economy – Page 28 – Author Carlo Carrasco

Economy of the Philippines to keep growing above 6% in 2024 and 2025

November 1, 2024October 24, 2024carlocarrasco

Recently, an economist predicted that the economy of the Philippines will keep growing above 6% this year and next year, 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 is expected to remain one of the fastest growing economies in the region, with growth likely settling at above 6 percent for 2024 and 2025.

In his economic and market outlook released on Tuesday, BPI senior vice president and lead economist Emilio Neri Jr. said economic growth will likely hit 6.1 percent this year and further accelerate to 6.3 percent in 2025.

“The Philippine economy has been resilient despite significant headwinds like severe El Niño and devastating typhoons, still managing to grow by 6% in the first half of 2024,” Neri said.

“Looking ahead, the Philippine economy will likely continue to outperform in the region, supported by its strong consumer base,” he added.

Neri expects headline inflation to ease to 3.2 percent in 2024 and further decelerate to 2.8 percent in 2025.

“Inflation is expected to be more manageable in the coming year given the improving prospects of food supply. With El Niño now behind us and the potential increase in production, along with tariff reductions, rice may become more affordable,” he said.

Neri said lower inflation may help boost consumption in the coming year, while election-related spending could also further stimulate economic activity.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines has enough momentum to exceed the growth forecasts of the economists for 2024 and beyond? Do you think the Philippines can do a better job on attracting more foreign investors soon?

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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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Las Piñas City Councilor Santos asks DENR to authorize P103.8 billion Las Piñas-Parañaque reclamation plan

October 31, 2024October 24, 2024carlocarrasco

In recent times, Las Piñas City Councilor and congressional candidate Mark Santos formally asked the Department of Environment and Natural Resources (DENR) to authorize the Las Piñas-Parañaque Coastal Bay Reclamation Project of the national government which is worth over P100 billion, according to a Manila Standard news report.

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

Las Piñas City Councilor and congressional candidate Mark Anthony Santos asked the Department of Environment and Natural Resources (DENR) to authorize the P103.8-billion Las Piñas-Paranaque Coastal Bay Reclamation Project of the national government.

Santos said the clearance to proceed with the project remained unresolved by the members of DENR’s Protective Area Management Board, despite the SC decision three years ago.

“The status of the project remains at the detailed engineering stage,” he said.

Santos said that in an en banc decision on Oct. 21, 2021, the Supreme Court, voting 11-2, approved the reclamation project of around 530 hectares of the Manila Bay coastline in Las Piñas- Parañaque, ruling that the supposed threat to environment was not sufficiently established.

Alltech Contractors proposed the project to develop 321.26 hectares of land in Las Piñas and 174.88 hectares in Parañaque, both along the coastline of Manila Bay in 2009. The Philippine Reclamation Authority approved the project in 2010 subject to compliance to environmental rules.

Alltech submitted an amended environmental performance report management plan (EPRMP) in December that year and expanded the project to cover 203.43 hectares in Parañaque and 431.71 hectares in Las Piñas.

The DENR-Environmental Management Bureau issued the environmental compliance certificate (ECC) for the project In March 2011, after Alltech Contractors submitted scientific and expert studies that assessed the potential flooding and flushing impact that may arise from the coastal bay project.

The SC decision suggests that the city government of Las Piñas may proceed with the reclamation project despite residents’ objections, said Santos.

Santos said the city councils of Las Piñas and Parañaque issued the corresponding resolutions authorizing their respective city mayors to explore the proposal under a joint venture agreement (JVA).

The cities of Las Piñas and Parañaque eventually accepted Alltech’s proposal, and the parties executed their respective JVAs, he said.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Do you think it is high-time for the reclamation in Las Piñas to proceed?

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

Ayala-Mitsubishi deal likely to boost GCash IPO

October 30, 2024October 21, 2024carlocarrasco

If things go well, the recent deal made between Ayala Corp. and Japan’s Mitsubishi Corp. will likely boost the anticipated initial public offering (IPO) of e-wallet entity GCash, according to a BusinessWorld news report referencing analysts.

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

THE RECENT deal between Ayala Corp. and Japan’s Mitsubishi Corp. is likely to increase the valuation of the anticipated initial public offering (IPO) of the electronic wallet GCash, according to analysts.

