investments – Page 4 – Author Carlo Carrasco

Ultra Safe Nuclear Corp. (USNC) nuclear energy investment plan for Philippines moves forward

April 25, 2024April 12, 2024carlocarrasco

Recently the administration of Philippine President Ferdinand “Bongbong” Marcos, Jr., and top officials of the Ultra Safe Nuclear Corp. (USNC) met in Washington, D.C., and discussed the progress of the company’s nuclear energy investment plan in the country, 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 Friday (Manila time) hailed the developments in the planned nuclear energy investment of Washington-based Ultra Safe Nuclear Corp. (USNC) in the Philippines.

Marcos met with USNC’s top executives, led by its chief executive officer Francesco Venmeri, in the United States (US) to discuss the progress in the firm’s commitment to bring a reliable and clean energy source to the Philippines.

“We are delighted to share the progress of our ongoing collaboration with Ultra Safe Nuclear Corp. since our inaugural meeting in 2023. Their investment in Micro Modular Reactors (MMRs) promises a reliable and clean energy solution for the country,” Marcos said in a Facebook post after his meeting with USNC officials.

“This initiative ensures greater energy security, reduced reliance on fossil fuels, and holds the promise of substantial economic gains for the Filipino people.”

During the meeting with USNC executives, Energy Secretary Rafael Lotilla briefed Marcos about the ongoing legislative measures in Congress that would provide the legal framework for the company’s planned investment and operation in the Philippines.

Lotilla told Marcos that the regulatory framework has been passed by the House of Representatives.

On Nov. 22, 2023, the House approved House Bill 9293, or the “Philippine National Nuclear Energy Safety Act, ” and last March 4, it also approved HB 9876 or the “Philippine Nuclear Liability Act.”

Marcos expressed hope that the bill gets passed in the Senate so that the necessary legal requirements could be completed soon to commence the project.

“You’re done already in the House. Okay. So, the elements that need to be there, the provisions that need to be (included), we can do in the Senate and then there’s one of course, is the bicam down the road. So, that would be the process from the government side,” the President said during the meeting.

“We spoke about this before. We’re going to go ahead with the program, with (the) project.”

Marcos’ meeting with USNC officials is a follow-up of their initial meeting in the US in May 2023, followed by the signing of the memorandum of understanding (MOU) on nuclear cooperation in Nov. 2023, and the firm’s participation in the US Presidential Trade and Investment Mission to the Philippines in March 2024.

The USNC is a global leader and vertical integrator of nuclear technologies and services. Its major initiatives include the MMR, Fully Ceramic Micro-encapsulated (FCM) nuclear fuel, and nuclear power and propulsion technologies for space exploration.

The MMR is a fourth-generation nuclear energy system that delivers safe, zero-carbon, cost-effective electricity and heat to utilities, industry, and remote communities.

This will be USNC’s first investment in the country and it partnered with Meralco for an MMR study.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you feel confident that safe and secure nuclear energy in the Philippines will be realized before the decade ends? Are people in your local community knowledgeable about the potential benefits of nuclear energy?

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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Foreign direct investments (FDI) inflows jump almost 90% in February 2024

April 23, 2024April 10, 2024carlocarrasco

The data released by the Bangko Sentral ng Pilipinas (BSP) confirmed that foreign direct investments (FDI) net inflow went up by almost ninety percent in February 2024, according to a Philippine News Agency (PNA) news article. In terms of Dollar amount, the estimate was over $900 million.

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

Foreign direct investments (FDI) net inflow went up by 89.9 percent in February this year.

Data released by the Bangko Sentral ng Pilipinas (BSP) on Wednesday showed that FDI net inflows during the month amounted to USD907 million, up from the USD478 million recorded in January 2023.

FDIs include investment by a non-resident direct investor in a resident enterprise, whose equity capital in the latter is at least 10 percent, and investment made by a non-resident subsidiary or associate in its resident direct investor.

The BSP said an FDI can be in the form of equity capital, reinvestment of earnings, and borrowings.

