Economy of the Philippines – Page 32

Economic analysts say that the Philippine economy needs to grow more than 6% per quarter to hit 2024 target

May 23, 2024May 14, 2024carlocarrasco

In light of the recent news that the economy of the Philippines grew by 5.7% during the 1^st quarter of 2024, economic analysts stated that growth should be more than 6% per quarter over the next three quarters in order to meet the set target of the year, 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 PHILIPPINE ECONOMY should expand by more than 6% in the next three quarters to meet the government’s growth target this year, analysts said.

“The Philippines needs to grow almost 6.1% for the remaining three quarters to reach 6% growth for the entire year, which appears to be a tall order, particularly given the slowdown in household spending in quarter one and the subdued global economic backdrop this year,” Makoto Tsuchiya, an economist at Oxford Economics Japan, said in an e-mail.

Philippine gross domestic product (GDP) grew by 5.7% in the first quarter, slightly faster than the 5.5% in the fourth quarter of 2023 but below the government’s 6-7% target.

University of Asia and the Pacific Senior Economist Cid L. Terosa said GDP growth should average 6-6.5% for the rest of the year to hit the lower end of the government’s target band.

“We had always been expecting growth to stay subdued largely due to the ‘triple threat’ faced by the economy. Elevated inflation, high borrowing costs and fiscal consolidation are the troika of challenges we face,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

Household spending, which accounts for nearly three-fourths of economic output, rose by 4.6% in the January-to-March, the slowest since the coronavirus pandemic and weaker than 5.3% in the fourth quarter and 6.4% a year ago.

Mr. Tsuchiya said private consumption lagged due to “economic-wide” pressures on spending in the first three months of the year.

“We believe the softening in household consumption was due to a combination of elevated inflation, tepid confidence and the impact of monetary tightening,” Mr. Tsuchiya said.

Inflation quickened to 3.8% in April amid rising food and transport costs. April was the third straight month that inflation accelerated.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that inflation will continue to rise and prevent the Philippines from achieving economic growth of 6% for 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 achieves 5.7% economic growth in 1st quarter of 2024

May 23, 2024May 9, 2024carlocarrasco

Recently it was confirmed that the economy of the Philippines grew by 5.7% in the first quarter of 2024 which is noticeably lower than what was achieved in the same time period a year ago, 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 Philippine economy grew by 5.7 percent in the first quarter of the year, surpassing other major economies in the region.

In a briefing on Thursday, National Statistician Dennis Mapa said the economic growth during the quarter was higher than the 5.5 percent seen in the last quarter of 2023.

Mapa said, however, it was lower than the 6.4 percent economic growth seen in the first quarter of last year.

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan noted that the Philippine economy continues to demonstrate resilience and growth despite the domestic and external headwinds.

“Despite our challenges on both domestic and international fronts, our economy continues to demonstrate remarkable resilience and growth. This performance retains the country’s position as a leading force among Asia’s emerging economies,” he said.

Balisacan said the first quarter Philippine gross domestic product growth rate is about the same as Vietnam’s, and surpassed other major economies such as China at 5.3 percent, Indonesia at 5.1 percent, and Malaysia at 3.9 percent.

All major economic indicators which include agriculture, forestry, and fishing; industry; and services posted year-on-year growth in the first quarter at 0.4 percent, 5.1 percent, and 6.9 percent.

Household final consumption expenditure and government final consumption expenditure posted lower growth rates at 4.6 percent and 1.7 percent from a year ago’s 6.4 percent and 6.2 percent.

Balisacan said the slowdown in household spending was due to the elevated prices of major food items and the heat wave.

“Meanwhile, government spending also slowed down, primarily due to the sliding of a large amount of expenditure to April this year, whereas the government made such spending in March last year,” he said.

Gross capital formation also posted a lower growth of 1.3 percent from 12.8 percent last year, while imports of goods and services also slowed to 2.3 percent from 4.2 percent.

Growth of exports of goods and services, however, accelerated to 7.5 percent from 1.1 percent in the first quarter of 2023. Balisacan said the growth in exports was mainly driven by the recovery in the exports of electronics products.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the national economy will be able to grow at least 6% in each of the next three quarters? Is it possible that the intense summer heat will make 2nd quarter economic growth smaller?

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

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Philippines unemployment rate at 3.9% as of March 2024

May 21, 2024May 8, 2024carlocarrasco

The unemployment rate of the Philippines ended up at 3.9% as of March 2024 which is an improvement over what was estimated a year earlier, according to a Philippine News Agency (PNA) news article. In terms of unemployed Filipinos, the number is at two million (versus 2.42 million unemployed in March 2023).

