economy – Page 44 – Author Carlo Carrasco

Over 3 million foreign tourist arrivals counted by the Philippines (January 1 to July 19)

July 24, 2023July 19, 2023carlocarrasco

Even as the Department of Tourism (DOT) is still recovering from the huge embarrassment about a certain tourism video connected with their Love The Philippines slogan, the nation’s tourism sector is undeniably rising strongly as over 3 million foreign tourist arrivals this year as of July 19, according to a Philippine News Agency (PNA) news article. Take note that the official target for the entire 2023 is 4.8 million foreign tourists and the nation attracted a total of 2.65 million foreign tourists in 2022.

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

The Philippines has recorded more than three million international visitor arrivals seven months into the year, closing in on its target 4.8 million tourists in 2023.

The latest data from the Department of Tourism (DOT) recorded a total of 3,000,079 international visitor arrivals from Jan. 1 to July 19 this year.

The country’s inbound tourism receipts from Jan. 1 to June 30 also climbed to PHP212.4 billion or 502.02 percent higher than the PHP35.6 billion generated from the same period last year.

Tourism Secretary Christina Garcia Frasco, who is currently on leave, said these post-pandemic figures reflect the sector’s “robust recovery” and the gains of the Marcos administration toward tourism resurgence.

“Tourism provides employment and livelihood to millions of Filipinos. We are grateful for the renewed interest worldwide in the Philippines, which offers a multitude of reasons to love travel across our islands,” she said. “We thank as well our fellow Filipinos who continue to travel domestically, supporting our local communities and families who are all part of the tourism value chain.”

Of the arrivals, 91.36 percent, or 2,740,802 are foreign tourists and the rest are returning overseas Filipinos.

South Korea ranked the highest in the number of arrivals with 741,658 (24.72 percent) followed by the United States with 550,569 (18.35 percent); Australia with 146,062 (4.87 percent); Japan with 143,227 (4.77 percent); and Canada with 132,018 (4.4 percent).

Other top source markets are China with 129,077 visitors (4.3 percent); Taiwan with 104,211 (3.47 percent); United Kingdom with 85,847 (2.86 percent); Singapore with 81,656 (2.72 percent); and Malaysia with 54,411 (1.81 percent).

The DOT earlier said it sought to reach 4.8 million in foreign visitors by the end of 2023.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippines could possibly attract 6 million foreign tourist arrivals by the end this year considering the latest numbers achieved?

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 ranks #2 in the NCR in public financial management

June 30, 2023June 28, 2023carlocarrasco

Recently in the progressive City of Muntinlupa, it was revealed that the city finished at 2^nd place among the local governments within the National Capital Region (NCR) on the assessment about public financial management, according to a Manila Bulletin news report.

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

The Muntinlupa City government ranked second among local government units in the National Capital Region (NCR) in public financial management assessment done by the Department of Budget and Management (DBM).

“Muntinlupa ranks 2nd in PFMAT Compliance of the Department of Budget and Management,” according to Mayor Ruffy Biazon.

The ranking was a result of the Public Financial Management Assessment Tool (PFMAT) based on budgeting, accounting, auditing, cash management, management of public debt/procurement, revenue generation and public reporting on public sector financial operations, added Biazon.

“Public Financial Management (PFM) is a system of rules, procedures and practices for government to manage public finances. PFM seeks to address the key challenges of controlling government spending and making agencies operate efficiently and effectively,” according to previous guidelines issued by the DBM.

Biazon said Muntinlupa’s ranking is “proof to our commitment to transparency, accountability, and responsible financial management. We ensure that public funds are spent well and effective.”

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? Are you delighted with what the city government achieved?

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

World Bank raises forecast on Philippine economy growth for 2023

June 12, 2023June 8, 2023carlocarrasco

With the year 2023 nearing the half-way point, the World Bank revised its forecast on the Philippine economy seeing a 6% growth (versus the previous 5.4% growth forecast), according to a BusinessWorld news report.

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

THE PHILIPPINE ECONOMY is likely to grow by 6% this year amid strong domestic demand and despite elevated inflation, the World Bank said, raising its forecast from 5.4% in January.

A recovery in jobs, improved consumer sentiment and strong remittances from Filipinos overseas would drive local consumption, the multilateral lender said in its Global Economic Prospects report on Wednesday.

“Despite external challenges, high domestic inflation and tight monetary conditions, domestic demand has once again remained resilient, fueling growth,” World Bank Country Director for the Philippines Ndiame Diop separately told a virtual news briefing.

The latest growth forecast is the lower end of the government’s 6-7% growth target this year. The Philippine economy grew by 6.4% in the first quarter, slower than 8% a year ago and 7.1% a quarter earlier.