“The increase in FDI was supported mainly by the 173.2 percent expansion in non-residents’ net investments in debt instruments to USD820 million from USD300 million in January 2023,” said the BSP.

Reinvestment of earnings also increased by 16.4 percent to USD99 million from USD85 million. The BSP said top sources of FDIs during the month include Japan and the United States.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think there is enough momentum for FDI net inflow to exceed the $1 billion mark by the first few months of 2025? Do you think the government is doing a good job attracting foreign 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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HSBC remains committed to investing in the Philippines and supporting the government’s economic agenda

April 16, 2024April 5, 2024carlocarrasco

Recently the huge international financial firm The Hongkong and Shanghai Banking Corporation (HSBC) confirmed its commitment to investing in the Philippines and supporting the government’s economic agenda which President Ferdinand “Bongbong” Marcos, Jr., welcomed, 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 Thursday welcomed the commitment of the Hongkong and Shanghai Banking Corporation (HSBC) to support the government’s economic agenda and continue to invest in the Philippines.

HSBC Holdings Group officials, led by its Chairman Mark Tucker, paid a courtesy visit to the President at the Malacañan Palace and expressed its intention to continue expanding in the country.

“Today, we are left as one of the few international banks. But our commitment to the Philippines, and continuing to invest, continuing to work here remains absolutely intact,” Tucker told Marcos.

He added that HSBC, which has been operating in the Philippines for almost 150 years, is interested in expanding its investment in the Philippines, particularly on foreign direct investment (FDI), saying it “supports FDI by a number of different ways.”

For his part, the chief executive acknowledged the significant contributions of HSBC to the Philippine economy, pointing out the “interconnections” it has made in the country.

“Thank you again for HSBC’s continued interest. We continue to encourage (foreign investments). The economy, actually, we’ve tried to open it up, we put very, we put much (importance)… on the fact that private partnerships are necessary,” Marcos said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think HSBC’s commitment will encourage other international financial firms and foreign investors to support the national economy?

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 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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Three major Japanese investors plan to expand operations in PEZA ecozones

March 15, 2024March 11, 2024carlocarrasco

With all the uncertainty and economic challenges going on, the economy of the Philippines could get a much-needed boost as the Philippine Economic Zone Authority (PEZA) revealed that three major Japanese investors are planning to expand their existing operations in the country, according to a Manila Bulletin news report.

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

The Philippine Economic Zone Authority (PEZA) disclosed that three major Japanese investors are planning to expand their operations in the Philippines.

PEZA Director General Tereso Panga, who was guest speaker during an Economic Seminar in Tokyo recently, reported that he held talks with long-time PEZA investors Tsuneishi, electronics manufacturing firm SIIX Co., and automobile manufacturer FCC Co., Ltd. The seminar hosted by Sumitomo Mitsui Banking Corp. was attended by 140 Japanese firms.

According to PEZA, Tsuneishi is preparing for its fifth phase of expansion, including projects to manufacture the world’s first methanol-fueled TEU container carriers and establishing a wood pelletizing business.

Since 1994, the Japanese shipbuilder has already expanded its Philippine operations four times. Its first project was its shipbuilding business in Balamban, Cebu which grew to a 170-hectare facility from 25 hectares.

It also employs around 10,000 direct and subcontracted employees, a long way from the mere 300 workers it had when it began operations.

In Panga’s meeting with SIIX Co.,Ltd, its President Koji Yanase said they see their Philippine operations “playing a crucial role as they expand their core business and enter new territories.”

SIIX Co. has been engaging with the Philippines since 1957 as with the establishment of the first offshore operations for their ink production in the country.

The company said that it will manufacture its patented conductive ink in the Philippines, according to Panga.

Meanwhile, Yoshitaka Saito’s FCC Co. said they expect their Philippine operations to grow in the coming years as they ramp up “manufacturing of the clutch for Honda Click 125 motorcycle, production of paper ceramics for other electronics component manufacturers, and investment in new advanced technology businesses that will involve the assembly line for scooters, lining molding line, and weight line.”

