Economy of the Philippines – Page 31

P170.6-billion NAIA deal signed

March 28, 2024March 18, 2024carlocarrasco

Recently at Malacañang Palace, the ambitious P170.6 billion agreement to rehabilitate and modernize the Ninoy Aquino International Airport (NAIA) was formally signed in the presence of President Ferdinand “Bongbong” Marcos Jr., House Speaker Martin Romualdez and Executive Secretary Lucas Bersamin which symbolically starts the public-private partnership, 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 PHP170.6-billion Public-Private Partnership (PPP) agreement for the rehabilitation of the Ninoy Aquino International Airport (NAIA) is expected to herald economic growth through better collaborations with both local and foreign investors, Transportation Secretary Jaime Bautista said Monday.

At the signing of the concession deal between the Department of Transportation (DOTr) and the New NAIA Infra Corp. (NNIC) in Malacañang, Bautista said the PPP project would “open floodgates” of opportunities from investments, business, tourism, and employment.

“We welcome this development for the NAIA PPP Project as this will not only generate revenue for the government but it will also create opportunities for Filipinos. With a modernized NAIA, we are elevating the airport’s facilities and services to international standards,” he said.

The agreement, Bautista said, would send signal to the international business community about the viability of government infrastructure projects.

“This radical transformation comes at no small price Substantial investments in infrastructure and technology will necessitate collaborations with local and foreign partners,” he added.

San Miguel Corporation president and chief executive officer Ramon Ang, for his part, said the NNIC would not only rehabilitate but also improve the airport’s functionality and “establish a new standard in serving excellence.”

“Together with our partner, Incheon, we have assembled a team of experts, focused on implementing immediate improvement, and help us achieve our long-term goal for NAIA,” Ang said.

President Ferdinand R. Marcos who witnessed the signing described the pact as an “investment in our future.”

“This undertaking is not just about revenues that will be remitted to treasury alone, but resources invested in the airport,” Marcos said.

The agreement, signed by Bautista, Ang and Manila International Airport Authority (MIAA) General Manager Eric Ines, covers 15 years with an option for a 10-year extension.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think this new public private partnership will succeed with achieving its goals of modernizing the NAIA, creating new jobs and attract both new investments and a higher number of foreign visitors in the years in the come?

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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Fitch sees Philippine economy outpacing Southeast Asian economies this year with 6.4% growth

March 25, 2024March 15, 2024carlocarrasco

Financial firm Fitch Ratings expects the economy of the Philippines to grow the fastest among Southeast Asian economies this year with a growth rate of 6.4%, according to a news article by BusinessWorld.

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

THE PHILIPPINES is expected to be the fastest-growing economy in Southeast Asia this year, according to Fitch Ratings.

Data from Fitch Ratings’ Asia-Pacific Sovereigns Credit Outlook for February showed that the Philippines’ gross domestic product (GDP) is projected to expand by 6.4% this year.

This will be the fastest growth in Southeast Asia, ahead of Vietnam (6.3%), Indonesia (5%), Malaysia (4.2%), Thailand (3.8%) and Singapore (2.3%).

Krisjanis Krustins, Fitch Ratings’ primary sovereign analyst for the Philippines, said Philippine GDP growth would likely remain above 6% in the next few years.

“We forecast real GDP growth of above 6% over the medium term, considerably stronger than the ‘BBB’ median of 3%, supported by large investments in infrastructure and reforms to foster trade and investment, including through public-private partnerships (PPPs),” he said in an earlier commentary.

Fitch Ratings’ forecast is slightly below the government’s 6.5-7.5% target this year.

The Philippine economy grew by 5.6% in 2023, slower than 7.6% in 2022 and fell short of the government’s 6-7% full-year target.

Economic managers have said they might revise growth assumptions and targets to be more “realistic” and account for global economic conditions.

The Philippine Statistics Authority (PSA) is set to release first-quarter GDP data on May 9.

For 2025, Fitch expects Philippine economic output to expand by 6.5%. This also makes it the fastest-growing economy in the region next year, alongside Vietnam. It will be ahead of Indonesia (5.2%), Malaysia (4.5%), Thailand (3.4%) and Singapore (3%).

In November, Fitch Ratings affirmed the Philippines’ “BBB” investment grade rating and kept its “stable” outlook.

A “BBB” rating indicates low default risk and reflects the economy’s adequate capacity to pay debt. A “stable” outlook on the rating also means it is likely to be maintained over the next 18-24 months.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think Fitch’s predictions for the Philippine economy will turn out true by the end of 2024?

