economics – Page 40 – Author Carlo Carrasco

Department of Tourism (DOT) chief Frasco vows to build more tourist rest areas (TRAs) nationwide

December 22, 2023December 19, 2023carlocarrasco

As the Philippines succeeded in attracting a lot more foreign tourists this year compared to 2022, the Department of Tourism’s (DOT) chief Christina Frasco aims to strengthen the nation’s tourism industry by establishing more tourist rest areas (TRAs), 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…

Department of Tourism (DOT) Secretary Christina Frasco vowed on Monday to open more tourist rest areas (TRA) across the country to further boost the industry.

Frasco made the statement as she led the inauguration of TRA in Cebu province’s wildlife adventure capital.

In her speech, Frasco said the TRA in Cebu’s northern town of Carmen is the fourth in Cebu and 10th in the country and pledged to build 18 more of these facilities “all the way from Batanes to Tawi-Tawi.”

The opening of these TRAs would be realized through the partnership with the local government units (LGU) and private stakeholders.

Frasco said more mayors in Cebu have requested her mother, Cebu Governor Gwendolyn Garcia, to open the same facility in their respective areas, optimistic these would boost their local tourism efforts.

The Carmen TRA will be managed by the Cebu Zafari, a wildlife park that is home to over 1,000 animals of 120 species in a 170-hectare property.

“Gov. Gwen expanded the support beyond Cebu through her initiative to open TRAs in the sister province of Albay and Zamboanga-Sibugay,” she added.

Medellin, a sugarcane town also in Cebu north, is the first LGU in the Philippines to establish its own TRA. Other TRAs were inaugurated in Carcar City and Moalboal.

Like in three other facilities, the Carmen TRA offers various amenities, including a coffee shop, a pasalubong and souvenir store, a tourist information area, clean restrooms and free charging stations.

The souvenir shops not only sell local delicacies but also serve as a platform for Cebu’s micro, small and medium enterprises (MSMEs) to showcase their local products, providing them with additional livelihood opportunities and employment for the locals.

DOT-7 regional director Shahlimar Tamano said groundbreaking for TRAs in Bogo City, Dumanjug, Santander and Pinamungajan are in the pipeline.

“TRAs are precisely what we needed to promote tourism,” Garcia said in her remark during the inauguration ceremony at Carmen, citing complaints from local and foreign tourists that the Philippines lack restroom facilities for travelers.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think it makes sense for the DOT to establish more TRAs around the country to help the tourism industry? Do you think having more TRAs will be helpful in comforting tourists?

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

Muntinlupa Mayor Biazon hopes Maynilad’s new water treatment plant in the city will solve water service interruptions

December 21, 2023December 17, 2023carlocarrasco

Recently in the City of Muntinlupa, the newest water treatment plant (WTP) of water concessionaire Maynilad in Barangay Poblacion was formally inaugurated with the presence of President Ferdinand “Bongbong” Marcos, Jr., and Mayor Biazon expressed hope that the said plant will solve water service interruptions, 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…

Muntinlupa Mayor Ruffy Biazon is hoping that Maynilad’s new water treatment plant in the city will solve water service interruptions that are being experienced by residents.

President Ferdinand “Bongbong” Marcos Jr. led the inauguration of Maynilad’s Poblacion Water Treatment Plant (WTP) in Muntinlupa on Dec. 15.

“We hope this new facility will help address challenges in water supply in Muntinlupa,” posted Biazon on Facebook.

Biazon joined the inauguration along with Muntinlupa Rep. Jaime Fresnedi, Poblacion Barangay Chairman Allen Ampaya, Environment Sec. Maria Antonia Yulo-Loyzaga, Metropolitan Waterworks and Sewerage System (MWSS) Administrator Leonor Cleofas, and Maynilad Chairman Manuel V. Pangilinan.

According to Maynilad, the Poblacion WTP has a capacity to produce 150 million liters of water per day.

Biazon said this December, the plant is expected to produce 50 million liters per day, and by the first half of 2024, it will go on full operations.

President Ferdinand “Bongbong” Marcos Jr. (PBBM) led today, December 15, 2023, the formal inauguration of Maynilad’s Poblacion Water Treatment Plant (WTP) in Muntinlupa City.

Maynilad said the new WTP cost P11 billion and it is the company’s third water treatment facility that gets raw water from the Laguna Lake.

It said the new plant will service about one million customers in Parañaque, Las Piñas, Muntinlupa, and Cavite.

