Tag: economics

Marcos reiterates vow to upgrade Philippine transport system

Marcos reiterates vow to upgrade Philippine transport system

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Recently, Philippine President Ferdinand “Bongbong” Marcos, Jr., reiterated his vow to improve the transport system of the entire nation which can benefit many people who need to travel, according to a Philippine News Agency (PNA) news article. This is similar to what his predecessor declared before.

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

President Ferdinand R. Marcos Jr. on Monday reiterated his vow to continue upgrading the country’s transport system to relieve commuters of their daily ordeal due to traffic congestion.

“We will continue to invest and improve our transportation system as well as pursue more projects in the years to come so that Filipinos can gain greater access to places of work, commerce, recreation, and other vital areas,” Marcos said in his speech during the launch of the Metro Manila Subway Project’s (MMSP) tunnel boring machine (TBM) at its depot in Barangay Ugong, Valenzuela City.

“Having an effective and efficient transportation system will have multiplier effects on employment, the economy, our society, it will bring comfort, convenience, an easier life for all,” he added.

Marcos said developments on the country’s first subway system in the country allow Filipinos to look forward to “better days” as it would also spur economic development and job creation.

He thanked both the public and private sectors for working to ensure the realization of what he described as an “ambitious” endeavor.

In particular, he expressed gratitude to the Japanese government and the Japan International Cooperation Agency (JICA) for being active partners in the fulfillment of the Philippine infrastructure program.

According to Marcos, the Philippines would not have fulfilled its many infrastructure projects without the assistance of JICA.

“This tunnel boring machine highlights Japan’s expertise and technology and trailblazing contributions in the modern world and thus I am confident that they will help us shape our railway infrastructure and keep them at par with the highest international standards,” he said.

He acknowledged the joint venture of Filipino and Japanese companies for working with the Philippine government on the Metro Manila Subway Projects Contract Package 101 and expressed hope it would be completed on time.

“I hope that both of you and the DOTR will not waiver on your commitment to finish the contract package by the end of 2027 to ensure that Filipinos will get to enjoy the project at the soonest possible time,” he said.

Marcos likewise sought their continued patience, trust, and support, especially as big-ticket projects take years to complete.

“…Let the launching of this tunnel boring machine become a testament to this administration’s commitment to continue to projects of the previous administration and more importantly build better more,” he added.

He also described the launch of the TBM as “a very apt beginning” for a year with renewed vigor and commitment to his administration’s mission to improve the lives of Filipinos.

“We also gain inspiration from the selfless individuals who constantly strive to turn our vision for the transportation sector into a grand reality,” he said.

The PHP488.48 billion Metro Manila subway will stretch for about 33 kilometers across seven cities, from Valenzuela City to Pasay City, and will be able to serve over 519,000 passengers daily once completed.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you believe that the Metro Manila subway will make local travel more efficient? What new infrastructure projects do you think the country needs right now?

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

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

HSBC sees Philippine economy growth of 4.4% for 2023 due to key factors

HSBC sees Philippine economy growth of 4.4% for 2023 due to key factors

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HSBC, one of the biggest players of the global financial industry, recently made its forecast of the Philippines growing economically at 4.4% for the year 2023, according to a news article by the Philippine News Agency (PNA). There are certain factors mentioned in HSBC’s assessment for the nation.

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

Hikes in the Bangko Sentral ng Pilipinas’ (BSP) key policy rates are expected to dampen the strong domestic output for 2023, with an executive of HSBC forecasting a 4.4 percent expansion this year.

In a virtual briefing on Thursday, HSBC chief investment officer for Southeast Asia, Global Private Banking and Wealth, James Cheo, said private consumption contributed to the strong recovery of the domestic economy last year but this is seen to be limited by the monetary tightening aimed to temper the elevated inflation rate.

Other factors that boosted gross domestic product (GDP) last year include investments, higher government spending on infrastructure and increased mobility following the resumption of face-to-face schooling, he said.

“Looking into 2023, the country’s growth will slow and the recovery is going to be more gradual as the reopening boost fades and monetary tightening weighs on domestic demand,” Cheo said.

As of the third quarter of last year, growth, as measured by gross domestic product (GDP), rose by 7.76 percent, exceeding the government’s 6.5 to 7.5 percent growth assumption for this year.

The BSP’s key rates have been hiked by 350 basis points from May to December last year, after being at record-low of 2 percent in 2020, as monetary authorities help address the elevated inflation rate.

Last December, domestic rate of price increases further accelerated to 8.1 percent, the highest since November 2008, due to faster annual jumps in goods and energy prices.

