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The newest polymer bank notes from the BSP

January 2, 2025January 2, 2025carlocarrasco

Recently the Bangko Sentral ng Pilipinas (BSP) unveiled the newest polymer bank notes which were described as crisp and capable of withstanding tough conditions, according to a news feature by the Manila Bulletin.

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

The familiar crinkle of a crisp paper bill, the faded ink from countless transactions, the subtle tear at the edge – these are the hallmarks of the Philippine piso as many know it. But come January, Filipinos will begin to experience a currency revolution.

The Bangko Sentral ng Pilipinas (BSP) is ushering in a new era with the first series of polymer banknotes, a move that signifies more than just a change in material. It’s a leap towards a more secure, sustainable, and hygienic future for the nation’s currency.

Imagine pulling out a banknote that feels smoother, almost plastic-like, and noticing intricate details that shimmer under the light. This is the promise of the new polymer piso.

These banknotes, designed to last longer and withstand the rigors of daily use, are imbued with advanced security features that make counterfeiting a near impossibility. Microprinting, tactile elements, and clear windows are just some of the technologies embedded within these notes, providing a robust defense against fraudulent activities and bolstering public confidence in the currency.

“We have the mandate of issuing the currency, and we always try to look for ways to improve our currency,” explains BSP Assistant Governor Mary Anne Lim. “In improving our currency, we consider the needs of our users in utilizing it, and also advances in technology when it comes to printing and using our banknotes.”

The shift to polymer addresses a critical concern in today’s world: hygiene. Paper banknotes, passing through countless hands, can harbor bacteria and viruses. Polymer notes, on the other hand, are less hospitable to these pathogens.

Their non-porous surface makes it harder for microbes to cling and survive, contributing to a healthier and safer transaction experience in a post-pandemic world.

But the BSP’s vision goes beyond practicality. The new banknotes are also an opportunity to celebrate the Philippines’ rich biodiversity and cultural heritage.

Each denomination features a carefully chosen endangered species, a poignant reminder of the country’s unique natural treasures and the need for their conservation.

The 1,000-piso note, already in circulation since April 2022, showcases the majestic Philippine eagle soaring above the Tubbataha Reefs Natural Park, a UNESCO World Heritage Site.

The 500-piso note features the elusive Visayan spotted deer amidst the lush greenery of the Puerto Princesa Subterranean River National Park.

The 100-piso note highlights the vibrant Palawan peacock-pheasant against the backdrop of the iconic Mayon Volcano, while the 50-piso note presents the playful Visayan leopard cat with the serene Taal Lake in the background.

These visuals are complemented by intricate designs inspired by traditional weaving patterns, showcasing the artistry and craftsmanship of different Filipino communities. The banknotes, therefore, become more than just a medium of exchange; they transform into miniature canvases that tell a story of the Philippines’ natural wonders and cultural heritage.

“The polymer series raises awareness of the country’s threatened species, serves as a symbol of Filipino identity, and fosters national pride,” shares BSP Governor Eli M. Remolona, Jr., highlighting the inspiration and symbolism behind the chosen themes

The environmental impact of currency production is another crucial factor considered by the BSP.

Polymer banknotes, with their longer lifespan, reduce the need for frequent replacements. This translates to less paper consumption, lower energy use in production, and a smaller carbon footprint. The BSP’s commitment to sustainability is evident in this conscious choice of material, aligning with the global push towards eco-friendly practices.

The transition to polymer banknotes is a milestone in the Philippines’ journey towards modernization. It’s a testament to the BSP’s proactive approach to currency management, ensuring that the Philippine piso remains secure, resilient, and relevant in a rapidly changing world.

Let me end this post by asking you readers: What is your reaction to this recent development? Are you receptive towards the newest polymer bank notes from the BSP? What do you think of the new P500, P100 and P50 bills? Do you have a problem about the new bills not showing historical people of 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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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

Department of Tourism’s (DOT) 2025 plans unveiled

December 31, 2024December 20, 2024carlocarrasco

To keep on strengthening the drive of tourism all over the Philippines, the Department of Tourism (DOT) recently unveiled its plans for 2025, according to a Manila Times news report.

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

The Department of Tourism (DOT) unveiled its plans for 2025 to propel Philippine tourism to new heights and give travelers more reason to love the Philippines.

“Tourism will be a cornerstone of our nation’s recovery. We embraced the challenge—not just to rebuild but to innovate, not just to promote, but to develop, to transform, to lead,” Tourism Secretary Christina Garcia-Frasco said at the DOT’s year-end press briefing on Tuesday.

The DOT has formed a partnership with the Department of Health (DOH) to develop Tourist First Aid Facilities and is in talks with key government agencies to establish tourist courts that will be open 24 hours a day, seven days a week, to “resolve tourist-related crimes.”

