Economy of the Philippines – Page 4

Keep Call Centers In America Act Of 2025 Sparks Resolution Proposal In Philippine Congress

October 24, 2025October 23, 2025carlocarrasco

A few months ago in the United States, the Keep Call Centers in America Act of 2025 was filed and it really caused a disturbance on the business process outsourcing (BPO) industry and the Department of Trade and Industry (DTI) here in the Philippines. Recently a member of Congress here in the Philippines filed a resolution to initiate talks with the US to discuss call center reshoring and seek exemptions, according to a BusinessWorld news report.

Coincidentally, the proposed resolution was filed by a Congressman from the province of Cebu where I once worked as a call center agent a very long time ago. I never returned to the call center industry.

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

A CEBU legislator filed a resolution on Monday urging the government to initiate talks with the US over plans to bring the call-center industry back from overseas.

The Trade and Foreign Affairs departments should “immediately initiate dialogue” with their US counterparts to seek exemptions for US business process outsourcing (BPO) firms operating in the Philippines, according to Cebu Rep. Vincent Franco D. Frasco, who filed House Resolution No. 386.

“The urgency of the situation demands proactive and high-level diplomatic action and trade engagement to ensure that the interests of Filipino workers and US-affiliated firms operating in the Philippines are protected from the US bill’s unintended economic consequences,” he said, referring to US legislation known as the proposed Keep Call Centers in America Act

The US bill could penalize US companies for outsourcing call center operations by ruling them out for federal grants and loan guarantees. The Philippines call center industry employs about 1.7 million, according to the House resolution.

Mr. Frasco described the US measure as posing a “direct threat” to the stability of the BPO industry and may discourage American firms from setting up shop in the country, leading to job losses and loss of investor confidence.

Let me end this post by asking you readers: What is your reaction to this development? Do you think Congressman Frasco’s proposed resolution will be approved soon? Do you think the DTI will be able to meet with their American counterparts and be able to secure exemptions? Do you think the Keep Call Centers in America Act of 2025 is very dangerous to the BPO industry of the Philippines? How many people in your local community are working in call centers right now? When do you think the Keep Call Centers in America Act of 2025 will be passed by US Congress and be sent to President Donald Trump for final approval?

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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S&P Credit Rating Upgrade For Philippines Derailed By Flood Control Scandals

October 23, 2025October 15, 2025carlocarrasco

Here in the Philippines, the flood control corruption scandals are not only keeping many Filipinos very angry but they are also affecting the economy negatively as the nation was prevented from achieving a credit rating upgrade from S&P Global Ratings, according to a news report by BusinessWorld.

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

THE FINANCE CHIEF on Tuesday said the multibillion-peso flood control scandal prevented the Philippines from getting a credit rating upgrade from S&P Global Ratings.

“If [only] we did not have the flood control issue,” Finance Secretary Ralph G. Recto told reporters on the sidelines of a Senate budget hearing. “We met with S&P, and they were ready to give us a credit rating upgrade this year.”

The controversy, which involves “ghost” projects and fund misuse in government flood control programs, has triggered investigations by Congress, the Commission on Audit, the Ombudsman, and the Independent Commission for Infrastructure.

The Marcos administration is facing increasing scrutiny over flood control projects, where billions of pesos in public funds were diverted through padded contracts and shell companies.

The scandal highlighted spending inefficiencies and governance lapses that credit agencies closely monitor when evaluating institutional credibility and fiscal management.

Asked whether the Philippines can achieve an “A” credit rating in the next two years, Mr. Recto said: “I hope so.”

He said the government wants to maintain its current credit rating, despite the multibillion-peso corruption scandal.

“There is a big chance they will maintain it, but there was a bigger chance for a credit rating upgrade,” he added.

In November 2024, S&P affirmed its “BBB+” long-term credit rating for the Philippines, which is a notch below the “A” level grade targeted by the government.

S&P had also raised its rating outlook to “positive” from “stable.” A positive outlook means the Philippines’ credit rating could be raised over the next two years if improvements are sustained.

Mr. Recto said the government needs to improve its governance and resolve the flood control mess.

Let me end this post by asking you readers: What is your reaction to this development? What do you think the national government should do to resolve the flood control mess? Are you convinced that the ongoing flood control corruption scandals are already turning away potential foreign investors?