“The additional water supply it produces will help to minimize service interruptions due to raw water quality shifts in Laguna Lake, which have been occurring with more frequency owing to the effects of climate change,” the company said in a press release.

It said the new treatment plant uses a multi-stage process of dissolved air flotation, cloth filter, biological aerated filter, ultrafiltration, reverse osmosis, and chlorination to ensure that the water from Laguna Lake passes the Philippine National Standards for Drinking Water (PNSDW) of the Department of Health.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, are you optimistic that the new WTP of Maynilad will at least reduce the number of water service interruptions?

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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Las Piñas City Government fully supports parol makers

December 19, 2023December 14, 2023carlocarrasco

Recently in the City of Las Piñas, a group composed of makers of the parol (traditional Filipino Christmas lanterns) received full support from the City Government, according to a social media post of the local government’s Facebook page dated December 13, 2023.

To put things in perspective, posted below is an excerpt the City Government’s Facebook post. Some parts in boldface…

The Samahang Magpaparol ng Las Piñas, a group of traditional Filipino Christmas lantern makers, was warmly received by City Mayor Imelda Aguilar and Vice Mayor April Aguilar in City Hall on Tuesday, December 12th. This meeting underscored Las Piñas City’s reputation as the Parol Capital of Metro Manila, celebrating the city’s deep-rooted tradition in crafting these iconic symbols of Filipino Christmas.

*Las Piñas City Mayor Imelda Aguilar with the parol makers group at City Hall. (photo source – Las Piñas City PIO)*

In a table discussion, Mayor Imelda Aguilar expressed her profound appreciation for the parol makers’ dedication to their craft and assured their group of the city government’s full support. This promise marks a crucial step in safeguarding the art of parol making and promoting its continued relevance in the city’s cultural landscape. The parol makers, in response, extended their heartfelt thanks to Mayor Aguilar, appreciating the recognition and support for their craft, which is integral to the city’s identity and festive celebrations.

This meeting between the city officials and the parol makers reaffirms Las Piñas City’s commitment to its cultural roots and its preservation.

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 see the parol as the most important Christmas decoration ever? How many parols does your household have now? How much money did you spend on each parol you bought? Is ever parol in your household made in Las Piñas?

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 attracts 5 million foreign tourist arrivals, sets 2024 target at 7.7 million

December 18, 2023December 13, 2023carlocarrasco

With a few more weeks to go before 2023 finally comes to an end, the Department of Tourism (DOT) confirmed that the number of foreign tourist arrivals in the Philippines just surpassed the 5,000,000 mark and they raised the stakes even higher for 2024, according to a Malaya Business Insight news report.

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

After breaching 5 million in tourist arrivals as of December 12, the Philippines hopes to attract 7.7 million tourists in 2024.

Christina Frasco, secretary of the Department of Tourism (DOT) in her accomplishment report yesterday, said the Philippines has exceeded its 4.8 million goal when it logged 5.06 million visitors as of yesterday.

These tourists contributed P440 billion in receipts to the economy or more than double than the P209 billion recorded last year.

“In 2024, we are more than optimistic that we will once again reach our targets as we have proven in the past two years. For next year, we’re targeting 7.7 million international arrivals. I understand that this is not yet pre-pandemic numbers of 2019 at over 8.2 million international arrivals, but what I can assure you is that we will push as hard as we can and fully activate our convergences with other government agencies to reach this target and bring us closer to pre- pandemic numbers even as we grapple with many forces beyond our control globally and locally,” Frasco said.

Frasco also disclosed the DOT has proposed P5 billion infusion for the construction of new tourism roads in addition to the construction of tourism roads for 2024.

Frasco said recovery rate on arrivals to pre-pandemic of Philippine tourism is at 65 percent as of November, faster than the 62 percent average rate in Asia-Pacific as of September.

She said in terms of international visitor receipts, Philippine recovery is at 95 percent of the P458 billion visitor receipts in 2019.

This is a 267 percent increase versus the same period last year with a little over 2.6 million visitor arrivals in 2022. Tourism created over 5.35 million jobs which means that for every 100 Filipinos, 11 are employed in tourism related jobs.

According to Frasco, the Philippines has already recovered nearly 80 percent of its pre-COVID international incoming seat capacity.

Let me end this piece by asking you readers: What is your reaction to this recent development? Now that the Philippines has recorded more than 5 million foreign tourist arrivals, do you think there is still a chance for the figure to reach 6 million by December 31, 2023? Do you think the 2024 target of 7.7 million foreign tourist arrivals is achievable?