Tourist First Aid Facilities will be established in tourist-heavy locations such as La Union, Boracay Island in Aklan, Siargao Island in Surigao del Norte, Panglao Island in Bohol, Palawan, and Puerto Galera.

The department will also soon initiate “Layover Tours” as part of the Hop-on Hop-off Bus Tours program, which Frasco said “would make layovers more enjoyable and provide seamless access to our iconic attractions.”

The Philippines Hop-on Hop-off Bus Tours program, which started in 2023, allows solo and group tourists to plan fast, self-guided trips using an advanced bus network and a specific smartphone app.

The DOT also plans to establish the “Golf Experience” initiative, which Frasco described as “geared to enthusiasts motivated to discover the world-class golf destinations.”

It will continue to construct more Tourist Rest Areas across the country, equipped with new features such as rainwater harvesting facilities and solar panels, in addition to basic amenities such as clean and adequate restrooms, a tourism information center, and a pasalubong center.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the DOT’s plans for the new year will create positive results for the nation’s tourism industry? Do you think the DOT should recognize special events like car shows, fashion shows, film festivals and cosplay events so that more local and foreign tourists could join them?

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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Philippines attracted more international visitors than last year but still behind 2024 target

December 24, 2024December 18, 2024carlocarrasco

When it comes to attracting visitors from overseas, the Philippines improved over the 5.45 million international visitors of 2023 but they have yet to hit the declared 2024 target of 7.7 million international visitors and time is already running out, 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…

INTERNATIONAL visitors to the Philippines totaled 5.65 million as of Dec. 15, according to the Department of Tourism (DoT), well behind the pace needed to achieve the 7.7 million target for the year.

“South Korea remains our top source market, followed by the US and Japan,” Tourism Secretary Christina G. Frasco said at a briefing on Tuesday.

“To further expand our reach, we have intensified efforts to engage emerging opportunity markets, sharing the unique story of the Filipino and showcasing the rich array of experiences our country has to offer,” Ms. Frasco added.

The mid-December total is equivalent to 73.4% of the target for the year.

The DoT said that South Korea accounted for 1.15 million or 20.3% of the total arrivals, followed by the US with 889,489 or 15.7%, and Japan 367,747 or 6.5%.

Rounding out the top five were China, which sent 306,549 visitors or 5.4%, and Australia with 249,140 or 4.4%.

The other leading sources of visitors were Canada, Taiwan, Singapore, the UK, and Malaysia.

“We have graduated from measuring tourism merely by the number of people arriving, but rather on the more important numbers” like spending, length of stay, and return visits, she added.

Ms. Frasco said tourism receipts as of Dec. 15 amounted to P712 billion, exceeding the P697 billion booked in 2023.

“Tourists are now spending an average of over 11 nights in the country, and over 70% are repeat visitors,” she added.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think it is still possible for the Philippines to be able to attracted at least 6.5 million international tourists by December 31, 2024? Do you think the Philippines could do better or worse in 2025? What do you think is the one single issue that made it hard for the Philippines to attract more visitors from overseas? Do you think the new law of Value-Added Tax (VAT) refund for foreign tourists will make an impact by the middle of 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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President Marcos signs into law VAT refund for foreign tourists

December 17, 2024December 9, 2024carlocarrasco

In a move to boost the Philippines’ standing in international tourism, President Ferdinand “Bongbong” Marcos, Jr., signed into law the priority measure of providing Value Added Tax (VAT) refund for foreign tourists, according to a Philippine News Agency (PNA) news article.

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

President Ferdinand R. Marcos Jr. on Monday signed into law a measure providing refund of Value Added Tax (VAT) for foreign tourists to attract more travelers and position the country as a “premier global shopping destination.”

Republic Act (RA) 12079 or the VAT Refund for Non-Resident Tourists will establish a VAT Refund System on locally purchased goods, Marcos said in his speech during the ceremonial signing in Malacañang.

Under the new law, tourists can claim a refund on the VAT for goods personally purchased at accredited retail outlets, provided these goods are taken out of the country within 60 days and meet a minimum transaction requirement of PHP3,000.

This initiative opens a new chapter in the Philippines’ tourism landscape, according to the President, allowing the country to compete with other tourism markets that attract tourists who are eager to take home authentic, high-quality Filipino products.

With the new law, an estimated 30 percent increase in tourist spending is projected which will benefit both large-scale industries and micro, small, and medium enterprises.

“These products tell our stories, and now, with the VAT refund, they will be able to be more accessible to global consumers, elevating once again our stature in the global market,” Marcos said.

Let me end this post by asking you readers: What is your reaction to this recent development? With the new law signed already, do you expect it to help the Philippines attract more foreign tourists as well as better spending from each of them during they stay in the country?

