Economy of the Philippines – Page 18

More than P1.37 billion in coins deposited through BSP’s machines

April 2, 2025March 25, 2025carlocarrasco

The Bangko Sentral ng Pilipinas (BSP) revealed online recently that the overall collection of its coin deposit machines (CoDMs) has surpassed P1.37 billion The latest statistics are accurate of as March 17, 2025.

Based on the latest statistics, a total of P1,372,622,853.22 (4.92% higher than the previous count of P1,308,208,203.18)in coins got deposited into BSP machines on 311,858 transactions from customers. In terms of physical quantity, 339,846,868 coins were deposited.

Doing the math on the latest statistics, customers averaged P4,401.4354 per transaction at the machines (compared to the March 15, 2025 average of P4,368.6012 per transaction). As for the grand total Peso amount divided by the number of coins deposited, the average is P4.0389 per coin deposited (previous average was P4.011 per coin deposited)

When it comes to the number of coins involved with each transaction, 339,846,868 coins divided by 311,858 transactions resulted in an average of 1,089.7488 coins per transaction (a slight increase compared to the previous average was 1,089.2659 coins per transaction).

Let me end this piece by asking you readers: What is your reaction to this recent development? Whenever you deposited your coins, do you transfer the value to GCash or Maya, or convert the value into shopping vouchers? How many BSP coin deposit machines are located in your city 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

IRR of Value-Added Tax (VAT) refund for foreign tourists signed

April 1, 2025March 25, 2025carlocarrasco

Recently the Philippines officially became a VAT-free destination for foreign tourists as the implementing rules and regulations (IRR) of Republic Act 12079 (Value-Added Tax Refund for Non-Resident Tourists) has been signed, according to a Philippine News Agency (PNA) news article. It should be noted that the Republic Act was signed into law last December.

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

Government officials signed on Monday the implementing rules and regulations (IRR) of Republic Act (RA) 12079 or the Value-Added Tax (VAT) Refund for Non-Resident Tourists.

In a statement, the Department of Finance (DOF) said the IRR was signed by Secretary Ralph Recto, Bureau of Customs Commissioner Bienvenido Rubio and Bureau of Internal Revenue Deputy Commissioner Marissa Cabreros.

It was witnessed by Department of Tourism Secretary Christina Garcia-Frasco and Office of the Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go.

RA 12079 aims to boost tourism and encourage more foreign tourists to shop and spend more in the Philippines, thereby bolstering economic growth.

Under the IRR, non-resident tourists or foreign passport holders may apply for a VAT refund for locally purchased goods from accredited stores that are equivalent to at least PHP3,000.

The goods must be physically taken out of the Philippines by the tourist as accompanied baggage within 60 days from the date of purchase.

The VAT refund applies only to retail and tangible goods, such as clothing, apparel, electronics, gadgets, jewelry, accessories, souvenirs, food or non-food consumables, and other goods intended for personal use.

“With a multiplier effect of 1.97, every 100 pesos spent by a tourist generates 197 pesos in economic output. Imagine that. Halos doble ang balik sa ekonomiya (The return to the economy is almost double),” Recto said.

“And more money spent by foreign tourists means more businesses created, more Filipino workers hired, more jobs provided, higher incomes for our people and more revenues for the government to collect. That’s the simple formula for growth,” he added.

Recto cited the importance of effective executive to unlock the law’s full potential.

He said the country must establish a fully functional VAT refund system and a surge in inbound tourism.

“We want more tourists to come — and we want them to stay longer, spend bigger, and transact with convenience,” he said.

Heeding President Ferdinand R. Marcos Jr.’s call, Recto vowed to ensure that the VAT refund process is simple, accessible and culturally inclusive.

“From our end at the Department of Finance, we aim to deliver a VAT refund system that is world-class, modern, and built on the principles of transparency, efficiency and ease,” he said.

The IRR mandates the DOF to engage the services of reputable and internationally recognized VAT refund operators to provide end-to-end solutions to the government. Such refunds may be made electronically or in cash to enhance the ease of doing business.

Let me end this post by asking you readers: What is your reaction to this recent development? Now the IRR of the VAT refund for foreign tourists has officially been signed, do you expect positive impact on Philippine tourism to happen this year? Do you think a lot of tourists overseas have been waiting for the Philippines to establish the VAT refund for foreign 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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Do you miss watching movies at Commercenter?