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 Receives Special Citation For Sustained Efforts On Advancing Ease Of Doing Business

October 22, 2025October 21, 2025carlocarrasco

The City Government of Muntinlupa added another huge honor to its growing list of achievements as it received a special citation for advancing the ease of doing business during the 51st Philippine Business Conference & Expo, according to a Daily Tribune news report.

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

The City Government of Muntinlupa received a Special Citation at the 2025 Most Business-Friendly Local Government Unit (LGU) Awards during the 51st Philippine Business Conference & Expo held on 20 October, recognizing the city’s continued commitment to innovation and digital transformation.

The award, presented by the Philippine Chamber of Commerce and Industry (PCCI), acknowledges Muntinlupa’s sustained efforts to advance the ease of doing business through its tech-driven programs that streamline government processes and empower the local business community.

Among Muntinlupa’s flagship initiatives are the Business e-Payment System (BESt) — a fully automated platform that enables businesses to pay taxes and fees online — and the Single-Window Transaction (SWiT), which consolidates multiple business registration steps into a faster, more convenient one-stop process.

Mayor Ruffy Biazon thanked the PCCI for the recognition, saying the citation reinforces the city’s pursuit of business-friendly governance anchored on efficiency, transparency, and inclusivity.

“Our goal is not only to simplify processes for businesses but also to create an environment where enterprises can thrive and generate quality, life-sustaining jobs for Muntinlupeños,” Biazon said.

“Through our strong partnership with the private sector, particularly the Muntinlupa Business Advisory Council (MBAC), we continue to push for innovations that make Muntinlupa a model city for smart, strong, and sustainable growth,” he added.

The Most Business-Friendly LGU Awards, an annual program of the PCCI, honors local governments that demonstrate exceptional performance in creating a conducive business climate and promoting local economic development.

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 with the special citation the City Government received? Do you think Muntinlupa City is the most business-friendly city in Metro Manila today?

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 engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Tapa King Now Serving Customers Inside Festival Mall

October 18, 2025October 10, 2025carlocarrasco

Tapa King, a popular food joint chain that specializes on beef tapa and rice meals, has been serving customers at its new branch located at the ground floor (or Lower Ground Floor) inside Festival Mall in Alabang.

For those who often visit Festival Mall, Tapa King is located at the commercial space that was previously occupied for years by Fukuya Japanese Restaurant (officially closed on April 30, 2025). The said space is a short walking distance from the mall’s old food court.

Out of curiosity, I visited Tapa King’s Festival Mall branch to try out their signature meal – the Classic (AKA Tapa King) which costs me P265. It had rice, beef tapa in small pieces, one fried egg and some pickled vegetables Check out the images below.

*This is the Classic meal from Tapa King. It was a satisfying meal for P265.*

*A close look at a piece of tapa from the Classic meal. Really small.*

Apart from their Classic meal, Tapa King also offers a lot of meals to meet the different cravings of customers. They also have the Tapa Adobo Classic, Sizzling Tapa King, Bistek, Beef Nilaga, Smoked Bangus Sinigang, Fried Chicken, Chicken Tocino and Boneless Bangus to name some.

While I was eating, I noticed the interior of Tapa King’s Festival Mall branch has enough space for passing through and the number of seats can easily exceed forty customers. Again, this is the same space previously occupied by Fukuya Japanese Restaurant whose interiors were rectangular (roughly 50/50 in terms of percentage of space) and the number of seats were clearly smaller compared to Tapa King. During the time I had my meal there, most of the seats were occupied and people were clearly enjoying their meals.

*This Tapa King branch is located on the ground floor and is just a short walk away from the old food court of Festival Mall.*

If you are craving for Filipino meals and beef tapa specifically while visiting Festival Mall, click https://maps.app.goo.gl/NUrBRrc3UVJrSYPJ8

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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

DTI Defers Mandatory Trustmark Due To Backlash From Online Merchants

October 18, 2025October 17, 2025carlocarrasco

In response to backlash from online merchants, the Department of Trade and Industry (DTI) officially deferred the mandatory Trademark, according to a Manila Bulletin news report. Trustmark will be voluntary until December 31, 2025.

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

After facing backlash from online merchants, the Department of Trade and Industry (DTI) will no longer mandate the E-Commerce Philippine Trustmark, instead making the requirement voluntary until the end of the year.

In a statement, the DTI said the move was announced by Trade Secretary Cristina Roque during a town hall meeting about the trustmark’s implementation on Wednesday, Oct. 15.

Roque said that hearing directly from stakeholders made the agency want to improve the trustmark to make it more “useful, fair, and helpful for both businesses and consumers.”

