Ferdinand Marcos – Page 4 – Author Carlo Carrasco

Philippines secures at least $4 billion worth of investments from Germany

March 22, 2024March 13, 2024carlocarrasco

The Philippines has been on a roll lately when it comes to attracting investors and sealing agreements. Following the success of attracting investment from Australia, the Philippines secured from Germany investments worth at least $4 billion (over P220 billion) as President Ferdinand “Bongbong” Marcos and his team went there recently, according to a news article by the Philippine News Agency (PNA). The said amount is more than double than what the nation secured from Australia.

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

The Philippines has secured at least USD4 billion (PHP222 billion) worth of investments in various sectors during President Ferdinand R. Marcos Jr.’s working visit in Germany.

“We have secured business deals worth USD4 billion in Germany, the EU’s economic powerhouse!” he said in a Facebook post Wednesday morning.

“Last year’s significant investments from Germany underscore their confidence in us as a key partner in the Asia-Pacific. We eagerly welcome further collaborations in climate action and energy transition.”

On Tuesday night (Manila time), Marcos became the first Philippine president to address German business leaders in 10 years, coinciding with the 70th anniversary of Philippine-Germany diplomatic relations.

The Philippines and Germany established their diplomatic relations on Oct. 8, 1954.

Marcos also witnessed during the business forum the presentation and exchange of various memoranda of agreement or understanding and letters of intent with different German businesses.

Marcos, in his speech, said Germany is one of the countries that the Philippines is looking forward to further fostering strong business partnerships and collaboration, being one of the biggest economies in the European Union.

He said Germany has the biggest economy both in Gross Domestic Product and population, and a global force in technology and innovation.

“Last year was a testament to the continuing confidence of Germany in the Philippines as a partner in the Asia-Pacific and the ASEAN (Association of Southeast Asian Nations) region by leading among the countries in terms of investments,” Marcos said.

The President also touted the policy reforms and key legislations made by his government to make the Philippines a reliable partner for foreign investors.

In 2022, Germany was the Philippines’ 12th largest trading partner, 10th export market, and 15th import supplier.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think that the confirmed investments from Germany will translate into new jobs and new opportunities for social and economic prosperity?

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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The potential danger behind the promotion of the Philippines as an LGBTQIA+ tourist destination

March 12, 2024March 12, 2024carlocarrasco

As many of you my readers should know by now, I blogged a lot about tourism in the Philippines, what the Department of Tourism (DOT) has been doing and what the nation has achieved with regards to attracting foreign tourists.

While DOT has been working very hard to make the nation a more competitive tourism destination in Asia in accordance to the master plan, I am concerned about the department’s involvement with promoting the Philippines as an LGBTQIA+ destination. In fact, I can say it is a big turn-off as it can lead to new incidents and criminal activities that will affect local societies which the stakeholders cannot anticipate.

To put things in perspective, posted below is an excerpt from the Philippine News Agency (PNA) news article of September 28, 2023. Some parts in boldface…

The Philippine government on Thursday vowed to promote inclusive travel in its bid to position the country as an LGBTQI+-friendly destination in the region.

During the first Tourism Pride Summit in Makati City, Tourism Secretary Christina Frasco said the Philippines plans to implement programs and initiate government interventions to address the unique challenges that the community faces when traveling.

The summit, she said, is one intervention to spark conversation and give members of the LGBTQIA+ a platform where they can share experiences and suggestions on how the government can make travel enjoyable and safe for them.

“Under the administration of President Ferdinand Marcos Jr., he seeks a tourism industry that is inclusive, where no destination and no stakeholder is left behind in the development of our country,” Frasco said.

“That is why in our effort to reach our hand of collaboration to the farthest reaches of our country, we reach out our hand of collaboration as well to the many sectors that are involved in tourism, especially and including the LGBTQIA+ community,” she added.

Frasco noted that LGBTQIA+ tourism presents vast opportunities for growing the Philippine tourism industry portfolio.

