economics – Page 4 – Author Carlo Carrasco

Sister Port Agreement Between SBMA And Belgium Proposed

March 28, 2026March 26, 2026carlocarrasco

Recently inside the Subic Bay Freeport Zone, the Subic Bay Metropolitan Authority (SBMA) headed by its Chairman and Administrator Eduardo Jose L. Aliño hosted a delegation from the Embassy of Belgium led by Ambassador Vladislava Iordanova. During the visit, Aliño proposed to them a Sister Port Agreement between the Port of Subic and the Port of Antwerp-Bruges, according to the official announcement by the SBMA.

To put things in perspective, posted below is an excerpt from official announcement by the SBMA. Some parts in boldface…

A sister port agreement between the Port of Subic and the Port of Antwerp-Bruges is being considered during the visit of delegates from the Embassy of Belgium to the Philippines here on March 16, 2026.

Belgian Ambassador Her Excellency Vladislava Iordanova paid a visit along with officials from the Port of Antwerp-Bruges International (PoABI), the consultancy and investment subsidiary of the Port of Antwerp-Bruges.

During their visit, the Subic Bay Metropolitan Authority (SBMA) team, led by Chairman and Administrator Eduardo Jose L. Aliño, proposed a Sister Port Agreement between the two ports to enhance the traditional friendship between the SBMA and the PoABI.

The Port of Antwerp-Bruges is the largest petrochemical cluster in Europe and the second-largest in the world; it is also the largest car-handling port in Europe, handling more than 3 million cars per year. It has two oil refineries and is a frontrunner in the energy transition.

The port is also a driver of economic growth with 4.5% GDP contribution and a total annual throughput of +370 million tonnes, including +13 million TEUs.

Meanwhile, the Subic Bay Freeport has several locators with European Equity, including Agila NY Naval Inc. and Agila South Inc. from the Netherlands, with a combined investment commitment of US$350 million.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the proposed Sister Port Agreement between the SBMA and Belgium will eventually be approved in the near future? Do you think that better trade will happen between the Port of Subic and the Port of Antwerp-Bruges will be realized?

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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Steady Supply Of Coal From Indonesia For The Philippines Assured

March 28, 2026March 24, 2026carlocarrasco

As the Philippines is struggling with very expensive fuel prices, Indonesia assured the government that there will be a steady supply of coal for the country’s energy needs, according to a news report by BusinessWorld.

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

Indonesia has assured the Philippines of a steady supply of coal, the Philippine energy minister said on Tuesday.

“We have assurance, and we are good partners,” Energy Secretary Sharon Garin told a news briefing.

The Philippines plans to temporarily increase coal-fired generation amid energy pressures, Ms. Garin said.

The country’s fuel supply remains manageable and the government is working to procure 1 million barrels of oil from countries within and outside Southeast Asia to build its buffer stock. The Philippines has around 45 days of fuel supply based on current consumption levels, Ms. Garin said.

The Philippines has Southeast Asia’s most coal-dependent power grid.

After ramping up LNG-fired generation, Manila was poised in 2025 for its first decline in coal power in nearly two decades, but rising LNG costs are forcing it to turn back to coal.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think coal is a good solution to ensure a stable supply of energy all over the country?

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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World Bank Sees Philippine Economy Growing 4.6% This Year And 5.3% In 2027

March 25, 2026March 24, 2026carlocarrasco

With the ongoing war in the Middle East, the hiked prices of fuel and other problems happening already, the World Bank (WB) sees the economy of the Philippines achieving gross domestic product (GDP) growth of 4.6% this year and 5.3% next year, 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…

Philippine economic growth would likely remain below its potential of at least six percent until the end of the Marcos Jr. administration, according to the latest forecasts by the World Bank.

Documents on the latest $800-million Philippines Growth and Jobs Development Policy Loan (DPL) 1, approved by the Washington-based multilateral lender last week, showed a projected 4.6- percent gross domestic product (GDP) growth rate for the country in 2026, inching up from the post-pandemic-low of 4.4 percent in 2025. This forecast is below the government’s downgraded five- to six-percent growth target for the year.

For 2027, the World Bank expects the Philippine economy to grow by 5.3 percent, which would also be lower than next year’s downscaled 5.5- to 6.5-percent goal.

By the time President Ferdinand R. Marcos Jr. steps down and turns over to a new administration in 2028, World Bank projections showed 5.5-percent GDP growth, still below the six- to seven-percent target.