FCC is also eyeing involvement in the country’s circular economy through using solid oxide fuel cells (SOFC) for water filtration and production of solid biomass fuel.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think that the planned expansion of the three Japanese firms will help the national economy a lot in the long-term?

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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CREATE Law attracts over P1 trillion worth of investments

January 10, 2024January 4, 2024carlocarrasco

While it is still uncertain as to how much the Philippine economy will grow by the end of this new year, over a trillion Pesos of investments were attracted by means of project approvals under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, according to a news article published 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…

More than 900 projects with total investments of PHP1.02 trillion have so far been approved under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act as of end-October last year, the Department of Finance (DOF) said on Thursday.

In a Facebook post, the DOF said a total of 910 projects varying across priority sectors listed in the Strategic Investment Priority Plan (SIPP) have been approved under the CREATE law.

“This monumental achievement is a testament to the continuous efforts of the PBBM administration to promote the Philippines as a sound investment destination,” the department said.

Of the 910 projects, 49 big-ticket tax incentive applications with a combined investment capital of PHP817 billion were approved by the Fiscal Incentives Review Board.

The remaining 861 projects with a total investment capital of PHP203 billion were from Investment Promotion Agencies.

“These projects are expected to accumulate a committed employment count of around 99,400 jobs within its incentivized period, with the labor-intensive manufacturing sector having the highest number of approved projects among the priority sectors,” the DOF added.

“This underscores the employability of the country’s workforce in high-quality jobs that will contribute to long-term economic growth.”

CREATE establishes a performance-based, time-bound, targeted, and transparent tax incentives regime in the country.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that more big-time investment-related projects will continue to come in via the CREATE Law?

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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America-Philippines nuclear deal opens opportunities for investments and energy

November 22, 2023November 20, 2023carlocarrasco

Recently a landmark deal about nuclear power for peaceful purposes was signed between the United States of America and the Philippines which opens up opportunities for investments and energy that the Filipino people can benefit from, according to separate news stories (click here and here) published by the Philippine News Agency (PNA).

To put things into perspective, posted below is an excerpt from the PNA story pertaining to investments. Some parts in boldface…

President Ferdinand R. Marcos Jr. on Friday (Manila time) expressed elation over the signing of the much-awaited “123 Agreement” on nuclear cooperation between the governments of the Philippines and the United States.

This was after Energy Secretary Raphael Lotilla and US Secretary of State Antony Blinken signed the nuclear cooperation agreement that will facilitate the collaboration between the two countries on technical exchanges, scientific research, and initiatives to ensure the safe operation of nuclear power installations.

The agreement was signed on the sidelines of Marcos’ participation in the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco, California.

“I am most pleased to be here today to join you this afternoon to witness another milestone towards a more energy-secure and green Philippines,” Marcos said, noting that the move was in line with his plans to ensure an “affordable, reliable, and sustainable energy supply” for the Philippines.

Marcos expressed optimism that the signing of the nuclear deal would encourage more foreign investors to pursue nuclear power projects in the Philippines.

The nuclear power cooperation, he said, would enable the country to meet its growing energy demands and provide a “more investor- and consumer-friendly environment.”

“The signing of the Philippines – United States Agreement for Cooperation Concerning Peaceful Uses of Nuclear Energy or the 123 Agreement is the first major step in this major regard, taking our cooperation on capacity-building further and actually opening the doors for US companies to invest and participate in nuclear power projects in the country,” Marcos said.

The 123 Agreement will establish a legal framework that allows the export of nuclear fuel, reactors, equipment, and special nuclear material from the US to the Philippines.

The agreement will allow the Philippines to use US nuclear technology, not for war, but for energy security and climate goals.

The President noted that apart from the 123 nuclear deal, Meralco and Ultra Safe Nuclear Corp. also signed a cooperation agreement to undertake a Pre-Feasibility Study on Micro-Modular Reactors (MMRs) to explore clean and sustainable energy options in the country.