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

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Philippines secures at least $4 billion worth of investments from Germany

March 22, 2024March 13, 2024carlocarrasco

The Philippines has been on a roll lately when it comes to attracting investors and sealing agreements. Following the success of attracting investment from Australia, the Philippines secured from Germany investments worth at least $4 billion (over P220 billion) as President Ferdinand “Bongbong” Marcos and his team went there recently, according to a news article by the Philippine News Agency (PNA). The said amount is more than double than what the nation secured from Australia.

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

The Philippines has secured at least USD4 billion (PHP222 billion) worth of investments in various sectors during President Ferdinand R. Marcos Jr.’s working visit in Germany.

“We have secured business deals worth USD4 billion in Germany, the EU’s economic powerhouse!” he said in a Facebook post Wednesday morning.

“Last year’s significant investments from Germany underscore their confidence in us as a key partner in the Asia-Pacific. We eagerly welcome further collaborations in climate action and energy transition.”

On Tuesday night (Manila time), Marcos became the first Philippine president to address German business leaders in 10 years, coinciding with the 70th anniversary of Philippine-Germany diplomatic relations.

The Philippines and Germany established their diplomatic relations on Oct. 8, 1954.

Marcos also witnessed during the business forum the presentation and exchange of various memoranda of agreement or understanding and letters of intent with different German businesses.

Marcos, in his speech, said Germany is one of the countries that the Philippines is looking forward to further fostering strong business partnerships and collaboration, being one of the biggest economies in the European Union.

He said Germany has the biggest economy both in Gross Domestic Product and population, and a global force in technology and innovation.

“Last year was a testament to the continuing confidence of Germany in the Philippines as a partner in the Asia-Pacific and the ASEAN (Association of Southeast Asian Nations) region by leading among the countries in terms of investments,” Marcos said.

The President also touted the policy reforms and key legislations made by his government to make the Philippines a reliable partner for foreign investors.

In 2022, Germany was the Philippines’ 12th largest trading partner, 10th export market, and 15th import supplier.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think that the confirmed investments from Germany will translate into new jobs and new opportunities for social and economic prosperity?

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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FDA working with BIR to make medicine more affordable for senior citizens

March 18, 2024March 17, 2024carlocarrasco

The Food and Drug Administration (FDA) and the Bureau of Internal Revenue (BIR) are working together to cut the prices of medicine for senior citizens by means of exemption from the value-added tax (VAT), according to a news article by the Philippine News Agency (PNA). It should be noted that previously President Ferdinand “Bongbong” Marcos, Jr., ordered the FDA to implement a 20 percent discount and VAT exemption for senior citizens under RA 9994 or Expanded Senior Citizens Act of 2010.

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

The Food and Drug Administration (FDA) is working with the Bureau of Internal Revenue (BIR) to bring down prices of medicines for senior citizens through exemption from value-added tax (VAT).

FDA Director General Samuel Zacate said the exemption of VAT coverage will be through the Corporate Recovery and Tax Incentives for Enterprises (CREATE) or Republic Act (RA) No. 11534.

“Basically, the exemption for VAT is through a law – iyong (the) CREATE Law. So, those medicines have been declared by the FDA, endorsed to the BIR para matanggal or mawala iyong kanilang (to remove) VAT,” Zacate said in a news forum in Quezon City on Saturday.

RA 11534 provides VAT exemption to certain medicines for hypertension, cancer, mental illnesses, tuberculosis, kidney diseases, diabetes, high cholesterol, as well as Covid-19 drugs and medical devices.

Pursuant to the CREATE law, Zacate said the FDA is directed to identify and transmit the list of approved medicines for VAT exemption to other implementing agencies, such as the BIR.

“Basically…we only endorse it to the BIR kasi kami po iyong nagdi-determine kung ano, para saan talaga iyong gamot. So, FDA ang magsasabi, kung papaano iyong mekanismo, kung paano tatanggalin iyong gamot (because we are the ones who determine what, what your medicine is really for. So, FDA will say, how your mechanism, how to withdraw your drug). So, it’s a joint process po of the FDA and the BIR,” he said.

Let me end this piece by asking you readers: What is your reaction about this recent development? Are there lots of senior citizens in your local community who are aware of this development?

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 1.2 million international tourist arrivals in the Philippines counted (January 1 to March 5, 2024)

March 18, 2024March 7, 2024carlocarrasco

If the newest data about the 1.2 million international tourist arrivals released by the Department of Tourism (DOT) for the period of January 1 to March 5, 2024, is indeed true and accurate, then it looks like achieving the 7.7 million international tourist arrivals target for the Philippines for 2024 is doable. The DOT recently announced that that 1,227,815 international tourist arrivals (which includes both foreign tourists and Filipinos based overseas) were counted during the first 65 days of the year, according to a news article by the Philippine News Agency (PNA).