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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Performance-based bonus (PBB) for Muntinlupa City Government employees confirmed

December 15, 2023December 12, 2023carlocarrasco

Recently in the City of Muntinlupa, the City Government announced that its employees will get a performance-based bonus (PBB), 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…

Officials and employees of the Muntinlupa City government will get a performance-based bonus (PBB) as an extra Christmas treat.

Majority Floor Leader Raul Corro announced on Dec. 11 that the Muntinlupa City Council passed a resolution on first reading granting the bonus for the fiscal year 2022.

The decision was made after the city government passed the four criteria that allowed it to grant the bonus: performance results, process results, financial results and citizen/client satisfaction result.

The grant of the PBB on Muntinlupa City government personnel was approved by the Department of the Interior and Local Government (DILG), which certified that “the City of Muntinlupa is included in the official list of local governments eligible to grant the FY 2022 Performance-Based Bonus to qualified local government officials and employees.”

Muntinlupa’s Local Finance Committee also approved a resolution recommending the release of the PBB to qualified personnel.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, are you delighted that the City Government employees will receive the PBB just in time for Christmas?

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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NEDA projects 2023 Philippine economic growth at 6%

December 13, 2023December 10, 2023carlocarrasco

As the 2023 is coming to an end, the National Economic and Development Authority (NEDA) expressed confidence that the economy of the Philippines will achieve 6% growth this year, 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 National Economic and Development Authority (NEDA) is positive the country will hit the low end of its economic growth target at 6 percent by the end of the year.

“For the year, ang expectation namin is we will hit the low end of the target. If not, close to it (our expectation is that we will hit the low end of the target. If not, close to it). The low end of the growth target is at 6 percent, so either a 6 or very close to that,” NEDA Undersecretary Rosemarie Edillon said at the Saturday News Forum in Quezon City.

The Philippine economy posted the strongest third-quarter growth of 5.9 percent among major Asian economies, bringing the gross domestic product (GDP) expansion for the first nine months of 2023 to 5.5 percent.

Vietnam recorded 5.3 percent, Indonesia and China 4.9 percent, and Malaysia 3.3 percent during the third quarter.

Looking at the Purchasing Manager’s Index (PMI) as one indicator, Edillon said she is optimistic the GDP forecast is achievable.

She also noted the October unemployment data, which fell to 4.2 percent from 4.5 percent during the same month last year.

“Nakita namin na maganda rin naman ang employment numbers natin at ‘yung PMI, nakita namin na mataas pa rin naman siya (We saw that the employment numbers and the PMI are high),” she said. “We are actually hopeful for the rest of the year but especially going forward.”

Edillon said they observed a rise in the number of jobs generated in accommodation establishments, restaurants, transportation, and the information technology – business process outsourcing fields.

She also pointed out the gradual recovery of sectors severely hit by the pandemic, especially the tourism industry, which already surpassed its targeted 4.8 million foreign visitors.

Before the pandemic, the tourism industry’s share in the country’s GDP was estimated at 12.7 percent.

Improved inflation

In the same forum, she took note of the improving inflation rate, which further eased to 4.1 percent in November from 4.9 percent in October.

Food inflation at the national level decelerated further to 5.8 percent in November 2023 from 7.1 percent the previous month.

“(M)agandang balita ito kasi, especially iyong mga food item na binabantayan natin — kunwari iyong pork meat, iyong sugar, iyong mga vegetables — bumaba po iyong presyo nitong mga ito (This is good news, especially with regard to the food items that we are monitoring – the prices of pork meat, sugar, and vegetable went down),” she said.

Edillon said the cost of rice still rose but this could be attributed to the slowdown in importation due to tightening supply in the world market.

“Iyong sa ibang mga bansa, nag-i-expect kasi sila ng impact ng El Niño. Pero ang tingin naman namin, dahil we think that they have been prepared for this so mukhang it will correct actually (Other countries are bracing for the impact of El Niño. But we think because they’re already prepared for it, it will be corrected eventually),” she said.

Still, she said she believes the price cap imposed by President Ferdinand R. Marcos Jr. in September contributed to the lower inflation rate.

Let me end this piece by asking you readers: What is your reaction to this recent development? Are you convinced that the Philippines will be able to achieve 5

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

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Philippine inflation eases to 4.1% in November 2023

December 11, 2023December 6, 2023carlocarrasco

Inflation here in the Philippines continued to drop and eventually landed at 4.1% for the month of November 2023 and there were several factors behind it, according to a Philippine News Agency (PNA) news report.