“Despite weak global conditions, our upward revision reflects this continued strength in domestic demand,” World Bank Philippines Senior Economist Ralph van Doorn said.

But the potential global slowdown could still affect growth. “Although the global economy displayed remarkable resilience in early 2023, economic conditions will remain subdued for the rest of 2023,” Mr. Diop said.

He said global growth is expected to wane due to “persistent inflation, slowdown of global trade and the effect of recent monetary tightening.”

The World Bank expects global growth to slow to 2.1% this year, though this is higher than its earlier 1.7% projection. It also sees global growth reaching 2.4% next year and 3% in 2025.

“Risks remain tilted to the downside,” Mr. Diop said. “Recent episodes of market instability have raised concerns of a potential spillover. The possibility of further monetary tightening amid sticky core inflation could raise the cost of global financing and lead to a more pronounced and prolonged global slowdown.”

Persistent inflation remained a cause for concern, the World Bank said.

“Although our baseline forecast (shows) inflation will decelerate, it is still the main challenge,” Mr. van Doorn said.

The World Bank expects Philippine inflation to average 5.7% this year, higher than its earlier 4.2% forecast.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you agree with the World Bank’s analysis about economic growth for the Philippines this year? Do you think the Philippine economy can do better than expected by the end of 2023?

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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DOLE awards tools and equipment to manpower training center in Las Piñas City

June 2, 2023May 30, 2023carlocarrasco

Recently in the city of Las Piñas, the Department of Labor and Employment (DOLE) awarded tools and equipment to the Las Piñas Manpower Training Center (LPCMTC) which will boost the existing livelihood training programs for the locals, according to a Manila Bulletin news report. The awarding was done in the presence of Vice Mayor April Aguilar-Nery.

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

The Department of Labor and Employment (DOLE) awarded tools and equipment to the Las Piñas Manpower Training Center (LPCMTC) to boost the skills and livelihood training programs being offered to Las Piñeros.

According to Vice-Mayor April Aguilar, the awarding ceremony of tools and equipment was held on May 10 at the LPCMTC quadrangle located in Barangay Talon Dos.

DOLE distributed equipment for various livelihood programs of the training center such as cookery, bread and pastry production, hairdressing, automotive, and air conditioning servicing.

Aguilar thanked DOLE headed by Secretary Bienvenido Laguesma, for the equipment which will help boost the city government’s effort to promote sustainable livelihood and address the high unemployment rate in the country.

She said the manpower training center being managed by the local government has been offering various technical and vocational courses to residents of the city.

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 the quality of skills and livelihood training in the city will improve significantly now that the LPCMTC has new equipment?

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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National Tourism Development Plan for 2023-2028 approved by Marcos

May 22, 2023May 16, 2023carlocarrasco

In line with the ambition to establish the Philippines as a tourism powerhouse in Asia in the years to come, the National Tourism Development Plan covering the year 2023 until 2028 has been approved by President Ferdinand “Bongbong” Marcos, Jr., according to a GMA Network news report. Take note that as of May 12, 2023, the Philippines has already counted over two million foreign tourist arrivals.

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

President Ferdinand “Bongbong” Marcos Jr. has approved the National Tourism Development Plan for 2023-2028 which will serve as the blueprint of the Philippines’ tourism industry.

This was announced by Tourism Secretary Christina Frasco at a Palace press briefing following a sectoral meeting with the President on Tuesday morning.

“This NTDP is the result of consultation among the tourism coordinating council as well as our various tourism stakeholders from our regions all over the Philippines. The NTDP shall serve as the blueprint and the development framework for the tourism industry for the duration of the Marcos administration,” she said.

Frasco said this plan focuses on giving the country a chance to become a “tourism powerhouse.”

“These objectives involve not simply the promotion of the Philippines which we will continue domestically and internationally but also, more importantly, addressing the essential issues of tourism development, including the development of infrastructure, connectivity, as well as digitalization, the equalization of tourism, development, and promotion, the enhancement of overall tourism experience as well as the strengthening of tourism governance,” she explained.

Frasco said the plan would also serve as a guide for regions across the Philippines “to spread countrywide development through tourism,” adding that this will also provide jobs to Filipinos.

“Mabibigyan po ng pagkakataon ‘yung ating mga kababayan na magkaroon ng tourism employment sa pamamagitan ng pag-develop natin ng tourism circuits and to continue to push for tourism across our regions and provinces,” she said.

DICT support

Meanwhile, Information and Communications Technology Secretary Ivan John Uy promised that the agency would extend support to DOT on this tourism plan, specifically on connection issues.

