economics – Page 58 – Author Carlo Carrasco

Muntinlupa City Mayor visits local market and personally inspects prices of goods

October 12, 2023October 9, 2023carlocarrasco

Recently in the progressive city of Muntinlupa, Mayor Ruffy Biazon personally visited a market in Barangay Poblacion and examined the prices of goods, 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…

Muntinlupa Mayor Ruffy Biazon visited a market on Oct. 9 to check the prices of basic commodities.

Biazon went to a market in Barangay Poblacion to know the prevailing prices of rice, meat, vegetables and other commodities.

He said a common feedback of stall owners inside the market is the competition from sellers outside the market, which has a negative impact on their income.

“Ang common feedback ng mga nagtitinda ay ang kompetensya mula sa mga nagtitinda sa labas—yung mga nasa bangketa at nasa iba pang private properties. Hindi na kasi sila napapasok ng mga mamimili; may advantage kasi yung mga nasa labas (The common feedback from sellers is the competition from sellers outside–those who are located on the sidewalk and private properties. Consumers no longer go inside (the market); those who sell outside have the advantage),” said Biazon during his Facebook live video of his market visit.

The mayor also noted that there are vacant stalls in the market, which could be due to sellers losing out to competitors outside the establishment. Biazon said he will look into the matter of illegal vendors around the market.

“Nagkakaroon kasi ng negative impact sa market mismo. Titingnan natin ang mga umiiral na batas natin kung may magagamit tayo para tugisin ang mga illegal vendor at wala sa tamang pwesto (It has a negative impact to the market directly. We will study the existing laws if we have something to use to go after illegal vendors and those who are not in the proper places),” said Biazon.

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, were you able to visit any local market lately? If you did, were the prices of good higher than they were six months ago? Do you wish that more your city government officials would personally visit other local markets? Do you believe that local market vendors are being harmed by vendors outside of the markets?

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 business permit renewal processing at Festival Mall until October 13

October 12, 2023October 10, 2023carlocarrasco

Recently in the progressive city of Muntinlupa, it was announced that Business and Permit Licensing Office (BPLO) of the City Government were present at Festival Mall in Filinvest City for the convenience of business owners for permit processing and will remain there until October 13, 2023, 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…

The Muntinlupa City government’s business renewal has returned to the Festival Mall in Alabang for the convenience of business owners.

Muntinlupa’s Business Permits and Licensing Office Single-Window Transaction (BPLO-SWiT) program is available in the mall from Oct. 9 to 13 for easier and faster transactions.

“We encourage businesses to take the opportunity to pay their obligations early and avoid penalties for late payments. With the BPLO-SWiT, we are making tax payments more accessible than ever, so we call on everyone to avoid the rush and possible penalties,” said Mayor Ruffy Biazon.

Applicants can transact from 10 a.m. to 4:30 p.m. at the BPLO-SWiT booth, situated near the Festival Mall concierge.

The whole process, starting from the submission of documents, encoding of information, payment of fees, to printing of official receipt, Community Tax Certificate, Business License and Mayor’s Permit Certificate, and Barangay Clearance for Business, takes as little as 20 minutes, provided all documentary requirements are complete.

In addition to the BPLO-SWiT, business owners may also continue to renew their license and Mayor’s Permit at the BPLO in Muntinlupa City Hall and online via the Business E-payment System (BESt).

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 and you own a business, were you able to avail of the BPLO’s services at Festival Mall? Do you think that the Muntinlupa BPLO should have a longer presence at Festival Mall for your business permit processing needs?

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 falls down to 4.4% in August 2023

October 10, 2023October 6, 2023carlocarrasco

As the Philippines continues to move forward in this post-pandemic age, the national unemployment rate fell down to 4.4% this past August, according to a Manila Standard news report.

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

The unemployment rate in the Philippines fell to a three-month low of 4.4 percent in August 2023 from 4.8 percent in July, the Philippine Statistics Authority said Friday.

National statistician and civil registrar-general Dennis Mapa said in an online briefing the August unemployment rate was also lower than 5.3 percent recorded a year ago.

This translated to about 468,000 fewer unemployed individuals in August, according to the National Economic and Development Authority (NEDA).

“In terms of magnitude, there were 2.21 million unemployed Filipinos aged 15 years and over in August 2023,” Mapa said.

“It was also lower than the 2.27 million unemployed in July 2023 and 2.68 million a year ago,” he said.

The underemployment rate also fell from 14.7 percent in August 2022 and 15.9 percent in July 2023 to 11.7 percent in August this year. This was equivalent to 1.4 million fewer underemployed persons, particularly among those employed in the services and industry sectors.

Underemployed persons are those who have expressed the desire to have additional hours of work in their present job or to have an additional job, or to have a new job with longer hours of work.

