Tag: investors

CREATE MORE bill signed into law

CREATE MORE bill signed into law

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In a move to make the Philippines a prime investment destination, President Ferdinand “Bongbong” Marcos, Jr., recently signed into law the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, 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 the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act to promote the Philippines as a prime investment destination.

CREATE MORE Act or Republic Act (RA) 12066, signed by Marcos in a ceremony at Malacañan Palace in Manila, builds on the game-changing economic reforms introduced under the CREATE law by making the country’s tax incentives regime more globally competitive, investment-friendly, predictable and accountable.

Marcos said the signing of RA 12066 signifies his administration’s unwavering commitment to empowering the business sector and enhancing their growth prospects.

“We cannot emphasize enough the important role of the business sector in shaping this law. Your feedback has been essential in our efforts to craft policies that make our country truly competitive on the global stage,” Marcos said.

“As we open new doors of opportunity, we drive businesses to reinvest their capital, build upon the workforce, and initiate a ripple effect that will be felt across generations,” he added.

Marcos said the new law is a reflection of the government’s resolve to foster a climate where businesses will flourish and continue to meaningfully contribute to the Philippine economy.

“By establishing clear timelines and deadlines and by limiting compliance requirements to those mandated by law, we are promoting transparency and predictability. And in so doing, we create a more reliable process that instills confidence in investors and in partners alike,” he said.

“To our investors and development partners, let this be our pledge: The Bagong Pilipinas (New Philippines) continues to foster an economy where businesses and investments remain at the heart of our progressive development.”

Under the CREATE MORE Act, the maximum duration of tax incentives availment is extended by 10 years to 27 years from 17 years, to attract strategic and high-quality investments.

Registered business enterprises (RBEs) under the enhanced deductions regime will benefit from a reduced corporate income tax rate of 20 percent.

The new law also grants a 100-percent additional deduction on power expenses to cut the costs for the manufacturing sector.

It also further streamlines the value-added tax (VAT) refund process by limiting the documentary requirements and addressing the VAT concerns raised by export-oriented enterprises.

RA 12066 also introduces various reforms such as the rationalization and streamlining of incentives-related processes to address investors’ pain points and cultivate an investment-friendly climate.

It likewise simplifies local taxation by imposing a local tax on RBEs in lieu of all other local taxes, fees, and charges.

The CREATE MORE law also strengthens the respective mandates of the Fiscal Incentives Review Board (FIRB) and the investment promotion agencies (IPAs).

It institutionalizes the adoption of flexible work arrangements as a business model for RBEs operating inside economic zones and freeports, without disruption in the enjoyment of their tax incentives.

Marcos said the Filipino people would benefit from the passage of the CREATE MORE Act through more and better economic opportunities that uplift their lives, such as high-quality jobs.

The signing of CREATE MORE law is consistent with the Marcos administration’s 8-point socioeconomic agenda.

Lawmakers lauded President Marcos for signing the measure, saying it would stimulate economic growth by attracting foreign direct investments (FDIs).

“With more foreign direct investments that CREATE MORE is expected to generate, more Filipinos will have better employment opportunities that will, in turn, redound to stronger domestic consumption, one of the major drivers of the local economy,” Senator Sherwin Gatchalian said in a statement.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the CREATE MORE law will succeed in attracting more foreign investments into the Philippines? Do you expect to see results related to the new law over the next eighteen 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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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

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Computer and Communications Industry Association (CCIA) expresses concern over Philippines’ digital tax and regulations

Computer and Communications Industry Association (CCIA) expresses concern over Philippines’ digital tax and regulations

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The Computer and Communications Industry Association (CCIA) – a Washington, DC-based group whose members include several prominent technology companies – expressed concern over the Philippines’ 12% value-added tax (VAT) on foreign digital services plus rules on online transactions, 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…

US-based tech giants are worried that the 12-percent value-added tax (VAT) to be collected from digital services providers (DSPs), plus more stringent rules on internet transactions under two new Philippine laws, could make it harder for global firms to operate here.