Under the agreement, a feasibility study will be conducted for the potential deployment of MMRs to Meralco sites to enforce the sustainable energy agenda and provide affordable and dependable access to power, particularly to the underserved and off-grid areas for economic empowerment.

“I know our companies are eager to advance discussions on potential projects. Just yesterday, the MOU (memorandum of understanding) between Meralco and Ultra Safe Nuclear Cooperation was also presented to me. So, I believe congratulations are in order for the work of our respective negotiating teams, especially to the team from the United States,” Marcos said.

“I look forward to seeing this agreement in action in the years to come. Nuclear energy is one area where we can show that the Philippines-US alliance and partnership truly works, for our peoples, our economies, and the environment.”

For the PNA story pertaining to energy and modular reactors, below is the excerpt. Some parts in boldface…

The historic nuclear cooperation deal between the United States and Philippines would allow the Philippines to secure US-developed nuclear technologies, including small modular reactors.

Manila and Washington D.C. signed the civil nuclear cooperation deal, commonly known as a 123 Agreement, at the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco on Nov. 16 (US time).

The agreement will facilitate and enhance cooperation on clean energy security and strengthen the two nations’ alliance, the US State Department said.

“With access to US material and equipment, the US and the Philippines will be able to work together to deploy advanced new technologies, including small modular reactors, to support climate goals as well as critical energy security and baseload power needs within the Philippines,” it said.

The signing marks the successful culmination of the negotiation process launched by Vice President Kamala Harris during her trip to the Philippines in November 2022.

The deal, the State Department said, also spells out limitations on enriching, reprocessing, and transferring specific items without the other party’s consent.

“This agreement lays out a comprehensive framework for peaceful nuclear cooperation between the Philippines and United States based on a mutual commitment to nuclear nonproliferation and is required by US law to allow for the transfer of nuclear equipment and material for peaceful uses,” it said.

The name 123 Agreement is derived from Section 123 of the US Atomic Energy Act, which requires the US to have an agreement with a country before it can conduct nuclear export.

Section 123 establishes nine nonproliferation criteria that 123 Agreements must include and signatories must uphold.

Last May, US nuclear energy firm NuScale Power Corporation has expressed interest to invest in the Philippines and bared its plan to conduct a study to locate a site in the country.

Oregon-based NuScale is known for developing a small nuclear power system, described as safe, modular and scalable.

Let me end this piece by asking you readers: What do you think about these recent developments? Can you imagine what a nuclear-powered Philippines would be like in the years to come? Are there still people in your local community who are afraid of anything related to nuclear power? Do you admire the efforts of the Marcos administration when it comes to modernizing the Philippines with nuclear technology and 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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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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SBMA chief Paulino declares 2022 a year of record-breaking accomplishments

April 5, 2023April 3, 2023carlocarrasco

During a high-level address to the stakeholders, Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Rolen C. Paulino declared that 2022 was a year of record-breaking accomplishments and the problems related to COVID-19 did not overwhelm them, according to a Business Mirror news article.

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

Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Rolen C. Paulino declared record-breaking accomplishments for Subic in 2022, as he made his first State of the Freeport Address (SOFA) here in a ceremony hosted by the Subic Bay Freeport Chamber of Commerce on Tuesday.

Comparing his administration’s undertakings against agency records in the last three years of the Covid-19 pandemic, Paulino presented a selection of successes under his “RCP” program that stood for revenue, customer-care, and plans and programs.

“2022 was a banner year for the SBMA despite the fact that the country was just recovering from the hiatus brought about by the Covid-19 pandemic,” Paulino said.

“It was an opportune time to work together, so we could bounce back from the debilitating effects of the pandemic, [and] achieve our ultimate goal—to attract investments and, more importantly, create employment,” he added.

According to the Subic chief, revenue collections by various SBMA departments “have increased compared to 2021 figures and even surpassed pre-pandemic performance” because of intensive revenue collection measures.