He said most tourists are also vloggers who are making content about their experience in tourist spots.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippines is on its way to becoming an Asian tourism powerhouse in the years ahead? If you own a business that specifically caters to tourists, were able to make significant gains 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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Online lending company raided by police for threatening clients

May 22, 2023May 17, 2023carlocarrasco

Are you a Philippine resident who borrowed money from an online lending company and got threatened by them to push you into paying them back? Another company that lends money got raided by the police over complaints from clients who claimed they were threatened, according to a Manila Bulletin news report. The raided company was located in Pasig City.

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

An online lending company in Barangay San Miguel, Pasig City was raided by operatives of the Philippine National Police – Anti-Cybercrime Group (ACG) on Tuesday, May 16, for allegedly threatening and harassing its customers who have failed to pay their loans.

The company was identified as Realm Shifters Business Process Outsourcing Services, located along Mercedes Avenue in Barangay San Miguel.

According to the Philippine Association of Loan Shark Victims Inc. (PALSVI), a non-profit organization dedicated to helping loan shark victims, the company is one of the many businesses operating online lending applications (OLA) that harass and threaten users for not paying their debts.

The PNP-ACG conducted the raid in response to the complaints made to their office from the victims of the OLA.

A warrant to search and seize computer data was served by the police to the company during the operation.

Digital forensic examinations to extract data and evidence from the computers, mobile phones, and other devices of the OLA agents are ongoing.

Other incidents of malpractice made by the company are also under further investigation by the police.

Let me end this piece by asking you readers: What is your reaction to this recent development? How many people in your local community got harassed by an online lending firm recently?

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 SBMA chief Tan emphasizes his priority on the ease of doing business and job creation

May 19, 2023May 16, 2023carlocarrasco

In recent times, Jonathan Tan became the new Chairman of the Subic Bay Metropolitan Authority (SBMA) and through his first public interview, he made clear to the people that he is prioritizing the ease of doing business and creating jobs in the Subic Bay Freeport Zone, according to a Manila Bulletin news report. Previously, Tan served as a mayor of Pandan in Antique.

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

Jonathan Tan, the newly appointed Subic Bay Metropolitan Authority (SBMA) chairman and administrator, said he is prioritizing further streamlining in the processing of business permits of investors to ensure ease of doing business and create more jobs at the freeport.

In his first public interview at the Laging Handa Public Briefing as SBMA chief, Tan said he will further streamline business processes at the freeport in compliance with President Ferdinand R. Marcos Jr.’s order to attract more foreign investors and create more jobs at the Subic Bay Freeport zone.

Tan, who served as mayor of Pandan, Antique from 2010 to 2019, reported that he highlighted ease of doing business when he met with Subic investors, locators, and stakeholders during his first Townhall meeting Wednesday since he assumed office last week.

“My priority is ease of doing business to ensure faster processes of business permits,” he said telling around 1,000 SBMA stakeholders. He also vowed to make the Townhall Meeting a regular event to thresh out issues and address them faster.

He also vowed of a participatory governance as SBMA chief, promising to consult all Subic Freeport stakeholders and to treat them as partners.

He also mentioned of efforts to improve existing facilities like port rehabilitation as well as tieups with Department of Tourism and stakeholders with resorts. At present, he said, there are several tourist-related activities in Subic, including, water sports, environmental, and ecotourism.

On smuggling, Tan said he has always emphasized to do his best to minimize if not eliminate smuggling in partnership with the Bureau of Customs.

Let me end this piece by asking you readers: What do you think about this recent development? Do you think that the new SBMA chief and his team will be able to make improvements on the business environment of the Freeport?

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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RCBC chief economist says that Philippine economic growth target likely to be hit this year

May 15, 2023May 12, 2023carlocarrasco

In light of the recent news that the Philippine economy grew by 6.4% in the first quarter of 2023, the chief economist of Rizal Commercial Banking Corporation (RCBC) says that the nation’s economic target for this year (for references, click here and here) will likely be hit, according to a Philippine News Agency (PNA) news report.

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

The government’s 6 to 7 percent economic growth target will likely be met this year despite possible effects of El Niño, an economist said on Friday.

Rizal Commercial Banking Corporation chief economist Michael Ricafort told the Philippine News Agency (PNA) that the 6 to 7 percent gross domestic product (GDP) expansion is possible amid easing year-on-year inflation that could help reduce the drag of higher prices on economic growth.

“Fed (US Federal Reserve) and local policy rates could also be reduced later this year and into 2024 amid easing inflation, and as the economy further reopens towards greater normalcy with no more lockdowns as a policy priority,” he said.