Citing data from the United Nations World Tourism Organization, Frasco said there are an estimated 36 million LGBTQIA+ travelers around the world.

“We recognize the strength of capitalizing on LGBTQIA+ tourism considering that it is a USD200 billion industry that’s only slated to grow at half a trillion dollar industry by 2030,” she said.

Obviously the DOT is determined to attract as many LGBTQIA+ foreign tourists as possible as well as their money so that it could help them reach their financial goals and add to the momentum to make the Philippines a major tourist destination by the year 2028.

If ever a huge influx of foreign tourists who identify themselves as homosexuals/transgender/bisexual/transsexual/intersex/non-binary arrive in the Philippines, there is the potential rise of criminal activities involving the acts of the LGBTQIA+ people in the country. Can they behave themselves? Already there is one local LGBT crime that resulted one death. Can you imagine the possibility of more crime happening as more LGBTQIA+ tourists arrived? Can these people really behave themselves?

I am not just talking about sex tourism but also potential violations such as rape, sexual harassment, sexual assault, theft, scams, molestation, kidnapping, murder and other incidents that LGBTQIA+ tourists could commit here in the Philippines as they know they are favored by the DOT. If these specific foreign tourists could add to crime while touring the country, then the “Love the Philippines” slogan of the DOT could end up having a very dirty reputation plus additional embarrassment for the entire nation.

Let me end this piece by asking you readers: What is your reaction about the DOT’s drive to make the Philippines a more attractive destination for LGBTQIA+ tourists? Do you think the DOT continues to ignore the potential danger that LGBTQIA+ tourists could unleash on Filipinos while they tour the country? Did you encounter a homosexual foreign tourist who committed a crime or victimized a member of your local community? Does the majority of the youth in your local community express themselves as LGBT-friendly or even as LGBT rights activists?

Do you think that the Democrats in America, the Islamo-Leftists and woke activists could be funding LGBTQIA+ people to come to the Philippines for vacationing as well as executing secretive efforts to establish new activists among Filipinos who will blindly fight for LGBT rights in the country?

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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DTI lauds signing of Tatak Pinoy law (Republic Act Number 11982)

March 5, 2024February 28, 2024carlocarrasco

In relation to the recent signing of Republic Act Number 11982 (RA11982 or Tatak Pinoy law) into law by Philippine President Ferdinand “Bongbong” Marcos, Jr., the Department of Trade and Industry (DTI) lauded the signing stressing that it will empower the nation’s industrialization, according to a Philippine News Agency (PNA) news article.

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

Department of Trade and Industry (DTI) Secretary Alfredo Pascual reaffirmed the department’s commitment to boost its science, technology and innovation-driven industrialization agenda with the enactment of Republic Act (RA) 11982 or the Tatak Pinoy Act on Monday.

In line with President Ferdinand R. Marcos Jr.’s priorities in the Philippine Development Plan (PDP) 2023-2028, the newly passed legislation will empower Philippine industries to manufacture a broader range of higher quality and sophisticated products, elevate the country’s position in the global value chain, and enhance productivity and competitiveness in the global market.

The Tatak Pinoy Law lies at the core of the nation’s industrialization strategy, revitalizing and driving the economic agenda with precision. With its focus on promoting industrial excellence, embracing innovation and navigating contemporary challenges, Tatak Pinoy is a transformative legislation that empowers Philippine industries to thrive in an intensely competitive global landscape.

Under the law, a Tatak Pinoy Council will spearhead the development and implementation of a multi-year strategy focusing on five key pillars: human resources, infrastructure, technology and innovation, investments, and sound financial management.

“We are confident that this legislation will bolster our ongoing programs, propelling industries towards greater global recognition and success. It underscores our commitment to implement measures that enhance the competitiveness of our local industries, ensuring that the world gets to experience what the Philippines has to offer,” Pascual said in a news release.

The Atlas of Economic Complexity, which measures the level of sophistication of export products being produced by countries globally, ranks the Philippines as 33rd among 133 countries, with an overall economic complexity index of 0.76.