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

The country’s unemployment rate in March this year was estimated at 3.9 percent, lower than the recorded 4.7 percent in March last year, National Statistician Dennis Mapa said.

In a briefing on Wednesday, Mapa said the number of unemployed Filipinos during the month went down to 2 million from 2.42 million in March 2023.

Mapa said the Labor Force Participation Rate (LFPR) in March 2024 was registered at 65.3 percent, or about 51.15 million Filipinos aged 15 and above who were either employed or unemployed.

The employment rate in March 2024 was recorded at 96.1 percent, higher than the 95.3 percent estimate in March of the previous year.

Several sectors contributed to employment gains – The wholesale and retail trade sector saw the highest annual increase, employing 963,000, followed by manufacturing with 553,000 new jobs, and public administration and defense with 229,000 additional employed individuals.

Underemployed persons – or those who expressed the desire to have additional hours of work in their current job or to have an additional job or to have a new job with longer hours of work – also declined to 5.39 million in March from last year’s 5.44 million.

In a statement, the National Economic and Development Authority (NEDA) said the government remains committed to creating more high-quality jobs for Filipinos and fostering a resilient workforce.

“We will continue to prioritize creating high-quality and well-paying jobs to address the rising issues of vulnerable employment. We will focus on attracting job-generating investments from the private sector and scaling up social and physical infrastructure to improve our people’s employment prospects to achieve this goal. These will be accompanied by reskilling and upskilling programs to increase employability,” said NEDA Secretary Arsenio Balisacan. 

Balisacan said a medium- and long-term Foreign Investment Promotion and Marketing Plan (FIPMP) is underway and targeted to be completed by June 30.

The Inter-Agency Investment Promotion Coordination Committee, established following the amendment of the Foreign Investment Act, leads the formulation of the FIPMP. 

Balisacan said the government also plans to enrich the content of training programs for workers and employers by integrating courses on advanced productivity tools such as data science, analytics, and artificial intelligence. 

“For the government to sustain a robust labor market and reap the benefits of the demographic dividend, it must ensure that people are healthy, educated, and skilled. To facilitate the development of soft and hard skills among workers and create a more agile and adaptive workforce, we at NEDA continue to advocate for the passage of the Apprenticeship Bill, Lifelong Learning Bill, and the Enterprise Productivity Act,” Balisacan said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the newest statistics on employment and unemployment show that bigger economic opportunities will be realized before the end of the year? Do you think the government should do more to attract more foreign investors to create even more new jobs?

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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BIR softens approach on social media influencers

May 17, 2024May 7, 2024carlocarrasco

Recently the Bureau of Internal Revenue (BIR) announced that it would soften is approach on social media influencers, according to a Malaya Business Insight news report.

In reference to the Revenue Memorandum Circular 97-2021 issued by the BIR, social media influencers are defined as those who derive their income from the following sources: YouTube Partner Program; sponsored social and blog posts; display advertising; becoming a brand representative/ambassador; affiliate marketing; co-creating product lines; promoting own products; photo and video sales; digital courses, subscriptions, e-books; and podcasts and webinars.

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

Bureau of Internal Revenue (BIR) commissioner Romeo Lumagui Jr. is opting to take a “soft” approach on influencers, giving them a chance to cooperate and comply first with the tax agency’s regulations.

When asked by reporters if the agency is currently working on possible cases to be filed against non-compliant social media personalities, the BIR chief said: “Not yet. I don’t want to file a case yet because I want to take a soft approach first.”

“We may do an audit, but we won’t file a case yet. As long as they are willing to comply, we will help them (to comply),” Lumagui said.

During the previous administration in 2021, the BIR started cracking down on social media influencers and probed an initial 250 individuals to check their tax compliance. Some major online personalities, however, deactivated their accounts after the release of a related circular during the said year.

Lumagui said he has extended his invitation to the association of these social media personalities to sit down and discuss with them their concerns and how the industry can be more tax compliant.

“We would just like to educate them on their obligation,” the BIR chief said.

Lumagui also said he has been in touch with individual influencers who are correctly paying their taxes, and asked them to encourage their colleagues to do the same.

According to Revenue Memorandum Circular 97-2021, social media influencers should pay income tax and percentage tax or, if applicable, the value-added tax, as mandated under the National Internal Revenue Code and other existing laws.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think this latest move by the BIR will encourage social media influencers to come out and cooperate?