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

The Philippines is off to a good start in reaching its year-end arrival target after getting 1.2 million foreign visitors in the first two months of 2024 alone, the Department of Tourism (DOT) reported Thursday.

As of March 5, international tourist arrivals to the Philippines have tallied 1,227,815.

Foreign tourist arrivals took the lion’s share with 1,160,129 or 94.49 percent while overseas Filipinos make up the remaining 67,686.

Speaking at the Philippine Pavilion at the Internationale Tourismus-Börse (ITB) 2024 Convention in Germany, Tourism Secretary Christina Garcia Frasco said this is 22.86 percent higher than the 999,390 arrivals received by the country in the same period in 2023.

“I would like to express my profound gratitude first to all our Philippine sellers who continue to champion Philippine tourism. As of today (March 5), the Philippines has received over 1.2 million international visitors, a robust indication of the future of Philippine tourism. Cheers to all the reasons to celebrate and Love the Philippines,” she said.

South Korea remains the country’s top source market for visitors, with 349,956 or 28.50 percent of the total, followed by the United States with 195,603 (15.93 percent), China with 85,876 (6.99 percent), Japan with 73,159 (5.96 percent), and Canada landing in the fifth spot with 50,555 (4.12 percent).

Australia took the sixth spot with 50,488 (4.11 percent), Taiwan with 42,955 (3.50 percent), the United Kingdom with 30,507 (2.48 percent), Singapore with 25,253 (2.06 percent), and Germany with 20,816 (1.70 percent).

In January, the country’s visitor receipts also grew by 4.84 percent to USD652.26 million from the USD622.14 million recorded in the same month last year.

By doing the math, 1,227,815 international tourist arrivals divided by the first 65 days of 2024 is equivalent to 18,889.46 per day. Multiply that by 366 days for 2024 (a leap year), the total would be 6,913,542 which is several hundreds of thousands of international tourist arrivals short of the declared target. The DOT and the rest of tourism industry’s stakeholders still have lots of work to do to ensure that more than enough visitors from overseas will come into the country and add to the nation’s economy. It should be remembered that the Rizal Commercial Banking Corp. (RCBC) and China Banking Corp. found the nation’s Philippine tourism recovery still lacking.

Let me end this piece by asking you readers: What is your reaction to this latest development? Do you think the reforms and initiatives the Department of Tourism (DOT) executed last year are generating positive results right now? Did you notice the lack of Arab nations among the top markets of international visitors the DOT declared? Do you think there is enough momentum and time for the Philippines to be able to attract 7,700,000 international tourist arrivals by the end of the 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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Three major Japanese investors plan to expand operations in PEZA ecozones

March 15, 2024March 11, 2024carlocarrasco

With all the uncertainty and economic challenges going on, the economy of the Philippines could get a much-needed boost as the Philippine Economic Zone Authority (PEZA) revealed that three major Japanese investors are planning to expand their existing operations in the country, according to a Manila Bulletin news report.

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

The Philippine Economic Zone Authority (PEZA) disclosed that three major Japanese investors are planning to expand their operations in the Philippines.

PEZA Director General Tereso Panga, who was guest speaker during an Economic Seminar in Tokyo recently, reported that he held talks with long-time PEZA investors Tsuneishi, electronics manufacturing firm SIIX Co., and automobile manufacturer FCC Co., Ltd. The seminar hosted by Sumitomo Mitsui Banking Corp. was attended by 140 Japanese firms.

According to PEZA, Tsuneishi is preparing for its fifth phase of expansion, including projects to manufacture the world’s first methanol-fueled TEU container carriers and establishing a wood pelletizing business.

Since 1994, the Japanese shipbuilder has already expanded its Philippine operations four times. Its first project was its shipbuilding business in Balamban, Cebu which grew to a 170-hectare facility from 25 hectares.

It also employs around 10,000 direct and subcontracted employees, a long way from the mere 300 workers it had when it began operations.

In Panga’s meeting with SIIX Co.,Ltd, its President Koji Yanase said they see their Philippine operations “playing a crucial role as they expand their core business and enter new territories.”

SIIX Co. has been engaging with the Philippines since 1957 as with the establishment of the first offshore operations for their ink production in the country.

The company said that it will manufacture its patented conductive ink in the Philippines, according to Panga.