This is driven by the country’s exports of high to moderate complex products such as electronics and integrated circuits, electrical machinery and equipment, as well as information and communications technology (ICT) services.

The country ranks 4th in Southeast Asia, trailing behind Singapore (5th), Thailand (23rd), and Malaysia (28th), and above Vietnam (61st) and Indonesia (64th).

“The Tatak Pinoy Law is a significant milestone that will enable our industries to climb up the economic complexity ladder, making the Philippines a more formidable player in the global market. Tatak Pinoy will enable our industries to embrace new technologies and effectively overcome the challenges of the modern world,” DTI Undersecretary Rafaelita Aldaba said.

With the implementation of the Tatak Pinoy Law, the DTI aims to elevate the country’s ranking by supporting and promoting the production of more sophisticated and high-quality products.

Tatak Pinoy will build on the existing flagship initiatives of the DTI, such as the One Town, One Product (OTOP) and Malikhaing Pinoy Program, which cultivate and promote unique products and empower local entrepreneurs and innovators to elevate the quality and marketability of locally made products.

Tatak Pinoy is poised to revolutionize industries, particularly Philippine manufacturing, amidst the entry of Fourth Industrial Revolution technologies. It will amplify DTI’s efforts in building an Industry 4.0 Pilot Factory, establishing a Center for Artificial Intelligence Research (CAIR), and supporting the country’s Regional Inclusive Innovation Centers (RIICs).

The new law will also drive innovation and facilitate Industry 4.0 adoption, especially among micro, small and medium-sized enterprises (MSMEs).

Pascual said a critical provision of the law is the mandate for the Philippine government to prioritize Filipino products and services in government procurement, strengthening collaboration between the public and private sectors.

“This initiative serves as a catalyst for creating a robust market environment, particularly beneficial for SMEs and startups,” he said.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think the new Tatak Pinoy law will improve the nation’s industrialization in the years ahead? Do you think it will lead to even more new jobs in the future?

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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Measures for elderly citizens and Philippine products signed into law

March 1, 2024February 26, 2024carlocarrasco

Recently Philippine President Ferdinand “Bongbong” Marcos, Jr., signed into law two measures concerning the benefits of senior citizens and investing in Filipino competence, 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 signed into law Republic Act (RA) 11981, or the Tatak Pinoy (Proudly Filipino) Act, and RA 11982, granting benefits to octogenarians and nonagenarians.

“Today, it’s my honor to sign into law two bills which not only honor two key sectors of society, but mandate measures that protect their rights and promote their development,” Marcos said in his speech during the signing of the two bills at Malacañan Palace’s Ceremonial Hall.

“Each of these laws encapsulates the merits that the Bagong Pilipinas uphold toward building a strong nation. For example, the Tatak Pinoy Act is about investing in Filipino competence and talent. That genius and gift must be supported, not by exhortation alone but by true, tangible support,” he added.

The Tatak Pinoy (Proudly Filipino) Act aims to strengthen the partnership between the government and the private sector towards promoting Philippine goods and services by making these increasingly diversified and globally competitive.

Marcos said Tatak Pinoy gives incentives to local products that deserve to carry the “Made in the Philippines” trademark, showing the creativity and skills of the Filipino worker.

“It is about creating products and services of the highest quality, because Tatak Pinoy is also about excellence, and as a seal of great workmanship, it must only be applied to those that meet this high standard. As such, we shall give preference and priority to our products,” he said.

RA 11982 or the Amendments to the Centenarians Act of 2016, meanwhile grants monetary benefits to octogenarians and nonagenarians.

Through the expanded Centenarian Act, senior citizens aged 80, 85, 90 and 95, whether residing in the Philippines or abroad, will receive PHP10,000 cash incentive every age milestone and will still receive PHP100,000 upon reaching 100 years old.

Marcos said the expansion of the coverage of the Centenarians Act is a homage to the Filipino trait of compassion, and in the Philippine culture, this shows more kindness and compassion to the elderly.