March 28, 2025March 25, 2025carlocarrasco

For those of you who have been missing out on developments here in Alabang, Commercenter officially closed down their cinemas (4 screens) on March 15, 2025 fulfilling their announcement (click here and here) They did, however, announce that something new will materialize but there are no details as to what that might be.

During one of my recent visits at the high-end shopping mall in Filinvest City, I noticed that the 2^nd floor path leading to what used to be the cinemas was sealed shut which you can see in the video below.

For the newcomers reading this, Commercenter’s cinemas operated for a little over ten years starting in the 2^nd half of 2014. The cinemas had 4 screens and each screen had a sitting capacity of over 100 seats. Outside of the screens, the ticket desk and the concessionaire were right beside each other. Having seen a lot of movies at Commercenter, I can say that watching films inside the cinemas was often comfortable, convenient and pleasant.

As many of us know, the COVID-19 pandemic really hit the cinemas industry of the nation very hard as other types of businesses also went down. The nationwide shutdown of movie theaters caused by government pandemic restrictions really hurt not only the cinema operators but also their employees. When the restrictions were eased, cinemas around the country gradually reopened and for a time moviegoers had to wear face masks when watching movies. When I saw The Batman in Commercenter in March 2022, me and others had to wear face masks because they were required.

A post-pandemic economic recovery happened here in the Philippines but it looks like the cinemas industry has yet to achieve the pre-pandemic numbers of moviegoers. That being said, I can only speculate that the rise of ticket prices, the preference of locals to watch new movies by streaming, and the rise of varied operating expenses probably contributed to the closure of cinemas not only in Commercenter but also those in Festival Mall.

With regards to inflation, the rise of ticket prices at Commercenter during the post-pandemic persion were noticeable. I paid P320 for The Batman in March 2022 and P380 for Sound of Freedom in September 2023 at Commercenter. Before the mall closed down its cinemas, foreign movie tickets were being sold at P400 each. Clearly, there were unfavorable economic forces that happened.

Without the cinemas, Commercenter lost entertainment value. I remember back in 2015 when a lot of people formed long lines to watch Jurassic World which also explained why the mall’s basement parking almost reached full capacity. There were also busy weekends for blockbusters films like Wonder Woman, Avengers: Endgame, Mission: Impossible – Fallout, Mad Max: Fury Road and others right there.

Before the closure of the cinemas happened, this movie poster of the 2025 Superman movie (directed by James Gunn) was displayed inside Commercenter. The film is set to open in cinemas worldwide this July and Commercenter’s cinemas have been closed since March 15. The display of this movie poster is pointless now.

Before the pandemic struck, Commercenter was a fun place for moviegoers and I personally know friends based outside of Muntinlupa City who came to the said mall for movies. That means Commercenter really had a unique attraction that made it competitive with Alabang Town Center and Festival Mall when it comes to attracting people who love movies. At the same time, the mall has nice places where visitors can have meals or coffee after watching a film.

Of course, the cinemas of Commercenter are no more and we can only remember the old days of fun-filled moviegoing at its cinemas through pictures, social media posts and collected movie tickets.

In my honest opinion, watching movies in Alabang will never be the same.

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Deed of exchange for Festival Mall signed

March 28, 2025March 20, 2025carlocarrasco

Festival Mall – the popular shopping mall in Filinvest City in Alabang – is now fully owned by Filinvest REIT Corp. (FILRT) as the deed of exchange with Filinvest Land, Inc. (FLI) has been formally signed recently, according to a BusinessWorld news report. Previously it was reported that the value of the transfer of ownership was worth over P6 billion.

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

FILINVEST REIT CORP. (FILRT) has executed a deed of exchange with its parent company and sponsor, Filinvest Land, Inc. (FLI), for the transfer of ownership of Festival Mall in Alabang, Muntinlupa City.

The two companies executed the memorandum of agreement and the deed of exchange on March 5 as part of a P6.26-billion property-for-share swap transaction, FILRT said in a regulatory filing on Thursday.

Under the transaction, FILRT will issue 1.63 billion shares at P3.85 each to FLI in exchange for the ownership of the 121,862-square-meter (sq.m.) main mall of Festival Mall. The addition of Festival Mall will increase FILRT’s total gross leasable area by 37% to 452,310 sq.m.

