Economy of the Philippines – Page 30

DBCC revises Philippine economic growth targets for 2024 and 2025

April 17, 2024April 7, 2024carlocarrasco

As far as the Development Budget Coordination Committee (DBCC) is concerned, current domestic and global developments justified their recent revision of economic growth targets for the Philippines in 2024 and 2025, 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…

The Development Budget Coordination Committee (DBCC) has adjusted its economic growth targets for 2024 and 2025 due to current domestic and global developments.

The DBCC revised downward its gross domestic product (GDP) outlook for 2024 to 6 to 7 percent from the previous range of 6.5 to 7.5 percent, Socioeconomic Planning Secretary Arsenio Balisacan said in a Palace press briefing on Thursday.

For 2025, the DBCC narrowed the GDP target to 6.5 to 7.5 percent from the previous 6.5 to 8 percent. Balisacan said the growth projection of 6.5 to 8 percent for 2026 to 2028 was retained.

The revised targets growth targets were initially discussed during the DBCC’s 187th meeting on March 22.

The DBCC took into consideration the latest trade outlook of the Bangko Sentral ng Pilipinas (BSP) and the International Monetary Fund (IMF) amid global trade disruptions and geopolitical tensions.

President Ferdinand R. Marcos Jr. approved the latest GDP outlook when he presided over the 16th full Cabinet meeting at Malacañan Palace in Manila on Wednesday.

Balisacan said the Marcos administration remains steadfast in its commitment to sustaining the robust growth trajectory of the Philippine economy.

“Robust macroeconomic fundamentals will support this growth trajectory. These growth targets will sustain the country’s position as one of the fastest-growing emerging economies in the Asia Pacific region,” Balisacan said.

“The government’s dedication transcends meeting statistical targets or numerical benchmarks. We direct our efforts toward realizing a strategic and compelling vision for our nation’s prosperity even as we navigate a global economic landscape marked by various challenges within and without,” he added.

Balisacan also assured the public that the government is still on track to achieving the upper middle income status by 2025.

Opportunities and risks – Balisacan said the country’s economic team discussed the possible opportunities and risk to growth outlook, adding that it identified several domestic and external challenges that are “on the horizon.”

These include climate change and extreme natural disasters such as El Niño that would “continue to pose risks to food security and the stability of food prices,” he said.

“Additionally, risks related to inflation, such as potential adjustments in transport fares, wages, and service utility fees higher than expected, could dampen household consumption,” he said.

Balisacan also cited that global economic slowdown may weaken external demand, while increasing geopolitical and trade tensions could disrupt supply chains.

He added that general elections in major economies could lead to political shifts that may disrupt trade and investment.

“Despite the anticipated risks, we remain optimistic about the country’s sustained growth momentum as we strive for better development outcomes. We aspire to position the Philippines as a frontrunner within our region and beyond—a beacon of inclusive progress and resilience,” Balisacan said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines will end up growing at a lower-than-expected pace?

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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HSBC remains committed to investing in the Philippines and supporting the government’s economic agenda

April 16, 2024April 5, 2024carlocarrasco

Recently the huge international financial firm The Hongkong and Shanghai Banking Corporation (HSBC) confirmed its commitment to investing in the Philippines and supporting the government’s economic agenda which President Ferdinand “Bongbong” Marcos, Jr., welcomed, 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…

President Ferdinand R. Marcos Jr. on Thursday welcomed the commitment of the Hongkong and Shanghai Banking Corporation (HSBC) to support the government’s economic agenda and continue to invest in the Philippines.

HSBC Holdings Group officials, led by its Chairman Mark Tucker, paid a courtesy visit to the President at the Malacañan Palace and expressed its intention to continue expanding in the country.

“Today, we are left as one of the few international banks. But our commitment to the Philippines, and continuing to invest, continuing to work here remains absolutely intact,” Tucker told Marcos.

He added that HSBC, which has been operating in the Philippines for almost 150 years, is interested in expanding its investment in the Philippines, particularly on foreign direct investment (FDI), saying it “supports FDI by a number of different ways.”

For his part, the chief executive acknowledged the significant contributions of HSBC to the Philippine economy, pointing out the “interconnections” it has made in the country.