The number of employed persons aged 15 years and over in August 2023 increased to 48.07 million from 47.87 million a year earlier. This translated into 95.6 percent employment rate, higher than the reported employment rate in August 2022 and July 2023 at 94.7 percent and 95.2 percent, respectively.

Total employment increased 203,000 in the agriculture and industry sectors.

Mapa said the labor force participation rate (LFPR) in August reached 64.7 percent, lower than 66.1 percent a year ago, but higher than 60.1 percent in July 2023.

NEDA underscored the Marcos administration’s commitment to generating high-quality and high-paying job opportunities for workers.

NEDA said that apart from the decline in underemployment, several other indicators pointed to an accompanying increase in the quality of employment, including the increase in wage and salary, and full-time employment, and the decline in vulnerable and part-time employment.

“However, much remains to be done as the number of middle- and high-skilled occupations decreased (-354,000), while low-skilled occupations increased (+551,000) compared to the previous year,” NEDA said.

NEDA Secretary Arsenio Balisacan said the government would continue its efforts to create better job opportunities for workers in the country.

“To raise the quality of employment further, the Marcos administration is committed to exerting all efforts to shape an attractive business climate for investors who have the resources needed to bring in high-quality and high-paying jobs,” he said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Were there many people in your local community who were fortunate to get a new job over the past twelve months?

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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Almost P90 million worth of coins deposited through BSP’s machines

October 6, 2023October 4, 2023carlocarrasco

Do you have an excessive amount of coins with you right now? In recent times, the Bangko Sentral ng Philippines (BSP) launched their project to give people opportunities to deposit their coins through coin deposit machines (CoDMs) that were installed in a few locations. According to a report by GMA Network, almost P90 million worth of coins have been deposited.

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

Nearly P90 million worth of coins have been deposited through the Bangko Sentral ng Pilipinas’ (BSP) coin deposit machines (CoDMs).

Since its launch on June 20, over P87.4 million worth of coins were deposited through CoDMs from more than 20,000 transactions as of September 22, 2023.

The CoDMs were launched in a bid to encourage the public to make use of their idle coins.

Latest central bank data revealed that the coins deposited into the machines were mostly credited to customers’ e-wallets, while a portion was exchanged for shopping vouchers.

In June, the BSP deployed two CoDMs at the SM Mall of Asia in Pasay City, one at Festival Mall in Alabang, Muntinlupa City, and another at Robinsons Place Ermita in Manila.

Moreover, the BSP installed additional coin deposit machines at Robinsons Place Galleria in Ortigas, SM City North EDSA, SM City Fairview in Quezon City, SM City San Lazaro in Manila, SM City Bicutan in Parañaque, and SM City Bacoor in Cavite, bringing the total CoDMs count to 10.

The BSP’s CoDMs accept all denominations of the BSP Coin Series and the New Generation Currency Coin Series launched in 2018, ranging from a centavo to as high as P20.

Through the CoDMs, customers can deposit legal tender coins and have the equivalent amount credited to their GCash accounts. The BSP said it is also working to onboard Maya to provide more e-wallet options to the public.

In using the machines, the central bank urged customers that coins to be deposited must not be taped or bundled, must not come with other objects like buttons, magnets, nails, tokens, screws, or washers, and must be gently placed in the coin slot in handfuls.

Being based in Muntinlupa City, I myself managed to deposit coins into the BSP machine located inside Festival Mall in Filinvest City in Alabang. I really liked the convenience of having the amount of my deposited coins transferred electronically into my GCash account and without any technical or convenience fees charged. I can only hope that the BSP will come up with options for coin depositors to transfer the collected value directly into bank accounts without charging any fees.

Let me end this piece by asking you readers: What is your reaction to this recent development? Were you able to deposit your coins at a BSP machine near your local community? Do you think this project by the BSP will help prevent coin shortages from happening? If you have an excessive amount of coins in your household right now, would you be willing to deposit them all into a BSP machine?

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 economic growth for 2023 could hit 5.5%

October 4, 2023October 2, 2023carlocarrasco

In the views of the First Metro Investment Corporation (FMIC) and the University of the Asia and the Pacific (UA&P), the economy of the Philippines could grow by 5.5% for the year, according to a news article by Philippine News Agency (PNA). 2023 has been an economically challenging year and many anticipated that the national economy won’t grow as high as it did in 2022.

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

The Philippine economy is projected to grow by 5.5 percent this year, driven by the growth in government spending, a report released by the First Metro Investment Corporation (FMIC) and the University of the Asia and the Pacific (UA&P) said.

In the September issue of The Market Call released on Wednesday, FMIC and UA&P said Philippine economic growth in the third quarter of the year will likely reach 5.0 to 5.2 percent.

For the fourth quarter of this year, FMIC and UA&P project the country’s gross domestic product (GDP) to grow by 6 percent.