On Friday last week, Ayala Corp. announced that it was selling its 50% stake in AC Ventures Holding Corp. (ACV) to Mitsubishi for a minimum of P18.4 billion.

ACV owns 13% of Globe Fintech Innovations, Inc. (Mynt), which has two fintech companies, G-Xchange Inc., the operator of GCash, and Fuse Lending, a tech-based microlender.

“The deal reinforces the value of Mynt for its future IPO. With key investors coming in at a valuation of around $5 billion, Mynt is poised for an IPO at a much higher valuation,” Chinabank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

GCash previously said it was planning an IPO but would wait for a more favorable market.

According to Mr. Colet, the IPO could happen as early as next year depending on market conditions.

“I can see the IPO within the next two to three years. Perhaps as soon as next year if market conditions are very good,” he said.

“So far, it seems Globe wants a local IPO for Mynt. But it would be better if they do a dual listing in the Philippines and a larger stock market to get the best of both worlds,” he added.

Globalinks Securities and Stocks, Inc. Trader Mark V. Santarina said in a Viber message that the deal helps GCash’s international expansion plans.

GCash services are available in 16 countries, including the United States, United Kingdom, United Arab Emirates, Italy, Australia, Canada, Germany, and other Asian countries.

“For GCash, Mitsubishi’s entry paves the way for potential international expansion, particularly into Japan, and may boost its service offerings in microlending and financial technology,” he said.

“While GCash is considering overseas listings for its IPO, there is still hope it may choose to list on the Philippine Stock Exchange (PSE) instead, which would be a significant win for the local market,” he added.

AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message that the deal could help improve other Ayala ventures.

“With its entry into ACV, Mitsubishi is not only buying into GCash but also into other ventures under ACV like Gogoro and Zalora. We believe Mitsubishi’s expertise can help improve these businesses and maybe even accelerate the expansion of GCash into Japan,” he said.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think an IPO of GCash could happen sometime in 2025? Are you an investor waiting for the GCash IPO to happen?

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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To lure younger investors, BPI Wealth to launch new mutual fund

October 29, 2024October 21, 2024carlocarrasco

BPI Wealth – the wealth management arm of the Bank of the Philippine Islands (BPI) – will establish a new mutual fund to lure in young and tech-savvy investors, according to a Manila Bulletin business news report.

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

Amid favorable conditions for long-term investments, the wealth-management arm of Ayala-led Bank of the Philippine Islands (BPI) will roll out before this year ends a new mutual fund eyeing young and tech-savvy investors.

BPI Wealth personal wealth head Irene Ang told a press briefing on Friday, October 18, that the forthcoming BPI Wealth Builder Multi-Asset Mutual Fund Inc. is expected to be approved “soon” by the Securities and Exchange Commission (SEC), which regulates mutual funds, for it to be sold to the public.

This first-of-its-kind balanced, global-based and peso-subscription and -redemption fund aims to convince millennials and the Gen X generation in the country to invest and prepare for their retirement, Ang said.

Among the innovative and unique features of this mutual fund include availability for a minimum of only P1,000; accessibility on BPI’s online platforms and accredited channels to conveniently open an investment account, monitor investments, and receive cumulative rewards and benefits at no extra cost; as well as an automated and automatic top-up system allowing additional investments of at least P100 monthly.

Ang is optimistic that up to P1-billion investments in their upcoming newest mutual fund would be “easy.”

BPI Wealth president and chief executive officer (CEO) Maria Theresa D. Marcial noted that among their investors, those who onboarded via digital channels continued to engage more regularly than branch-opened accounts.

“We should push more into digital initiatives,” said Marcial, who is spearheading BPI’s “Wealth Wellness Month” this October to promote financial inclusion and literacy as well as opportunities for small investors.

Marcial disclosed that as of end-September, BPI Wealth’s assets under management (AUM) rose to a new high of P1.4 trillion, from P1.2 trillion in end-2023.

On top of the earlier goal of 20-percent AUM increase for this year, Marcial said a further 15-percent growth next year will be “reasonable.”

BPI Wealth targets P3 trillion in AUM by 2026.

Marcial cited that while mutual funds and other assets experienced a roller-coaster ride of ups and downs during the past three years due to global financial conditions, the clarity in the ongoing monetary policy easing here and abroad this year has improved prospects.

“We’re seeing markets becoming more buoyant, and fund managers are becoming more constructive across asset classes,” she said.