“The growth outlook remains moderate over the near term, with activity expected to remain subdued in 2026 before gradually strengthening… The impact of the government’s anti-corruption efforts and a significantly lower infrastructure budget in 2026 is expected to weigh on public investment,” the World Bank said.

The lender added that a smaller statistical carry-over into 2026 signals weaker initial momentum, with growth projected to average 5.2 percent in 2026 to 2028, driven by recovering private domestic demand amid easing inflation and financing conditions.

“Private consumption is expected to benefit from stable labor income and improved confidence, while private investment gradually strengthens alongside improved credit conditions and a normalization of public capital spending. External demand, particularly for electronics and artificial intelligence (AI)-related exports, is projected to remain supportive, although global trade uncertainty presents downside risks,” the document said.

This World Bank report was prepared in mid-February before it was disclosed last week, which means that the impact of the war in the Middle East was not yet taken into consideration by the lender in its GDP growth forecasts.

At that time, the World Bank projected headline inflation to stay within the Bangko Sentral ng Pilipinas’ (BSP) two- to four-percent target range, averaging about 2.8 percent in 2026 to 2028.

Before the domestic price pressures wrought by the Middle East conflict that sent global oil prices soaring, the World Bank believed that the BSP would likely keep a neutral-to-supportive policy stance while balancing the still-negative output gap against risks from exchange-rate volatility and food inflation. A negative output gap refers to the economy expanding below its potential, which, for the Philippines, is estimated at about six percent annually.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economic growth predictions of the World Bank for the Philippines will turn out to be true in the near future? Do you think there is any hope left for the economy of the Philippines to achieve annual GDP growth of 6%? Do you think more foreign investors will be convinced to invest in the Philippines 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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Thailand Tourism Authority Preparing Response To Middle East Conflict

March 24, 2026March 20, 2026carlocarrasco

With the joint Israel-US military operations against the Islamic terrorist regime of Iran still going on, the tourism authority of Thailand announced it is preparing measures to ease the effects of the conflict on its tourism sector, according to a news report of VnExpress. Already the conflict caused a series of economic disruptions affecting air travel and the prices of services and products offered to tourists.

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

The Tourism Authority of Thailand (TAT) is preparing measures to mitigate the impact of tensions in the Middle East on the country’s tourism sector, including proposals to stimulate domestic travel and short-haul flights.

Following consultations with private operators, TAT Governor Thapanee Kiatphaibool said the agency is promoting Thailand as a safe destination and plans to suggest the establishment of a strategic operations unit to monitor flight capacity, load factors, oil prices and travel costs.

TAT also plans to use the remaining central budget under the Thailand Summer Blast scheme, which supports inbound flights to Thailand, to back airlines and promote both major and secondary cities.

It is considering adjustments to an existing subsidy program for charter flights to cover long-haul markets, as well as incentives such as free domestic flights for international visitors and co-payment schemes to boost local tourism.

Thailand aims to capitalize on the situation by positioning itself as an aviation hub linking Europe with Asia and Australia, while adjusting flight schedules to attract more direct long-haul services. At the same time, efforts will be made to rebalance international tourism markets by focusing on China, Japan, the Republic of Korea and Southeast Asia.

Let me end this piece by asking you readers: What is your reaction to this development? Do you intend to visit Thailand over the next six months? Does the war against Iran discourage you from traveling 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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SBMA Chairman Aliño Opens New 2-Storey Starbucks Coffee Shop With Drive-Thru In Subic Bay Freeport Zone

March 20, 2026March 16, 2026carlocarrasco

Recently inside the Subic Bay Freeport Zone, Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Eduardo Jose L. Aliño formally led the opening of a new two-storey Starbucks Coffee shop with drive-thru, according to the official announcement of the authority. The newest branch of the coffee giant was made with an investment of over P36 million.

To put things in perspective, posted below is an excerpt from official announcement by the SBMA. Some parts in boldface…

Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Eduardo Jose L. Aliño led the opening of the first two-storey Starbucks Coffee Shop with drive-thru facility here on March 6, 2026.

According to Aliño, the opening of the two-storey Starbucks Coffee Shop indicates Subic Bay Freeport’s status as a popular tourist destination, anticipating a year-round influx of customers.

The Starbucks Coffee Shop invested ₱36.75 Million in a 1,700-square-meter area at the portion of Lot 75-A, Rizal Highway, Central Business District, Subic Bay Freeport Zone.

