economy – Page 11 – Author Carlo Carrasco

Meralco Signs MOU With Korean Entities For Philippines Nuclear Power Project Development

March 14, 2026March 10, 2026carlocarrasco

Another step towards a nuclear-powered Philippines happened as the energy giant Meralco signed a memorandum of understanding (MOU) with Export-Import Bank of Korea (KEXIM) and Korea Hydro & Nuclear Power (KHNP) for a strategic partnership on the development of nuclear energy projects in the country, according to a BusinessWorld news report.

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

MANILA ELECTRIC CO. (Meralco) has signed a memorandum of understanding (MoU) with Korea Hydro & Nuclear Power (KHNP) and the Export-Import Bank of Korea (KEXIM) to collaborate on the development of nuclear energy projects in the Philippines.

The partnership aims to leverage South Korean expertise to evaluate the feasibility of nuclear power through a multi-faceted approach.

Under the agreement, the three organizations will conduct joint discussions on reactor design and engineering, exchange technical and regulatory information, and work to “strengthen the Philippines’ nuclear legal and institutional frameworks.”

The scope of the MoU also covers early-stage project development, including “public acceptance initiatives, project planning, and site selection studies.”

The companies will focus on business and financial modeling, with KEXIM specifically exploring “potential financing structures and credit facilities” for Meralco’s prospective projects.

Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan highlighted the strategic importance of the collaboration, saying “Partnering with KHNP and KEXIM gives us access to proven global expertise and enables us to study technology, business models, and financing options with greater depth. This MoU marks an early but consequential step in this important process.”

He also said that nuclear energy is a critical component of the company’s long-term strategy to ensure energy security.

“Nuclear energy is a way to diversify our portfolio and reinforce energy security, while offering a degree of insulation from fuel market fluctuations,” he said.

He added that Meralco’s initiative is “complementary to the Philippine government’s efforts to lay the groundwork for its nuclear power program” as the utility provider assesses how the technology can best contribute to its future operations.

KHNP, a subsidiary of Korea Electric Power Corp., is currently the largest power generation company in South Korea, while KEXIM serves as the nation’s state-owned official export credit agency.

Meralco is the country’s biggest private electric distribution utility, serving 39 cities and 72 municipalities. It also has interests in power generation through wholly owned units and equity stakes.

Let me end this post by asking you readers: What is your reaction to this recent development? Now that the MOU has been signed, do you feel more confident about the future of a nuclear-powered Philippines? Do you think new nuclear power facilities in the country will be realized in your lifetime?

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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SBMA And Leechiu Property Consultants To Advance Freeport Investments And Tourism

March 14, 2026March 9, 2026carlocarrasco

Having been to the Subic Bay Freeport Zone many times already, the former US Naval base has been a strong engine for tourism, commerce and investments for the Philippines over the decades. Each time I visited, there was also something new to discover and the economic modernization happened gradually.

In a serious bid to enhance investments and accelerate the growth of tourism, the Subic Bay Metropolitan Authority (SBMA) announced that it has teamed up with the Leechiu Property Consultants (LPC) and their officials had important talks recently.

To put things in perspective, posted below is an excerpt from the official announcement of the SBMA. Some parts in boldface…

Subic Bay Metropolitan Authority (SBMA) officials met with executives of Leechiu Property Consultants (LPC) to explore collaborative initiatives to accelerate tourism growth and investment promotion here.

Led by SBMA Business and Investment Group’s Senior Deputy Administrator (SDA) Renato Lee III, discussions focused on expanding high-impact tourism segments including cruise ship tourism, wreck diving, forest trails, and Meetings, Incentives, Conferences, and Exhibitions (MICE) activities.

David Lee-Chiu, CEO of Leechiu Property Consultants highlighted Subic Bay’s deep-water port and strategic location as key advantages in positioning the Freeport as a competitive cruise ship destination in Luzon.

Lee-Chiu also noted that increased cruise calls would drive growth across hospitality, retail, transport, and local enterprises.