The deal expands FILRT’s portfolio into the retail mall segment. Previously, its portfolio consisted of 17 office buildings and 2.9 hectares of land leased to the owner and operator of Crimson Resort & Spa Boracay.

Following the addition of Festival Mall, FILRT’s portfolio mix will comprise 67% offices, 6% hospitality, and 27% retail.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you hope to see improvements or expansion projects at Festival Mall now that it has a new owner? Do you think FILRT will come up with new office buildings in close proximity to Festival Mall within the next ten years?

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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Finance Secretary confident with 6% Philippine economic growth this year

March 27, 2025March 19, 2025carlocarrasco

Recently, Finance Secretary Ralph Recto expressed during an interview with Bloomberg TV that the Philippine economy will grow by at least 6% this year and mentioned factors like continued infrastructure spending, low unemployment, the cutting of interest rates and more, 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…

Finance Secretary Ralph Recto said he is confident that Philippine economic growth would hit at least 6 percent this year.

In an interview with Bloomberg TV on Wednesday, Recto said he is banking on more interest rate cuts, infrastructure spending, and election-related spending to boost economic growth.

“We’re pretty confident that we would hit at least a 6 percent growth. The World Bank, the IMF (International Monetary Fund), and many other institutions are saying that we’re on track to 6 percent. Our macroeconomic fundamentals are very good,” said Recto.

“Unemployment is down. The middle class is growing. We’re investing more than 5 percent of GDP (gross domestic product) in infrastructure. We have elections also right now, and during elections, there’s more spending, so we’re pretty confident we hit at the very least 6 percent this year.

He said with inflation settling within the government’s 2 percent to 4 percent target range, the Bangko Sentral ng Pilipinas (BSP) has room to further reduce policy rates, which in turn, would boost consumer spending.

“Equally important, I suppose, is the reduction of interest rates. It would appear that, because inflation has been controlled in the Philippines and the inflation today is something like 2.5 percent, there is room for a rate cut in our next (meeting) so we’re in an easing cycle. It’s a high probability that we could do a rate cut also for in our next meeting,” he said.

The Monetary Board of the BSP has so far cut rates by 75 basis points last year. Recto said he is hoping that the BSP Monetary Board would deliver a 50 to 75 basis point cut this year.

“Hopefully, at the minimum 50 and probably 75 basis points, for the year that will help propel growth, consumption, and investments moving forward,” he said, adding that the rate cuts would boost economic growth by at least half a percent.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines will grow by at least 6% by the end of this year? Do you think Recto’s interview will convince foreign investors to invest in the Philippines this year?

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

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BSP says inflation could accelerate in the 2nd half of 2025

March 27, 2025March 18, 2025carlocarrasco

In its monetary report recently released, the Bangko Sentral ng Pilipinas (BSP) stated that inflation could exceed the 2% to 4% target in the 2^nd of half of this year mainly pointing to base effects from easing commodity price pressures, according to a BusinessWorld news report.

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

THE BANGKO SENTRAL ng Pilipinas (BSP) said inflation could overshoot the 2-4% target range in the second half of this year amid base effects.

In its latest Monetary Policy report, the central bank said annual inflation is likely to settle within the 2-4% target band from this year to 2026 amid declining rice prices.

“However, inflation could exceed the target range in the latter part of 2025, primarily due to base effects from easing commodity price pressures in the corresponding period of 2024,” it said.

“Inflation is then projected to move closer to the midpoint of the target range in 2026, supported by an expected moderation in global commodity prices,” it added.

The BSP’s baseline forecasts for inflation are at 3.5% for 2025 to 2026. Accounting for risks, inflation could reach 3.7% in 2026.

In February, the consumer price index (CPI) sharply slowed to 2.1%, bringing headline inflation to 2.5% in the first two months.

For this year, inflationary pressures could come from “higher global oil and non-oil prices, peso depreciation, and recent above-expectation inflation readings,” the BSP said.

However, inflation could breach the 2-4% target range if crude oil prices rise, it said.

BSP estimates show that if crude oil prices average above $100 per barrel, inflation could hit 4.1% this year and 4.8% next year.

Based on the latest Development Budget Coordination Committee macroeconomic assumptions, Dubai crude oil is seen to range from $60 to $80 per barrel this year.

However, the BSP reiterated that risks to the inflation outlook have remained “broadly balanced.”

“Upside risks include potential increases in electricity rates, transport charges, and pork prices,” it said.