“But they deserve more than cash in an envelope. What they should get is a support infrastructure that every society owes to its greying population. There were already close to 10 million seniors two years ago … But as this demographic enlarges, the societal facilities that attend to them should be expanded as well,” Marcos said.

Honoring the elderly – Senators believe that the Expanded Centenarians Act shall have a huge impact on the lives of elderly Filipinos.

“Malaking bagay iyon para sa kanila lalo na’t may mga pangangailangan din sila at gastos para sa gamot, vitamins, supplement, pagkain at iba pa (It is a big thing for them especially for their expenses in medicine, vitamins, supplement, food, among others),” Senator Ramon Revilla Jr., who authored the law, said in a statement.

Revilla explained the new law intends to provide cash benefits for Filipino octogenarians and nonagenarians “so that they would get to enjoy it more.”

He recalled filing the measure during the start of the 18th Congress in 2019 but failed to be passed into law.

The lawmaker assured that he will continue to push for the expansion of the 20 percent discount of senior citizens and exemption from value-added tax to include supplements, vitamins, herbal products, formulated milk, among others.

Revilla said he is also proposing to bring the age down to 56 years old to be considered as a senior citizen.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think the two new laws will make positive impact on the nation’s economy and society in the years to come?

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 wins big at the 2024 ASEAN Tourism Awards thanks to three cities and many stakeholders

February 10, 2024February 3, 2024carlocarrasco

In the 2024 edition of the ASEAN Tourism Awards held recently in Laos, the Philippines won big as three cities and more than twenty stakeholders won honors, according to a Philippine News Agency (PNA) news article.

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

Three cities and 21 tourism stakeholders from the Philippines have been recognized during the 2024 ASEAN Tourism Standard Awards in Vientiane, Laos.

The awarding ceremony was one of the activities in the ASEAN Tourism Forum 2024 which ran from Jan. 22 to 27, the Department of Tourism (DOT) said in a news release on Wednesday.

The cities of Baguio in Benguet, Ilagan in Isabela, and Tabuk in Kalinga were awarded as the ASEAN Clean Tourist City, the Department of Tourism

According to ASEAN Tourism Standards, these are the areas where the flow of visitors and where cultural, natural and/or man-made attractions exist.

Prime Properties Pearl Farm Beach Resort, Club Paradise Palawan, Bohol Beach Club, Seda Nuvali, and The Forest Lodge at Camp John Hay won the ASEAN Green Hotel Award.

This citation is given to hotel industry players whose operations are based on the achievement of sustainable tourism through environment-friendly principles, human resource development, resource consumption reduction, and local community involvement.

About 15 Philippine venues were given the ASEAN Meeting, Incentive, Convention, Exhibition (MICE) Venue Awards granted to physical spaces with quality facilities and impressive services, designed and provided for MICE activities with purposes for meetings, exhibitions, and events.

The major criteria for the awards encompass the standards of physical aspects, venue management, and people working within venues that competitively meet the requirements of MICE travelers. It is divided into three categories: room, exhibition venue, and event venue category.

Properties Bai Hotel Cebu, Clark Marriott Hotel, Hilton Clark Sun Valley Resort, Princesa Garden Island Resort & Spa, Seda Hotel Nuvali won the meeting room category; World Trade Center Metro Manila (Manila Exposition Complex), SMX Convention Center Manila, Cordillera Convention Hall by Baguio Country Club, Isabela Convention Center (ICON), and Iloilo Convention Center won the exhibition hall category; and Palacio del Sur by Marcian Group, Jpark Island Resort & Waterpark Cebu, Infinity Garden by Baguio Country Club, CAP-John Hay Trade and Cultural Center, Princesa Garden Island Resort and Spa by Modern Asia, Inc. were named as the winners for the event venue category.

Meantime, Palawan-based property Daluyon Beach and Mountain Resort was named as a lead partner for “Enchanting Gastronomical Sabang Delights, Beach Forest and Caves” under the ASEAN Sustainable Tourism Awards.