Cheo said “household’s consumption in 2023 will likely be curtailed” given the elevated inflation rate.

“Strong employment, tourism recovery, expanding production and retail sales, and public investment will continue to support growth in 2023,” he said.

With inflation expected to remain high, Cheo projects the BSP to make three consecutive 25 basis point increases this year, “pausing at 6.25 percent by Q2 (second quarter) 2023” and keeping this decision until at least the second half of 2024.

The above article ended with HSBC predicting that the Philippine Peso will weaken to the United States Dollar at a rate of US$1 = P56.50.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you believe that inflation and interest rates will somehow slow down the ongoing economic growth later this year? Do you think that Philippine tourism will become a factor to help the Philippine economy grow at least 5% this year? What do you think the national government and its economic managers should do to maintain strong growth as the nation keeps on recovering from the depression of the COVID-19 crisis? Have you been managing your personal or business finances carefully recently?

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

Ten earliest taxpayers recognized by Muntinlupa City Government

Ten earliest taxpayers recognized by Muntinlupa City Government

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During the first day of the processing of the renewal of business permits in the City of Muntinlupa, the City Government formally recognized the first ten taxpayers who made it, according to a Manila Bulletin news report. The said taxpayers were also rewarded.

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

The Muntinlupa City government recognized the 10 taxpayers who were the earliest to pay their taxes during the first day of the renewal of business permits on Jan. 3.

Mayor Ruffy Biazon, together with City Administrator Allan Cachuela, city councilors and department heads, awarded the top 10 earliest taxpayers at the Muntinlupa Sports Center in Barangay Tunasan, where the renewal of business permits is being done until Jan. 20.

The top 10 earliest taxpayers on Jan. 3 are Elmer Jesalva (RJ Sari-Sari Store), Erchie Tamon (Erchie Appliance & Parts), Ma. Pinky Begona (MPLG Bagona Trading), Althea Ador (OOST & VOOST Inc.), Denise Dador (Block Devs Asia Inc.), Almer Cesar Piedad (ALFG Trucking Services), Joceln Jalac (Edson Dacana Apartment), Kimberl Lauveles (Beecube Inc.), Arnold Bantiligan (Bob Garon Vandelvort Consultancy) and Laudemer Waminal (Chaulamber Enerprises).

Jesalva has been the No. 1 earliest taxpayer in the last three years. The top 10 received certificates of recognition and baskets of groceries from the Muntinlupa City government.

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development. If you are running a business within Muntinlupa, have you ever tried becoming one of the ten earliest taxpayers whenever the business permit license renewal processing happens?

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 at https://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Processing and renewal of business permits in Muntinlupa City ongoing

Processing and renewal of business permits in Muntinlupa City ongoing

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Since January 3 – the first business day of the year 2023 – the City Government of Muntinlupa has officially started the issuance and renewal of business permits and applicants for such permits are welcome to visit the Muntinlupa Sports Center in Barangay Tunasan, according to a Manila Bulletin news report.

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

The Muntinlupa City government has started the issuance and renewal of business permits on Tuesday, Jan. 3.

The renewal of business permits will be held from Jan. 3 to 20 at the Muntinlupa Sports Center in Barangay Tunasan.

Business owners can also apply for a permit online through the Business E-Payment System (BEST) at https://best.muntinlupacity.gov.ph/Accounts/Login.aspx.

“Please make sure that you have all the requirements for a smooth transaction,” said Mayor Ruffy Biazon.

According to the Muntinlupa Business Permits and Licensing Office (BPLO), the requirements for the renewal of business permits this year are:

1 BIR Monthly/Quarterly Payments for 2022 (photocopy and original), Form No. 2550Q/2551Q/2550M, Form No. 1701Q/1702Q

2. Audited financial statements duly filed before the SEC/BIR (for the period covering two years prior) / Annual Income Tax Return

3. Previous Mayor’s Permit

More requirements can be seen in the full news article of the Manila Bulletin.

Let me end this piece by asking you readers: If you are a Muntinlupa City resident who runs a local business, have you tried having your business permit renewed already? Do you prefer to have it renewed online or over the counter?

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 at https://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Philippines counted 2.6 million tourist arrivals in 2022

Philippines counted 2.6 million tourist arrivals in 2022

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Since it opened its borders for travelers from abroad in early 2022, the Philippines registered a total of 2.6 million tourist arrivals for the year, according to a GMA Network news report quoting the Department of Tourism (DOT). Take note that the DOT has higher targets for attracting foreign tourists this new year.

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

A total of 2.6 million tourists arrived in the Philippines in 2022, the Department of Tourism (DOT) said.