“Bonds are expected to do better, as interest rates go lower. And because interest rates are lower… so [in] equity we’re seeing some renewed interest,” she added.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think BPI Wealth’s newest move makes a lot of sense with today’s economic environment? Do you think a lot of millennials are willing to engage in investments?

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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Office market shrinks in connection with nationwide POGO ban

October 24, 2024October 14, 2024carlocarrasco

It has been months since the nationwide ban on POGOs (Philippine Offshore Gaming Operators) was declared and this resulted in the shrinking of the office market as demand for office spaces weakened, according to a Manila Bulletin business news report.

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

The total ban on the Philippine Offshore Gaming Operations (POGO) contributed to a significant decrease in the demand for office spaces in the third quarter of the year, property brokerage firm Leechiu Property Consultants (LPC) said.

In a statement, LPC said office take-up from July to September dropped by 21 percent to only 215,000 square meters (sqm), with the POGO industry’s downsize and other tenants’ transfer to newer spaces contributing to an increase in vacancies.

The POGO industry was one of the main drivers of the residential and office markets at the time of the Duterte administration, until getting totally banned by President Ferdinand Marcos Jr. this year amid their venture into illicit areas.

“The grave abuse and disrespect to our system and laws must stop. We need to stop them and their abuse to our country,” Marcos Jr. said.

Despite the decline in office take-ups this quarter, LPC said that the country is on track to surpass the one million sqm office demand registered last year.

“The year-to-date demand for office space has reached 900,000 sqm, marking an 11 percent increase over the first three quarters of 2023,” it said.

In terms of leasing pattern, LPC said tenants are now shifting from higher-quality buildings to offices that can offer better and larger spaces.

In terms of location, the bay area continues to be the top choice, with office take-up driven primarily by government agencies occupying 80,000 sqm in the first nine months of the year. Outside Metro Manila, Cebu remains the top provincial market with the higher take-up coming from the IT-BPM industry.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the shrinking of the office market is temporary at best and a recovery could begin before the end of the year? Do you favor the ban on POGOs?

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 achieved double-digit tax collection growth in first 9 months of 2024

October 23, 2024October 11, 2024carlocarrasco

Recently the Department of Finance (DOF) announced that the Philippines achieved double-digit growth in the January-September stretch of 2024, according to a Manila Bulletin business news report.

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

The Department of Finance (DOF) reported that collections from the government’s two main tax agencies showed strong double-digit growth in the first nine months of the year.

The Bureau of Internal Revenue (BIR) and the Bureau of Customs collectively gathered P2.771 trillion from January to September 2024, a 10 percent increase from P2.518 trillion in the same period last year.

Of this total, the BIR, which is responsible for nearly 70 percent of the government’s annual revenue, collected P2.08 trillion by the end of September—a 12 percent increase compared to P1.858 trillion the previous year.

This nine-month collection accounted for 73 percent of the BIR’s full-year target of P2.842 trillion.

In contrast, the Customs bureau raised P690.8 billion as of September, a modest 4.6 percent increase from P660.39 billion in the previous year. This amount represents 73.5 percent of its annual target of P939.7 billion.

In May, the Development Budget Coordination Committee (DBCC) revised its tax collection projections for the BIR and Customs downward, citing expectations of slower economic growth this year.

According to the DBCC’s 2024 Quarterly Fiscal Program, approved on May 23, the BIR and Customs are now expected to collect P3.788 trillion this year, a reduction of 5.6 percent from the original target of P4.014 trillion.

The BIR’s full-year collection target was adjusted down by 6.7 percent from the previous goal of P3.055 trillion, while the Customs bureau’s target was lowered by 2 percent from the earlier estimate of P959 billion.

Budget Secretary Amenah F. Pangandaman, who chairs the DBCC, explained to the Manila Bulletin that these adjustments were primarily driven by a lower-than-expected economic growth outlook, among other factors.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the BIR will be able to collect P3 trillion by the end of the year? Do you think the recent tax collection reports suggest that the national economy will grow stronger in the next two years?

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

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World Bank (WB) sees strong Philippine economic growth in 2024 and 2025

October 22, 2024October 11, 2024carlocarrasco

By citing positive factors in its latest report, the World Bank (WB) raised its Philippine economic growth forecasts for 2024 and 2025, according to a BusinessWorld news report.