“After all, our shared goal is to make e-commerce in the Philippines safer and more trustworthy for everyone,” she said.

The secretary—and the DTI as a whole—has been on the receiving end of outrage among online merchants, who have been labeling the trustmark as an additional burden.

The DTI even disabled the comment feature on its Facebook page after being bombarded with criticism on every post, even those unrelated to the trustmark.

The trustmark, aligned with the Internet Transactions Act, serves as a digital badge to ensure that online platforms and merchants are compliant with fair e-commerce practices. It is designed to help consumers identify legitimate businesses, protecting them against unfair trade practices, scams, and other fraudulent activities.

Under the new policy, the DTI said that the trustmark will be voluntary until Dec. 31. So far, the DTI is still finalizing supplemental guidelines for this policy, including fees that depend on the size or type of business, among other details.

By early 2026, the department is expected to evaluate whether the trustmark registration will remain voluntary.

Let me end this post by asking you readers: What is your reaction to this development? What do you think the Trustmark of DTI is more of a hassle than a benefit for online sellers? Do you think the Trustmark should be scrapped entirely? What do you think should be done to help consumers find legitimate online merchants?

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 September 2025 Inflation Reaches 1.7%

October 14, 2025October 7, 2025carlocarrasco

The annual inflation rate of the Philippines reached 1.7% this past September led by higher food prices, according to a BusinessWorld news report. Take note that August inflation was at 1.5% and business sentiment in the Philippines has weakened.

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

Philippine annual inflation quickened for a second month, but it was still below the central bank’s 2% to 4% comfort range for the year, reinforcing expectations that a policy decision this week will be a close call between cutting rates and pausing.

The consumer price index rose 1.7% in September led by higher food prices, up from August’s 1.5%, the statistics agency said on Tuesday. It was below the 2.0% median forecast in a Reuters poll, and brought year-to-date average inflation to 1.7%.

The September rate, the fastest since March, comes just days before the central bank’s penultimate policy meeting of the year on Thursday.

“For the upcoming policy meeting, the Monetary Board will review newly available information and reassess the impact of prior monetary actions in light of evolving economic conditions and their implications for inflation and growth,” the Philippine central bank said in a statement.

At its August policy meeting, the Bangko Sentral ng Pilipinas (BSP) signalled another reduction was still possible this year before it concludes its easing cycle.

Let me end this post by asking you readers: What is your reaction to this development? Do you think the inflation rate of the Philippines will reach as high as 3% by the end of 2025? Do you consider inflation as a major factor behind the modest economic growth of the country 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 Trade Chief Points To Trump Tariffs As Country Braces For Dumping Of Products From Asian Neighbors

October 13, 2025October 12, 2025carlocarrasco

Here we go again with the perceived challenges related to the tariffs of Trump-led America. This time around the secretary of the Department of Trade and Industry (DTI) pointed to the Trump tariffs which she said raised the risk of products from Asian neighbors getting dumped into the Philippines and potentially harm local industries, according to news article by the Philippine News Agency (PNA).

For the newcomers reading this, the Trump administration had set a series of tariff rates for different nations in Asia. American tariff on Philippines-made products was set at 19% after the big meeting between US President Trump and Philippine President Ferdinand “Bongbong” Marcos, Jr.

It is a known fact that many nations in Asia export their products to the United States but with the new tariffs in effect and the fact that the Philippines has a population of more than one hundred million people, the latter is anticipated to become the dumping ground of Asian products. This development is happening just as the economy of the Philippines will grow by less than 6% this year (click here, here and here). Recently, the US State Department published a report about pervasive corruption being a barrier to investment in the Philippines.

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

The recent increase in the United States’ tariff rates heightened the risk of Asian goods being dumped into the Philippine market, raising the need for more stringent measures to protect local industries, Department of Trade and Industry (DTI) Secretary Cristina Roque said Wednesday.

Roque, in an interview on the sidelines of the Federation of Philippine Industries Inc. Business Summit in Makati City, said they expect increased entry of steel, cement, and garments, among others.

She traced this to the attractiveness of the Philippines as a market, given the country’s large population of over 100 million. She said DTI will work closely with the Bureau of Customs (BOC) to ensure that only registered and properly taxed goods enter the country.

The DTI will also coordinate with local industries to prevent the continued spread of unregistered products in the market.