This is due to the opening of borders to all international travelers in February, the DOT added, according to a report on GMA Integrated News’ Unang Balita on Monday.

Some P173 billion tourism revenue was recorded in 2022, the department said.

The DOT said more than 628,000 arrivals are returning Filipinos.

The top arriving international tourists were from the US, South Korea, Australia, and United Kingdom.

Very clearly, the recovery from the COVID-19 pandemic continues to happen in different ways around the world. For the Philippines itself, the arrivals and presence of foreign tourists as well as Filipinos based overseas are crucial for the socio-economic development of the whole nation. As such, we Filipinos can be more supportive towards the DOT and other national stakeholders to make tourism – both foreign and local – thrive again with the nation in mind.

Let me end this piece by asking you readers: What is your reaction to this new development? Do you believe the DOT can achieve its targets for 2023? Do you think the local government units (LGUs) should become more pro-active on emphasizing local tourism? What is the most notable local tourist site in your city right now? Did you notice your favorite local coffee shop or restaurant having more foreigners as customers lately?

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 and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. 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 at https://www.instagram.com/authorcarlocarrasco/.

SEC sues companies for operating unregistered online lending platforms

SEC sues companies for operating unregistered online lending platforms

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Online lending firms here in the Philippines have been reported for alleged violations that include harassing clients (click here and here). Very recently, the Securities and Exchange Commission (SEC) sued companies for operating online lending platforms that were allegedly unregistered, according to a Manila Bulletin news report.

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

The Securities and Exchange Commission (SEC) has has filed criminal complaint against Suncash Lending Investors Corp., UCash Lending Investors Corp., Suncredit.ph Finance Corp., and ECredit Finance Inc. for operating unregistered online lending platforms (OLPs).

The SEC Enforcement and Investor Protection Department (EIPD) filed the criminal complaint against Suncash, UCash, Suncredit and Ecredit before the Department of Justice (DOJ) last December 20.

The firms’ failure to disclose their online lending applications (OLA) is in violation of the Lending Company Regulation Act (LCRA) and the Financing Company Act (FCA).

The Commission implicated Qi Lu, the president of Ecredit, Suncash, and Suncredit, who was also found to be the beneficial owner of Suncash alongside Zhu Junfeng. Junfeng is also a director of the three other companies.

Also implicated in the complaint were other incorporators, directors and officials of the companies, including Chang Yuting, Joyclyn V. Pelayo, Chang Tao, Bryan Dordas Pelayo, Jasmin Tabjan Vianzon, Jayson Lee, Meng Jie, Xiaofang Song, Danilo Felicilda, Roger Publico, Yaping Liu, Xianming Tian, Shiling Xu, Xiaobo Pan, Sheila Pagkalinawan, and Xiaojing Luo.

The EIPD, together with the Philippine National Police Anti-Cybercrime Group (PNP-ACG), Eastern District Anti-Cybercrime Team, Manila Police District, and the Special Weapons and Tactics Philippines (SWAT), previously implemented a warrant to search, seize, and examine computer against Suncash, as part of the SECs crackdown against unregistered lenders.

The Makati Regional Trial Court Branch 147 issued the search warrant against Suncash upon several complaints received by the PNP-ACG and the SEC against the company.

During the implementation of the search warrant, it was discovered that other lending companies, including Ucash, Suncredit, and Ecredit, had been operating alongside Suncash in its headquarters in Sampaloc, Manila.

The joint operation resulted in the arrest of 83 individuals, identified as operators, managers, employees, and agents of Suncash.

The Commission found that Suncash operated unregistered online lending platforms (OLPs), defying Sections 12(2)(a) 12(3)(a) of the LCRA, in relation to SEC Memorandum Circular No. 19, Series of 2019 (SEC MC 19), providing the Disclosure Requirements on Advertisements of Financing Companies and Lending Companies and Reporting of Online Lending Platforms.

SEC MC 19 requires lending and financing companies to report all their existing OLPs to the Commission.

Records show that Suncash had been operating three unregistered OLPs, namely Suncash, Flashloan, and Peso Pautang, contrary to what is stated in its affidavit of compliance that it operated no other OLP than Suncash.

The EIPD also said that Suncash operated the unregistered OLPs to circumvent and defy the moratorium imposed on the registration of new OLPs effective November 5, 2021, as per SEC Memorandum Circular No. 10, Series of 2021.

Meanwhile, Ucash filed an affidavit for the operation of its OLP on December 7, 2022, when the moratorium on new OLPs was still in effect.