According to the BSP’s risk matrix, there is a high probability for a rise in pork prices and a low probability for elevated transport and electricity costs.

“Conversely, the main downside risk stems from the spillover effects of lower tariffs on imported rice to domestic rice prices.”

Rice inflation further decreased to 4.9% in February from the 2.3% drop in January. This was the lowest rice inflation print since the 5.7% contraction in April 2020.

Rice prices are seen to decline further after the Agriculture department declared a food security emergency on rice, as well as lowered the maximum suggested retail price of 5% broken imported rice.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the inflation in the Philippines will accelerate in the 2^nd half of this year? If you are running a business, how far can you go when it comes to maintaining the current prices of your good and services when inflation kicks in?

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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Michelin opens new office in Alabang

March 22, 2025March 20, 2025carlocarrasco

The French multinational tire manufacturing company Michelin very recently opened a new office in Filinvest City in Alabang to provide service and support to its customers, according to a GMA Network news report. This development added business credibility to the corporate city of Filinvest and Muntinlupa City in general. The Michelin Alabang office is in the Polaris Building.

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

Michelin on Thursday announced the opening of its new official office in the Philippines, which will focus on strengthening the brand in the Philippines, and invest in local talents moving forward.

The new office — located in the Polaris Building, Filinvest Corporate City, Alabang in Muntinlupa City — will serve as a hub for enhanced customer engagement and support, to reflect its “dedication to the growing Filipino market.”

“We are excited to open our new office in the Philippines. We recognize the country’s strong market potential, and this move enables us to reinforce our partnerships, enhance customer support, and further establish Michelin as the preferred choice for mobility solutions in the region,” Michelin Asia Pacific (Singapore) Philippines Branch Office managing director Jonathan Khong said.

According to Michelin, the new office will strengthen collaboration with local partners, provide them with better resources, tools, and expertise to enhance their business operations, and boost the Michelin brand in the country.

The opening of the new office also “reflects Michelin’s continued dedication” to the Philippines, and will strengthen sales and after-sales services through support to partners, and investment in developing local talents.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa, do you feel confident that the presence of Michelin in Alabang will add a lot to the economic dynamism of the city? Do you know a lot of Michelin customers living in Muntinlupa and in nearby cities? Do you think Michelin’s presence in the city will convince other international businesses to set up new offices or service centers in Filinvest City in the near future?

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

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2024 FDI net inflow into Philippines reaches $8.93 billion

March 21, 2025March 12, 2025carlocarrasco

Foreign direct investments (FDI) that flowed into the Philippines reached $8.93 billion in 2024 which is a tiny improvement over the previous year, according to a BusinessWorld news report. The result was below the target for 2024 set by the Bangko Sentral ng Pilipinas (BSP).

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

NET INFLOWS of foreign direct investments (FDI) into the Philippines inched up by just 0.1% in 2024 but plunged in December to its lowest monthly tally in 11 years, amid uncertainty in global trade, data from the central bank showed.

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed FDI net inflows edged higher to $8.93 billion in 2024 from $8.925 billion in 2023, ending two straight years of declining inflows.

The 2024 FDI tally was also the highest in two years but below the BSP’s forecast of $9 billion.

Investments in equity and investment fund shares rose by 13.1% to $2.7 billion in 2024 from $2.39 billion in 2023.

Net foreign investments in equity capital climbed by 42.4% to $1.54 billion last year from $1.08 billion in 2023. Placements increased by 4.3% to $2.17 billion, while withdrawals fell by 37.1% to $628 million.

BSP data showed these placements mainly came from Japan (38%), the United Kingdom (35%), the United States (10%), and Singapore (8%).

Investments were mostly channeled into manufacturing (68%), followed by real estate (12%), and information and communication (5%) industries.

Meanwhile, net investments in debt instruments stood at $6.23 billion, down by 4.7% from $6.53 billion in 2023. Reinvestment of earnings likewise declined by 11.2% to $1.17 billion from $1.31 billion.

DECEMBER SLUMP – In December alone, FDI net inflows plunged by 85.2% to $110 million from $743 million in the same month in 2023. Month on month, inflows likewise fell by 88% from $922 million.

December saw the lowest FDI net inflow in 11 years or since the $102.16 million recorded in December 2013.

“While nonresidents’ net equity capital investments rose, FDI declined due to increased debt repayments by resident corporations to their nonresident direct investors,” the BSP said.