Meanwhile, Yoshitaka Saito’s FCC Co. said they expect their Philippine operations to grow in the coming years as they ramp up “manufacturing of the clutch for Honda Click 125 motorcycle, production of paper ceramics for other electronics component manufacturers, and investment in new advanced technology businesses that will involve the assembly line for scooters, lining molding line, and weight line.”

FCC is also eyeing involvement in the country’s circular economy through using solid oxide fuel cells (SOFC) for water filtration and production of solid biomass fuel.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think that the planned expansion of the three Japanese firms will help the national economy a lot in the long-term?

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

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Las Piñas City’s PESO recognized by DOLE

March 13, 2024March 5, 2024carlocarrasco

Recently in the City of Las Piñas, the City Government announced that its Public Employment and Services Office (PESO) was recognized by the Department of Labor and Employment (DOLE) for its efficient and effective conduct and monitoring of job fairs, according to a Manila Bulletin news report.

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

The Department of Labor and Employment (DOLE)-National Capital Region (NCR) recognized the Las Piñas Public Employment and Services Office (PESO) for its efficient and effective conduct and monitoring of job fairs that contributed to the increase of employment in the region.

Vice-Mayor April Aguilar said the department was awarded by the DOLE-NCR as best performing PESO in job placement for 2023.

The recognition was given to PESO during the regular flag raising ceremony on Monday, March 4.

Aguilar expressed her pride for the recognition as she reiterated the city government’s commitment to increasing the employment opportunities for Las Piñas residents.

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 PESO office deserves the recognition from DOLE? Did anyone in your local community got employed through the services of the PESO over the past twelve months?

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

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Dutch bank predicts Philippine economy will grow 5.4% this year

March 8, 2024February 28, 2024carlocarrasco

ING, a bank and financial services firm based in the Netherlands, published its forecast that the economy of the Philippines will grow by 5.4% this year, according to a Manila Bulletin news report.

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

Dutch bank ING is projecting a moderate 5.4 percent growth for the Philippines this year, saying the impact of the central bank’s rate hikes could have propelled robust growth but it is handicapped by “soft” capital formation.

The 5.4 percent growth estimate is considerably lower than the government target of 6.5 percent to 7.5 percent this year. It is also lower than 2023’s full-year 5.6 percent growth, which was also below the government’s goal of six percent to seven percent.

ING senior economist Nicholas Mapa, in an ING Manila’s economic briefing on Monday, Feb. 19, said domestic growth seems strong this year but “below par as handicaps persist.”

He said one of these handicaps is the lack in capital formation as an impact of the Bangko Sentral ng Pilipinas’ (BSP) cumulative rate hikes since May 2022, for a combined 450 basis points to bring the target reverse repurchase rate or the policy rate to 6.5 percent.

Because of this, Mapa said the “missing link” for a within-target growth is private investment and a National Government spending spree not hampered by a “soft” capital formation.

Capital formation is an integral part of GDP growth. However, capital formation and growth prospects were soft in 2023 due to rate hikes and it could persist this year.

For 2024, ING also forecasts inflation of three percent versus an actual six percent in 2023. The forecast is within the BSP’s target of two percent to four percent. It is also lower compared to the risk-adjusted forecast of the BSP of 3.9 percent for 2024.

Mapa also predict the exchange rate will end with a stronger peso this year at P54.90 since he also expects the BSP’s Monetary Board will cut the policy rate by 50 basis points (bps) from 6.5 percent to six percent, thereby boosting the peso performance.

Based on his presentation during the briefing, Mapa expects the first quarter GDP will perform better at six percent compared to the fourth quarter 2023 GDP of 5.6 percent. By the second quarter, he thinks the economy will grow by 6.3 percent but then will drop to 4.7 percent by the third quarter and further down to 4.5 percent in fourth quarter this year.

He said the rate hikes impact bank lending as well as GDP growth, and that the “elevated rates (has kept) capital formation subdued after years of underinvestment.”

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think ING’s prediction will turn out correct by the end of this year? Do you think that the economy of the Philippines can somehow grow by at least 6% 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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Philippines described by Nikkei Asia as “Asia’s epicenter for online shopping scams”

March 7, 2024February 27, 2024carlocarrasco

In recent times, a lot of people here in the Philippines got cheated by a scammer over their huge purchases of tickets for a Taylor Swift in Singapore. This incident serves as a painful reminder that the nation has been hit by a lot of scams online, so much so the Nikkei Asia published a December 2023 article describing the Philippines as “Asia’s epicenter for online shopping scams.”

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

James Relativo thought he had landed a great deal on an electric drum set, but instead the Manila resident was cheated out of his money in a country gaining the dubious distinction as Asia’s worst for online sales scams.