This would bring the full year GDP growth to 5.5 percent which is slightly below the government’s 6 to 7 percent target for this year.

“Despite the weak July-August, we think the NG will accelerate further its spending on infrastructure and transportation for the rest of the year, and employment will have strong rebound in September,” the report said.

The Philippine economy grew by 4.3 percent in the second quarter of this year. During the quarter, government expenditure contracted by 7.1 percent.

FMIC and UA&P however expect government spending to accelerate in the second half of the year.

“National Government took up the slack in July spending as it ramped up expenditures by 16.2 percent year-on-year in July through higher social protection and infrastructure outlays,” the report said.

Aside from government spending, FMIC and UA&P also expect manufacturing and construction to drive growth.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the national economy can do better than the 5.5% growth foreseen by the First Metro Investment Corporation (FMIC) and the University of the Asia and the Pacific (UA&P)?

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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Marcos signs Trabaho Para sa Bayan Act into law

October 3, 2023September 30, 2023carlocarrasco

In a new attempt to provide jobs in the Philippines and boost the economy, President Ferdinand “Bongbong” Marcos, Jr., recently signed into law the Trabaho Para sa Bayan Act, 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 report. Some parts in boldface…

The passage of the Trabaho Para sa Bayan Act will help the government achieve the goal of the Philippine Development Plan to provide more jobs to Filipinos, the National Economic and Development Authority (NEDA) said Wednesday.

President Ferdinand R. Marcos Jr. signed on Wednesday the Trabaho Para sa Bayan Act which seeks to, among others, address the challenges in the labor market.

“We support the Trabaho Para sa Bayan Act as it contributes to the Philippine Development Plan 2023-2028, which aims to increase employability, expand access to employment opportunities and achieve shared labor market governance,” NEDA Secretary Arsenio Balisacan said in a statement.

The law mandates the formulation of the Trabaho Para sa Bayan Plan (TPB) to address unemployment, underemployment, the informality of working arrangements, the reintegration of Overseas Filipino Workers and other challenges in the labor market.

It will also focus on improving the employability and competitiveness of Filipino workers through upskilling and reskilling initiatives and will provide support for micro, small and medium enterprises, and industry stakeholders.

The TPB Inter-Agency Council, chaired by the NEDA Secretary, will conduct a comprehensive analysis of the employment situation and labor market in the country.

The Council will also ensure the effective use of resources, harmonizing and complementing all governmental efforts and assisting local government units in planning, devising and implementing employment generation and recovery plans and programs within their respective localities.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Trabaho Para sa Bayan Act will create positive results over the next few years if it succeeds? Do you think that more could be done to help local job hunters find opportunities and get employed soon?

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

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Rice retailers in Muntinlupa get temporary relief as City Government implements moratorium on rental payment collection

September 29, 2023September 29, 2023carlocarrasco

Recently in the progressive City of Muntinlupa, the local sellers of rice grain received temporary relief as the City Government implemented a moratorium on the collection of rental payments, 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…

The Muntinlupa City government has imposed a moratorium on the collection of rental payment from stall holders engaged in the selling of rice as assistance to them following President Marcos’ decision to put a price cap on regular and well-milled rice.

Marcos issued Executive Order No. 39 on Aug. 31 imposing a mandated price ceiling of P41 per kilo for regular milled rice and P45 per kilo for well-milled rice. The rice price cap took effect on Sept. 5.

To assist the affected rice retailers, the Muntinlupa City Council passed Ordinance 2023-120 “imposing moratorium on rental payment for public stall holder in the retail business of selling rice during the effectivity of Executive Order No. 39 or the imposition of mandated price ceiling on rice.”

Mayor Ruffy Biazon signed the ordinance on Sept. 26, which became “effective immediately upon its approval.”

According to the ordinance, the President issued E.O. 39 “with an end view to put a price cap on rice in the effort to ease off the increasing price of the staple caused by illegal price manipulation such as hoarding by opportunistic traders and collusion among industry carters in the light of the lean season, as well as global events taking place beyond the Philippines’ control, such as the Russia-Ukraine conflict, India’s ban on rice exportation, and the unpredictability of oil prices in the world market, among other factors, have caused an alarming increase in the retail prices of rice/”

The Department of Interior and Local Government (DILG) issued Memorandum Circular No. 2023-131 for mayors to assist and ensure the effective regulation of the price of rice through “regular inspections of public and private markets, as well as rice warehouses; activation of hotlines, consumer complaints desk, and Timbangan ng Bayan; and deputation of barangay officials and non-government organizations to monitor abnormal price increases,” the ordinance added.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you approve of the City Government’s moratorium on the collection of rental payments with regards to the local sellers of rice grain?