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

The country’s headline inflation further eased to 4.1 percent in November this year, the lowest recorded since the 4 percent in March 2022, the Philippine Statistics Authority (PSA) said.

In a briefing on Tuesday, National Statistician Dennis Mapa said the headline inflation last month was significantly lower than the 8 percent recorded in November last year and the 4.9 percent seen in October this year.

Core inflation, which excludes volatile oil and food items, also decelerated to 4.7 percent from 5.3 percent in October.

PSA data shows the downtrend was primarily brought about by the lower year-on-year growth rate of the heavily-weighted food and non-alcoholic beverages at 5.7 percent in November 2023 from 7 percent in October 2023.

Food inflation slowed to 5.8 percent, the lowest recorded since the 5.2 percent in May 2022.

This is due to the deflation in vegetables (-2 percent from 11.9 percent) and lower inflation of fish, meat, sugar, bread and other cereals, and fruits.

Also contributing to the downtrend in the overall inflation in November was the deflation in transportation (-0.8 percent from 1 percent) and slower inflation in restaurant and accommodation services (5.6 percent from 6.3 percent).

The restaurants and accommodation services index with a slower inflation rate of 5.6 percent in November from 6.3 percent in the previous month also contributed to the downtrend of the overall inflation.

Year-to-date, headline inflation was at 6.2 percent while core inflation settled at 6.8 percent.

Inflation in the National Capital Region (NCR) also slowed to 4.3 percent from 4.9 percent in October. For areas outside NCR, headline inflation decelerated to 4.1 percent in November from 4.9 percent the previous month. Inflation for the bottom 30 percent households also eased to 4.9 percent from 5.3 percent.

In a separate statement, the National Economic and Development Authority (NEDA) attributed the drop in inflation to the timely implementation of strategies to stabilize food supply amid the anticipated domestic and external headwinds in the coming months.

“With the right interventions in place, including the proper and timely deployment of trade policy, we are confident that we can effectively manage inflation and prevent unnecessary upticks in prices of goods and commodities to safeguard the purchasing power of Filipino families, especially those from the most vulnerable sectors,” NEDA Secretary Arsenio Balisacan said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think inflation will ease further and go below 4% by January 2024? Does the easing of inflation make you more confident about your economic prospects for 2024?

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 Government opens Christmas bazaar at renovated Alabang Central Market (ACM)

December 11, 2023December 7, 2023carlocarrasco

Recently in the City of Muntinlupa, the City Government formally opened a Christmas bazaar at the renovated Alabang Central Market (ACM) and the bazaar will last until January 1, 2024, according to a Manila Bulletin news report. The bazaar’s operating schedule is 4PM to 10PM.

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

The Muntinlupa City government opened a Christmas bazaar at the renovated Alabang Central Market (ACM), giving shoppers more options this holiday season.

Mayor Ruffy Biazon presided over the reopening of the newly renovated Building B of the ACM and invited shoppers to enjoy the bazaar at the refurbished market.

The new building features 357 stalls for general merchandise, salon services, and dry goods. Building A, which was reopened earlier, is the wet section of the market.

The renovated ACM now has more updated service facilities such as individual power supply, air handling system,️ fire protection system, fire detection and alarm system, and rainwater collection system.

Let me end this piece by asking you readers: What do you think about this recent development? If you are a resident of Muntinlupa, are you delighted with this new Christmas bazaar located in the renovated ACM? Have you been to this specific bazaar recently? Do you consider Alabang the best place for Christmas bazaars in the entire south of Metro Manila?

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 strong economic growth for the Philippines this year and in 2024

December 7, 2023December 5, 2023carlocarrasco

Recently the World Bank announced that the economy of the Philippines will continue to grow strongly this year and next year, according to a Philippine News Agency (PNA) news report.

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

The World Bank on Tuesday said the Philippine economy is expected to continue to post strong growth but fully implementing key reforms to boost investments is crucial to sustain growth.

“We anticipate that the Philippine economy will continue to exhibit strong performance in the next few years,” World Bank country director for Brunei, Malaysia, the Philippines and Thailand Ndiame Diop said in briefing for the presentation of the Philippines Economic Update (PEU) December 2023 edition.

“This growth will be propelled by a healthy labor market and declining inflation, which will stimulate robust household consumption,” he said.

For this year, the World Bank expects the Philippine economy to grow by 5.6 percent and edge up to 5.8 percent in 2024.