While this law imposing VAT on DSPs does not discriminate between US non-resident DSPs (or other foreign DSPs) and local DSPs, industry is concerned that (its) implementing rules and regulations, which are currently being developed, could impose unworkable requirements on foreign DSPs similar to what has happened for [non-resident] income-tax payers,” the Washington, DC-based Computer and Communications Industry Association (CCIA) told the Office of the United States Trade Representative (USTR) in an Oct. 17 submission for its 2025 National Trade Estimate (NTE) Report on Foreign Trade Barriers, which also covers digital trade.

CCIA is referring to Republic Act (RA) No. 12023 enacted into law by President Ferdinand R. Marcos Jr. last October, whose implementing guidelines are due before this year ends in order to collect VAT next year.

CCIA’s member-companies include Amazon, Apple, Cloudflare, Coupang, eBay, Google, Intel, Meta, Opera, Pinterest, Rakuten, TSMC, Uber and X (formerly Twitter), among other global tech firms.

Arlington, Virginia-based Consumer Technology Association (CTA) also flagged RA 12023 as a barrier to US electronic commerce in its USTR submission, citing that this new Philippine law encompasses not only digital goods and marketplaces but also cloud services as well as online advertising, media and search engines.

Back in 2021, the Washington-based multilateral lender International Monetary Fund (IMF) warned that slapping digital services taxes (DSTs) may “open the door to retaliatory trade measures” from the US, as it did with India’s DST.

CCIA pointed out to the USTR that implementation of the Income Tax Convention of 1976, in which both the Philippines and the US are parties, has been “challenging” due to “complex and burdensome documentation procedures” or so-called request for confirmation (RFC) required by the Bureau of Internal Revenue (BIR) from income taxpayers.

“The BIR has not established standard processing timelines, and businesses are subsequently required to wait indefinitely without any commitment toward a resolution of the filing. These requests are required of all US non-resident service providers operating in the Philippines and, therefore, this policy is not limited to digital services and impacts members of all industries seeking to provide their services and goods to the Philippine market,” CCIA noted.

CCIA added that the BIR revenue memorandum circular (RMC) issued in January of this year “added further confusion to income-tax obligations of non-resident suppliers of cross-border services.”

Referring to RMC No. 5-2024, CCIA said it “appears to depart from established principles of income taxation of cross-border services (using the place where the services are performed to determine if the transaction is income-taxable) and treats the place of receipt of the services as being crucial in determining the taxability of the transaction.”

As such, CCIA called upon the Philippine government and the BIR, in particular, to hold comprehensive industry consultations, “including with US non-resident service providers, to clarify the income-tax position under Philippine law in line with well-recognized and established international practices.”

Like CCIA, the also Washington-based National Foreign Trade Council (NFTC) bewailed in its comment to the USTR that “there is significant ambiguity on how long the BIR will take to review the RFC and there is no guarantee of a positive outcome.”

“Such requests have to be made by each and every income payor (customers) of US non-resident service providers selling to the Philippines,” NFTC lamented.

Also, CCIA expressed concern about the Internet Transactions Act signed by President Marcos Jr. last year.

“Industry is concerned that the [Internet Transactions Law] would introduce obstructive requirements on electronic commerce platforms to have regulatory oversight such as mandatory collection of valid business certificates of merchants and subsequent submission to the government authority,” CCIA explained

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the national government should respond to the concerns of the CCIA? Do you think the digital tax and current laws will turn away technology giants?

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

Ayala-Mitsubishi deal likely to boost GCash IPO

Ayala-Mitsubishi deal likely to boost GCash IPO

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If things go well, the recent deal made between Ayala Corp. and Japan’s Mitsubishi Corp. will likely boost the anticipated initial public offering (IPO) of e-wallet entity GCash, according to a BusinessWorld news report referencing analysts.

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

THE RECENT deal between Ayala Corp. and Japan’s Mitsubishi Corp. is likely to increase the valuation of the anticipated initial public offering (IPO) of the electronic wallet GCash, according to analysts.

