investors – Page 6 – Author Carlo Carrasco

IMF sees stronger economic growth for the Philippines in 2026 but warns about risks related to external developments

January 28, 2025January 25, 2025carlocarrasco

Recently the International Monetary Fund (IMF) stated that it expects the economic growth of the Philippines to get stronger in 2026 but it issue a warning that external developments could prevent it from happening, according to a BusinessWorld news report.

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

THE PHILIPPINE ECONOMY will continue to accelerate from this year to 2026 as domestic demand remains robust, the International Monetary Fund (IMF) said, but warned risks are tilted to the downside due to possible external shocks.

At the same time, Finance Secretary Ralph G. Recto said that the Philippines likely failed to hit its 6-6.5% growth goal for 2024, amid typhoons.

“If it hits 6% in the fourth quarter, I’ll be happy with that. I don’t think it will hit 6% for 2024, but I think it will surpass 6% in 2025,” Mr. Recto told reporters on Jan. 16.

For the first nine months of 2024, Philippine growth averaged 5.8%, the same as the IMF’s projection for the full year. Preliminary fourth-quarter and full-year gross domestic product (GDP) data will be released on Jan. 30.

In its latest World Economic Outlook update, the IMF kept its GDP forecasts for the Philippines at 6.1% this year and 6.3% for 2026, the same as its projections in October.

These would fall within the government’s 6-8% GDP target for 2025 and 2026.

“Growth for 2025-2026 is projected to be primarily driven by domestic demand, namely consumption and investment,” an IMF spokesperson said in an e-mail.

“Consumption growth will be supported by lower food prices and gradual monetary policy easing,” it added.

Latest data from the Philippine Statistics Authority showed household consumption, which accounts for over three-fourths of the economy, jumped by 5.1% in the third quarter from 4.7% a quarter ago.

“Investment growth is expected to pick up on the back of a sustained public investment push, gradually declining borrowing costs and acceleration in the implementation of public-private partnership projects and foreign direct investments (FDI), following recent legislative reforms,” the IMF said.

Gross capital formation, the investment component of the economy, expanded by 13.1% in the third quarter, a turnaround from the 0.3% dip a year ago.

However, the IMF said that the balance of risks to the growth outlook is tilted to the downside, citing external risks.

“Some of the main downside risks include recurrent commodity price volatility, and new supply shocks, which may necessitate tighter monetary policy to anchor inflation expectations,” it said.

The IMF also cited shocks such as geopolitical tensions which could disrupt trade and other financial flows.

“Higher for longer policy rates in advanced economies (could cause) capital outflows, and tighter financial conditions,” it added.

The multilateral institution also cited climate shocks and extreme weather events which would lead to economic losses.

“There are also upside risks to the outlook, including from higher-than-expected growth in private investment through public-private partnerships, higher inward FDI following a faster-than-expected global recovery, or stronger reform momentum,” it added.

INFLATION – Meanwhile, the IMF said it expects inflation to remain within the central bank’s 2-4% target range in the near to medium term. It projects headline inflation to average 2.8% this year and 3% in 2026.

“However, risks are tilted to the upside, as rising geopolitical tensions, extreme climate events, and recurrent commodity price volatility continue to pose upside risks to inflation,” it said.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the IMF is correct with its current analysis of the details and economic forecast for the Philippines? Do you think the national government should focus more on attracting new foreign investors and bringing inflation down to build up the economic momentum?

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

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

Citigroup sees Philippine economy expanding by about 6% this year

January 28, 2025January 21, 2025carlocarrasco

In the perspective of Citigroup, Inc. (Citi), the economy of the Philippines will grow this year by around 6%, pointing to the growth of the business process outsourcing (BPO), according to a BusinessWorld news report.

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

CITIGROUP, INC. (Citi) expects the Philippine economy to expand by around 6% this year, partly driven by sustained growth in the business process outsourcing (BPO) sector.

“We expect the growth in 2025 to stay within the 6% handle,” Citi Asia South Head Amol Gupte said in an online briefing on Monday.

Citi’s forecast would be at the low end of the government’s 6-8% target for the year.

“The Philippines will continue to benefit from [the BPO industry] and will create a lot of jobs. On moving up the value chain on global capability centers, countries like the Philippines will play a very large role along with India,” Mr. Gupte said.