The inauguration was attended by Engr. and Mrs. Rhammeth Paras, Arch. and Mrs. Adonis Co, Mr. and Mrs. Timothy Tang, and Engr. Aries Tanglao, owners of Pandabest Realty and Trading, Inc.

The two-storey Starbucks locations usually offer enhanced, often scenic, spaces with increased seating, frequently housed in restored, architecturally unique, or heritage buildings.

Notable examples include the heritage shophouse in Singapore’s Chinatown, the sprawling Reserve Hiraya in Tagaytay, and a colonial-style bungalow in Rochester.

“Now we have one here, with the building designed to be ‘work and study-friendly,’ providing more intimate, quiet spaces on the upper level compared to the busy ground floor,” Aliño said.

Let me end this post by asking you readers: What is your reaction to this recent development? Have you visited other Starbucks branches inside the Subic Bay Freeport Zone during your recent visit there? Do you think there is still more room for further coffee shops or cafes inside the Subic Bay Freeport Zone? How often do you order coffee by drive-thru?

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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GCash Blocks Over 3,200 Merchants Linked To Gambling And Scamming

March 19, 2026March 15, 2026carlocarrasco

In a serious attempt to protect its users and restore confidence, digital wallet GCash blocked more than three thousand and two hundred merchants that were linked to illegal online gambling and scamming, according to a news report by the Manila Bulletin.

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

Digital wallet giant GCash has blocked more than 3,200 merchants found to be linked to illicit activities, including illegal online gambling platforms, as part of its effort to bolster consumer protection.

In a statement, GCash said it has been coordinating with the Cybercrime Investigation and Coordinating Center (CICC) since last year to shut down these merchants’ access to the digital wallet.

By prohibiting their access to the digital wallet, this move prevents illegal operators from misusing the QRPh payment rail, which has been used to lure users to fake GCash payment pages.

Many of these illegal merchants employ deceptive tactics to mislead customers into sending payments to unauthorized accounts. Among the most common schemes is QR masking, where seemingly legitimate QR codes redirect payments to a different account.

Scammers also create fake payment pages that imitate legitimate businesses, as well as pages designed to mimic the official GCash interface to deceive customers and collect unauthorized payments.

GCash said it does not partner with these illegal merchants and operators, noting that they are typically independent entities attempting to route transactions through legitimate digital services.

To enhance consumer protection, GCash deploys proactive monitoring to identify and disable these schemes, which are then reported to authorities and the CICC to support government enforcement efforts.

“Entities attempting to misuse the GCash payment app and QRPh without authorization or are masking QRPh leading to unauthorized transactions are flagged, suspended, and reported to the relevant authorities,” it said.

Currently, GCash has measures in place to detect unauthorized merchant activity before users are scammed, helping maintain service integrity.

Furthermore, it immediately disables links to fraudulent operations and reports suspicious transactions to the CICC and the Anti-Money Laundering Council (AMLC).

“By proactively blocking unauthorized actors and reporting them to our regulators and authorities, we are helping protect Filipinos and maintain trust in the country’s digital financial ecosystem,” Miguel Geronilla, chief information and security officer of GCash.

As another layer of security, GCash said users should never share their mobile personal identification number (MPIN) or one-time password (OTP), as these details are not required.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think GCash has done a huge effort to protect its users and other customers? What do you think the scammers and purged merchants will do now that they have been blocked by GCash?

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 Unemployment Rate Jumps To 5.8% In January 2026

March 18, 2026March 14, 2026carlocarrasco

With weaker economic growth and other problems already affecting the Philippines, the unemployment rate of the nation jumped to 5.8% this past January, according to a news report by BusinessWorld.

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

The Philippines’ unemployment rate climbed to 5.8% in January 2026, marking its highest level in more than three years, as the labor market cooled after the holidays, the Philippine Statistics Authority (PSA) said on Friday.

Preliminary results from the January 2026 Labor Force Survey (LFS) showed the number of unemployed Filipinos rose to 2.96 million, from 2.17 million in the same month last year, and 2.26 million in December 2025.

PSA Assistant Secretary Divina Gracia L. Del Prado said that the January unemployment rate was the highest recorded since June 2022, when unemployment stood at 6.0%.

The January jobless rate was higher than the 4.3% in January 2025, and the 4.4% in December 2025.