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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Bureau of Immigration (BI) says tighter visa rules for Chinese tourists to help ensure national security

May 13, 2024May 12, 2024carlocarrasco

The government here in the Philippines are trying to balance the nation’s need of security and the gains from attracting foreign tourists. Specifically speaking, the spotlight is currently on the handling of visa requirements from Chinese tourists as the Bureau of Immigration (BI) made clear the need to help ensure national security, according to a GMA Network news report.

The BI responded to the statement of the Philippine Travel Agencies Association (PTAA) that tighter visa rules for Chinese nationals could harm the nation’s tourism as well as the businesses connected with tourist activities. Take note that criminal/illegal activities involving Chinese nationals happened many times here in the Philippines (click here, here, here, here, here, here, here and here).

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

The Bureau of Immigration (BI) said Sunday that tightening the visa requirements for Chinese tourists would also help the Philippines protect national security, considering the illegal activities involving Chinese nationals.

Interviewed on Super Radyo dzBB, BI spokesperson Dana Sandoval explained that while tourism is very important to the Philippine economy, the government also needs to implement stricter measures to protect public interest.

“We also have to look into the national security issue, the safety of the country. Kung merong mga ilegal na ginagawa [if there are illegal activities], I think it’s also important to have strict measures kung may nakikita na tayo na kakaibang nangyayari [if we see anything different happening] or mga activities that are probably inimical to national security or public interest,” she said.

Sandoval made the remark in reaction to the statement of the Philippine Travel Agencies Association (PTAA) that tighter visa rules for Chinese nationals visiting the Philippines could “discourage tourism and hurt businesses.”

She said that the BI has always been strict in inspecting arriving foreign nationals, particularly those involved in illegal activities.

Several Chinese nationals have reportedly been involved in organized crimes such as human trafficking, prostitution, kidnapping, and fraud. Some of them were also linked illegally working for a Philippine Offshore Gaming Operator (POGO).

This prompted the Department of Foreign Affairs (DFA) to tighten the Philippines’ visa requirements for Chinese tourists amid a high number of fraudulent applications received in its embassy and consulates in China.

The DFA, however, ruled out ongoing tensions with China in disputed areas in the South China Sea as the reason for imposing more stringent visa measures for Chinese visitors.

Sandoval welcomed this development, saying it would add a layer of security in the Bureau of Immigration’s assessment of foreign nationals entering the Philippines.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you agree with the Philippine Travel Agencies Association (PTAA) that tighter visa rules for Chinese visitors could hurt Philippine tourism? Do you think that Chinese tourists could not behave themselves while they are in the country? Do you want visa rules on all Chinese visitors be tightened for the long-term? Did a Chinese national cause trouble in your local community 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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Philippines eyes high-spending tourists from America

May 9, 2024April 30, 2024carlocarrasco

As part of its pursuit to attract more foreign tourists and generate higher tourism revenue this year (click here and here), the Philippines is targeting tourists from the United States with the perception that they are heavy spending tourists, 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 Philippines targets to attract about 15 percent more inbound visitors from the United States, seeing the “highly valuable” market as a big contributor to the full recovery of the country’s tourism sector.

In 2023, at least 903,299 visitors from the US arrived in the Philippines, generating PHP35 billion in tourism revenue— the highest among the country’s top tourist markets.

“This (receipt) is 215 percent higher than the tourism receipts from South Korea, so this is how important the American market (is). While the arrivals are fewer, the contribution is bigger,” Philippine Tourism Director-Attache in New York Francisco Hilario Lardizabal said over the weekend.

Data from the Department of Tourism (DOT) showed that visitor receipts in 2023 reached PHP482.54 billion, with the US as the top spending market, followed by Australia with PHP17.74 billion, South Korea with PHP16.41 billion, Canada with PHP15.85 billion, China with PHP12.24 billion, and Japan with PHP10.02 billion.

In a briefing with visiting Filipino journalists on April 26, the official said the American market tends to spend more and stay longer in a destination.

In the Philippines, Lardizabal said the majority, or 55 percent of inbound travelers from the US are former Filipino citizens, whose main travel motivation is to visit friends and relatives.

“Filipinos from the US do go around the Philippines and stay longer in the Philippines, and mind you, they also spend a lot. Apart from the money they spend on travel, they sometimes also give out money to their relatives,” he shared.