The information technology and business process management (IT-BPM) industry ended 2024 with $38 billion in export revenue, and 1.82 million full-time employees.

Under the Philippine IT-BPM Industry Roadmap, the target is to grow into a $59-billion industry and increase the full-time employee count to 2.5 million by 2028.

“So, I think it’s really important that the Philippines, as it thinks about the BPO industry, moves up the value chain so that it retains and bring more middle-office kinds of jobs beyond the voice jobs that exist in the tens of thousands,” Mr. Gupte said.

However, the rise of artificial intelligence (AI) could be a risk to the IT-BPM sector in the Philippines.

“There’s also the risk to that in terms of what AI will do to that industry and whether that will reduce jobs,” Mr. Gupte said.

Meanwhile, Citi South Asia Corporate Banking Head K Balasubramanian said sustained economic growth ensures that Philippine banks are well-positioned to continue to generate profits.

“I think the financial profile of the Filipino banks continues to be very strong, and with 6% growth I think they are well capitalized to look at the opportunities ahead,” he said.

As of end-September 2023, the Philippine banking system’s net profit rose by 6.4% to P290 billion as both net interest and non-interest income grew.

“We just saw the upgraded Philippine sovereign rating that happened in the fourth quarter of last year. And if you look at the impact of that on the Republic of Philippines, as well as the state-owned banks of the Philippines, I think that’s going to be crucially positive because we are now up to BBB+,” Mr. Balasubramanian said.

“(This) means that the ability to access international financing is going to be better and even the cost of the access is going to be better than what it was in the past.”

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think Citgroup is correct about its research on the Philippine economy? Do you think the BPO industry will contribute a lot to the economic growth of the nation 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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President Marcos congratulates Trump, looks forward closely to working with him

January 24, 2025January 22, 2025carlocarrasco

Through social media, Philippine President Ferdinand “Bongbong” Marcos, Jr., congratulated US President Donald Trump (whose 2^nd term has started officially) and expressed that he is looking forward to working with him in relation to Philippines-America ties, according to a news article by the Philippine News Agency (PNA). It should be remembered that Marcos and Trump previously talked over the phone.

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

President Ferdinand R. Marcos Jr. extended his congratulations to newly inaugurated United States (US) President Donald Trump following his return to office, emphasizing the strength of the Philippine-American alliance and its role in regional security.

“Congratulations to POTUS @realdonaldtrump and to the American people on another peaceful transfer of power in their Nation’s nearly 250-year history. I look forward to working closely with you and your Administration,” Marcos said in a statement posted on social media Tuesday.

Marcos underscored the enduring alliance between the Philippines and the US, stressing that it would continue to be a cornerstone for regional stability.

“The strong and lasting PH-US alliance will continue to uphold our shared vision of prosperity and security in the region,” he said.

The Philippines and the United States have long been allies, engaging in numerous joint military, economic, and diplomatic initiatives that now face ongoing regional challenges, including tensions in the South China Sea and broader Indo-Pacific security concerns.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think there will be breakthroughs with regards to the Philippines-America ties? Now that Rodrigo Duterte is no longer the President of the Philippines, do you think President Trump will be more motivated to have America collaborate more with Philippines economically and militarily? Do you think China will refrain from bullying Filipinos at sea once the Trump administration starts working closely with the Philippines?

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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P500 million investment coming into Las Piñas City IT park

January 20, 2025January 10, 2025carlocarrasco

Recently in the City of Las Piñas, the newly certified IT (information technology) sector One Townsquare Place is about to receive a major investment of P500 million from an IT and business process management (IT-BPM) firm, according to a BusinessWorld news report.

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

AN information technology and business process management (IT-BPM) company is set to invest P500 million in One Townsquare Place, a recently proclaimed IT Center in Las Piñas City, the Philippine Economic Zone Authority (PEZA) said.

“The fully built IT Center will host companies in various IT-BPM services, with one prospective locator expected to employ more than 500 Filipinos and invest more than P500 million,” PEZA said in a statement on Wednesday.

On Dec. 20, President Ferdinand R. Marcos, Jr. issued Proclamation No. 765, which designated around 3,729 square meters of land in barangay Almanza Uno, Las Piñas City, as an IT Center.