Further, the EIPD charged Suncredit and Ecredit for violation of Sections 14(1)(a) and 14(2)(a) of the FCA, in relation to SEC MC 19. Suncredit and Ecredit were found to be the operators of Peso Pautang and Flashloan, respectively.

The Commission also noted that all the companies engaged in abusive, unethical, and unfair debt collection practices, in violation of SEC Memorandum Circular No. 18, Series of 2019, or the Prohibition on Unfair Debt Collection Practices of Financing Companies and Lending Companies.

Let me end this piece by asking you readers: What do you think about this recent development? Which among the reported companies sound familiar to you? Do you personally know anyone who borrowed money from an online lending firm and got harassed through communication because he or she was unable to settle the debt? Do you plan to borrow money from any online lending firm anytime 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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Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others as well as 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

Almost 30,000 arrived in the Philippines on Christmas Day

Almost 30,000 arrived in the Philippines on Christmas Day

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With several COVID-19 pandemic restrictions already lifted, Christmas season travel here in the Philippines really turned out heavy and this is a dramatic change compared to what happened in late-2020 and late-2021. On December 25, 2022, almost 30,000 people from overseas arrived here in the Philippines, according to a news article published by the Philippine News Agency (PNA).

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

Over 29,000 travelers, including Filipino passengers, arrived in the country on Christmas Day to spend the holidays with their families, the Bureau of Immigration (BI) said on Monday.

Dana Krizia Sandoval said the figure was much higher than in previous years when the coronavirus disease 2019 (Covid-19) pandemic was at its peak.

“The arrivals on December 25, were at 29,968 individuals…For departures, a total of 27,934 people on Christmas Day,” she said at the Laging Handa briefing.

“And this is significantly higher than the last two years. Because if you remember, the last two years the holiday seasons were a bit sad because almost no one traveled due to the travel restrictions imposed worldwide due to the pandemic. Now, we are seeing again, many countries are opening up again, including us here in the Philippines. So we can see enthusiasm and joy again in our airports,” she added.

Sandoval said they expect the number to increase for the remaining days of 2022.

“Well, our projection is all the way until New Year, our arrivals are quite high because our countrymen and their families are returning home to celebrate Christmas and New Year,” she said.

She noted that the number of departures are expected to rise in the early part of 2023.

Let me end this piece by asking you readers: What is your reaction to this new development? Do you think the increased number of arrivals from abroad will positively impact the nation’s tourism and economy? What particular businesses do you think will benefit the most from the high number of arrivals from overseas this Christmas season?

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 and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. 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 at https://www.instagram.com/authorcarlocarrasco/.

BIR confirms lower income tax rates for individual taxpayers effective on January 1, 2023

BIR confirms lower income tax rates for individual taxpayers effective on January 1, 2023

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For those of you living and working here in the Philippines, be aware that starting January 1, 2023, lower tax rates will charged on individual taxpayers as confirmed by the Bureau of Internal Revenue (BIR), according to a recent GMA Network news report. Now is a good time to approach a certified expert on taxation if you want to see how this upcoming development will affect you.

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

Individual taxpayers will be charged lower tax rates starting next year, the Bureau of Internal Revenue (BIR) said Friday.

Individuals earning purely compensation income, including non-business/non-profession related income and sole proprietors, “can look forward to a higher take-home pay in 2023,” according to the BIR.

The taxman said the lower income tax rate is pursuant to Republic Act 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) Law, which took effect on January 1, 2018.

Starting January 1, 2023, those with annual taxable income below P250,000.00 are still exempt from paying personal income tax, while the rest of taxpayers, except those with taxable income of more than P8 million, will have lower tax rates ranging from 15% to 30% by 2023.

To maintain progressivity, the BIR imposed a 35% tax rate on top individual taxpayers with annual taxable incomes exceeding P8 million, up from 32% previously.

The income tax on the individual’s taxable income shall be computed based on the following schedules, effective January 1, 2023, and onwards:

The taxation reference from GMA’s news report.

Compared to the income tax rates imposed during the initial implementation of the TRAIN Law in 2018, the new annual income tax rates for individuals significantly decreased by 5% for those with taxable income of more than P250,000.00 up to P2,000,000.00, while a 2% decrease in tax rate was noted for those with taxable income of more than P2,000,000.00 up to P8,000,000.00.

The above article ended stating that employers must use the revised withholding tax table to calculate the withholding taxes on their employees’ compensation income taking effect on January 1, 2023.

Let me end this piece by asking you readers: What is your reaction to this new development? When was the last time you consulted with a tax expert for insight about your income tax returns? Do you think this new development will boost the national economy as a whole somehow in 2023?

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 and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. 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 at https://www.instagram.com/authorcarlocarrasco/.