On Friday last week, Ayala Corp. announced that it was selling its 50% stake in AC Ventures Holding Corp. (ACV) to Mitsubishi for a minimum of P18.4 billion.

ACV owns 13% of Globe Fintech Innovations, Inc. (Mynt), which has two fintech companies, G-Xchange Inc., the operator of GCash, and Fuse Lending, a tech-based microlender.

“The deal reinforces the value of Mynt for its future IPO. With key investors coming in at a valuation of around $5 billion, Mynt is poised for an IPO at a much higher valuation,” Chinabank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

GCash previously said it was planning an IPO but would wait for a more favorable market.

According to Mr. Colet, the IPO could happen as early as next year depending on market conditions.

“I can see the IPO within the next two to three years. Perhaps as soon as next year if market conditions are very good,” he said.

“So far, it seems Globe wants a local IPO for Mynt. But it would be better if they do a dual listing in the Philippines and a larger stock market to get the best of both worlds,” he added.

Globalinks Securities and Stocks, Inc. Trader Mark V. Santarina said in a Viber message that the deal helps GCash’s international expansion plans.

GCash services are available in 16 countries, including the United States, United Kingdom, United Arab Emirates, Italy, Australia, Canada, Germany, and other Asian countries.

“For GCash, Mitsubishi’s entry paves the way for potential international expansion, particularly into Japan, and may boost its service offerings in microlending and financial technology,” he said.

“While GCash is considering overseas listings for its IPO, there is still hope it may choose to list on the Philippine Stock Exchange (PSE) instead, which would be a significant win for the local market,” he added.

AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message that the deal could help improve other Ayala ventures.

“With its entry into ACV, Mitsubishi is not only buying into GCash but also into other ventures under ACV like Gogoro and Zalora. We believe Mitsubishi’s expertise can help improve these businesses and maybe even accelerate the expansion of GCash into Japan,” he said.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think an IPO of GCash could happen sometime in 2025? Are you an investor waiting for the GCash IPO to happen?

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

To lure younger investors, BPI Wealth to launch new mutual fund

To lure younger investors, BPI Wealth to launch new mutual fund

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BPI Wealth – the wealth management arm of the Bank of the Philippine Islands (BPI) – will establish a new mutual fund to lure in young and tech-savvy investors, according to a Manila Bulletin business news report.

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

Amid favorable conditions for long-term investments, the wealth-management arm of Ayala-led Bank of the Philippine Islands (BPI) will roll out before this year ends a new mutual fund eyeing young and tech-savvy investors.

BPI Wealth personal wealth head Irene Ang told a press briefing on Friday, October 18, that the forthcoming BPI Wealth Builder Multi-Asset Mutual Fund Inc. is expected to be approved “soon” by the Securities and Exchange Commission (SEC), which regulates mutual funds, for it to be sold to the public.

This first-of-its-kind balanced, global-based and peso-subscription and -redemption fund aims to convince millennials and the Gen X generation in the country to invest and prepare for their retirement, Ang said.

Among the innovative and unique features of this mutual fund include availability for a minimum of only P1,000; accessibility on BPI’s online platforms and accredited channels to conveniently open an investment account, monitor investments, and receive cumulative rewards and benefits at no extra cost; as well as an automated and automatic top-up system allowing additional investments of at least P100 monthly.

Ang is optimistic that up to P1-billion investments in their upcoming newest mutual fund would be “easy.”

BPI Wealth president and chief executive officer (CEO) Maria Theresa D. Marcial noted that among their investors, those who onboarded via digital channels continued to engage more regularly than branch-opened accounts.

“We should push more into digital initiatives,” said Marcial, who is spearheading BPI’s “Wealth Wellness Month” this October to promote financial inclusion and literacy as well as opportunities for small investors.

Marcial disclosed that as of end-September, BPI Wealth’s assets under management (AUM) rose to a new high of P1.4 trillion, from P1.2 trillion in end-2023.

On top of the earlier goal of 20-percent AUM increase for this year, Marcial said a further 15-percent growth next year will be “reasonable.”