“The approval of this new ecozone will boost Las Piñas City’s growth and employment in the National Capital Region,” PEZA said.

According to PEZA, the construction of the IT Center cost P1 billion. It has been fully developed since 2017.

Including IT Center, 28 economic zones (ecozones) have been proclaimed during the administration of Mr. Marcos. Eleven ecozones were proclaimed in 2023, while 17 were proclaimed last year.

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 P500 million investment into the IT center will make an impact on Las Piñas’ economy this year? Are you hoping that more IT firms will open new offices at the One Townsquare Place?

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 attracts less than 6 million foreign tourists in 2024, points to tourism revenue for success

January 16, 2025January 7, 2025carlocarrasco

When it comes to the state of tourism in 2024, the Philippines achieved a mixed record by failing to reach its declared target of 7.7 million international visitors while still managing to achieve a new, all-time record with P760.5 billion in tourism revenue, 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…

Philippine tourism earned an all-time high revenue of PHP760.5 billion in 2024, translating to a 126.75 percent recovery rate from the 2019 pre-pandemic levels.

Revenues from inbound tourism expenditures — representing the total amount spent by non-resident visitors — were 9.04 percent higher compared to the PHP697.46 billion in 2023.

Department of Tourism (DOT) data showed earnings surpassed the estimated PHP600.01 billion in 2019 by an impressive 26.75 percent.

“With these figures, it is clear that the Philippine tourism industry is not only bouncing back but also evolving and expanding, contributing significantly to the nation’s economic stability and growth. In the past year, we have witnessed remarkable growth in tourism revenue, which has surpassed previous records,” Tourism Secretary Christina Frasco said Monday.

“This achievement is not just a statistic. It translates to thousands of jobs created for Filipinos, fostering economic resilience and enabling families to thrive,” she added.

She attributed this growth to the pro-tourism policies of the Marcos administration that prioritized the sustainable development of Philippine tourism resources.

“These policies focus on enhancing infrastructure, promoting heritage conservation and investing in skills development programs for our workforce, among others. We believe that the growth of tourism should be inclusive and equitable, empowering local entrepreneurs and communities,” she said.

Based on the World Travel and Tourism Council data, international tourists spend at least USD2,073 per capita.

From an average of nine nights in 2019, tourists are now staying an average of over 11 nights in the country, while 70 percent are repeat visitors.

Continued collaboration with stakeholders from the private sector also garnered about 63.18 percent repeat visitors in 2023, the DOT said.

Tourist arrivals – While falling short of its original target of 7.7 million, the DOT said the country still recorded growth in the number of foreign visitors last year at 5,949,350, up by 9.15 percent from the 5.45 million foreign guests recorded in 2023.

South Korea maintained its position as the top source of foreign tourists, with arrivals increasing to 1,574,152 from 1,455,977 in 2023, garnering more than 26.46 percent of the total market share.

Frasco cited the country’s “effective strategic marketing initiatives, enhanced air connectivity and strengthened cultural exchanges” for the sustained number of Korean tourists to the Philippines.

“Furthermore, the Philippines’ growing reputation as a prime destination for incentive travel has played a key role in this positive trend, attracting an increasing number of Korean companies hosting their reward trips for their employees in the Philippines’ world-class tourist destinations,” she said.

The United States ranked second, with 1,076,663 visitors in 2024, increasing from 1,041,305 in 2023. Enhanced connectivity, including nonstop flights from San Francisco to Manila by United Airlines and from Seattle to Manila by Philippine Airlines contributed to the growth of the market.

Japan, meanwhile, emerged as a standout market with a 22.84 percent growth in arrivals, reaching 444,528 visitors from its previous year’s 361,862.

The surge was attributed to aggressive tourism campaigns and strategic partnerships with Japanese travel agencies that paved further awareness and interest in the Philippines as a travel destination.

Though significantly lower than the pre-pandemic figures, China showed signs of recovery with 313,856 arrivals compared to 264,922 in the previous year.

This can be attributed, the DOT said, to the increased number of flights from 2023, both commercial and chartered, including the first half of 2024, connecting China directly to Cebu, Bohol, and Davao.

Cruise ships also started to arrive during the second half of 2024, with the new visa waiver program becoming an important factor for the improved numbers.