As a result, the SBMA was able to turn over to the National Treasury a total of P1.33 billion, an amount 20 percent higher than the 2021 dividends of P1.11 billion, Paulino said.

Figures from the SBMA Business and Investment Group (BIG) indicated that the Subic agency recorded revenue collections of P1.69 billion from January to November 2022. Paulino was appointed chief of the SBMA in March 2022 at the tail end of the Duterte presidency.

On the other hand, the 2021 SBMA report to President Duterte indicated an operating revenue for the agency in the amount of P3.47 billion, or P270 million higher than the 2020 revenue.

Paulino also said that in July 2022, the Subic Bay Freeport was named the top tourist attraction in Central Luzon and number five in the Philippines, with 9.4 million same-day visitor arrivals in the free port.

SBMA figures indeed showed a growing year-on-year tourism growth, with the number of same-day visitors rising from 7.89 million in 2016 to 8.54 million in 2017, 9.23 million in 2018 and 9.56 million in 2019 before plunging to 5.19 million in 2020 when the Covid-19 pandemic curtailed tourism activities globally. Recovery, however, started immediately in 2021, putting the annual record at 7.37 million.

In terms of investments, Paulino reported approving 133 new investment projects with total committed investments of P14.06 billion and 38 expansion projects with commitments of P36.34 billion.

“That is a significant jump from P591 million in 2021, let alone P160 million in 2020,” he pointed out, crediting the accomplishment to “the aggressive marketing strategy of our Business and Investment Group.”

SBMA’s business group, according to its 2021 report, had recorded a strong performance at the tail end of the pandemic with P17.29 billion in committed investments in 2021, compared to P9.24 billion in 2019 before the pandemic, and P1.55 billion in 2020 at the height of the pandemic.

Paulino also said that with all the economic activities going on in Subic because of new investments, an additional 4,700 jobs will be created soon on top of the 149,681-strong free port workforce today.

The Subic work force has consistently grown in numbers over the years: from 137,547 in 2019 to 138,966 in 2020, the beginning of the Covid-19 health crisis, and to 142,177 in 2021. Majority of the work force belonged to the services sector, which had continuously increased because of the growth in the transshipment and logistics business here, the SBMA Labor Department said.

Meanwhile, Paulino said that in 2022, the SBMA had provided revenue shares to neighboring local government units (LGU). He said Olongapo City received a total of P74.88 million last year, while Subic got P48.77 million; Castillejos, P29.74 million; San Marcelino, P38.54 million; San Antonio, P27.45 million; Morong, P28.1 million; Hermosa, P33.81 million; and Dinalupihan, P39.98 million for a total of P321.27 million.

This remittance was bigger than the LGU shares given by the SBMA during the pandemic: P277.98 million in 2020 and P306.77 million in 2021, but still did not top the shares given by the SBMA in 2019, which was P378.87 million, or even in 2018 at P369.26 million.

I myself was in the Subic Bay Freeport Zone during the summer of 2022 and I personally witnessed the post-pandemic revival there in the forms of tourists enjoying the places and the stores, restaurants and coffee shops attracting lots of customers. Indeed, the socio-economic recovery in Subic Bay Freeport is real and it will continue even though our nation is being hampered by inflation. If you are thinking about having a good time traveling here in the Philippines, I encourage you to visit the Subic Bay Freeport Zone. Also if you are looking for good places to eat or drink at during your next visit to Subic Bay, check out my feature articles of Gourmet Garage Subic and Xtreme Xpresso Café. Also, there will be a big triathlon event there – the NTT ASTC Subic Bay International Triathlon (SuBIT) 2023.