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

THE World Bank (WB) has raised its economic growth forecasts for the Philippines for this year and in 2025, driven by improved service exports and public investments.

But weak consumption and investment will keep the country’s growth below pre-pandemic levels, it said.

In its East Asia and Pacific Economic Update, the Washington-based multilateral lender now expects the Philippine economy to grow by 6% this year from 5.8%.

The Philippines could become the second-fastest growing economy in Southeast Asia, behind Vietnam (6.1%) and ahead of Cambodia (5.3%), Indonesia (5%), Malaysia (4.9%), Laos (4.1%), Timor-Leste (3%), Thailand (2.4%) and Myanmar (1%).

“Among the larger countries, only Indonesia is expected to grow in 2024 and 2025 above pre-pandemic levels, while growth in Malaysia, the Philippines, Thailand and Vietnam is expected to be below those levels,” the World Bank said.

For 2025, it forecasts Philippine economic output to expand by 6.1% from 5.9% in its April forecast.

The lender’s growth forecasts for the Philippines are at the low end of the government’s target of 6-7% for 2024 and below the 6.5-7.5% goal for next year.

The Philippine economy grew by 6.3% in the second quarter, faster than 5.8% in the previous quarter and 4.3% a year ago. In the first half, growth averaged 6%.

The World Bank said service exports and public investment have supported Philippine economic growth, but consumption and private investment remain weak.

From 2024 to 2026, the lender expects the Philippine economy to grow by an average of 6%, it said in a separate report.

This will be supported by remittances, jobs, slower inflation and external demand. However, weaker growth in China, global economic slowdown and weather disruptions are risks to the outlook.

It also projects the government’s budget deficit to fall to 4.6% of gross domestic product (GDP) by 2026 due to improved state spending. This is slightly below the 4.73% target for the year.

Better revenue collection will be supported by key tax measures, improved tax administration and higher dividends from state-owned corporations, the World Bank said.

The lender also raised this year’s growth forecast for the East Asia-Pacific region to 4.8% from 4.5% in April.

“Most East Asia-Pacific economies are expected to experience robust growth in 2024, supported by private consumption and a positive external environment,” according to the report. In 2025, the region is expected to grow by 4.4% from its previous forecast of 4.3%.

However, domestic demand is expected to moderate in the Philippines, Indonesia and Thailand, while private investment growth remains weak across the region.

“Investment growth has been declining across most countries in the region over the past two decades, with particularly sharp drops in China, Indonesia, Malaysia, and more recently, the Philippines.”

It also noted that the Philippines and Malaysia have kept a conservative fiscal stance due to their higher structural deficit this year.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the Philippines has enough momentum to exceed the WB’s economic growth forecasts for 2024 and 2025?

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

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International nuclear supply chain forum set for November 13-15, 2024 in Quezon City

October 21, 2024October 9, 2024carlocarrasco

In what could be a boost for a nuclear-powered Philippines, the Department of Energy (DOE) is officially hosting the Philippine International Nuclear Supply Chain Forum (PINSCF) which will take place in Quezon City from November 13 to 15, 2024, according to a news article by the Philippine News Agency (PNA).

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

Eyeing to lead Southeast Asia in deploying nuclear energy technology, the Department of Energy (DOE) will host the Philippine International Nuclear Supply Chain Forum (PINSCF) from Nov. 13 to 15.

Happening at Solaire Resort North in Quezon City, the PINSCF will gather local and foreign stakeholders to discuss the latest technology and innovations, as well as share best practices in the nuclear energy industry.

Expected participants in the forum are power generation companies, government agencies, embassies, academia, and other key sectors.

“We are bringing together companies from countries with proven track records in building and maintaining the critical infrastructure needed by the energy sector. This forum will showcase their innovations and best practices, offering the Philippines the opportunity to learn and benefit from their experiences,” the DOE said in a statement Wednesday.

Stakeholders from the United States, Canada, France, Japan, and South Korea, which are among the leading countries in nuclear technology, will provide insights for the Philippines as the government explores nuclear energy for a balanced, resilient, and low-carbon energy system to drive sustainable economic growth.

“As the world transitions away from fossil fuels, each nation is weighing options for achieving energy independence and security. This forum allows us to engage with the global community while ensuring that our own stakeholders are part of the discussions,” the DOE said.