Other consistent contributors included Australia (299,286) and Canada (269,300). Emerging markets like Taiwan and Singapore demonstrated strong growth momentum, with arrivals reaching 213,833 and 198,471, respectively.

The introduction of direct flights to Kalibo in Aklan and Puerto Princesa in Palawan, as well as the growth of niche markets such as English as Second Language (ESL) learning and diving, contributed greatly to the visits of guests from Taiwan.

The United Kingdom likewise sustained its position among the top contributors with 178,656 visitors, driven by a keen interest in heritage tourism and adventure activities. Meanwhile, Malaysia emerged 10th with 99,881 registered arrivals in 2024.

The DOT said the Middle Eastern market similarly showed promising signs of recovery in 2024.

The United Arab Emirates (UAE) posted a remarkable 668.34 percent recovery rate from its 2019 figures, reflecting increased air connectivity and a surge in interest in the Philippines as a leisure destination. Qatar followed closely, with an impressive 832.87 percent recovery rate, and Saudi Arabia with 66.54 percent growth.

Likewise, Oman and Bahrain registered more than 200 percent recovery rates from the 2019 number of arrivals, the DOT said.

Those in the top 25 source markets which have fully recovered as compared with 2019 data included Australia (102.63 percent), Canada (109.26 percent), Hong Kong (106.79 percent), UAE (668.34 percent), Italy (143.02 percent), Spain (111.08 percent), Guam (200.19 percent), New Zealand (100.50 percent) and Switzerland (102.01 percent).

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think it is safe to call 2024 a successful year of tourism for the Philippines with regards to the record-high tourism revenue achieved? Do you think the Philippines will be able to attract at least 6 million foreign tourists 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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Maharlika Investment Corp. (MIC) to make first investment this quarter

January 15, 2025January 7, 2025carlocarrasco

The Maharlika Investment Corp. (MIC) – the entity responsible for making investments on behalf of the Philippines – will be making its first investment within the first quarter of 2025, according to a BusinessWorld news report. Take note that it has been over eighteen months since the Maharlika Investment Fund was formally signed into law. The IRR (implementing rules and regulations) has already been finalized.

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

THE MAHARLIKA Investment Corp. (MIC) is expected to make its first investment this quarter, most likely in the energy sector, its top official said.

“Definitely the first quarter. I think we had a year to set up. We had a year to basically put our governance in place. We obtained our formal approval to begin hiring last end of July,” MIC President and Chief Executive Officer Rafael D. Consing, Jr. said in an interview with BusinessWorld on Jan. 2.

The MIC has yet to make any investments since President Ferdinand R. Marcos, Jr. signed the law creating the country’s first wealth fund in July 2023. The Maharlika Investment Fund (MIF) had initially committed to make its first investments before the end of 2024.

Mr. Consing said sovereign wealth fund is “ready” and backed with funding and the needed workforce, but will not invest “without the benefit of due diligence.”

MIC earned P2.3 billion in interest income in 2024, Mr. Consing said.

Under the law, the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines were mandated to contribute P25 billion and P50 billion, respectively, as the initial seed capital for the MIF. The two state lenders have remitted the funds to the Bureau of the Treasury in September 2023.

Mr. Consing said the MIC’s strategic plan will be up for board approval on Jan. 9. This after it made some changes after meeting with the Governance Commission for Government-Owned and -Controlled Corporations (GCG) before the holidays, he added.

The MIC is looking into investing in energy, food security, healthcare, and resource development, particularly mining.

“In the first quarter, that would be the energy sector. Healthcare, if it turns out okay, if our due diligence results turn out okay, first half. I would say early second quarter for the latter two,” Mr. Consing said.

Mr. Consing said he believes that investments in the energy sector, particularly transmission lines, would be “most impactful.”

“That’s why ideally, we’d like to be able to buy into the national grid, if we’re able to. Or number two, we have also separately signed MOUs (memoranda of understanding) with the likes of Mindoro and Palawan, which fall under the SPUGS [small power utilities group] category,” he said.

In 2024, the MIC signed an agreement with Occidental and Oriental Mindoro to support investments in critical energy infrastructure.