Meanwhile, SBMA Chairman and Administrator Eduardo Jose L. Alino also mentioned “wreck diving” as a strong niche market, with Subic Bay’s historic shipwrecks that continue to attract both domestic and international divers.

Also discussed was the development and promotion of forest trails and eco-tourism experiences, recognizing Subic Bay Freeport’s protected forest areas as prime assets for sustainable tourism, nature-based recreation, and eco-adventure activities.

Let me end this post by asking you readers: What is your reaction to this recent development? If you have visited the Subic Bay Freeport Zone over the past three months, how was your stay and did you find the place worth revisiting? Do you think the SBMA can still achieve so much more in terms of tourism growth and business?

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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2025 Subic Bay Freeport Zone Workforce Surpasses 170,000

March 13, 2026March 7, 2026carlocarrasco

For decades, the Subic Bay Freeport Zone has been a hot spot of commerce, tourism and varied types of businesses which resulted in the creation of new jobs. Recently, the Subic Bay Metropolitan Authority (SBMA) officially confirmed that the Freeport workforce exceeded 170,000 in 2025 which is an improvement of over 4% compared with 2024.

To put things in perspective, posted below is an excerpt from the official announcement of the SBMA. Some parts in boldface…

The workforce in the country’s premier Freeport totaled 171,653 in 2025, according to the annual report by the Subic Bay Metropolitan Authority (SBMA).

According to a report from the SBMA Labor Department, this figure reflects a 4.4 percent increase from last year’s 164,400 recorded in 2024.

SBMA Chairman and Administrator Eduardo Jose L. Aliño said that the increase in the number of workers here results from President Ferdinand R. Marcos Jr.’s mandate to provide more employment opportunities for Filipinos.

He said that Olongapo City remains the biggest source of manpower, with 70,769 residents working here. He added that this was followed by Zambales with 31,621; Bataan with 22,897; National Capital Region with 7,077; Pampanga with 5,492; Tarlac with 2,199; and the remaining 31,598 from other parts of the country, including foreign workers.

Around 70.60 percent of workers, or 121,187, are male, while the remaining 29.40 percent, or 50,466 workers, are female, and employed by 4,744 Subic companies. Despite the disparity, female workers outnumbered male workers in the manufacturing sector, with 18,951 females and 18,242 males employed across 111 manufacturing companies in Subic.

Meanwhile, the Subic Bay Freeport’s services sector remains the biggest employer, which clocked at 67.32 percent of the workforce, with the manufacturing sector making up 21.67 percent. These are followed by the construction sector with 7.36 percent, and shipbuilding/marine-related services with 3.64 percent.

Aliño added that the services sector also has the biggest number of companies, with 4,129, followed by the construction sector with 356 companies, then shipbuilding/ marine-related services with 148 companies, and lastly the manufacturing sector with 111 companies.

He further said that more companies are still looking for employees, thru the SBMA Labor Department’s regular conduct of job fairs and posting job openings via online portals and bulletin boards at their offices near the Subic Bay Gym.

“Jobseekers can click on the SBMA Career Portal, where we provide an official list of vacancies from various Freeport locators. We encourage applicants to check the Subic Gym bulletin board for scheduled examinations and interviews,” he said.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are managing a business, have you thought about expanding and setting up a place inside the Subic Bay Freeport Zone? What is your current impression about the business and work environment inside Subic Bay right now?

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

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Trump’s America To Launch Tariff Investigations On Several Countries

March 13, 2026March 12, 2026carlocarrasco

Even as the United States is busy working alongside Israel on the war against the Islamic terrorist state of Iran, the Trump administration announced that it will launch tariff investigations on several countries including trade partners like Japan, according to a news report by Kyodo News. The probes are meant to find out if unfair trading practices exist.

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

U.S. President Donald Trump’s administration said Wednesday it will launch tariff investigations into what it sees as unfair practices by China, Japan and over a dozen other American trading partners.