“Usually in our time series, after the Christmas season, our employment rate really goes down… because there are no longer available jobs,” Ms. Del Prado told a livestreamed news briefing.

“Because in December, of course, there are lots of jobs available for our labor force. But month on month, the number of unemployed increased by 695,000. And most of the reasons for this are that people got tired — maybe they were exhausted from working in December, or believing that there are no jobs available,” she added.

The quality of employment also saw a shift, as the underemployment rate — the proportion of those with jobs but seeking more hours — stood at 13.2% in January 2026. This was a tad lower than the 13.3% underemployment rate in January 2025, but higher than the 8% in December 2025.

About 6.35 million Filipinos were considered underemployed persons in January, slightly decreased from the 6.47 million underemployed in January 2025, and 2.42 million seen in December 2025.

The country’s employment rate fell to 94.2% in January 2026, down from 95.7% in January 2025 and 95.6% in December 2025. This was also the lowest employment rate recorded since June 2022 when it stood at 94%.

The number of employed persons in January 2026 fell to 47.94 million, a decline from 48.49 million employed in the same month last year, and 49.43 million in December 2025.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you personally know anyone who has been unemployed for the past three months? Do you consider the higher unemployment rate a sign that the economy of the Philippines could fall into a recession 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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Japan Releases Oil Reserves

March 17, 2026March 16, 2026carlocarrasco

As expected, Japan officially started releasing yesterday its oil reserves to stabilize the distribution of petroleum products and to ensure a good supply as the war against the Islamic terrorist regime of Iran continues, according to a Kyodo News report.

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

Japan began to release oil from its reserves Monday to alleviate supply concerns that have grown amid the U.S.-Israel war with Iran and stabilize the distribution of petroleum products, taking the step ahead of a planned International Energy Agency-led move.

In its first oil release since 2022, when it joined an IEA coordinated effort following Russia’s full-scale invasion of Ukraine, Japan is initially freeing up 15 days’ worth of reserves held by the private sector, with a month’s worth of state-held oil to follow.

Chief Cabinet Secretary Minoru Kihara said the release was decided as Japan’s crude oil imports are expected to decrease significantly from late March onwards due to the effective closure of the Strait of Hormuz, which many tankers traverse.

“We plan to make efforts so that (the released oil) will circulate in the market smoothly,” he said, adding the government will “continue to take every possible step to ensure the stable supply of energy, through international coordination and without ruling out any options.”

The IEA said Sunday the planned coordinated release of oil by its 32 member countries, including Japan, will “soon start.”

It said last week that the countries will make 400 million barrels of oil available to the market in response to the disruptions resulting from the Middle East conflict.

Crude oil futures have been surging amid growing prospects of a prolonged conflict, with the benchmark West Texas Intermediate crude oil futures contract briefly topping $100 per barrel again in New York on Sunday, after a similar spike a week earlier.

The Japanese government will reduce the mandatory 70-day reserve requirement for oil refiners and trading companies under Japan’s oil stockpiling law to 55 days’ worth, allowing them to draw down their existing stocks for use.

Last Wednesday, Prime Minister Sanae Takaichi announced the government’s plans to release about 80 million barrels of oil, the largest ever, equivalent to 45 days’ worth of domestic consumption and 1.8 times the amount released after the massive earthquake and tsunami in 2011 that devastated Japan’s northeast.

Preparations are under way to sell oil in government-held reserves to wholesalers.

As of the end of 2025, Japan held reserves of approximately 470 million barrels of oil, equivalent to 254 days of domestic consumption, of which 146 days’ worth were government-owned, 101 days held by the private sector, and the remainder jointly stored by oil-producing countries.

Let me end this piece by asking you readers: What is your reaction to this development? Do you think newly released oil reserves will stabilize the Japanese market for petroleum products? Do you think the joint Israel-US campaign against the Islamic terrorist regime of Iran will ultimately cause the enemy to surrender this month?

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 Attracted Only $7.79 Billion In Foreign Direct Investment In 2025

March 16, 2026March 12, 2026carlocarrasco

It can be said that 2025 is indeed a very disappointing year for the Philippines as it attracted only $7.79 billion in terms of net inflows of foreign direct investments (FDI), according to a news report by the Manila Bulletin. The said figure is a drop of more than 17% compared with 2024 and it is recalled that the flood control corruption scandal of 2025 negatively affected the nation.