“There are about 34 SPUGS in the country. The two biggest are Mindoro and Palawan. And we believe that given the contribution of Palawan when it comes to tourism, and also the population that lives in there, and the potential contribution of Mindoro in respect to the entire electricity sector in the Philippines, we felt that these are two priority areas where we can help, in fact, build transmission lines,” he said.

However, Mr. Consing declined to comment on the MIC’s plan to invest in the National Grid Corp. of the Philippines (NGCP).

He said the National Power Corp. is currently doing an inventory of all its assets in Mindoro and MIC “will have to sit down and determine which part of those assets it would need as part of the expansion of these lines.”

“Where we are now is we’re procuring the services of the technical consultant and the team that will be putting together the whole feasibility study. Because all of these will require regulatory approval by the Energy Regulatory Commission,” he added.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think that the MIC will be able to make smart decisions with regards to making the investments? Do you think the Maharlika Investment Fund will make positive impact on the market and encourage others to invest?

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 exceeds 2024 investment approval target

December 30, 2024December 20, 2024carlocarrasco

More than P1.6 trillion in approved investments have been confirmed and this means that the Department of Trade and Industry (DTI) exceeded its target for 2024, according to a news article by the Philippine News Agency (PNA).

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

The Department of Trade and Industry (DTI) said approved investments already surpassed the 2024 target.

In a statement on Thursday, DTI said investments approved by the Board of Investments (BOI) amounted to PHP1.62 trillion, surpassing the PHP1.5 trillion target. It was also higher than the PHP1.26 trillion approved investments in 2023.

In a separate statement, the BOI said energy sector, specifically the renewable energy projects, recorded the biggest surge in approvals, totaling PHP1.38 trillion, up by 40 percent year-on-year.

Other sectors which recorded the biggest increase include air and water transport at PHP121.20 billion; real estate activities (mass housing) at PHP37.26 billion; manufacturing at PHP31.67 billion; water supply, sewerage, waste management, and remediation activities at PHP16.28 billion; agriculture, forestry, and fishing at PHP11.02 billion; wholesale and retail at PHP8.25 billion; and information technology-business process management at PHP7.34 billion.

The Philippine Economic Zone Authority (PEZA), meanwhile, approved PHP214.17 billion in investments, surpassing the PHP200 billion target for the year.

“We are pleased to report significant progress in attracting investments this year. These investments will fuel job creation, drive innovation, and foster dynamic economic progress. By focusing on international trade, we are laying the foundation for sustainable and inclusive economic growth,” Trade Secretary Cristina Roque said.

“As we approach 2025, we are determined to build on this positive momentum. We will continue to refine and implement forward-looking policies that attract investments in these key industries, ensuring that the Philippines remains a prime destination for innovation and growth.”

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the P1.62 trillion in approved investments will have a big effect on the national economy in 2025?

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

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I Love Israel: Israel looking at the Philippines as a new market for wine

December 24, 2024December 18, 2024carlocarrasco

As some of you are already aware, I fully stand with Israel which is very connected with my uncompromising faith in the Lord. I keep on praying to Him for Israel to overwhelm its enemies, rescue the hostages and recover from the effects of the October 7, 2023 terrorist attacks committed by the Palestinian terrorist group Hamas which is sponsored by terrorist state Iran. I can assure all of you that nobody from the evil Islamo-Leftist mob, nobody from the pro-Palestine radicals, nobody from the political correctness extremists, and nobody from evil societies would stop me from supporting and loving Israel.

Now, on with the news…

A few weeks ago, a special event showcasing Israeli wine was held here in the Philippines, according to a Philippine News Agency (PNA) news article. This development signified Israel’s focus on the Philippines as a new wine market.

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

Israel is pouring its wine into the Philippine market, confident that its products can rival the best in the world.

With a deep legacy of winemaking dating back thousands of years, Israel is now eager to share its fine bottles with Filipino wine lovers and travelers.

At the “L’Chaim! Discover Israeli Wine” event on Dec. 4, the Israeli Embassy in Manila treated wine enthusiasts, hoteliers and distributors to a curated tasting of wines from 15 of Israel’s top wineries.

“The Philippine market has matured, in my opinion. So it’s time,” Israeli Ambassador to the Philippines Ilan Fluss said.

“It’s obvious that we have competition here but what Israel can offer is really the higher end of wines — and we have so much to share.”

