economy – Page 48 – Author Carlo Carrasco

Marcos signs Trabaho Para sa Bayan Act into law

October 3, 2023September 30, 2023carlocarrasco

In a new attempt to provide jobs in the Philippines and boost the economy, President Ferdinand “Bongbong” Marcos, Jr., recently signed into law the Trabaho Para sa Bayan Act, 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 report. Some parts in boldface…

The passage of the Trabaho Para sa Bayan Act will help the government achieve the goal of the Philippine Development Plan to provide more jobs to Filipinos, the National Economic and Development Authority (NEDA) said Wednesday.

President Ferdinand R. Marcos Jr. signed on Wednesday the Trabaho Para sa Bayan Act which seeks to, among others, address the challenges in the labor market.

“We support the Trabaho Para sa Bayan Act as it contributes to the Philippine Development Plan 2023-2028, which aims to increase employability, expand access to employment opportunities and achieve shared labor market governance,” NEDA Secretary Arsenio Balisacan said in a statement.

The law mandates the formulation of the Trabaho Para sa Bayan Plan (TPB) to address unemployment, underemployment, the informality of working arrangements, the reintegration of Overseas Filipino Workers and other challenges in the labor market.

It will also focus on improving the employability and competitiveness of Filipino workers through upskilling and reskilling initiatives and will provide support for micro, small and medium enterprises, and industry stakeholders.

The TPB Inter-Agency Council, chaired by the NEDA Secretary, will conduct a comprehensive analysis of the employment situation and labor market in the country.

The Council will also ensure the effective use of resources, harmonizing and complementing all governmental efforts and assisting local government units in planning, devising and implementing employment generation and recovery plans and programs within their respective localities.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Trabaho Para sa Bayan Act will create positive results over the next few years if it succeeds? Do you think that more could be done to help local job hunters find opportunities and get employed 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 at https://www.instagram.com/authorcarlocarrasco

Las Piñas City government releases cash aid to local rice retailers

September 18, 2023September 14, 2023carlocarrasco

Recently in Las Piñas City, the City Government released cash aid to the local rice retailers to support them in coping with the rising costs in their line of business, according to a Manila Bulletin news report. The distribution was led by Mayor Imelda Aguilar.

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

Las Piñas City Mayor Imelda Aguilar led the distribution of cash assistance to 139 rice retailers at Las Piñas City Café in the City Hall grounds on Tuesday, Sept. 12.

The mayor said the City Agriculture Office (CAO), in coordination with the City Social Welfare and Development Office (CSWDO), distributed P15,000 cash assistance to each of the beneficiaries.

Aguilar took a decisive stance in response to the rising prices of rice to safeguard the city’s small-scale rice retailers, traders, and vendors.

The cash assistance is just the beginning of the city government’s initiatives to help its small rice business owners, said Aguilar, showing her commitment to aiding local businesses and prioritizing community welfare.

The mayor also revealed that the city government is in the process of developing a more comprehensive plan to support local rice traders and vendors.

The cash assistance aims to provide immediate relief to small businesses in the city, empower them to continue their operations and contribute to stabilizing rice supplies in the community since the livelihoods of rice retailers are under severe strain due to the surging price of rice.

It should be noted that government-related action towards rice grain has been making waves elsewhere. In fact, the Department of the Interior and Local Government (DILG) called on local government units to pass ordinances to help rice retailers.

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? Are you struggling to buy rice grain for your family now? Do you think this newest action by the City Government will benefit consumers as well? Are the local rice retailers in your community been struggling a lot lately?

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

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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

Muntinlupa City to help sari-sari store owners with program

August 17, 2023August 15, 2023carlocarrasco

Recently in the progressive City of Muntinlupa, the City Government announced that it will implement a notable program that will benefit owners of sari-sari stores and other micro-retailers through a special program, 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 will implement the iSTAR Program aiming to provide skills to sari-sari (variety) store and other micro-retailing business owners.

The Muntinlupa City Council approved Resolution 2023-293 authorizing Mayor Ruffy Biazon to enter into a memorandum of understanding with the Technical Education and Skills Development Authority (TESDA) for the implementation of the iSTAR Program or the upgraded version of the Sari-Sari Store Training and Access Resources (STAR) Program.

According to the resolution, the iSTAR Program “aims to provide access to skill training, resources, and peer mentoring to sari-sari store and carinderia owners and operators all over the country.”

Under the iSTAR Program, “sari-sari stores, traditional food outlets or karinderias and other Micro-retailing business owners will be provided with digital basic entrepreneurship training and access to business resources.”

The MOU aims to “provide both men and women residents of the city business and training to improve their finances and standard of living and at the same time, giving the community easy access to basic goods and commodities.”

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? If you own a sari-sari store or a micro-retailing business, would you take part in the iSTAR program?

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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Philippine economy grew only 4.3% in 2nd quarter

August 14, 2023August 10, 2023carlocarrasco

Achieving economic growth of 7% this year has gotten much more challenging for the Philippines as the economy grew by only 4.3% in the 2nd quarter of 2023, 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 Philippine economy continued its downtrend as it grew at a slower pace in the second quarter of 2023 — its slowest pace in nine quarters since the country entered the positive territory in the middle of 2021 following a pandemic-induced recession— amid high inflation that tempered consumption during the period, the Philippine Statistics Authority (PSA) reported on Thursday.

The economy, as measured by gross domestic product (GDP) or the total value of goods and services produced in a specific period, grew by 4.3% during the April to June 2023 period, PSA chief and National Statistician Claire Dennis Mapa said at a press conference.