BPI Wealth targets P3 trillion in AUM by 2026.

Marcial cited that while mutual funds and other assets experienced a roller-coaster ride of ups and downs during the past three years due to global financial conditions, the clarity in the ongoing monetary policy easing here and abroad this year has improved prospects.

“We’re seeing markets becoming more buoyant, and fund managers are becoming more constructive across asset classes,” she said.

“Bonds are expected to do better, as interest rates go lower. And because interest rates are lower… so [in] equity we’re seeing some renewed interest,” she added.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think BPI Wealth’s newest move makes a lot of sense with today’s economic environment? Do you think a lot of millennials are willing to engage in 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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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

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

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

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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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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

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

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

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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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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

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

DBCC revises Philippine economic growth targets for 2024 and 2025

DBCC revises Philippine economic growth targets for 2024 and 2025

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As far as the Development Budget Coordination Committee (DBCC) is concerned, current domestic and global developments justified their recent revision of economic growth targets for the Philippines in 2024 and 2025, 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…

The Development Budget Coordination Committee (DBCC) has adjusted its economic growth targets for 2024 and 2025 due to current domestic and global developments.

The DBCC revised downward its gross domestic product (GDP) outlook for 2024 to 6 to 7 percent from the previous range of 6.5 to 7.5 percent, Socioeconomic Planning Secretary Arsenio Balisacan said in a Palace press briefing on Thursday.

For 2025, the DBCC narrowed the GDP target to 6.5 to 7.5 percent from the previous 6.5 to 8 percent. Balisacan said the growth projection of 6.5 to 8 percent for 2026 to 2028 was retained.

The revised targets growth targets were initially discussed during the DBCC’s 187th meeting on March 22.

The DBCC took into consideration the latest trade outlook of the Bangko Sentral ng Pilipinas (BSP) and the International Monetary Fund (IMF) amid global trade disruptions and geopolitical tensions.

President Ferdinand R. Marcos Jr. approved the latest GDP outlook when he presided over the 16th full Cabinet meeting at Malacañan Palace in Manila on Wednesday.

Balisacan said the Marcos administration remains steadfast in its commitment to sustaining the robust growth trajectory of the Philippine economy.

“Robust macroeconomic fundamentals will support this growth trajectory. These growth targets will sustain the country’s position as one of the fastest-growing emerging economies in the Asia Pacific region,” Balisacan said.

“The government’s dedication transcends meeting statistical targets or numerical benchmarks. We direct our efforts toward realizing a strategic and compelling vision for our nation’s prosperity even as we navigate a global economic landscape marked by various challenges within and without,” he added.

Balisacan also assured the public that the government is still on track to achieving the upper middle income status by 2025.

Opportunities and risks – Balisacan said the country’s economic team discussed the possible opportunities and risk to growth outlook, adding that it identified several domestic and external challenges that are “on the horizon.”

These include climate change and extreme natural disasters such as El Niño that would “continue to pose risks to food security and the stability of food prices,” he said.

“Additionally, risks related to inflation, such as potential adjustments in transport fares, wages, and service utility fees higher than expected, could dampen household consumption,” he said.

Balisacan also cited that global economic slowdown may weaken external demand, while increasing geopolitical and trade tensions could disrupt supply chains.

He added that general elections in major economies could lead to political shifts that may disrupt trade and investment.

“Despite the anticipated risks, we remain optimistic about the country’s sustained growth momentum as we strive for better development outcomes. We aspire to position the Philippines as a frontrunner within our region and beyond—a beacon of inclusive progress and resilience,” Balisacan 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 end up growing at a lower-than-expected pace?    

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

HSBC remains committed to investing in the Philippines and supporting the government’s economic agenda

HSBC remains committed to investing in the Philippines and supporting the government’s economic agenda

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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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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

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

World Bank sees stronger Philippine economic growth in 2025

World Bank sees stronger Philippine economic growth in 2025

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Recently the World Bank (WB) revealed its forecast of stronger economic growth for the Philippines in the year 2025 although still below the projections of the government, according to a BusinessWorld news report.