“Thank you again for HSBC’s continued interest. We continue to encourage (foreign investments). The economy, actually, we’ve tried to open it up, we put very, we put much (importance)… on the fact that private partnerships are necessary,” Marcos said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think HSBC’s commitment will encourage other international financial firms and foreign investors to support the national economy?

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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Moody’s Ratings sees the Philippines becoming the 2nd fastest growing Southeast Asian economy this year and in 2025

April 15, 2024April 3, 2024carlocarrasco

For this year and 2025, Moody’s Ratings projects the Philippines will end up as the 2^nd fastest growing economy in Southeast Asia, according to a BusinessWorld news report.

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

THE PHILIPPINES is projected to be the second-fastest growing economy in Southeast Asia this year and in 2025 as domestic demand is expected to remain resilient, according to Moody’s Ratings.

“We have kept unchanged our 2024 and 2025 forecasts for the Philippines and Malaysia and also expect sequentially higher growth in both countries. Domestic demand remains the primary economic growth engine for the Philippines,” it said in a report.

Moody’s Ratings kept its forecast for gross domestic product (GDP) growth for the Philippines at 5.9% this year and 6% in 2025.

However, these projections fall short of the government’s growth targets of 6.5-7.5% for this year and 6.5-8% for next year.

At 5.9%, the Philippines has the second-fastest projected growth in Southeast Asia for 2024, after Vietnam (6%). It is ahead of Indonesia (5%), Malaysia (4.5%) and Thailand (2.8%).

For 2025, the Philippines is again expected to post the second-fastest growth behind Vietnam (6.5%) but ahead of Indonesia (5%), Malaysia (4.8%), and Thailand (3%).

Moody’s Ratings said that growth in domestic demand-driven countries like the Philippines is “increasing more than we previously expected.”

The economy grew by a weaker-than-expected 5.6% in 2023, slower than the 7.6% expansion in 2022 and short of the 6-7% government goal.

Household consumption typically accounts for three-fourths of the Philippine economy. Last year, household spending expanded by 5.6%, much slower than 8.3% in 2022.

Meanwhile, Moody’s Ratings sees inflation averaging 3.8% this year, higher than the Bangko Sentral ng Pilipinas’ (BSP) 3.6% full-year forecast but within the 2-4% target.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that strong household consumption alone can help the Philippine economy grow stronger than what Moody’s Ratings projected for 2024 and 2025?

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

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World Bank sees stronger Philippine economic growth in 2025

April 11, 2024April 2, 2024carlocarrasco

Recently the World Bank (WB) revealed its forecast of stronger economic growth for the Philippines in the year 2025 although still below the projections of the government, 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 WORLD BANK (WB) maintained its economic growth forecast for the Philippines this year but raised its 2025 growth projection, amid expectations of higher consumer spending and foreign investments.

In its latest East Asia and Pacific (EAP) Economic Update, the World Bank said it expects Philippine gross domestic product (GDP) to grow by 5.8% this year, the fastest in Southeast Asia along with Cambodia.

The Philippines and Cambodia are seen to expand faster than Vietnam (5.5%), Indonesia (4.9%), Malaysia (4.3%), Lao People’s Democratic Republic (4.0%), Timor-Leste (3.6%), Thailand (2.8%) and Myanmar (1.3%).

For 2025, the World Bank raised its GDP forecast for the Philippines to 5.9% from 5.8%.

However, the World Bank’s growth forecasts for the Philippines are lower than the government’s target of 6.5-7.5% for 2024 and 6.5-8% for 2025 to 2028.

“What has sustained growth in the Philippines, like much of the region, has been consumption and the recovery in services,” WB East Asia and Pacific Chief Economist Aaditya Mattoo said at a virtual briefing on Monday.

He noted foreign investment flows into the Philippines might increase after the government implemented significant reforms such as Republic Act No. 11659 or the Public Service Act, which allows full foreign ownership in key sectors such as telecommunications and airlines.

“(The reforms) should begin to pay off in terms of greater foreign investment, which though in the short run… the flows have been less strong than we would have expected,” Mr. Mattoo said.

Climate and geopolitical shocks, as well as elevated inflation and high interest rates are risks to the growth outlook.