Presenting the country’s planned promotion efforts for the entire year, Lardizabal is confident the Philippines would achieve 15 percent more of the 2023 arrival figure.

Lardizabal said the DOT was taking a multi-pronged approach to entice the market by forging partnerships, conducting more training for travel agents, joining B2B (business-to-business) travel trade events, and organizing curated familiarization tours.

Emerging trends – Before the pandemic, most US travelers to the Philippines were baby boomers, or those in the age bracket of 60 to 78, and Generation X, or those aged 44 to 59.

Citing a 2022 study, the majority of US travelers “showing interest in the Philippines” now are millennials or those born between 1981 and 1996, Lardizabal said.

“Iyon ang dapat natin bigyan ng pansin (That should be our focus), how do we address the needs and preferences of the millennials,” he said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippines should do more to attract American 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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Muntinlupa City Job Portal online

May 9, 2024April 30, 2024carlocarrasco

If you are a resident of Muntinlupa City who must have noticed members of your local community being able to find jobs within the city, it is most likely because of the online job portal launched recently by the City Government as reported by the Manila Bulletin. The job portal can be accessed at https://jobportal.muntinlupacitygov.com/

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

The Muntinlupa City government launched an online portal to connect employers and job seekers.

Mayor Ruffy Biazon led the launch of the 1Munti Job Portal, a collaboration between the city government and partner private institutions led by the Lingkod Muntinlupa Foundation and 1Munti Party.

“The 1Munti Job Portal is an innovation that helps break down barriers of unemployment. For companies and employers, as part of our City’s mission to be a business-friendly hub, this Portal is free, and you can gain exposure to a diverse range of candidates tailored to your company’s specific needs and requirements,” said Biazon.

The online job portal can be accessed at https://jobportal.muntinlupacitygov.com/

For job seekers, they need to visit the website, create an account, and search for employment opportunities, the mayor said.

Biazon also revealed the upcoming Dress for Success Program which aims to equip job seekers through a series of capacity-building training on the basics of job-hunting and employment, writing good resume, and presenting oneself well in an interview.

Once they finish the short modules, they can claim their set of business attires that will hopefully help boost their confidence in their job seeking journey.

Biazon also said the portal is still part of the city government’s effort to attain “Smart City” status, describing 1Munti Job Portal as “created at the nexus of leadership and technological innovation” to solve human issues.

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 know anyone who applied for a local job through the 1Munti Job Portal? Have you visited the job portal already?

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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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

NEDA says inflation may ease in 2nd half of 2024

May 3, 2024April 24, 2024carlocarrasco

In the view of the National Economic and Development Authority (NEDA), headline inflation may ease in the 2^nd half of 2024 as a result of the subsiding of pressure on food prices connected with the El Niño effect, 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…

HEADLINE INFLATION may start easing in the second half of the year as pressure on food prices subsides after the El Niño weather event ends, the National Economic and Development Authority (NEDA) chief said.

“In the second half of this year, we expect the pressure from food prices to diminish, because a big part of that food inflation was imported in the sense that food prices, particularly for staple, have been rising in the world market,” NEDA Secretary Arsenio M. Balisacan told reporters on the sidelines of a forum on Monday afternoon.

Inflation rose for a second straight month in March to 3.7% amid rising food prices. Food inflation accelerated to 5.7%, its fastest pace in four months, mainly driven by rice.

Rice inflation surged to 24.4% in March, the highest since the 24.6% print in February 2009.

“But for rice, (pressure) is expected to decline, (as prices) reached the peak and will start falling after June as the El Niño phenomenon is waning,” Mr. Balisacan said.

The El Niño weather phenomenon is expected to persist until May, but the Philippines may continue to feel its impact until August, the Department of Science and Technology said earlier.

Mr. Balisacan said he is hoping that April inflation would fall within the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target band, although oil prices pose a risk.

He noted April inflation will likely be close to the 3.7% print recorded in March.

“[The] 2-4% is still a fighting target. Of course, we are watching closely the developments in the Middle East. If the oil prices would be affected by the development, there would be some pressure for us,” Mr. Balisacan said, refer-ring to the conflict between Israel and Iran.

The local statistics agency will release April inflation data on May 7.

Mr. Balisacan said that economic growth in the first half may be affected if inflation continues to breach the target.

“[It’s] a challenge because domestic consumption, particularly home consumption and investment, are very sensitive to inflation and interest rates,” he said.