According to U.S. Trade Representative Jamieson Greer, the move is intended to “uncover a variety of unfair trading practices related to excess capacity in production” in the manufacturing sector, and replace Trump’s sweeping tariff regime that was invalidated by the Supreme Court in February.

“Our view is that key trading partners have developed production capacity that is really untethered from the market incentives of domestic and global demand,” Greer told reporters.

The other trading partners facing the investigations, carried out under Section 301 of the Trade Act of 1974, are the European Union, Bangladesh, Cambodia, India, Indonesia, Malaysia, Mexico, Norway, Singapore, South Korea, Switzerland, Taiwan, Thailand and Vietnam, Greer said.

The statute, which allows the U.S. government to impose tariffs in response to a foreign country’s alleged unfair practices, was a favorite tool of Trump for justifying higher tariffs on Chinese imports when he started a trade war with Beijing during his first term as president.

After the U.S. top court on Feb. 20 struck down a large chunk of Trump’s far-reaching tariff agenda as imposed under the International Emergency Economic Powers Act, his administration introduced a new 10 percent global duty.

However, the new 10 percent surcharge, relying on a different legal framework, can only last 150 days unless Congress approves an extension.

Greer said the Trump administration seeks to complete the investigations as quickly as possible and prepare for new Section 301 tariffs within the 150-day period.

The statute requires consultations with the governments of the targeted trading partners before tariffs can be imposed.

Let me end this piece by asking you readers: What is your reaction to this development? Do you think the United States is doing the right thing with the multiple trade investigations? How do you think the Trump administration will adjust its tariff policy once the 150-day period expires?

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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Japan To Release Oil Reserves As Early As March 16

March 13, 2026March 12, 2026carlocarrasco

As many countries around the world are already struggling with the economic disruptions and the spike in oil prices as a result of the ongoing chaos in the Middle East, Japan has decided to release its own oil reserves and it could happen as early as Monday (March 16), according to a news report by Kyodo News.

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

Japan will begin drawing down its oil reserves as early as next Monday to deal with a possible sharp rise in gasoline and other petroleum product prices amid the Middle East conflict, Prime Minister Sanae Takaichi said.

Takaichi told reporters on Wednesday that Japan will release 15 days’ worth of reserves held by the private sector and then one month’s worth of government-held oil without waiting for a decision coordinated by the International Energy Agency.

It will be the first time Japan has released its government oil reserves individually, not in an internationally coordinated way, since the stockpiling of oil began in 1978.

Japan’s dependency on the Middle East for crude oil is “prominently high” compared with other countries and imports are expected to “significantly drop late this month or later,” necessitating measures to prevent a disruption to the supply of gasoline and other petroleum items, Takaichi said.

Citing the possibility that the average price of domestic retail gasoline could surpass 200 yen ($1.26) per liter, Takaichi also said she aims to keep the price at around 170 yen by utilizing a government fund.

The price of gasoline hit as low as 154.70 yen in mid-January but rose to 161.80 yen per liter as of Monday, according to industry ministry data.

“We will flexibly review the support measures to ensure continuous relief for the public even if the (Middle Eastern) situation is prolonged,” Takaichi said.

Japan imports more than 90 percent of its oil from the Middle East, making it highly vulnerable to the effective closure of the Strait of Hormuz, which has prevented the transportation of oil and gas from suppliers in the Persian Gulf, after the U.S. and Israel attacked Iran late last month.

As of the end of December, Japan had 470 million barrels of oil reserves equivalent to 254 days of domestic consumption, of which 146 days’ worth were government-owned, 101 days held by the private sector, and the remainder jointly stored with oil-producing countries.

Let me end this piece by asking you readers: What is your reaction to this development? Do you think Japan made the right decision to release its oil reserves good for fifteen days? Do you think Japan will be able to find new and alternative sources of oil so that it can cut its reliance on Middle East oil?