In addition to reintroducing Israeli wines to Filipino consumers, the embassy is also aiming to inspire Filipinos to explore Israel’s wineries as part of their travel plans.

Israel, often called the Holy Land, has a winemaking tradition that stretches back over 5,000 years, with wine from Judea being traded around the ancient world during the time of Jesus.

“Israel is a country of different cultures, and so is its cuisine,” visiting Israeli Tourism Minister Haim Katz said.

“Tourists can enjoy Mediterranean delicacies, dishes from Arab cuisine, Jewish food, colorful markets, and wine tastings that offer an unforgettable culinary experience.”

L’Chaim, which means “to life” in Hebrew, was the first of its kind hosted by the Israeli mission in the Philippines.

“L’Chaim is more than just a toast. It’s a celebration of life, friendship, and the bright future we are building together,” Fluss said.

Renowned Israeli wine expert and international wine judge Haim Gan was also present to provide insights into Israel’s innovative wine industry, noting its growing recognition and numerous international awards.

This latest development shows the continuing growth of Israel-Philippines ties through the business of wine as well as the opportunities for Filipinos to explore the wine industry of Israel when they travel there. Indeed, Israel-Philippines ties are essential!

To my fellow Filipinos reading this, I encourage you to accept the truth that Israel is the land God designated specifically for the Jewish people (read Genesis 35:10-12) and His command must be followed without hesitation. If you want to be blessed further by the Lord, do so by loving and blessing the Jewish people (Genesis 12:1-3). I did my part when I was in Israel. Also, let me remind you all that the ties between the Jews and Christians are truly biblical!

I encourage you all to pray to the Lord God in support of Israel, to love and bless the Jewish people, and pray for the peace of Jerusalem. Pray to Him so that Israel-Philippines ties and cooperation will keep growing stronger in the years to come.

If you truly believe in Lord Jesus, the Holy Spirit and God the Heavenly Father wholeheartedly and you continue to be faithful, you should be aware that Christians are meant to stand united with Israel and love the Jewish people no matter what. You can do your part supporting Israel by donating to Christians United for Israel (CUFI). Do not forget to read the Holy Bible, then pray in tongues to the Lord in the privacy of your room with the door shut.

Always be the fearless and aggressive church of Lord Jesus! Always stand in support of Israel!

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I Love Israel: Israel and the Philippines sign major agreement on travel

December 15, 2024December 14, 2024carlocarrasco

Now, on with the news…

In recent times, Israel and the Philippines officially signed a major agreement in relation to tourism developments and cooperation between them according to the announcement of the Israeli Embassy via social media. No less than the Minister of Tourism of Israel Haim Katz personally visited the Philippines and signed the agreement opposite Department of Tourism (DOT) secretary Christina Frasco.

To put things in perspective, posted below is the entire social media post of the Israeli Embassy. Some parts in boldface…

Israel Tourism Minister Katz Visits the Philippines, Signs Joint Declaration with DOT

Signing of the joint declaration between Israel’s Minister of Tourism Haim Katz and Philippines Department of Tourism (DOT) Secretary, Christina Garcia Frasco.

Israel’s Minister of Tourism, Haim Katz, is currently visiting the Philippines from 2-5 December 2024 as part of a strategic effort to enhance tourism relations between the two countries. Highlight of the visit is the signing of a joint declaration with the Philippines Department of Tourism (DOT) Secretary, Christina Garcia Frasco.

On December 3, Tourism Minister Katz and DOT Sec. Frasco signed the joint declaration to foster cooperation in the field of tourism between Israel and the Philippines.

“We are excited to see such strong interest from Filipino travelers to Israel,” said Minister Katz. “With the upcoming Jubilee Year, we anticipate even more Filipinos will be eager to experience the holy land and the rich history, culture, and hospitality Israel offers. We hope to see direct flights between Israel and the Philippines very soon, this will boost tourism and people to people exchange,” he shared.

Israeli Ambassador to the Philippines H.E. Ilan Fluss shared that the official visit of Minister Katz is proof of the strong, historically friendly bilateral relations between Israel and the Philippines, especially in the field of tourism. “I hope that this will encourage tourism exchanges between our nations, particularly with the visa-free travel for Filipinos to Israel and vice versa. I invite Filipinos to experience Israel not just as the Holy Land but to enjoy culinary and experience the Land of Innovation and Start-Up Nation,” he explained.