Earlier this month, the Development Budget Coordination Committee (DBCC) revised its gross domestic product (GDP) growth target range to 6-7% this year from 6.5-7.5% previously amid geopolitical tensions, price upticks, and trade restrictions.

The local statistics agency is set to release first-quarter GDP data on May 9.

“With food prices starting to come down, that should be good for growth. But of course, if the energy prices continue to rise, then it could affect logistics, distribution, and it could impact food prices too. But we hope that it will not be serious,” Mr. Balisacan said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think headline inflation in the Philippines will go down slightly in the 2^nd half of this year? Do you think external economic developments will cause inflation to rise?

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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P25 billion worth of residential projects planned by Filinvest Land, Inc. (FLI) this year

May 2, 2024April 22, 2024carlocarrasco

Filinvest Land, Inc. (FLI) will continue to be aggressive with property development as they recently announced they will introduce this year more residential projects worth an estimated P25 billion located in different parts of the country, 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…

GOTIANUN-LED property developer Filinvest Land, Inc. (FLI) has announced plans to introduce residential projects worth P25 billion this year.

“(We) aim to optimize our land bank and sustain our strong market presence in cities where we are already present,” FLI President and Chief Executive Officer Tristaneil D. Las Marias said during the company’s virtual annual stockholders meeting on Friday last week.

Some of the residential projects eyed to be launched this year are located in Cavite, he added. These include the company’s first mid-rise condominium project in Bacoor, as well as new developments for its 94-hectare The Wood Estates residential township in Trece Martires.

“We will upgrade our Wood Estates… with commercial shops, transport terminals, and affordable low-rise condo developments,” he said.

Mr. Las Marias also announced that FLI will launch the 11.4-hectare Iloilo Centrale residential township in Leganes, Iloilo, which will include supermarkets, daycare centers, public transport terminals, a park, and a football field.

“Iloilo Centrale will also offer our first walk-up project which will provide very affordable condo units located in a complete residential setting that provides social spaces, outdoor sports, activity event areas, and modern amenities at very affordable prices,” he said.

“We have also kept a balanced geographical portfolio for our residential business by exploiting residential business opportunities in key cities in Visayas and Mindanao,” he added.

He said that FLI will open several mid-rise condo buildings in Dumaguete, Zamboanga, and General Santos.

The company also plans to launch taller condo buildings in Cebu and Davao to “match the growing market potentials in these highly urbanized cities and optimize land bank values.”

“We have also seen the huge unserved demand in housing. We plan to continue to offer affordable housing projects in Rizal, Cavite, Laguna, Bataan, Zamboanga, and other second class cities in Visayas and Mindanao with the intent to make housing accessible to as much government and private workers within the mass market income bracket and help more Filipinos build their dream,” he said.

FLI is also planning to complete nine additional ready-built factories at its Filinvest Innovation Park in the next two years. The planned factories will span 12,500 square meters each.

Last month, FLI completed the turnover of a ready-built factory to StB GIGA for the production of lithium iron phosphate batteries.

The Filinvest Innovation Park is within the Filinvest New Clark City mixed-use township, which is part of the 9,450-hectare New Clark City development in Capas, Tarlac.

“We also have about 55 hectares of land available for long-term lease already built at the moment,” he said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the planned residential projects of FLI will make positive socio-economic impact in the mentioned locations around the country? Do you think there is good demand for new homes around the country?

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

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Almost P650 million deposited through BSP’s coin machines

May 1, 2024April 22, 2024carlocarrasco

Almost P650 million million worth of coins have been deposited through the many coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas (BSP) as of April 15, 2024, as published on their website.

Based on the latest statistics, a total of P648,904,160.19 in coins got deposited into BSP machines on 161,725 transactions from customers. In terms of physical quantity, 179,641,987 coins were deposited.

Doing the math on the latest statistics, customers averaged P4,012.39 per transaction (versus the previous month’s P3,914.27 per transaction) at the machines. As for the grand total Peso amount divided by the number of coins deposited, the average is P3.6122 per coin deposited (versus the previous month’s average of P3.55749 per coin deposited).

In my experience, depositing coins at the BSP coin deposit machine inside Festival Mall in Alabang got a bit more challenging to do. I noticed that the machine in the said mall has been breaking down or malfunctioning more compared to previous times.

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? How long did you wait in line before you got your turn to deposit coins at the BSP coin deposit machine? Whenever you successfully deposited your coins, is GCash your main choice of e-wallet?

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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