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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Cases Of Foreign Tourists Getting Overcharged In Vietnam Increase

March 12, 2026March 5, 2026carlocarrasco

Having traveled to many destinations around the world, I am always mindful about how much money I carry, how much do products and services cost, and what exactly should I pay for. Vietnam, which attracted a record 21.2 million foreign tourists last year, has a disturbing trend of foreign tourists getting overcharged for services and products, according to a VnExpress news article.

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

Gouging tourists is giving Vietnam a bad name despite its sustained promotional efforts, insiders warn.

They want the authorities to hike fines manifold and deploy technology-based monitoring systems to prevent the insidious practice.

Chi Mai, 35, a Hanoi-based tour guide whose family has lived in the capital for three generations, says incidents of overcharging have become so common that they no longer surprise locals.

“Even residents buying 200 grams of pickled fruit in the Old Quarter without first checking the price can be charged double. It’s not surprising that foreign tourists are asked to pay four or five times.”

The repeated reports of such instances leave her disheartened, she says.

“If authorities fail to tackle this issue in a decisive manner, Vietnam’s international tourism promotion efforts will prove ineffective.”

On Feb. 24 an American tourist was charged VND1 million (US$38) for a seven-kilometer trip, 14 times the usual fare, by a motorbike-taxi driver in Hanoi. The driver admitted to the violation, apologized to the tourist and promised not to repeat the act.

Earlier cases also drew attention. In January Hanoi authorities fined a street vendor for charging two foreign tourists nearly four times the normal price of a conical hat.

In July 2025 a group of Filipino tourists were charged VND1.4 million ($53) for a taxi ride of less than 1 km, 50 times the normal fare.

Two months later an Australian family reportedly paid VND1.2 million for a cyclo trip, three times the regulated rate.

Overcharging and aggressive solicitation are not confined to Hanoi and have been reported across other tourist hubs such as Ho Chi Minh City and Da Nang.

Nguyen Tien Dat, CEO of Hanoi-based tour operator AZA Travel, says overcharging tends to occur more frequently in destinations with large numbers of international visitors.

He recounts a personal experience in Da Nang where a taxi driver took a longer route from the airport while Dat was on a phone call. Only after he protested strongly did the driver adjust the fare.

“Even veteran tourism professionals such as tour guides and travel agency executives can fall victim to such practices, and international visitors are even more exposed,” Mai says, adding she has frequently intervened to help tourists resolve pricing disputes.

Tran Trung Hieu, deputy director of the Hanoi Department of Tourism, acknowledges that gouging remains an issue, particularly in areas such as the Old Quarter and during major festivals.

Failure to publicly display prices and forcing customers to make purchases are fraudulent practices, he says.

The department has established a tourist hotline and increased security presence on pedestrian streets during weekends, he says.

“Price gouging, at worst, discourages visitors from returning.“

In Da Nang, the Department of Culture, Sports and Tourism has formed a rapid response team to address complaints and conducts regular inspections of tourism service providers.

There are task forces to monitor commercial fraud, counterfeit goods and non-compliance with pricing regulations.

Authorities on Phu Quoc Island recently established a tourism rapid response team to protect visitors and address service-related concerns amid a tourism boom.

Let me end this piece by asking you readers: What is your reaction to this development? If you were able to travel overseas over the past twelve months, were you excessively charged for a service or for a product you purchased? Does the trend of overcharging tourists in Vietnam discourage you from visiting the country? Do you think the authorities in Vietnam will be able to solve the problems?

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 Coconut Oil Exporters See Golden Opportunities In America

March 10, 2026March 3, 2026carlocarrasco

Since US President Donald J. Trump returned in 2025, there were significant revisions in America’s health standards with Robert F. Kennedy Jr. (RFK Jr.) serving as the Secretary of Health and Human Services. One of the revisions tackled the dietary health guidelines which in turn created new opportunities in America that coconut oil exporters of the Philippines can capitalize on, according to a news report by the Philippine Star.

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

Coconut oil exporters are upbeat that demand for the prized commodity in the US will increase after Washington revised its dietary health guidelines, promoting the consumption of healthy fats.