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

Net inflows of foreign direct investment (FDI) into the Philippines plunged to their lowest level in a decade—excluding the pandemic slump—as investors stepped on the brakes on injecting funds into the country.

The latest data from the Bangko Sentral ng Pilipinas (BSP) released on Tuesday night, March 10, showed net inflows of FDI stood at $7.79 billion for the full year of 2025, dropping 17.1 percent from the $9.4 billion recorded in 2024.

It bears noting that the 2025 performance marks a significant downturn, as full-year FDI was the lowest since the 2020 pandemic level of $6.82 billion.

Excluding the pandemic period, 2025 net FDI represents the lowest level in a decade since the $5.64 billion recorded in 2015. This contraction was a consistent trend throughout 2025, with cumulative annual growth remaining negative every month since January.

On a positive note, the final figure exceeded the country’s $7-billion full-year target.

According to the BSP, the overall decline in investments was largely driven by net debt instruments, or intercompany borrowings, which shrank by 27 percent to $5.27 billion from $7.22 billion in 2024.

Meanwhile, net equity capital, other than reinvestment of earnings, grew by 31.4 percent to $1.32 billion from $1.01 billion the previous year. Reinvestment of earnings also saw a modest expansion of 2.5 percent, reaching $1.2 billion.

For the full year, equity capital placements were primarily sourced from Japan, the United States (US), Singapore, and South Korea.

Investments were largely channeled into financial and insurance activities, manufacturing, and wholesale and retail trade.

In December 2025 alone, net inflows were recorded at $560 million, marking the lowest in three months since September 2025 at $316 million.

Robert Dan Roces, group economist at SM Investments Corp. (SMIC), said investors delayed their investments, particularly in December. He added that softer inflows likely reflect seasonality.

Looking ahead, Roces believes the ongoing military conflict in the Middle East could add a layer of uncertainty, triggering market volatility. Still, he sees a gradual rebound in 2026 on the back of improving global financial conditions.

“While the Iran conflict adds uncertainty through higher oil prices and market volatility, we still expect FDI to gradually recover in 2026, particularly in manufacturing, renewable energy (RE), and logistics, as global financial conditions ease and supply-chain diversification continues,” Roces said.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the Philippines will be able to rebound strongly this year with foreign investors?

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

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SBMA And Leechiu Property Consultants To Advance Freeport Investments And Tourism

March 14, 2026March 9, 2026carlocarrasco

Having been to the Subic Bay Freeport Zone many times already, the former US Naval base has been a strong engine for tourism, commerce and investments for the Philippines over the decades. Each time I visited, there was also something new to discover and the economic modernization happened gradually.

In a serious bid to enhance investments and accelerate the growth of tourism, the Subic Bay Metropolitan Authority (SBMA) announced that it has teamed up with the Leechiu Property Consultants (LPC) and their officials had important talks recently.

To put things in perspective, posted below is an excerpt from the official announcement of the SBMA. Some parts in boldface…

Subic Bay Metropolitan Authority (SBMA) officials met with executives of Leechiu Property Consultants (LPC) to explore collaborative initiatives to accelerate tourism growth and investment promotion here.

Led by SBMA Business and Investment Group’s Senior Deputy Administrator (SDA) Renato Lee III, discussions focused on expanding high-impact tourism segments including cruise ship tourism, wreck diving, forest trails, and Meetings, Incentives, Conferences, and Exhibitions (MICE) activities.

David Lee-Chiu, CEO of Leechiu Property Consultants highlighted Subic Bay’s deep-water port and strategic location as key advantages in positioning the Freeport as a competitive cruise ship destination in Luzon.

Lee-Chiu also noted that increased cruise calls would drive growth across hospitality, retail, transport, and local enterprises.

Meanwhile, SBMA Chairman and Administrator Eduardo Jose L. Alino also mentioned “wreck diving” as a strong niche market, with Subic Bay’s historic shipwrecks that continue to attract both domestic and international divers.

Also discussed was the development and promotion of forest trails and eco-tourism experiences, recognizing Subic Bay Freeport’s protected forest areas as prime assets for sustainable tourism, nature-based recreation, and eco-adventure activities.

Let me end this post by asking you readers: What is your reaction to this recent development? If you have visited the Subic Bay Freeport Zone over the past three months, how was your stay and did you find the place worth revisiting? Do you think the SBMA can still achieve so much more in terms of tourism growth and business?

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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