Inflation reached as high as 8.7 percent in January. It has however started to decelerate and settled at 6.6 percent in April.

Ricafort said the possible effects of El Niño later this year and up to 2024 could lead to reduced agricultural output and some pick up in prices, “but would not have a significant drag on GDP growth.” he said.

“[Philippine] economic growth [is] expected to be among the fastest-growing in the region and among major economies around the world amid favorable demographics of the country with more than 110 million Filipinos, majority of Filipinos already at working age, (and) young average age of less than 25 years old, all of which would support GDP growth of at least 6%-7% in the coming years,” he said.

He noted that other possible drivers of growth would be increased consumer spending due to lower individual income tax rates, high overseas Filipino workers’ remittances, further increase in government spending, the continued growth of business process outsourcing, and the resumption of foreign tourism.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippines will achieve 2023 economic growth between 6% to 7%?

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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Nuclear Philippines effort moves forward some more

May 9, 2023May 4, 2023carlocarrasco

The potential future of the Philippines adapting nuclear power that will generate clean and abundant energy for the needs of the people and businesses moved a few more steps forward thanks to two key meetings involving the group of President Ferdinand “Bongbong” Marcos, Jr., and notable energy firms, according to a news article by the Philippine News Agency (PNA). This is the latest in the Marcos administration’s effort to adapt nuclear power for the Philippines (click here and here).

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

President Ferdinand R. Marcos Jr. is considering using a “cutting-edge” micro nuclear fuel technology to address the country’s power woes, Malacañang said Tuesday.

Marcos met with officials of US-based Ultra Safe Nuclear Corporation (USNC), a vertical integrator of nuclear technologies and services in Washington.

In a news release, the Presidential Communications Office said the Marcos administration has made it a top priority to ensure an unhampered supply of energy alongside the promotion and utilization of renewable energy sources.

Francesco Venneri, CEO of Ultra Safe Nuclear Corporation, expressed interest to bringing clean and reliable nuclear energy to the Philippines, which the firm is seriously considering for its first nuclear energy facility in Southeast Asia. Venneri also vowed to help address the series of blackouts that hit several areas of the country.

The Marcos administration earlier swiftly acted on the power crisis in the provinces with the operation of at least three more power stations to provide 24-hour electricity power service.

“We also note that there’s a great deal of discussion about Mindoro having blackouts and that might be an excellent….a good science [solution],” said Venneri.

The micro modular reactor (MMR) energy system is a fourth-generation nuclear energy system that seeks to deliver safe, clean and cost-effective electricity to users, according to USNC officials.

The MMR is being licensed in Canada and the US and considered the first “fission battery” in commercialization.

The company anticipates eventual heavy demand for its MMRs and its nuclear fuel and envisions the Philippines as its nuclear hub in the region.

Earlier, Oregon-based NuScale Power Corporation expressed interest to invest in the Philippines after a meeting with Marcos in Washington.

The PCO said that NuScale, which is known for developing a safe modular, and scalable small nuclear power system, is expected to invest USD6.5 billion to USD7.5 billion (PHP415.5 billion) to provide 462 megawatts to the country by the early 2030s.

It is clear President Marcos is seriously working to solve the nation’s fragile power supply with a focus on nuclear power and related technologies as potential solutions. Compared to nuclear power, solar and wind power are both unreliable. Those two forms of clean energy – which are the favorites of climate change zealots and Leftists – cannot generate the abundant energy that nuclear power could provide.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that nuclear power in the Philippines will be realized in your lifetime? Do you think it will happen during the term of President Marcos?

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 Government releases over P2.5 million zero-interest loans to local entrepreneurs

April 25, 2023April 25, 2023carlocarrasco

Recently in the progressive city of Muntinlupa, the City Government released zero-interest loans to over one hundred and twenty local entrepreneurs amounting to more than P2.5 million, according to a news report by the Manila Bulletin. This is the latest move by the City Government boost the local economy.

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

The Muntinlupa City government released P2.58 million worth of loans with zero interest to local entrepreneurs.

A total of 125 entrepreneurs were the beneficiaries of the city government loans released through the Muntinlupa Entrepreneurship Financing Division (MEFD).

“One of the priorities of the local government is focusing on our home-grown entrepreneurs. This is part of our efforts to boost the local economy,” said Mayor Ruffy Biazon.

The beneficiaries, who are composed of micro, small, and medium-sized enterprises, comprised the 148th batch of the long-running program.

Biazon encouraged the beneficiaries to make the most of this opportunity to improve their business and their way of life.

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? Do you hope to see the City Government release even more zero-interest loans to local entrepreneurs? If you are running a small business in the city, have you availed of the loans from the City Government?

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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