Minister Katz’s visit highlights Israel’s commitment to expanding its presence in the Philippine market, especially for divers and nature lovers. “Israelis find the Philippines an attractive destination for diving and water activities,” Ambassador Fluss said.

Since opening its tourism office in the Philippines in 2017, Israel has witnessed a remarkable 65% rise in Filipino visitors in its first year alone. In 2023, a record-breaking 33,000 Filipinos traveled to Israel.

During his stay, Minister Katz will promote Israel as a premier destination for wine enthusiasts and engage with Filipino distributors of Israeli wine. He will also meet with the Philippine Travel Agencies Association (PTAA), connect with religious leaders in Manila, and hold discussions with the President of Philippine Airlines (PAL) to advance the goal for establishing direct flights between Israel and the Philippines. This initiative aims to enhance tourism and people to people exchange by making travel between the two countries more convenient and accessible.

This latest development shows the continuing growth of Israel-Philippines ties through travel and cooperation. This opens more opportunities for my fellow Filipinos to visit the Holy Land in Israel while doing the same for Israelis to visit the Philippines for leisure and business opportunities (which will be helpful in building up the economy of the Philippines). As I said before, Israel-Philippines ties are essential!

Always be the fearless and aggressive church of Lord Jesus! Always stand in support of Israel!

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DBCC adjusts Philippines GDP growth targets for 2024 to 2028

December 11, 2024December 3, 2024carlocarrasco

Recently the Development Budget Coordination Committee (DBCC) adjusted its economic growth targets for the Philippines covering the next few years in relation to varied factors, 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 Development Budget Coordination Committee (DBCC) on Monday trimmed the economic growth target for this year to a range of 6-6.5% but widened the target band to 6-8% for 2025 until 2028, due to “evolving domestic and global uncertainties.”

Budget Secretary Amenah F. Pangandaman, who chairs the DBCC, said Philippine gross domestic product (GDP) is now projected to grow by 6-6.5% this year, narrower than the previous 6-7% goal.

“Despite domestic challenges, we are optimistic that we can still attain our growth target for the year of 6% to 6.5%. In particular, we expect the Philippine economy to bounce back during the last quarter, given the anticipated increase in holiday spending, continued disaster recovery efforts, low inflation, and a robust labor market,” she said at a briefing after a DBCC meeting on Monday afternoon.

The DBCC’s review of the macroeconomic assumptions came after the Philippine economy expanded by a weaker-than-expected 5.2% in the third quarter, which was the slowest since the 4.3% logged in the second quarter of 2023.

In the first nine months, GDP growth averaged 5.8%. To meet the lower end of the government’s revised 6-6.5% target band, the economy would need to grow by 6.5% in the fourth quarter.

Finance Secretary Ralph G. Recto said the Philippine economy can still “realistically” grow by 6% for the full year.

“The growth assumptions for 2025 to 2028 have been given a wider band of 6% to 8%, reflecting the anticipated impact of structural reforms and evolving domestic and global uncertainties,” Ms. Pangandaman said.

To achieve the targets, she said the government is committed to “accelerating infrastructure investments, enhancing the ease of doing business, and boosting national competitiveness.”

The DBCC chair said they expect the recently signed Republic Act No. 12066 or Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act to spur faster growth and attract more foreign investments.

FISCAL program – “We have maintained our medium-term fiscal targets for 2025 to 2028. This means that we remain determined to reduce the country’s deficit in a more gradual and realistic manner, while also bolstering long-term investments that create more jobs, increase incomes, and decrease poverty incidence,” Ms. Pangandaman said.

The DBCC said it raised the deficit ceiling for 2024 to -5.7% of GDP from -5.6% previously. It kept the deficit ceiling at -5.3% of GDP for 2025, -4.7% for 2026, -4.1% for 2027 and -3.7% for 2028.

For this year, the DBCC raised the revenue outlook to P4.383 trillion in 2024 from P4.27 trillion previously. Revenue targets were kept at P4.644 trillion for 2025, P5.063 trillion for 2026, P5.627 trillion for 2027, and P6.249 trillion for 2028.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the DBCC is correct with its GDP projections for the Philippines for the next few years?

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

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