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

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DTI executive says Philippines is unlikely to be hit by Trump’s planned tariff hikes

December 13, 2024December 3, 2024carlocarrasco

Based on available details and key factors, an executive of the Department of Trade and Industry (DTI) stated that the Philippines is unlikely to be hit by the planned tariff hikes of the returning United States President Donald Trump whose administration will formally start on January 20, 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…

Department of Trade and Industry (DTI) Undersecretary Ceferino Rodolfo said Monday that the Philippines is unlikely to be targeted by the planned tariff hikes under the incoming administration of United States President-elect Donald Trump, citing the balanced and healthy trade relationship between the two countries.

Rodolfo noted that the Philippines’ trade deficit with the US stood at USD4 billion in 2023, far smaller than the deficits the US faces with other Asian countries, including China (USD300 billion), Vietnam (USD109 billion), Japan (USD75 billion), South Korea (USD55 billion), India (USD47 billion), and Thailand (USD43 billion).

“We believe that countries with which the US has a huge trade deficit—particularly those which worsened during the past four years—will be likely targets of additional US tariffs,” he said.

He added that this puts the Philippines in a strong position as the US looks to address trade imbalances.

“With the Trump administration’s focus on reducing trade deficit, the Philippines can leverage the balanced and healthy Philippines-US trade, indicating a mutually beneficial trade relationship,” the DTI official added.

Strengthening ties – Rodolfo said DTI Secretary Cristina Roque and Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go are working closely with the US government to ensure “even closer economic relations” with the long-time ally in preparation for Trump’s assumption into office.

He also pointed out that Trump’s pick for Department of State Secretary, Senator Marco Rubio, has been a strong proponent of closer economic and strategic ties between the US and the Philippines.

Rubio filed Senate Bill 4703, or the Philippines-US Strategic Partnership Act, which aims to enhance economic relations between the two countries.

The bill, filed on July 11, 2024, proposes to negotiate a critical minerals agreement with the Philippines; to prioritize support from the US International Development Finance Corporation for projects involving critical minerals and fossil fuels in the Philippines; and to identify additional US agencies that could invest in the Philippines, including the Department of Defense’s Office of Strategic Capital.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the Philippines won’t be hit by Trump’s planned tariff hikes? Are you hoping that under a Trump presidency, the Philippines and America will be able to have a free trade agreement?

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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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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Lower-than-expected economic growth for the Philippines until 2025

November 26, 2024November 19, 2024carlocarrasco

Based on the recent findings of Citigroup, Inc., the growth domestic product (GDP) of the Philippines will grow at a lower-than-expected rate until 2025, 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 Philippines’ gross domestic product (GDP) is likely to expand slower than the government’s target until 2025, Citigroup, Inc. (Citi) said.

Citi cut its GDP growth forecast for the Philippines to 5.8% this year but kept its 6% growth forecast for 2025. This is below the government’s 6-7% target this year and 6.5-7.5% goal next year.

“We lowered 2024 GDP growth slightly from 6% to 5.8%, mainly due to a weak third-quarter outturn that had been a result of several temporary, weather-related factors,” Citi economist for Thailand and the Philippines Nalin Chutchotitham said in a report.

The Philippine economy slowed to 5.2% in the July-to-September period from 6.4% in the second quarter and 6% a year ago. This was also the weakest growth since the 4.3% expansion in the second quarter of last year.

“Nonetheless, we think it would be misleading to view the weaker third-quarter expansion as the start of a slowdown as several negative factors in the third quarter are one-off events,” Ms. Chutchotitham said.

She said the weakness in third-quarter economic growth mainly stemmed from the drop in agriculture production, construction activity and net exports.

Despite the weak third quarter, Citi expects growth to accelerate in the fourth quarter as domestic demand is seen to pick up due to easing inflation and lower rates.

“We expect fourth-quarter 2024 GDP growth to accelerate to 6% year on year. Household consumption is expected to continue improving, supported by lower interest rates and improved consumer sentiment as inflation continues to stabilize.”

In the first nine months, GDP grew by 5.8%. The economy would need to grow by at least 6.5% in the fourth quarter to meet the lower end of the government’s 6-7% target.

“With the storm season passing soon, we also expect infrastructure projects’ progress to proceed at a faster clip in the fourth quarter and first quarter of 2025,” Ms. Chutchotitham said.

Domestic demand will also likely be sustained by improving employment conditions, remittance growth and bank lending.

“The RRR (reserve requirement ratio) cut of 250 basis points (bps), effective on Oct. 25, would also release more liquidity into the banking system and likely continue to support strong credit expansion,” Ms. Chutchotitham added.

The central bank last month reduced the RRR for universal and commercial banks and nonbank financial institutions with quasi-banking functions by 250 bps to 7%.