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

THE WORLD BANK (WB) maintained its economic growth forecast for the Philippines this year but raised its 2025 growth projection, amid expectations of higher consumer spending and foreign investments.

In its latest East Asia and Pacific (EAP) Economic Update, the World Bank said it expects Philippine gross domestic product (GDP) to grow by 5.8% this year, the fastest in Southeast Asia along with Cambodia.

The Philippines and Cambodia are seen to expand faster than Vietnam (5.5%), Indonesia (4.9%), Malaysia (4.3%), Lao People’s Democratic Republic (4.0%), Timor-Leste (3.6%), Thailand (2.8%) and Myanmar (1.3%).

For 2025, the World Bank raised its GDP forecast for the Philippines to 5.9% from 5.8%.

However, the World Bank’s growth forecasts for the Philippines are lower than the government’s target of 6.5-7.5% for 2024 and 6.5-8% for 2025 to 2028.

“What has sustained growth in the Philippines, like much of the region, has been consumption and the recovery in services,” WB East Asia and Pacific Chief Economist Aaditya Mattoo said at a virtual briefing on Monday.

He noted foreign investment flows into the Philippines might increase after the government implemented significant reforms such as Republic Act No. 11659 or the Public Service Act, which allows full foreign ownership in key sectors such as telecommunications and airlines.

“(The reforms) should begin to pay off in terms of greater foreign investment, which though in the short run… the flows have been less strong than we would have expected,” Mr. Mattoo said.

Climate and geopolitical shocks, as well as elevated inflation and high interest rates are risks to the growth outlook.

“If there is a resurgence in inflation, for example in the United States, which might well see interest rates even higher for longer, that would certainly affect growth throughout the region as we have estimated,” he said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippine economy can grow stronger than the forecast of the World Bank for 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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Filinvest REIT Corp. (FILRT) remains as one of the top taxpayers in Muntinlupa City

Filinvest REIT Corp. (FILRT) remains as one of the top taxpayers in Muntinlupa City

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Recently in the progressive City of Muntinlupa, Filinvest REIT Corp. (FILRT) was recognized by the City Government as one of the Top 10 taxpayers in the city and this is also the 3rd consecutive year the corporation made it in the prestigious rankings, according to a Malaya Business Insight news report.

For the newcomers reading this, Filinvest REIT Corp. (FILRT) describes itself as “a real estate investment trust backed by Filinvest Land, Inc. (FLI), one of the largest property developers in the Philippines with an established portfolio of residential, office, retail and industrial developments around the country.”

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

Filinvest REIT Corp. (FILRT), the pioneering real estate investment trust (REIT) arm supported by Filinvest Land, Inc. (FLI), and renowned as the country’s first sustainability-themed REIT, has once again received recognition as one of Muntinlupa City’s top taxpayers for the third consecutive year. Acknowledged alongside nine other esteemed businesses by the city, under the guidance of Hon. Mayor Ruffy Biazon, FILRT has been commended for its significant contribution to the city’s economic progress, bolstering various local government initiatives such as scholarships, healthcare, and security infrastructure.

Maricel Brion-Lirio, FILRT President and CEO, affirmed, “We are steadfast in our commitment to embedding sustainability in our Muntinlupa developments, and we remain dedicated to investing in projects and endeavors that champion environmental and social responsibility. FILRT and FLI stand as steadfast allies of the government, offering unwavering support for the city’s continuous pursuit of advancement.”

FILRT currently owns and manages 16 eco-efficient buildings encompassing over 280,000 square meters of gross leasable area within Northgate Cyberzone, an IT BPO campus-style hub accredited by the Philippine Economic Zone Authority (PEZA) in Filinvest City, Alabang, Muntinlupa City. Notably, FILRT’s office property portfolio boasts a globally competitive tenant mix predominantly consisting of blue-chip BPO companies.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, are you delighted to see how much socio-economic progress FILRT contributed to the city? Are many members of your local community working in a company occupying properties within the Northgate Cyberzone or at Filinvest City?

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

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

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