Tourism Secretary Christina Frasco said the winners made not only significant revenue contributions but also employed millions of Filipinos.

“These achievements reflect not only the excellence and dedication that you have put in with the development of tourism but also contribute significantly to the overall advancement and sustainability of the ASEAN tourism industry,” she said.

A total of 192 ASEAN Tourism Standards Awards were given to the member countries.

Let me end this piece by asking you readers: What is your reaction to this recent development? Are you delighted with the many awards the Philippines won at the ASEAN Tourism Awards? If you are running a local business that benefits from the inflow of tourists, does this development encourage you to move your business deeper into the tourism industry? Do you consider the Philippines more competitive with its Southeast Asian neighbors when it comes to tourism?

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 by 5.6% in 2023

February 3, 2024January 31, 2024carlocarrasco

The results are finally in. The economy of the Philippines grew by 5.6% for the year 2023 and this was short of the government’s own declared target of 6% to 7%, 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 grew slower at 5.6% in year 2023, falling short of the government’s target as elevated interest rates resulting from high inflation environment dampened consumption, according to data released by the Philippine Statistics Authority (PSA) on Wednesday.

The economy, as measured by gross domestic product (GDP) or the total value of goods and services produced in a period, grew by 5.6% from October to December 2023, PSA chief and National Statistician Claire Dennis Mapa said at a press conference.

This is slower than the 7.1% growth rate seen in the fourth quarter of 2022. It is also a deceleration from the upwardly revised third quarter 2023 GDP growth rate of 6%.

The fourth quarter economic performance brought the full-year 2023 economic growth rate to 5.6%, slower than the 7.6% full-year 2022 GDP growth.

This is below the government’s target range of 6% to 7% for 2023’s full-year GDP growth.

“While this growth is below our target of 6 to 7% for this year, this keeps us in the position of being one of the best-performing economies in Asia,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said during the press briefing.

Comparing the growth rates of neighbors in the region, the Marcos administration’s chief economist said the Philippines’ fourth quarter growth surpassed that of China (5.2%) and Malaysia (3.4%) while falling behind Vietnam (6.7%).

“More importantly, our full-year GDP for 2023 is now 8.6% higher than pre-pandemic levels,” Balisacan said.

High inflation, interest rates – The NEDA chief said the slowdown seen in 2023 could be attributed “possibly to effects of past interest rate increases.”

The Bangko Sentral ng Pilipinas’ policy-setting Monetary Board has raised the benchmark interest rate by 450 basis points since May 2022 to temper inflation, which resulted from global supply disruptions and economic uncertainty following Russia’s full-scale attack and invasion of Ukraine since February 2022.

Notably, the Philippines’ full-year inflation — which measures the rate of increase in the prices of goods and services — accelerated to 6% from 5.8% in 2022.

“The impact of inflation is on Household final consumption expenditure. We saw the impact on food expenditure… directly affected by inflation,” Mapa said.

Spending on food for the whole year grew at 8.1%, slower than 12.4% in 2022.

“We are concerned about the low growth in real spending on food due to high food prices, though it has moderated in recent months,” Balisacan said.

Meanwhile, household final consumption expenditure decelerated to 5.3% from 7% in the previous quarter in 2022.

For the whole year, household spending slowed down to 5.6% from 8.3% in 2022.

“The government will be relentless in managing inflation, especially for basic commodities such as food. Our efforts include improving the efficiency and building resiliency of the agriculture value chain, utilizing strategic trade policy when domestic production is inadequate, and establishing mechanisms to empower consumers to exercise their market power to combat inflation,” Balisacan said.

Likewise, government final consumption expenditure contracted by 1.8% in the fourth quarter, from 3.3% growth in the same period in 2022.

Full year, government spending grew 0.4%, slower than the 4.9% growth in 2022.

Balisacan said the decline in state spending last year was “largely due to the fiscal consolidation program.”