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Philippines achieves 7.6% economic growth in 2022

January 30, 2023January 26, 2023carlocarrasco

The Philippines’ recovery from the downturn of the COVID-19 crisis continued strongly as it has been confirmed that the national economy expanded by 7.6% for the entire year of 2022 which includes a 7.2% 4^th quarter economic growth, according to a news article by the Philippine News Agency (PNA). Take note that the Philippines is expected to grow between 6.5% and 7% in 2023 according to the national authorities while there are signs that the United States economy will fall into a recession this year. Regardless, the Philippines ended 2022 competitively in terms of economic expansion among its Asian neighbors.

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

The Philippine economy expanded by 7.2 percent in the last quarter of 2022, bringing full-year growth to 7.6 percent, driven by increased economic activity mainly from pent-up demand as it fully reopened amid elevated inflation rate.

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said among the major emerging economies in the region that have released their fourth-quarter gross domestic product (GDP) growth, the Philippines grew the fastest, followed by Vietnam at 5.9 percent and China at 2.9 percent.  

“Our improved Covid-19 (coronavirus disease 2019) risk management and the easing of mobility restrictions have created a positive economic outlook, boosting economic activity and creating more jobs despite external headwinds,” he said in a briefing on Thursday.

Balisacan said measures being implemented by the government to further buoy the economy’s recovery are working.

“Our strong economic growth performance for 2022 proves that our calibrated policies and strategies have helped put us on the path to recovery and on track to achieving our aspiration for an inclusive, prosperous, and resilient society by 2028,” he said.

Balisacan said pent-up demand drove growth in the fourth quarter as the economy was fully reopened during the period, with household consumption accounting for around three-fourths of domestic output, and investments contributing around a fifth.

“The improvements in labor market conditions, increased tourism, revenge and holiday spending, and resumption of face-to-face classes supported growth in the quarter, further reflecting a solid rebound in consumer and investor confidence in the economy,” he said.

Balisacan said had it not been for the elevated inflation rate, which rose to its highest since November 2008 last December when it accelerated to 8.1 percent, “growth could have been higher by another perhaps 1 to 2 percentage points.”

“It shows how overall demand is sensitive to inflation,” he added.

In terms of the volume of economic activities, Balisacan said domestic growth has recovered for many sectors, except for others such as tourism.

“(But) in so far as per capital income… we haven’t fully recovered yet,” he said.

Balisacan said the government is firm on ensuring that quality jobs will be available to Filipinos to lessen their need to work abroad.

“Inclusive growth across the archipelago will be our vehicle for reducing poverty incidence from 18 percent of the population in 2021 to a single-digit level by 2028,” he said.

National Statistician Dennis Mapa said 2022 full year GDP growth of 7.6 percent exceeded the government’s 6.5 to 7.5 percent growth assumption for the year and the highest after the 8.8 percent in 1976.

Mapa said the fourth-quarter growth, slower than the 7.6 percent in the previous quarter, was driven by the wholesale and retail trade, repair of motor vehicles and motorcycles, financial and insurance activities and retail estate and ownership of dwellings boosted domestic growth.

He said domestic demand remained strong, with the household final consumption expenditure (HFCE) rising by 2.1 percent quarter-on-quarter, led by the restaurants and hotels, food and non-alcoholic beverages, and miscellaneous goods and services. Year-on-year expansion of HFCE stood at 7 percent.

Among the major economic industries, Mapa said agriculture, forestry, and fishing contracted by 1.7 percent because of the lower output of sugarcane, palay (rice), and poultry and egg production.

Meanwhile, Balisacan said the government is doing pro-active assessment of the current situation to address the elevated inflation rate in the country, which is expected to go back to within the government’s 2 to 4 percent target band by the second half of this year.

He said the government continues to allow the importation of several food items to boost domestic supply, adding that not doing so will hurt both the consumers and domestic growth.

Let me end this piece by asking you readers: What is your reaction to this new development? Do you believe that the economy of the Philippine economy will grow between 6.5% to 7% this year? Do you think that more foreign tourists coming into the country will be able to help the nation achieve its economic growth targets this year? Apart from what was already mentioned, what do you think the national government should do to combat inflation? Do you think that the lower income tax for middle income earners will make a positive contribution to economic growth?

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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