who authored the law, said in a statement.

Revilla explained the new law intends to provide cash benefits for Filipino octogenarians and nonagenarians “so that they would get to enjoy it more.”

He recalled filing the measure during the start of the 18th Congress in 2019 but failed to be passed into law.

The lawmaker assured that he will continue to push for the expansion of the 20 percent discount of senior citizens and exemption from value-added tax to include supplements, vitamins, herbal products, formulated milk, among others.

Revilla said he is also proposing to bring the age down to 56 years old to be considered as a senior citizen.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think the two new laws will make positive impact on the nation’s economy and society in the years to come?

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

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UBS Global Research and Evidence Lab sees Philippine GDP growing 5.7% this year

February 26, 2024February 16, 2024carlocarrasco

A research firm recently raised its forecast of the Philippine economy for 2024 predicting a gross domestic product (GDP) growth rate of 5.7% this year, according to a news report by BusinessWorld.

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

PHILIPPINE gross domestic product (GDP) may grow by 5.7% this year following the economy’s faster-than-expected expansion in the fourth quarter of 2023, UBS Global Research and Evidence Lab said.

The research firm raised its 2024 Philippine GDP growth forecast from 5.3% previously, Grace Lim, an economist from UBS, said in a note. It also hiked its 2025 projection to 6% from 5.8%.

“This largely reflects carryover effects from the fourth quarter of 2023, rather than a strong bounce in sequential growth momentum through 2024,” Ms. Lim said.

Both forecasts are below the government’s growth targets of 6.5-7.5% for this year and 6.5-8% for 2025.

The Philippine economy grew by 5.6% in the fourth quarter, bringing full-year growth to 5.6% in 2023. This was slower than the 7.6% expansion in 2022 and below the government’s 6-7% goal.

At 5.7%, economic growth this year would be faster than the 2023 pace but is still slower than the pre-pandemic average of 6.6%, Ms. Lim noted.

“On the bright side, we highlight that inflation has been trending down nicely, surprising consensus on the downside for three months in a row,” she said. “Should downside risks to inflation materialize, consumption could surprise on the upside.”

Inflation eased to 2.8% in January from 3.9% in December and 8.7% in the same month a year ago. This was the slowest print since October 2020 and marked the second straight month that inflation settled within the 2-4% target band.

Ms. Lim noted that consumer spending remained robust last year despite inflationary pressures and amid resilient labor market conditions.

In 2023, household spending grew by 5.6%, slower than 8.3% in 2022. Household consumption typically accounts for three-fourths of GDP.

Meanwhile, the unemployment rate dropped to a record low of 4.3% from the 5.4% recorded in 2022.

Let me end this piece by asking you readers: What is your reaction to this recent report? Do you think the Philippine economy will grow below the national government’s targets for 2024? Do you think UBS’ forecast of 5.7% growth will turn out correct 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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I Love Israel: Israeli water treatment company sees expansion opportunities in the Philippines

February 26, 2024April 8, 2024carlocarrasco

As some of you are already aware, I fully stand with Israel which is directly connected with my uncompromising faith in the Lord. I keep on praying to Him for Israel to overwhelm its enemies, rescue the hostages and recover from the effects of the October 7, 2023 terrorist attacks committed by the Palestinian terrorist group Hamas. I can assure all of you that nobody from the evil Islamo-Leftist mob, nobody from the pro-Palestine zealots and nobody from any evil society would stop me from supporting and loving Israel.

Now, on with the news.

IDE Technologies Group, a water treatment company based in Israel, is looking for expansion opportunities in the Philippines, 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…

ISRAEL-BASED water treatment company IDE Technologies Group is eyeing expansion opportunities in the Philippines, the company’s chief executive officer (CEO) said on Wednesday.

“We’re focusing on a specific project, but that project is kind of a very interesting opening for us because it will involve creating a local entity of IDE with mostly local people as employees,” IDE CEO Alon Tavor said during a media briefing.

“We have teamed up with several local partners to come up with very interesting projects,” he added.

IDE is a water company that specializes in the development, engineering, construction, and operation of enhanced desalination and industrial water treatment plants.

Desalination is the process of removing salt from seawater to make it potable, safe for human consumption.

Founded in 1965, it has headquarters in Israel, with offices in the USA, China, India, Chile, and Australia, facilitating client partnerships across the globe. The company has over 400 plants spanning 40 countries.

“We don’t only sell projects. A lot of the time, we own the plant, we operate it, and we simply sell water as a solution,” Mr. Tavor said.

Investing in projects typically starts at “a few hundred thousand dollars for a very small project and can go up to hundreds of millions of dollars for large projects,” he also said.

“We see the fact that the Philippines realizes the level of water issues that need to be managed as an interesting opportunity for us, and therefore we’re here.”

Israeli Ambassador Ilan Fluss said they are looking into bringing more companies to the Philippines to share their best practices and technologies.

IDE’s focus on the Philippines is indeed a blessing for the nation as water is truly essential for all Filipinos. Experiencing water supply shortages is a constant problem nationwide and to this day, the Philippines still has yet to achieve breakthrough to not only improve access to water but also increase the water supply. IDE’s expertise on desalination could be crucial in helping us Filipinos solve our water problems which will be helpful in building up the national economy.

We should also be thankful to the Lord that even as Israel remains busy fighting the terrorists not only in Gaza but also across the border with Lebanon (Hezbollah), the Jewish state is working to bring more Israeli companies into the Philippines. That being said, Israel-Philippines ties are still essential.

To my fellow Filipinos reading this, I encourage you to accept the truth that Israel is the land God designated specifically for the Jewish people (read Genesis 35:10-12) and His command must be followed without hesitation. If you want to be blessed further by the Lord, do so by loving and blessing the Jewish people (Genesis 12:1-3). I did my part when I was in Israel. Also, let me remind you all that the ties between the Jews and Christians are truly biblical!

We live in a very divided world. Around the world, Leftist forces have been supporting evil forces like the current regime of Iran which is known for supplying and arming the Palestinian terrorists and other terrorist groups around the Middle East. Leftist forces have been supporting the Palestinian Authority and other enemies of Israel. The Leftists and terrorists always go together and their anti-Semitism is clearly obvious. Hamas is purely evil and they are being protected by not only their fellow terrorists but also by mainstream news media outlets who are linked with Leftist forces and people who hate Israel and the Jewish people. Beware of the evil union of the Islamo-Left which is wicked deep within.

With all that said, I encourage you all to pray to the Lord God in support of Israel and believe that He will guide the Israeli forces to another victory which means finishing off Hamas, crushing Hezbollah and force Iran and its terror proxies to give up. Read Joshua 11:1-20 in the Holy Bible for relevance and truth.

If you truly believe in Lord Jesus, the Holy Spirit and God the Heavenly Father wholeheartedly and you continue to be faithful, you should be aware that Christians are meant to stand united with Israel and love the Jewish people no matter what. You can do your part supporting Israel by donating to Christians United for Israel (CUFI). Do not forget to read the Holy Bible, then pray in tongues to the Lord in the privacy of your room with the door shut.

Always be the fearless and aggressive church of Lord Jesus! Always stand in support of Israel and pray for the peace of Jerusalem.

In ending this I Love Israel piece, posted below are Israel-related videos for your enlightenment.

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	#LGBTQ on What To Watch On YouTube Right…
	#sciencefiction on What To Watch On YouTube Right…
	#blogpost on What To Watch On YouTube Right…
	Gaming Channel on What To Watch On YouTube Right…
	AI Channel on What To Watch On YouTube Right…

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