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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Foreign tourist arrivals in the Philippines approaching 4 million

September 25, 2023September 25, 2023carlocarrasco

Close to four million foreign tourist arrivals have been counted lately as Department of Tourism (DOT) secretary Christine Frasco confirmed, according to a Philippine News Agency (PNA) news article. Take note that the target for 2023 is 4.8 million foreign tourist arrivals and the government intends to make the country a stronger tourism force in Asia by the year 2028.

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

The Philippines is close to hitting its 2023 arrival target after recording more than 3.87 million foreign tourists as of Sept. 19, Tourism Secretary Christina Frasco said Wednesday.

At the opening of the 2023 Philippine Travel Exchange (PHITEX) in Cebu, Frasco said the country logged 3,877,183 inbound arrivals or at least 80.77 percent of the 4.8 million foreign tourists that the DOT targets to reach by the end of the year.

In the same period, the Philippines generated PHP316.9 billion in revenue from tourists coming mostly from South Korea, the United States and Japan.

Frasco is optimistic these figures will increase as business-to-business meetings between sellers and buyers at the PHITEX commence on Sept. 20.

She said the Marcos administration would continue working to transform the Philippines as a “tourism powerhouse in Asia”.

She shared the DOT’s plans and programs aimed at promoting ecotourism, the development of tourism communities across the country, fostering robust private sector participation to promote heritage protection, diversification of the country’s tourism portfolio and other initiatives to benefit tourism stakeholders.

Let me end this piece by asking you readers: What do you think about this recent development? With the likelihood that the Philippines will be able to surpass its 2023 foreign tourist arrivals target of 4.8 million, do you think the number could reach 6 million by the end of the year? Did you notice any positive economic impact from the rising foreign tourist arrivals? If you own a business, did you benefit from foreign tourists’ spending?

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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Digital wallet and online banking companies warned by COMELEC about vote-buying

September 21, 2023September 19, 2023carlocarrasco

In connection to next month’s Barangay and Sangguniang Kabataan Elections (BSKE), the Commission on Elections (COMELEC) turned to operators of digital wallets and online banking and warned them about digital vote-buying, according to a Manila Times news report.

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

THE Commission on Elections (Comelec) warned electronic wallet operators they could be involved in vote-buying cases if they allow candidates in the Barangay and Sangguniang Kabataan Elections (BSKE) to use their apps to buy votes.

Comelec Chairman George Garcia said over the weekend that the agency has already informed GCash, Maya and other companies involved in mobile payment services that they may face charges for conspiracy to commit vote-buying.

Garcia said they advised the companies to monitor high-volume transactions, especially in the days prior to election day. The companies were also told to be suspicious when money is sent to 50 to 200 people in one day.

“A red flag would be if someone sent a certain amount of money to a large number of recipients,” Garcia pointed out.

He said companies involved in digital wallets and online banking have vowed to support Comelec’s efforts against vote-buying.

The poll body intends to sign a memorandum of agreement with e-wallet companies, Garcia said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the COMELEC did the right thing to ensure the credibility of the BSKE? Do you think this new move by the COMELEC will prevent vote-buying from happening?

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 rice retailers receive cash assistance

September 19, 2023September 19, 2023carlocarrasco

Recently in the progressive City of Muntinlupa, more than forty local rice retailers received cash assistance from the national government, 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…

A total of 44 rice retailers received cash assistance or “ayuda” from the national government in Muntinlupa following the imposition by President Marcos of a rice price cap on regular milled and well-milled rice.

The Muntinlupa City government headed by Mayor Ruffy Biazon assisted in the distribution of the cash assistance of P15,000 for each of the 44 rice retailers, or a total of P660,000.

The cash assistance is part of the President’s program to help rice retailers affected by his Executive Order No. 39, which imposed a price ceiling of P41 for regular milled rice and P45 for well-milled rice starting on Sept. 5.

“Ang ginawa ng Pangulo ay nagpadala ng assistance sa mga retailers para makabawi sila sa losses nila dulot ng Executive Order 39. Patuloy ang coordination natin sa mga ahensya ng pamahalaan tulad ng DTI, DA at DSWD. Hopefully matapos na ang problema natin sa nalalapit na panahon (What the President did was to send assistance to the retailers so they can offset the losses caused by Executive Order 39. Our coordination with government agencies like DTI, DA and DSWD continues. Hopefully we can end the problem soon),” said Biazon.

The cash assistance was distributed by the Department of Social Work and Development, together with the verification teams from the Department of Trade and Industry, Department of the Interior and Local Government, Local Economic Investment and Promotion Office (LEIPO), and Business Processing and Licensing Office (BPLO), which submitted the list of micro rice retailers.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you know anyone who sells rice for a living struggling right now? Do you think the current problem of rice grain pricing will continue to last over the next six to twelve months? How much did your household spend on rice grain over the last two months?

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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