“If there is a resurgence in inflation, for example in the United States, which might well see interest rates even higher for longer, that would certainly affect growth throughout the region as we have estimated,” he said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippine economy can grow stronger than the forecast of the World Bank for 2025?

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 exports of goods and services surpassed $100 billion in 2023

April 11, 2024April 2, 2024carlocarrasco

For the year 2023, Philippine exports of good and services reached over $100 billion based on the balance of payments (BOP) from the Bangko Sentral ng Pilipinas (BSP), according to a Philippine News Agency (PNA). By comparison, less than $100 billion was achieved in 2022.

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

Despite global trade challenges, Philippine exports surpassed the USD100-billion mark in 2023, an all-time high revenue for the country’s outbound trade.

The Department of Trade and Industry (DTI) said in a statement Monday that based on the balance of payments (BOP) from the Bangko Sentral ng Pilipinas (BSP), exports of goods and services reached USD103.6 billion. This is higher by 4.8 percent from the total exports of USD98.8 billion in 2022.

DTI Secretary Alfredo Pascual said this is the first time the Philippines breached the USD100-billion mark in export revenues.

Pascual said the strong exports last year was driven by services, especially the information technology and business process management (ITBPM) and tourism services.

Services exports rose 17.4 percent in 2023 to USD48.29 billion from USD41.12 billion in 2022.

According to the Information Technology and Business Process Association of the Philippines, ITBPM revenues last year stood at USD35.5 billion, while government data showed that travel services reached USD9.1 billion last year.

On the other hand, exports of goods last year declined by 4.1 percent to USD55.32 billion from USD57.71 billion in 2022.

The country’s top goods export alone, electronics, decreased by 3.4 percent or USD955 million in 2023 compared to its previous year.

“This decline highlights the importance of diversifying export portfolios and enhancing competitiveness in key sectors,” the DTI said.

“The path to global excellence and export growth requires shared ambition, where the government and the private sector must intensify and sustain collaborations. Our guideline is the Philippine Export Development Plan (PEDP) 2023-2028, which aims to address constraints to production, diversify and improve access to markets, and develop a strong and innovative export ecosystem,” Pascual said.

However, export revenues last year were USD23.2 billion away from the PEDP target of USD126.8 billion for 2023.

“We recognize the ongoing challenges in both the domestic and global trading environments and hope to address the binding constraints to Philippine export competitiveness as we continue to implement the PEDP for 2023 to 2028,” the DTI chief added.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippines can achieve at least $100 billion worth of export revenue 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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Tourist spots in New Bilibid Prison?

April 5, 2024March 26, 2024carlocarrasco

If plans between the different authorities indeed push through, then it would mean that tourist spots inside the New Bilibid Prison (NBP) in Muntinlupa City will be realized, according to a news article by the Philippine News Agency (PNA).

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

Plans are afoot to convert historical sites inside the New Bilibid Prison (NBP) in Muntinlupa into possible tourist sites following a Monday meeting between Bureau of Corrections (BuCor) Director General Gregorio Pio P. Catapang Jr. and Muntinlupa City Mayor Rozzano Rufino B. Biazon.

During the meeting attended by officials from BuCor, the Department of Justice, and the city government, Catapang assured his full support to revive the Muntinlupa’s economy through tourism, the BuCor said in a statement on Tuesday.

Included in the circuit tours inside the NBP being eyed by the Muntinlupa City Tourism Culture and Arts Department are: Kiyosi Oshawa Shrine / Memorial for Peace Shrine; the Jamboree Lake, the smallest lake in the Philippines; Director’s Quarters – Presently the official residence of the Bureau of Corrections Director General; Lethal injection and Death Chamber, which has since been mothballed following the suspension of the death penalty; Japanese Cemetery, a garden cemetery located inside the NBP Reservation Compound dedicated to the Japanese Soldiers who died in Muntinlupa; Memorial Hill, the burial place of Major Eriberto B. Misa Sr. which served as a tribute to the former Bureau of Prison Director for his 12 years of service, making him the longest-serving prison director up to this date.

The government earlier announced plans to decongest the overpopulated penal facility and convert it into a high-value multi-use development once the inmates are relocated to other facilities throughout the country by 2028.

In November last year, prison officials said an open park at the heart of Metro Manila similar to Central Park in New York, is among the components of the plan by the BuCor to develop the NBP.