The services sector is anticipated to be the main growth driver supported by the ongoing recovery of the tourism sector and the consistent performance of the information technology and business process outsourcing industry.

“We expect that the full implementation of several investment reforms will enhance the country’s competitiveness to attract foreign investment, strengthening the country’s global growth prospects,” said Diop.

The Philippine economy grew by 5.9 percent in the third quarter of the year, bringing the year-to-date economic expansion to 5.5 percent.

“Despite the challenging global environment that resulted in a slowdown for many countries in the region, the Philippines stands out as among the top performers,” Diop added.

He said this can be attributed to the country’s resilient domestic demand which helped mitigate the impact of external headwinds.

Inflation, meanwhile, is forecast to settle at 5.9 percent this year and ease to 3.6 percent in 2024.

Policy recommendations – Diop pointed out that moving forward, full implementation of key forms is needed to mitigate the impact of high inflation amid volatility in global commodity prices and high cost of borrowings to stimulate private investment, promote job creation and reduce poverty.

These include the amendments to the Public Services Act, Retail Trade Liberalization Act, the Foreign Investment Act and amendments to the implementing rules and regulations of the Renewable Energy Act allowing foreign ownership of renewable energy projects.

World Bank senior economist Ralph Van Doorn said that in the short term, domestic policy priorities include containing elevated inflation and providing assistance to vulnerable sectors.

Van Doorn said enhancing forecasting and planning to help stabilize food prices, reducing market volatility and ensuring a consistent and reliable food supply remains fundamental to reducing inflation in the short term.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the World Bank is correct with its findings about the economy 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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Philippines’ credit ratings affirmed by S&P Global Ratings

December 4, 2023November 30, 2023carlocarrasco

The credit ratings of the Philippines for both long-term and short term were affirmed by the US-based S&P Global Ratings which also saw stronger economic growth for the country in the next few years, 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…

United States-based S&P Global Ratings on Wednesday affirmed the Philippines’ ‘BBB+’ long-term and ‘A-2’ short-term sovereign credit ratings, citing the country’s sustained economic recovery due to the government’s ongoing efforts to address infrastructure gaps and improvements in the business climate.

“The stable outlook reflects our expectation that the Philippine economy will maintain healthy growth rates and the fiscal performance will materially improve over the next 24 months,” S&P Global said in a report.

According to S&P, the country’s gross domestic product (GDP) is projected to grow by 5.4 percent this year, reflecting the impact of high base and the slower growth of the world economy.

The report also showed that Philippine economic growth is projected to accelerate to 5.9 percent in 2024, 6.2 percent in 2025 and 6.4 percent in (2026).

The credit rater expects that the Philippines’ economic growth will remain well above the average among its peers “due to the government’s ongoing efforts to address infrastructure gaps and improvements in the business climate through regulatory and tax reforms, which will further support expansion in economic productivity.”

It also recognized the government’s efforts to prioritize infrastructure development and fiscal measures and cited crucial reforms such as the public-private partnership (PPP) framework and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

“The Philippine government has generally enacted effective and prudent fiscal policies over the past decade. Improvements to the quality of expenditure, manageable fiscal deficits, and low general government indebtedness testify to this. This track record of sustainable public finances helped the government accumulate fiscal resources to respond to the pandemic,” the report said.

It also underscored the importance of tax reforms in ensuring that public finances remain sustainable, while infrastructure and social needs are addressed.

S&P said the general government (GG) deficit is estimated to decline and to settle at 3.8 percent of GDP in 2023, from 4.4 percent in 2022.

“We believe the fiscal shortfall will continue to narrow over the coming years while the economy regains its footing and the government scales back stimulus measures. We expect the medium-term fiscal framework (MTFF) revealed by the Marcos administration last year to guide the consolidation process,” it said.

The report also highlighted the country’s solid household and corporate balance sheets and sizable remittance inflows, and expects foreign direct investments to remain stable this year.

However, S&P said it may lower the country’s ratings if economic recovery falters, if general government debt exceeds 4 percent of GDP, if net debt stock exceeds 60 percent of GDP or if interest payments exceed 15 percent of revenue on a sustained basis.

“We may raise the ratings if the economy recovers much faster than we expect, and the government achieves more rapid fiscal consolidation,” it said.

Let me end this piece by asking you readers: What do you think about this recent development? Are you satisfied with what was accomplished this year with regards to foreign tourist arrivals and the related revenues? Do you think the Philippine economy will continue to grow stronger each year until 2026? Do you believe in the findings of S&P Global Ratings?

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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