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think 2024 will be a better year of growth for the Philippine economy? Do you think more government spending will boost economic growth without adding much to inflation?

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 Aliño eyes more hotels and infrastructure projects to make Subic Bay freeport more attractive to investors

January 26, 2024January 26, 2024carlocarrasco

Recently a local businessman who has extensive experience of doing business inside the Subic Bay Freeport Zone took office as the new head of the Subic Bay Metropolitan Authority (SBMA) and made clear his plan to make the zone more attractive to investors, according to a Philippine News Agency (PNA) news article. His predecessor served for last than one year.

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

Businessman Eduardo Aliño officially assumed post on Monday as chairman and administrator of the Subic Bay Metropolitan Authority (SBMA).

During his first press conference as SBMA head, Aliño noted the vast potential of Subic which should be given priority for development.

“We have so many potentials here in Subic and we may be putting more hotels, more infra projects to attract more investors,” he said, adding that together with his management team, they will study everything to determine what is lacking.

Citing his experience as a locator himself, he also expressed his desire to give investors who are experiencing difficulties in paying their financial obligations to SBMA, a chance or consideration to recover.

He said these businessmen had invested so much money and it would be so painful to lose the business they dreamed of in Subic, so giving them a chance to recover would be like giving them a new lease on life.

Earlier on Monday, Aliño attended the flag ceremony in front of the SBMA Administration Office with his family, and was welcomed by senior officers, members of the board, and employees of the agency.

In his message, he revealed having some apprehensions when President Ferdinand R. Marcos Jr. offered him the position.

He said he consulted his family and thought about it for a while before saying “yes” to the President.

“How can I say no to your President?” he said. “Because if you always refuse to help our leaders, who else would? So, I said yes.”

Aliño said his acceptance of the post was also driven by his desire to repay for all the help that SBMA people had given him and his business over the past 20 years.

“It is because of you, other than us, that made our terminal into what it is right now. Hindi po namin magagawa ang lahat ng ito kung wala ang tulong ninyo (We won’t be able to accomplish all of these without your help)”, he said.

Aliño is the former president and chairman of the S.T.A.R. Group of Companies and former chairman of the Subic Bay Yacht Club. The S.T.A.R. Group of Companies is engaged in integrated supply chain services and port operations.

He is also the former president and chairman of the Subic Bay Freeport Grain Terminal Services Inc. and Mega Equipment International Corp. which is now being managed by one of his sons.

Addressing the employees of SBMA, the new administrator and chairman assured fairness and honesty in serving the people, while asking for their support.

“I promise you that I will be fair. I promise you to be honest,” he said, adding that he has no agenda other than to help and to serve SBMA as a gesture of love for the country, God and the President.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the new SBMA head Aliño and his team will succeed in revitalizing business in the Subic Bay Freeport over the next six months?

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 targets economic growth of 6.5% to 7.5% for 2024

January 25, 2024January 18, 2024carlocarrasco

Even though there are still uncertainties ahead, the national authorities here in the Philippines forecast economic growth of 6.5% to 7.5% this year, according to a Philippine News Agency (PNA) news article.

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

The government is sticking to its gross domestic product (GDP) target of 6.5 to 7.5 percent for 2024 despite many organizations forecasting the economic expansion this year will miss the administration’s goal.

National Economic and Development Authority (NEDA) Undersecretary Rosemarie Edillon on Wednesday said the government has remained optimistic about achieving its target GDP growth for 2024.

“Of course, it’s a target. So, theirs is a forecast, meaning they are looking at what has been the trajectory before. But in our case, we have drivers for growth that we are pushing for,” Edillon told reporters on the sidelines of a joint economic briefing of foreign chambers in Makati City.

Among these sectors that would support economic expansion are international tourism, the Build Better More program of the administration, and the mass housing projects under the Pambansang Pabahay Para sa Pilipino or the 4PH Program.

“Then that will be a big factor actually in accelerating the growth,” she said.