On Tuesday, personnel from DTI’s Fair Trade Enforcement Bureau seized around PHP2 million worth of substandard construction materials from 24 retailers in Central Luzon as it strengthened its drive against uncertified and unsafe products in the market.

“We need to protect the manufacturing industry of the Philippines. So us, being in government, and us making sure we protect the jobs of the people,” she said.

Roque also noted that although investments continue to pour in, the volume is not what they had expected, thus, the need to boost local industries.

“So, we try to help them resolve whatever issues they have. And then we also at least help them strengthen or level up their businesses,” she explained.

Let me end this post by asking you readers: What is your reaction to this development? Do you think it is only a matter of time before a massive amount of Asian products (originally made for export to America) will arrive in the markets of the Philippines very soon? Did you notice any unregistered or sub-par quality products from overseas already being sold locally? What do you think can the DTI do to protect the local industries and livelihood of many Filipinos?

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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IMF Sees Philippine Economy Growing 5.4% This Year And 5.7% Next Year

October 10, 2025October 3, 2025carlocarrasco

By citing factors like weaker-than-expected growth in the first half, the American tariffs on Philippine goods and geopolitical conflicts, the International Monetary Fund (IMF) sees the economy Philippines growing only 5.4% this year and 5.7% next year, according to a news report by BusinessWorld.

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

PHILIPPINE ECONOMIC GROWTH is expected to moderate this year and in 2026 amid ongoing trade uncertainties and geopolitical tensions across the globe, the International Monetary Fund (IMF) said.

The IMF trimmed its Philippine growth forecast to 5.4% for this year, slightly lower than its 5.5% projection in July.

If realized, gross domestic product (GDP) growth will be at the low end of the National Government’s 5.5-6.5% target band this year.

For 2026, the IMF also cut its growth forecast to 5.7% from 5.9% previously. However, this is below the government’s 6-7% target for next year.

The IMF said the economy is expected to remain resilient, but downside risks warrant “close attention.”

“Risks to the growth outlook are tilted to the downside. The main external risks stem from prolonged global trade policy uncertainty, geopolitical tensions, and disruptive financial market corrections,” IMF Mission Head Elif Arbatli Saxegaard said at a briefing after the conclusion of the 2025 Article IV Consultation with the Philippines on Wednesday.

“On the domestic front, more frequent and intense climate shocks would cause notable macroeconomic losses. On the upside, accelerated implementation of structural and governance reforms would support investor confidence and the fiscal multiplier and raise potential growth. Risks around inflation are broadly balanced.”

Ms. Saxegaard said the growth outlook was revised to reflect the weaker-than-expected growth in the first half. For the first half, GDP growth averaged 5.4%, slower than the 6.2% a year ago.

Ms. Saxegaard said growth will be affected by the higher tariffs imposed by the US on Philippine goods. The US began imposing a 19% tariff on goods from the Philippines on Aug. 7

“It will weigh on exports and investment,” she said.

She also noted growth will be “supported by monetary easing and recent legislative measures to promote private investment.”

Meanwhile, the IMF sees inflation averaging 1.6% this year, before picking up to 2.6% next year.

“The pickup in inflation is expected to be driven by (the) food and transport crisis,” Ms. Saxegaard said. “And that reflects essentially the decline in negative base effects that have been dragging down inflation this year. So, as those base effects recede, we expect a pickup.”

She said core inflation is expected to “remain muted” at 2.5% in 2026.

“The BSP (Bangko Sentral ng Pilipinas) has room for a slightly more accommodative stance to help bring inflation back to the target faster and reduce economic slack amid elevated downside risks to growth,” Ms. Saxegaard said. “Policy will need to remain data dependent amidst prevailing uncertainties around the output gap and the neutral rate, and two-sided risks to inflation.”

On Aug. 28, the central bank slashed its key interest rate by 25 basis points (bps) for a third consecutive time to 5%. It has cut the benchmark by a total of 150 bps since August last year.

CORRUPTION – Asked about recent corruption scandals involving some government projects, Ms. Saxegaard said the IMF will continue to monitor the developments.

“It’s not yet clear whether and how these allegations will impact investor and private sector confidence, as well as their perceptions and behavior,” she said.

The IMF welcomed recent reforms to reduce infrastructure gaps and promote foreign direct investment, but effective implementation is key.

“Enhancing fiscal governance and the rule of law and reducing corruption vulnerabilities are critical for inclusive and sustainable growth,” Ms. Saxegaard said.

The IMF urged the Philippine government to continue implementing gradual fiscal consolidation “to replenish fiscal buffers and support external balance.”