The higher debt repayments brought net investments in debt instruments to an outflow of $19 million in December, a reversal of the $618-million inflow in the same month in 2023.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the Philippines can do more to attract more foreign direct investments this year? Do you think the FDI of 2024 will result in new businesses and new jobs all over the Philippines this year?

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

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GCash implements temporary measures to avoid vote-buying

March 20, 2025March 12, 2025carlocarrasco

With the 2025 National and Local elections all set to happen on May 12, the popular e-wallet service GCash recently implemented temporary measures to curb potential vote-buying, according to a GMA Network news report.

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

GCash has imposed a temporary daily transaction limit on “Express Send” and “Send via QR” to avoid vote-buying in the 2025 midterm elections.

In an advisory, GCash said the daily transaction limit will be implemented until May 12, 2025, the day of the elections. Normal transactions will resume the following day, May 13, 2025.

“Ang mga hakbang na ito ay para sa patas at ligtas na halalan. Sa pagpigil sa financial influence sa boto ng mga tao, masisigurong tunay na boses ng mamamayan ang resulta ng eleksyon,” GCash said.

“Babantayan ng GCash ang mga transactions para matiyak na hindi ito ginagamit sa ilegal na election activities,” it added.

(These steps are implemented to ensure fair and safe elections. By preventing financial influence on people’s votes, we can ensure that the election results truly reflect the people’s voice. GCash will monitor the transactions to ensure that money will not be used in illegal election activities.)

Once the daily limit is reached, GCash said its users can transact on the following day. GCash also said business users are included in the temporary restrictions.

“Any unusual transaction flow between accounts, digital banking and digital wallets, including unusual large cash withdrawals involving the amount exceeding P500,000, encashment of checks, during election period, which have no underlying legal/trade obligation, purpose or economic justification or the amount involved is not commensurate with the business or financial profile of the client, shall be considered suspicious transactions of vote buying and vote selling,” the Commission on Elections (Comelec) Resolution 11104 read.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think GCash made the right moves in relation to the upcoming national and local elections?

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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Japanese leisure services firm to invest P2.5 billion in the Philippines

March 19, 2025March 11, 2025carlocarrasco

Koshidaka Holdings, a leisure services firm based in Japan, will be investing P2.5 billion in the Philippines and plans to launch its first store this year, according to a Philippine News Agency (PNA) news article. This development is related with the Department of Trade and Industry’s (DTI) recent meetings with corporations in Japan. Kodaka Holdings has more than six hundred outlets in Japan and the Philippines is a key part of its planned expansion in Southeast Asia.

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

Japanese leisure services firm Koshidaka Holdings Co. Ltd. will be investing PHP2.5 billion in the country, with its first store set to open this year, Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque said.

In a virtual briefing Tuesday, Roque said Koshidaka is aggressive on its plans to expand in the country to bring its karaoke business and onsen-style (hot spring) spas as well as opening women’s fitness studios in Philippine malls.

The Japanese firm is scouting for 30 locations to establish its business here before growing to 100 sites nationwide.

Koshidaka is one of the 13 firms and business organizations that Roque met during her recent visit in Tokyo as a follow-through of the agency’s investment missions in Japan.

These firms include Nidec Corp., Ibiden Co., Ltd., Etoile Kaito & Co., Inc, Adastria Co., Ltd., Sumitomo, Fujifilm Holdings Corp., Chodai Co., Ltd. Taiheiyo Cement Corp., Fast Retailing, JR East, and Koshidaka Holdings Co., Ltd as well Keizai Doyukai and Keidanren.

“We also check on their plans, what their plans are in our country for expansion and also for growth,” Roque said.

Earlier, Koshidaka announced that it would establish a Philippine subsidiary to offer a new style of karaoke entertainment.

Koshidaka said its expansion in the Philippines is a key initiative in its Southeast Asia growth strategy, with the country’s large market and economic development.

“Aside from the entertainment, they also want to open a gym that’s really just focused on women all over the country, and they also want to focus on creating Japanese onsen in the malls or in different areas that are of interest to them,” Roque said.

“So they’re actually coming first quarter this year to really explore the different locations where they can open.”

Let me end this post by asking you readers: What is your reaction to this recent development? Do you find Koshidaka Holdings’ karaoke and onsen-style spas interesting? Have you tried any of Koshidaka Holdings’ businesses in Japan before?

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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