This is slower than the 6.4% growth rate seen in the first quarter of the year and far slower than the 7.5% GDP growth seen in the same quarter last year. Quarter-on-quarter, it posted a decline of -0.9% during the period.

This also marks the fifth straight quarter of deceleration for the country’s GDP, and its slowest footing in nine quarters since it exited the pandemic-induced recession in the second quarter of 2021.

The economy was pulled out of recession in the April to June period of 2021 with a GDP growth rate of 12%.

The second quarter print brought the year-to-date economic growth rate at 5.3%, according to Mapa.

To achieve the government’s 6% to 7% target, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the economy “needs to grow by 6.6% in the second half.”

“Notwithstanding the challenges, we believe this is still attainable,” Balisacan said, reading the joint statement of the economic team.

The country’s chief economist earlier floated that the second quarter GDP growth is expected to “further moderate.”

High inflation, interest rates – The slower growth came amid a still high inflation environment and the consequential costly interest rates to temper rising prices.

As of the first half of the year, inflation or the rate of increase in the prices of goods and services clocked in at 7.2%, still far above the government’s comfortable ceiling of 2% to 4%.

To tame inflation, the Bangko Sentral ng Pilipinas (BSP) raised monetary policy rates by a cumulative 425 basis points since May last year.

“For the second quarter, the moderate economic expansion was driven by increases in tourism-related spending and commercial investments, but was tempered by high commodity prices, the lagged effects of interest rate hikes, the contraction in government spending, and slower global economic growth,” Balisacan said.

Notably, Household Final Consumption Expenditure (HFCE) contracted by 0.1% quarter-on-quarter. Likewise, Agriculture, Forestry, and Fishing posted a quarter-on-quarter decline of -0.97% in the second quarter. Industry and Services sectors also saw contractions of 0.7% and 1.02%, respectively, during the period

Let me end this piece by asking you readers: What is your reaction to this recent development? What do you think must be achieved to boost economic growth for the rest of 2023? Do you think the Philippine economy will achieve growth of at least 6% by the end of 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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BIR says that discounts for senior citizens and PWD for online purchases are mandatory

August 4, 2023August 2, 2023carlocarrasco

As far as the Bureau of Internal Revenue (BIR) is concerned, senior citizens and persons with disabilities (PWDs) are entitled to discounts over the online purchases they made, according to a GMA Network news report.

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

The Bureau of Internal Revenue (BIR) on Wednesday said the discounts on purchases made online by senior citizens and persons with disabilities are mandatory.

“Online platforms should recognize the mandatory discounts given to senior citizens (SC) and persons with disabilities (PWD). The BIR has issued Revenue Regulation (RR) No. 8-2023 to this effect,” BIR Commissioner Romeo Lumagui Jr. said in a statement.

“The signature of the SC/PWD is not needed if the purchase is made through online means. The SC/PWD Identification card number should still be provided,” Lumagui said.

Under RR No. 8-2023, the BIR said that the signature of the SC or PWD shall not be required for qualified purchases made online or through mobile applications.

“Nonetheless, the SC/PWD Identification Card number should still be provided by the SC/PWD when purchasing through online or mobile platforms; and the rules on entitlement to the benefits of the SC/PWD and to the tax deduction… and to future issuances pertaining to SC/PWD purchases through online or mobile applications, shall be strictly followed,” the RR read.

Lumagui said the issuance is “a step towards making the BIR a service-oriented agency, not merely a goal-oriented one.”

Meanwhile, the BIR is proposing to impose a creditable withholding tax of 1% on one-half of the gross remittances of online platform providers to their partner sellers or merchants.

The taxman had defended the proposal, saying it is not a new tax and its collection is within existing laws.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that mandatory discounts on online purchases made by senior citizens and PWDs are justified? Do you think the BIR made the right move?

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 and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. 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 at https://www.instagram.com/authorcarlocarrasco/.

High-priority infrastructure projects to be financed by Maharlika Investment Fund

July 27, 2023July 25, 2023carlocarrasco

Just days after signing into law the Maharlika Investment Fund (MIF), President Ferdinand “Bongbong” Marcos, Jr., stressed during his 2^nd State of the Nation Address (SONA) that the new law will finance the high-priority infrastructure projects of the Philippines, 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…

President Ferdinand R. Marcos Jr. on Monday said the newly established Maharlika Investment Fund (MIF) would be used to fund high-priority projects.

“For strategic financing, some of the nation’s high-priority projects can now look to the newly established Maharlika Investment Fund, without the added debt burden,” Marcos said in his second State of the Nation Address (SONA).

The MIF is the Philippines’ first-ever sovereign wealth fund designed to catalyze economic development by mobilizing government financial assets.

“In pooling a small fraction of the considerable but underutilized government funds, the Maharlika Fund shall be used to make high-impact and profitable investments, such as the ‘Build Better More’ program,” Marcos said.

He said the gains from the Fund shall be reinvested into the country’s economic well-being.

To ensure sound financial management, Marcos assured that a group of internationally recognized economic managers shall oversee the operations of the Fund, guided by principles of transparency and accountability.

“This guarantees that investment decisions will be based on financial considerations alone, absent any political influence,” Marcos said.

“The funds for the social security and public health insurance of our people shall remain intact and separate.”

The Department of Finance (DOF) earlier said the Fund can look into big-ticket infrastructure such as in green and blue projects, countryside development, and other employment-generating projects.

For the newcomers reading this, if you want to understand what a sovereign wealth fund is and how it would work with the Philippines in mind, watch the video below…

Let me end this piece by asking you readers: What is your reaction to this recent development? Were you able to watch President Marcos’ 2^nd SONA?

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 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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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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