Let me end this post by asking you readers: What is your reaction to this development? Do you think the IMF’s prediction of weaker economic growth will turn out true? Do you think the flood control projects scandal and government corruption investigation are turning away foreign investors?

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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US State Department Flags Corruption In The Philippines As Barrier To Investment

October 9, 2025October 10, 2025carlocarrasco

Corruption is sadly deeply rooted here in the Philippines. So much so, the State Department of the United States flagged corruption as a barrier to investment in the Philippines, according to a GMA Network news report. To be clear, there have been economic forecasts about the Philippine economy growing less than 6% this year (possibly ending below the national government’s declared targets) and the US State Department published its detailed report about the country and investment online. As a lot of people are angry over corruption, tremendous economic damage of P1.7 trillion in market capitalization was wiped out (update: the Securities and Exchange Commission chairman apologized for stating the P1.7 trillion figure).

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

The United States Department of State has flagged “pervasive” corruption in the Philippines as among the major barriers to foreign investment in the country.

In its 2025 Investment Climate report, the US State Department said “corruption is a pervasive and long-standing problem in both the public and private sector” in the Philippines.

It also cited the country’s rank of 114th out of 180 countries on Transparency International’s 2024 Corruption Perceptions Index and “remaining around that level since 2019.”

The State Department added that the World Economic Forum also flagged corruption as among the top problematic factors for doing business in the Philippines.

“The Philippines’ complex, slow, redundant, and sometimes corrupt judicial system inhibits the timely and fair resolution of commercial disputes,” it said.

“Foreign investors describe the inefficiency and uncertainty of the judicial system as a significant barrier to investment. Investors often decline to file cases in court because of slow and complex litigation processes and fears of corruption. Stakeholders report an inexperienced judiciary when confronted with cases involving complex issues such as technology or science,” it added.

The State Department also said its embassy in Manila has received multiple reports from US businesses of overly invasive searches, inconsistent customs charges, and solicitations of “facilitation fees” (such as bribes) from some customs officials.

To see the entire 2025 Investment Climate Statements about the Philippines, click https://www.state.gov/reports/2025-investment-climate-statements/philippines

Let me end this post by asking you readers: What is your reaction to this development? Do you think the US State Department’s 2025 Investment Climate report about the Philippines is true and accurate? Are you concerned that the perceived corruption as well as the shocking revelations about the flood control projects scandals are already discouraging foreign investors from investing in the country? Do you think the Trump tariffs will eventually bring down Philippine exports to the United States in the next few months? What do you think the Philippine government should do to wipe out corruption and regain the trust of foreign investors?

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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Asian Development Bank Sees Philippine Economy Growing Less Than 6% This Year

October 9, 2025September 30, 2025carlocarrasco

The Asian Development Bank (ADB) predicted that the economy of the Philippines will achieve growth of less than 6% this year, 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…

The Asian Development Bank (ADB) has maintained its economic growth outlook for the Philippines this year on the back of sustained domestic demand despite global trade uncertainties.

In the September 2025 edition of its flagship Asian Development Outlook (ADO), the ADB said it forecasts the country’s gross domestic product (GDP) to grow at 5.6% for 2025, maintained from the ADO July edition’s outlook.

The multilateral lender said that “robust domestic demand amid subdued inflation will support Philippine economic growth this year and the next.”

“The Philippines’ growth outlook remains resilient amid a global environment of shifting trade and investment policies and heightened geopolitical uncertainties,” said ADB country director for the Philippines Andrew Jeffries.

“Though these uncertainties pose increased risk, we see strong domestic demand anchoring growth, with sustained investments and an accommodative monetary policy supporting the economy’s expansion,” said Jeffries.

For 2026, the ADB said it sees the Philippine economy to grow at 5.7% — the same level as the country’s actual growth rate in 2024.

Nonetheless, the bank said the country is expected to remain a bright spot in Southeast Asia, “with the second highest GDP expansion in the region.”

Moreover, the ADB said it forecasts inflation to ease at 1.8% this year, before rising to 3% in 2026 to return to the government’s target range of 2% to 4%. The latest 2025 inflation forecast is lower from July’s 2.2%.

Let me end this post by asking you readers: What is your reaction to this development? Do you think the economy of the Philippine does not have any more momentum to grow at least 6% this year? Are you concerned that the flood control projects scandal and government corruption here in the Philippines will turn away foreign investors?

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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