Interested participants should register through http://www.nuclearforumph.com. For more information, participants may contact the Nuclear Energy Program Secretariat via email address nep-iac.secretariat@gmail.com.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you wish to see the entire nation powered by nuclear energy using the latest power-generating technologies found in nuclear-powered small modular reactors (SMRs) and microreactors? Do you realize that nuclear power is more capable on providing the nation abundant energy better than the unreliable solar and wind power?

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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Further rate cuts by BSP could boost demand for condominium units and new residential projects in Metro Manila

October 18, 2024October 10, 2024carlocarrasco

Here in Metro Manila, there is currently an oversupply of condominium units. Further rate cuts by the Bangko Sentral ng Pilipinas (BSP) could boost demand for existing condominium units and also new residential projects within the metropolis, according to a BusinessWorld news report.

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

FURTHER RATE CUTS by the Philippine central bank could help spur new residential project launches and drive take-up of existing condominiums in Metro Manila, a property consultant said.

In its third-quarter property market report, Leechiu Property Consultants (LPC) said the inventory level of condominium units in Metro Manila has reached 67,600 units across 510 buildings — “the highest since the pandemic.”

“It’s an oversupply of the buildings in the market at 29 months’ supply. (Developers) have been slowly launching new projects,” LPC Research Director Roy Amado Golez said at a briefing on Oct. 8.

Quezon City and Ortigas (plus fringe areas) have the most number of unsold condominium units at 18,000 and 13,500, respectively.

High interest rates may have dampened demand for residential condominiums in Metro Manila. LPC said 6,885 units were sold in the July-to-September period, “close to the 7,000 level for the third straight quarter.”

The Bangko Sentral ng Pilipinas (BSP) had kept its policy rate at an over 17-year high of 6.5% from October 2023 to mid-August 2024. It reduced the benchmark rate to 6.25% at its Aug. 15 meeting.

“The interest rate levels today are still at elevated levels, at 6.25%. However, we’ll be likely seeing rate cuts in October as well as December. Hopefully, those rate cuts will boost… the residential market,” Mr. Golez said.

BSP Governor Eli M. Remolona, Jr. earlier signaled the Monetary Board could deliver two 25-basis-point (bp) rate cuts at each of its two remaining meetings this year.

LPC said rate cuts would help ease lending conditions for both developers and homebuyers, as well as encourage developers to launch new projects.

Muted demand may have prompted developers to defer new residential projects. New project launches plunged by 39% to 2,145 units in the quarter ending September, which LPC said was the lowest since the pandemic.

“What developers are most likely doing now is reselling or re-launching or reintroducing marketing programs for their current inventory,” Mr. Golez said, adding that lower interest rates may provide a lift to sales in the next few quarters.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the BSP should reduce the rates soon so that the residential market of Metro Manila will be reinvigorated? Are there any families in your local community who intend to buy a condominium unit and live in it?

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

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Over P1 billion deposited through BSP’s coin machines

October 18, 2024October 17, 2024carlocarrasco

A major breakthrough has been realized with regards to recirculating massive amounts of loose change in the Philippines as more than P1 billion in coins have officially been deposited into the coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas, 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…

Over a year since the launch of coin deposit machines (CoDMs), the monetary value of coins deposited through the Bangko Sentral ng Pilipinas’ (BSP) initiative to promote coin circulation has breached P1 billion.

In a statement on Thursday, the BSP said the total value of coins which coursed through CoDMs has reached P1,008,889,490.24.

The CoDMs, introduced in June 2023, were launched in a bid to encourage the public to make use of their idle coins.

The BSP said that since its launch, the CoDMs have accumulated more than 260,000,000 pieces of coins and facilitated almost 240,000 transactions.

Through CoDMs, people can place legal tender coins in the machines, with the total value credited to e-wallet accounts in GCash or Maya, GoTyme bank accounts, or converted into shopping vouchers.

As of this writing, the BSP’s coin deposit project website has yet to have the latest numbers published. Previously, the official numbers were P950,361,380.76 in overall value, 250,352,704 coins counted and 228,482 transactions registered as of September 15, 2024. You can read my September 26, 2024 post by clicking here.

Let me end this piece by asking you readers: What is your reaction to this recent development? Have you deposited your loose change into a BSP coin deposit machine in your locality during the past sixty days?

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

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