Shoppers across the Philippines have been bilked out of millions of dollars so far this year, with some turning to victim chat groups on Facebook and other social media. A recent report found more than one-third of Filipinos surveyed had been scammed or encountered retail fraud online.

“Some people easily believe in false promises even if they are too good to be true,” warned Alexander Ramos, executive director of the Cybercrime Investigation and Coordinating Center (CICC).

In retrospect, Relativo might have been more skeptical about a drum set going for 8,000 pesos ($140), less than half the usual price, on e-commerce site Shopee.

But he hit ‘buy’ without hesitating, and soon things turned suspicious. The seller shifted its communications to a messaging app and demanded half the cost of the drums for “refundable taxes.”

More money demands followed until a frustrated Relativo agreed to bypass Shopee’s payment system and settle his remaining balance on GCash, a digital payments platform. He never got his drums.

“I just kept telling him I wanted my money back,” Relativo told Nikkei Asia, his voice laced with exasperation. “It wasn’t like I was dealing with a scammer — he was talking to me, sending me pictures of the drum set being packed.“

The journalist’s saga highlights a bitter experience for a growing number of people in the Philippines, which clocked the highest scam rate for online shoppers across nearly a dozen economies in the 2023 Asia Scam Report, published in November.

Commissioned by the Global Anti-Scam Alliance (GASA) and Taiwan-based tech security company Gogolook, the report surveyed 20,000 respondents about their online shopping experiences in Vietnam, China, Thailand, Hong Kong, Taiwan, Indonesia, South Korea, Japan, Malaysia, Singapore and the Philippines.

The shopping scam rate in the Philippines led the group at an eye-watering 35.9%, followed by mainland China at 27.2%. South Korea had the lowest incidence, at 4.2%.

The explosion in online shopping has created a lucrative market for scammers. And a lack of cybercrime awareness is aggravating the problem in the Philippines, where people spend an average of 10 hours a day online by some estimates.

“Although (Filipinos) are considered very connected and digitally wired, (they) do not have adequate digital literacy skills,” said Mark Manantan, director of cybersecurity and critical technologies at the Pacific Forum in Hawaii.

The survey found that Filipinos were easy prey for scammers because they “respond too quickly” to sellers’ demands.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think Nikkei Asia’s article is detailed enough and trustworthy when it comes to gaining a strong awareness about online scams? How members of your household or your local community got scammed online over the past six months? Why do you think a lot of people in the Philippines are so determined to spend a lot of money to watch a Taylor Swift event overseas?

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

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Muntinlupa City Council amends ordinances related to companies’ hiring of local residents

March 7, 2024February 27, 2024carlocarrasco

Recently in the progressive City of Muntinlupa, the City Council amended two local ordinances that affects companies (with operations within the city) with regards to their hiring of local residents, according to a Manila Bulletin news report.

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

The Muntinlupa City Council amended an ordinance that requires companies operating in the city to hire 70 percent of their rank-and-file employees from among residents.

Under existing ordinances 08-028 and 96-80, all companies that have at least five employees are mandated to hire at least 70 percent of their rank-and-file employees from among Muntinlupa residents.

Ordinance 2024-151 was passed by the City Council amending the two ordinances.

Under the amended ordinance, excluded in the scope of the local law are the banking sector and any industry mandated by law to implement periodic forced rotation of employees.

Section 6 of Ordinance 96-80 was also amended. Under the new provision, all companies in Muntinlupa including business establishments that contract or avail of rank-and-file employees from service agencies located outside the city are required to submit a yearly report of the list of their employees.

The list will be submitted to the Muntinlupa Public Employment Service Office (PESO) by Sept. 30 of every year.

The PESO monitors all business establishments and companies in Muntinlupa for their compliance with the 70-percent workforce requirement.

According to PESO, the ordinance addresses the unemployment problem in the city by giving Muntinlupeños assurance to be employed by companies.

Under the existing ordinance, companies are required to submit to the PESO and Business Permit and Licensing Office (BPLO) a list of employees as part of requirements in the issuance of business permits.

In the amended law, in addition to submitting the age, address, period of employment in the company, and position and duties of employees, companies are now required to submit the employee’s gender, employees who are classified as persons with disabilities (PWDs) and senior citizens, and the company’s reason for not meeting the 50 percent compliance rating in the employment of Muntinlupa residents.

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 who happens to be looking for a job, do you think the latest move by the City Council will boost your chances of getting hired? If you own a business operating in the city, do you think the amendments will make managing your lineup of employees more challenging?

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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