United Coconut Association of the Philippines (UCAP) said the latest 2025-2030 US Dietary Guidelines reflects a “symbolic” shift in Americans’ diet as it represents an “inverted” food pyramid, putting fats at the top.

Prior to the change, saturated fats, including coconut oil, have been demonized based on the prevailing Lipid Heart Theory claiming that saturated fats and cholesterol are the root causes of heart disease, said UCAP chairman Marco Reyes.

He pointed out that previous dietary guidelines, particularly the 2020-2025 edition, had explicit warnings on the consumption of fats, including coconut oil and recommended consumers to shift to vegetable oil instead.

But in the latest guidelines, such an explicit warning has been removed with the only discouraging factor to coconut oil remaining is the limit stated on the consumption of saturated fat, Reyes said.

The latest dietary guidelines emphasized that saturated fat consumption must not exceed 10 percent of total daily calories. Furthermore, consumers are advised to eat healthy fats which it noted are plenty in whole foods like meats, eggs, among others.

However, coconut oil is not categorically stated as part of the healthy fats. Despite this, Reyes noted that demand for the commodity will still increase since there are no more explicit warnings against coconut oil.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the latest health guidelines of America will actually lead to stronger demand for coconut oil from the Philippines?

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 Economic Growth May Slow Down To 4.2% This Year

March 10, 2026March 3, 2026carlocarrasco

In the view of the University of Asia and the Pacific (UA&P), the growth of the economy of the Philippines may slow down a bit further this year to 4.2%, according to a BusinessWorld news report.

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

PHILIPPINE ECONOMIC growth may likely be even slower this year, amid uncertainty over a “meaningful” recovery, the University of Asia and the Pacific (UA&P) said.

In its February The Market Call, UA&P cut its full-year gross domestic product (GDP) growth forecast to 4.2% from the “above 5%” forecast previously.

If realized, this will be even slower than the post-pandemic low of 4.4% GDP growth in 2025 when the flood control scandal dampened government spending and investments.

However, UA&P expects first-quarter GDP growth to pick up to 3.3% from 3% in the fourth quarter of 2025. If realized, it will be slower than 5.4% in the first quarter of 2025.

“More indicators revealed the impact of the flood control scandal, hurting economic growth in 2025 as sentiment points to a ‘muddling through’ scenario for 2026,” it said. UA&P said the government needs to ramp up spending to drive faster growth this year.

“While uncertainty over a meaningful economic recovery remains, we see some bits of light emerging,” it said.

“With inflation remaining in the lowest quarter of BSP (Bangko Sentral ng Pilipinas) target range, policy and interest rates declining, and the peso depreciating, consumer spending, residential property sales, car sales, equipment leasing and other interest-sensitive spending should provide better consumption expenditures in Q1,” it added.

Headline inflation picked up to 2% in January from 1.8% in December and 2.9% in the same month last year.

“A more optimistic PMI in January, along with expected increases in exports and remittances from overseas Filipinos, should be supported by the peso’s depreciation,” UA&P said.

The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) rose to a nine-month high of 52.9 in January due to fresh export orders.

Last year, merchandise exports reached $84.4 billion, reflecting a 15.2% increase amid “holiday demand, US agricultural exemptions, and a weaker peso.”

Cash remittances coursed through banks hit an all-time high in December at $3.5 billion, bringing the full-year tally to a record $35.6 billion.

Meanwhile, the UA&P said that it expects further weakening of the peso after the BSP cut its policy rate by 25 basis points (bps) in February.

The Monetary Board lowered the target reverse repurchase rate by 25 bps to 4.25%, the lowest in over three years. This brought the BSP’s total reductions to 225 bps since it began monetary policy easing in August 2024.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you find the latest economic outlook of UA&P believable and precise? Do you think the fallout from the flood control corruption scandal still is dragging down the economic growth of the nation? Do you think the national government will be able to increase its spending 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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Japanese Prime Minister Condemns Iran

March 7, 2026March 10, 2026carlocarrasco

Even though it has been severely damaged by the joint forces of the United States and Israel, the Islamic terrorist state of Iran continued to retaliate by launching missiles and drones not only at American and Israeli forces, but also on sovereign nations in the Middle East such as Kuwait, Saudi Arabia, the United Arab Emirates, Islamist Qatar and more. As such, Japanese Prime Minister Takaichi Sanae condemned Iran for the destruction it committed, according to a news article by Nippon TV.