“We also maintain our expectation of 6% growth in 2025 but see some upside risks due to tailwinds from more rate cuts,” Citi said.

The Bangko Sentral ng Pilipinas (BSP) will likely cut by 25 bps in December and by a total of 75 bps next year, according to Citi.

This year so far, the central bank has reduced interest rates by 50 bps since August. The Monetary Board is set to hold its last rate-setting meeting of the year on Dec. 19.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines still has enough momentum to exceed the 4^th quarter growth targets of economists?

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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Las Piñas City Mayor’s daughter supports P103.8 billion reclamation project, appeals to President Marcos and DENR to support it

November 22, 2024November 16, 2024carlocarrasco

Recently in the City of Las Piñas, business woman and candidate Alelee Aguilar-Andanar expressed her support for the P103.8 billion Las Piñas-Parañaque Coastal Bay Reclamation Project and reached out to President Ferdinand “Bongbong” Marcos and the Department of Environment and Natural Resources (DENR) to support it as well so that socio-economic developments in the city will happen, according to a Manila Standard news report.

For the newcomers reading this, Aguilar-Andanar is the daughter of incumbent Mayor Imelda Aguilar and the late Mayor Vergel “Nene” Aguilar.

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

A daughter of Las Piñas Mayor Imelda Aguilar expressed support for the resumption of the P103.8-billion Las Piñas-Parañaque Coastal Bay Reclamation Project as it would generate billion of income to the city’s coffer.

Businesswoman Alelee Aguilar-Andanar appealed to President Ferdinand Marcos Jr. and Department of Environment and Natural Resources Secretary Antonia Yulo-Loyzaga to sign the notice to proceed of the project as this would create thousands of local jobs, realize pro-poor projects, including socialized housing.

Aguilar-Andanar, who is running for councilor for next year’s election, is the third daughter of the late Las Pinas Mayor Vergel and incumbent Mayor Imelda. Alelle is the wife of former Presidential Communications Operations Office (PCOO) Secretary Martin Andanar.

Aguilar-Andanar said the reclamation project is a dream and aspiration of her late father who served as mayor of Las Piñas City from 1995 to 2004 and from 2007 to 2016.

She said (her) father’s vision is to keep pace with modern development. “If we don’t keep up or if we don’t devise a way (to generate income), it will become more difficult for the next generation,” said Aguilar-Andanar, quoting her father. She said (her) father wanted to call the reclamation project Las Piñas, Our Home 2.0.

Aguilar-Andanar said her family would join forces with incumbent councilors Mark Anthony Santos and Henry Medina in convincing their constituents on the benefits of the reclamation projects which could help restore ecosystems, create habitats for wildlife and mitigate flooding.

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 that now is the time to have the reclamation project approved so that Las Piñas will further develop economically and socially? Do you think that land reclamation only results in flooding and environmental damage? How many people in your local community are aware of the P103.8 billion Las Piñas-Paranaque Coastal Bay Reclamation Project? Will you vote Aguilar-Andanar for City Councilor in May 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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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

Office market shrinks in connection with nationwide POGO ban

October 24, 2024October 14, 2024carlocarrasco

It has been months since the nationwide ban on POGOs (Philippine Offshore Gaming Operators) was declared and this resulted in the shrinking of the office market as demand for office spaces weakened, according to a Manila Bulletin business news report.

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

The total ban on the Philippine Offshore Gaming Operations (POGO) contributed to a significant decrease in the demand for office spaces in the third quarter of the year, property brokerage firm Leechiu Property Consultants (LPC) said.

In a statement, LPC said office take-up from July to September dropped by 21 percent to only 215,000 square meters (sqm), with the POGO industry’s downsize and other tenants’ transfer to newer spaces contributing to an increase in vacancies.

The POGO industry was one of the main drivers of the residential and office markets at the time of the Duterte administration, until getting totally banned by President Ferdinand Marcos Jr. this year amid their venture into illicit areas.

“The grave abuse and disrespect to our system and laws must stop. We need to stop them and their abuse to our country,” Marcos Jr. said.

Despite the decline in office take-ups this quarter, LPC said that the country is on track to surpass the one million sqm office demand registered last year.

“The year-to-date demand for office space has reached 900,000 sqm, marking an 11 percent increase over the first three quarters of 2023,” it said.

In terms of leasing pattern, LPC said tenants are now shifting from higher-quality buildings to offices that can offer better and larger spaces.

In terms of location, the bay area continues to be the top choice, with office take-up driven primarily by government agencies occupying 80,000 sqm in the first nine months of the year. Outside Metro Manila, Cebu remains the top provincial market with the higher take-up coming from the IT-BPM industry.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the shrinking of the office market is temporary at best and a recovery could begin before the end of the year? Do you favor the ban on POGOs?

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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