Catapang said that Justice Secretary Crispin Remulla’s vision for the property is to turn a 100-hectare lot of the more than 350 hectares of NBP into an open park, while the remaining area will be for a mixed-use space to house a government center, and lease parts to private entities to generate funds for the national government.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, do you see any potential benefit of establishing tourist spots inside the NBP?

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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Maynilad’s New Ceramic UF Modular Treatment Plant in Muntinlupa City Inaugurated

April 4, 2024March 25, 2024carlocarrasco

Recently in the City of Muntinlupa, water concessionaire Maynilad inaugurated their modular treatment plant which was designed to treat raw water using state-of-the-art ceramic ultrafiltration (UF) technology, according to the official announcement.

To put things in perspective, posted below is an excerpt from the company’s announcement online. Some parts in boldface…

Operated under a “build-operate-transfer” contract by Rendco-FFJJ Consortium, the Laguna Lake Modular Treatment Plant (ModTP) can produce 20 million liters per day (MLD) of potable water supply, augmenting the production of Maynilad’s three existing treatment facilities in Muntinlupa that also use Laguna Lake as a source.

The 20-MLD water supply from this additional facility will help to improve service reliability for Maynilad customers in the south, as its technologically advanced treatment processes ensure sustained production despite abrupt fluctuations in the lake’s raw water quality, which have been occurring with more frequency owing to climate change effects.

Besides the state-of-the-art Ceramic UF membranes, the facility also uses other key global treatment technologies, such as Ceramic Flatsheet Membranes, Nanobubble Technology, and Sludge Dewatering Press, all incorporated into a localized design that produces zero liquid discharge. This means that every drop of water is used and conserved.

The facility’s various treatment processes also require less maintenance and lower energy and chemical consumption, thus resulting in cost efficiencies and reduced environmental impact.

“Maynilad continues to adopt innovative solutions to meet the evolving water supply and treatment challenges, ensuring long-term resilience and sustainability. With this new facility, we are setting a milestone in municipal water treatment here in the Philippines, as we explore the potential of scaling similar technologies across other facilities,” said Maynilad President and CEO Ramoncito S. Fernandez.

The use of ModTPs that tap alternative sources to Angat Dam form part of Maynilad’s service enhancement program, which aims to address water security challenges.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a Maynilad customer, do you think this newest project will improve the water supply as well as your access to water 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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Luxury cars, villas, tunnels and more found inside raided POGO in Tarlac

April 1, 2024March 19, 2024carlocarrasco

As I was browsing news of national interest, I came upon a news report by GMA Network related to a Philippine Offshore Gaming Operator (POGO) hub in the municipality of Bamban, Tarlac province that was already raided by local authorities. Beyond the raid, the authorities uncovered luxury cars, villas and even tunnels inside the facility.

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

A swimming pool, several tunnels and luxury cars were among the discoveries inside a Philippine Offshore Gaming Operators (POGO) hub that was allegedly used for illegal activities by scammers in Bamban, Tarlac.

In an exclusive report from Saleema Refran on 24 Oras, the 10-hectare Zun Yuan Technology complex that was raided by a joint team of Presidential Anti-Organized Crime Commission, Philippine National Police and the Armed Forces of the Philippines (AFP) had more than just offices and dormitories.

There were also villas that were reportedly reserved for high ranking officials and VIPs as well as an (Olympic)-sized swimming pool.

Aside from allegations of scams, human trafficking and illegal detention, the compound was also hiding other secrets.

There is a network of tunnels underneath the villas. Authorities said the tunnels led outside the compound.

PAOCC spokesperson Winston Casio said the underground passageways might have been used by other suspects to make good their escape.

“Posible kasi na yung mga nakatakas ay dumaan po sa underground tunnels. Mayroon kasing open na mga gates doon sa ibang tunnels pwedeng doon sila nagtakasan.

(It’s possible those who escaped underground. There were open gates in some of the tunnels.)

Inside the villas were expensive furniture and appliances. There were also safety vaults in several rooms. Outside were parked several SUVs and luxury cars.

The massive compound is located beside the Bamban Municipal Hall.

Casio said Bamban town officials should have been more vigilant when it allowed the establishment of the amusement and gaming hub in 2020.