Philippines aiming to attract 4.8 million foreign visitors and generate $5.8 billion tourism revenue in 2023

Philippines aiming to attract 4.8 million foreign visitors and generate $5.8 billion tourism revenue in 2023

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With the economic recovery from COVID-19 still continuing and the year coming to an end, the Department of Tourism (DOT) revealed its targets for foreign visitors and tourism revenue in 2023, according to a report by the Philippine News Agency (PNA). For the newcomers reading this, President Ferdinand “Bongbong” Marcos, Jr., declared already that it is time for the to return to pre-pandemic life and having a strong tourism sector is a crucial part of the post-pandemic strategy. It has also been several months since the Philippines opened its borders to

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

The Philippines eyes to double its tourism revenues and reach at least 4.8 million in foreign visitor arrivals in 2023.

Department of Tourism Secretary Christina Frasco Friday revealed the projections as she presented the efforts of the agency to expedite tourism’s recovery.

Frasco said DOT seeks to attract 4.8 million visitors and generate at least USD5.8 billion in revenue.

Latest data showed that the Philippines has already breached its 1.7 million arrivals target for 2022, hitting over 2.46 million tourists and PHP149 billion in receipts.

With the administration’s focus on tourism and the various measures implemented to ease travel, Frasco is optimistic Manila could even surpass the pre-pandemic tourism figures before 2025.

DOT’s initial forecast indicated that Manila will not reach more than 8 million tourists until after 2025, a projection Frasco described as “alarming”.

“[T]o me, that was an alarming projection in a sense that 2025 is so far off for us to obtain our pre-pandemic levels until after 2025 and that really forced us to take an inward look as to how we can expedite the recovery,” she told reporters.

“Having set out policies under the Marcos administration, precisely to serve the more aggressive approach towards tourism recovery, we’re seeing now that we have been able to breach the previous projection as well as the high projection (for this year),” she added.

Aside from constructing rest areas and improving connectivity for inbound tourists, Frasco presented more initiatives DOT sets to undertake in the next few months.

These include showcasing the country as a top cruise destination by 2023, coordinating with the relevant office to ease visa processing, and strengthening the promotion of Mindanao — especially for halal tourism.

Frasco also said DOT and the Department of National Defense are soon to sign a Memorandum of Agreement to obtain necessary data to determine the “most ideal areas to begin the process of reopening Mindanao.”

Let me end this piece by asking you readers: What is your reaction to this recent development about the Philippines and its tourism plans for 2023? Do you think it is doable for the Philippines to attract 4.8 million foreign visitors by the end of 2023? What do you think the DOT should do when it comes to emphasizing tourism through conventions and special events? Do you think the DOT is doing enough with getting involved with sports tourism, medical tourism, food tourism, and the like?

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

Integrated resort and casino in Las Piñas City announced

Integrated resort and casino in Las Piñas City announced

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In the City of Las Piñas, an integrated resort and casino will be established as the project has been officially announced by business tycoon and former Philippine Senator Manny Villar, according to a Manila Standard news report. The project has the potential to make the city a hot spot for tourism, entertainment and gambling.  

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

Billionaire Manuel Villar is betting on the recovery of the gaming business as he plans to start developing a $1-billion integrated resort and casino in Las Pinas City next year.

Villar said in an interview with reporters he would convert Vista Mall Global South mall, which sits on a 80-hectare property, into a casino with hotels.

The group will initially develop nine hectares where the mall, which has 18,000 square meters of gross floor area, is located.

Villar said he was looking at the Las Vegas model where the casino would have other attractions like theme park, theatres, restaurants, retail, hotels, condotels and non-gaming components.

The group is now in talks with potential foreign partners for the venture, he said.

He said the planned casino would be adjacent to the international airport just like the four other integrated resort and casinos in the government-sponsored Entertainment City in Paranaque.

The casino industry was one of the hardest-hit sectors during the pandemic following the closure of international borders and the implement of quarantine restrictions. With the easing mobility this year, the gaming industry began to slowly recover, but has yet to get close to pre-pandemic levels as China, the country’s second top source market for tourists, continued to implement strict border controls because of its zero-Covid policy.

Villar said that aside from the casino, he is also bullish on the real estate sector, as his listed property Vista Land & Lifecapes Inc. is set to launch 41 projects next year. This would be an all-time high for the company in terms of project launches.

“We have not done this before. We have not launched this scale,” Villar said.

He said nearly all Vista Land’s businesses including retail, office and property development were back to pre-pandemic levels.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Do you think the planned integrated resort and casino will add significantly to the economy of the city? How many new jobs do you think the project will create for the city?

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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