Most of the forecasts of multilateral organizations and banks on Philippine GDP this year were below the government’s target.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that the economy of the Philippines has enough momentum to grow at least 6.5% this year? What do you think will become the biggest obstacle for the Philippine economy with regards to external or overseas developments?

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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VAT exemption in sale of residential properties hiked to P3.6 million

January 20, 2024January 17, 2024carlocarrasco

Those of you who own residential properties should be aware that the Bureau of Internal Revenue (BIR) formally announced that it has hiked the value-added tax (VAT) exemption in the sale of residential properties to P3.6 million (over P400,000 higher than previous), according to a Philippine News Agency (PNA) news article.

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

The Bureau of Internal Revenue (BIR) has increased the threshold for value-added tax (VAT) exemption for the sale of house and lot as well as other residential dwellings from nearly PHP3.2 million to PHP3.6 million.

This, as BIR Commissioner Romeo Lumagui Jr. has issued Revenue Regulations 1-2024, compliant with Section 109 (P) of the National Internal Revenue Code.

The adjustment reflected the commitment to align the threshold with present values every three years using the consumer price index as published by the Philippine Statistics Authority.

“This timely increase in VAT exemption shows our commitment to Excellent Taxpayer Service. This increase in the selling price threshold, for VAT exemption purposes, of the sale of house and lot, and other residential dwelling from PHP3,199,200 to PHP3,600,000 gives testament to the BIR’s improved and updated services,” Lumagui said.

The BIR said its focus on Excellent Taxpayer Service aligns with President Ferdinand R. Marcos Jr.’s recent signing of the Ease of Paying Taxes Act.

The enactment of the legislation pushes for a modernized tax system, aiming to assist taxpayers in fulfilling their obligations, Lumagui said.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a property owner, does the BIR’s act affect you? Do you think the raised VAT exemption will make a strong impact on many residential properties?

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 sees Philippine economy growing at 5.8% this year

January 18, 2024January 11, 2024carlocarrasco

While local economic managers predict the Philippine economy growing between 6.5% to 7.5% this year, the World Bank (WB) itself forecasts a 5.8% growth for 2024, according to a BusinessWorld news report.

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

THE WORLD BANK (WB) expects the Philippines to be among the fastest-growing economies in Southeast Asia this year.

In its latest Global Economic Prospects, the multilateral lender projected Philippine gross domestic product (GDP) to expand by 5.8% in 2024, same as its forecast in December.

The Philippine growth projection is the fastest among Southeast Asian economies, tied with Cambodia (5.8%), and ahead of Vietnam (5.5%), Indonesia (4.9%), Malaysia (4.3%), Lao People’s Democratic Republic (4.1%), Timor-Leste (3.5%), Thailand (3.2%) and Myanmar (2%).

However, this is below the Development Budget Coordination Committee’s (DBCC) 6.5-7.5% growth target for 2024.

The World Bank’s growth forecast for the Philippines is also higher than its 4.5% projection for East Asia and the Pacific.

The multilateral lender sees slower growth in the region due to the “anticipated deceleration in economic activity in China.”

Other risks to the growth outlook include geopolitical tensions in the Middle East that could lead to higher oil prices, dampened global trade, tightening financial conditions and climate-related disasters, it said.

“Extreme weather events, the frequency of which has increased in recent decades as a result of climate change, also pose a downside risk to the regional outlook,” it added.

In the Philippines, the government is preparing for the potential impact of the El Niño weather event this year.

The latest bulletin from the state weather bureau showed that El Niño will likely persist from March to May, when dry season crops are often harvested.

National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan earlier said El Niño would likely affect the agriculture sector and drive food prices higher, which could threaten the inflation downtrend.

On the other hand, the multilateral lender said resilient domestic demand could spur growth drivers in the East Asia and Pacific region.

“Modest inflation, and in many cases robust labor markets supported by buoyant service activity, are anticipated to sustain household spending,” it said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines will grow better this year than the WB’s prediction of 5.8%?

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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