“Lahat po ng POGO, lahat ng (internet gaming license) operators kinakailangan po magkaroon niyan ng Letter of No Objection galing sa city council. Dapat bago nag release ng LONO yung munisipyo dinouble, di lang double, triple o quadruple check kasi nga nakita natin yung mga ebidensya ng scamming dito sa loob,” he said.

The Department of Justice is also investigating the case.

Prior to the March raid, the compound was also raided last February this year due to allegations of a cryptocurrency scam when it was licensed under the Hongsheng Gaming technology.

Posted below is the related news video of GMA.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think that the remaining POGOs here in the Philippines could be engaging in illegal activities and added to criminal activities in local communities near their facilities?

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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Filinvest REIT Corp. (FILRT) remains as one of the top taxpayers in Muntinlupa City

April 1, 2024March 20, 2024carlocarrasco

Recently in the progressive City of Muntinlupa, Filinvest REIT Corp. (FILRT) was recognized by the City Government as one of the Top 10 taxpayers in the city and this is also the 3^rd consecutive year the corporation made it in the prestigious rankings, according to a Malaya Business Insight news report.

For the newcomers reading this, Filinvest REIT Corp. (FILRT) describes itself as “a real estate investment trust backed by Filinvest Land, Inc. (FLI), one of the largest property developers in the Philippines with an established portfolio of residential, office, retail and industrial developments around the country.”

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

Filinvest REIT Corp. (FILRT), the pioneering real estate investment trust (REIT) arm supported by Filinvest Land, Inc. (FLI), and renowned as the country’s first sustainability-themed REIT, has once again received recognition as one of Muntinlupa City’s top taxpayers for the third consecutive year. Acknowledged alongside nine other esteemed businesses by the city, under the guidance of Hon. Mayor Ruffy Biazon, FILRT has been commended for its significant contribution to the city’s economic progress, bolstering various local government initiatives such as scholarships, healthcare, and security infrastructure.

Maricel Brion-Lirio, FILRT President and CEO, affirmed, “We are steadfast in our commitment to embedding sustainability in our Muntinlupa developments, and we remain dedicated to investing in projects and endeavors that champion environmental and social responsibility. FILRT and FLI stand as steadfast allies of the government, offering unwavering support for the city’s continuous pursuit of advancement.”

FILRT currently owns and manages 16 eco-efficient buildings encompassing over 280,000 square meters of gross leasable area within Northgate Cyberzone, an IT BPO campus-style hub accredited by the Philippine Economic Zone Authority (PEZA) in Filinvest City, Alabang, Muntinlupa City. Notably, FILRT’s office property portfolio boasts a globally competitive tenant mix predominantly consisting of blue-chip BPO companies.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, are you delighted to see how much socio-economic progress FILRT contributed to the city? Are many members of your local community working in a company occupying properties within the Northgate Cyberzone or at Filinvest 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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Over P577 million deposited through BSP coin machines

April 1, 2024March 26, 2024carlocarrasco

More than P577 million worth of coins have been deposited through the many coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas (BSP) as of March 15, 2024, as published on their website.

Based on the latest statistics, a total of P577,421,900.87 in coins got deposited into BSP machines on 147,517 transactions from customers. In terms of physical quantity, 162,311,398 coins were deposited. All these numbers are accurate as of March 15, 2024.

Doing the math on the latest statistics, customers averaged P3,914.27 per transaction (depositing of coins) at the machines. As for the grand total Peso amount divided by the number of coins deposited, the average is P3.55749 per coin deposited.

As with recent times, in my experience, it is getting more challenging for me to deposit loose change at the BSP coin deposit machine inside Festival Mall in Alabang not just because more people lined up but also because more people are individually carrying jars or bags full of coins to deposit. The more coins a customer tries to deposit during his or her turn at the machine, the wait can be a few to several minutes long. I also noticed that more motorcycle delivery operators have joined the line inside Festival Mall supposedly to do the deposits for their clients.

Let me end this piece by asking you readers: What is your reaction to this recent development? Were you able to deposit your excess coins into a BSP coin deposit machine in your locality recently? Do you think the BSP should put up more coin deposit machines to keep up with the growing consumer demand? How long normally is the line at the BSP coin deposit machine in your locality each time you visit?

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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