For insight, the Prime Minister previously urged Iran to solve its conflict with America and Israel diplomatically. Economically, Japan is vulnerable as it imports most of its oil from the Middle East and the violence happening in the said region has already caused serious economic disruptions. Japan also opposes any nuclear weapons development program by Iran.

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

Amid continued tensions surrounding the situation in Iran, Japanese Prime Minister Takaichi Sanae spoke on the phone with German Chancellor Friedrich Merz on March 5 and told him she condemns Iran’s actions.

Officials said that at the start of the roughly 20-minute conversation, Merz provided an overview of the international situation, taking into account events including his summit meeting with US President Donald Trump.

In response, Takaichi told Merz that she condemns Iran’s actions, including attacks that have extended to civilian and diplomatic facilities and resulted in civilian casualties. The two leaders agreed to work together to de-escalate the situation as quickly as possible.

Ahead of the phone call, Takaichi met with visiting UAE Minister of Industry and Advanced Technology Sultan Al Jaber at her office.

In the talks, Takaichi asked for cooperation from the United Arab Emirates in safeguarding Japanese nationals and maintaining a stable supply of oil to Japan.

Officials said Jaber expressed his intention to cooperate in areas such as ensuring the safety of Japanese citizens.

Amid escalating tensions in the Middle East, there have been disruptions in logistics, with tankers becoming stalled near the Strait of Hormuz.

Japanese automaker Toyota Motor is said to be considering reducing its production of vehicles bound for the Middle East.

According to sources, Toyota has notified parts manufacturers and other relevant entities about the possibility that it may reduce the number of vehicles produced. Toyota has not disclosed details of its production plans or whether it uses the Strait of Hormuz.

But last year, the company exported about 320,000 vehicles, including Land Cruisers, to Middle Eastern countries.

Let me end this piece by asking you readers: What is your reaction to this development? Do you think the Islamic terrorist regime of Iran is just days away from totally collapsing as the United States and Israel keep on pounding them with military weapons? Do you think the wicked government of Iran is paying any attention to the Prime Minister of Japan? Why do you think the Islamic terrorist regime of Iran deliberately targets civilians with missiles and drones? Did you notice a lot of people in your local community who openly support the Islamic terrorist state of Iran?

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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New Debit Mastercard Launched By BPI

March 5, 2026March 3, 2026carlocarrasco

A new debit Mastercard was launched recently by the Bank of the Philippine Islands (BPI) which will be available for free for clients who open an account through bank branches and also for existing clients whose existing cards are about to expire or are due for renewal, according to a business news report by GMA Network.

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

The Bank of the Philippine Islands (BPI) has launched a new debit Mastercard made from 100% recycled PVC-free plastic, as the Ayala-led lender boosts its sustainable banking efforts.

The new card will be available for free for clients who open an account through the bank’s branches and for existing clients with cards nearing expiry or are already due for renewal. Clients who switch to the new card will be charged a P200 replacement fee.

The card—which features a curved notch at the bottom left corner—can be requested through the BPI app or BPI Online, and may be available for pickup at the preferred branch.

“Reimagining the BPI Debit Mastercard to become an eco-friendly card is a testament to BPI’s commitment to its values of sustainability and innovation,” BPI Mass Retail head Jenny Lacerna said in an emailed statement.

“By using sustainable materials for our card, we hope to make sustainable behavior the default option for everyone,” she added.

Let me end this post by asking you readers: What is your reaction to this recent development? What is your observation about the new debit card launched by BPI? If you are an existing BPI account holder, do you intend to request for the new card?

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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