jobs – Page 15 – Author Carlo Carrasco

Philippines targets economic growth of 6.5% to 7.5% for 2024

January 25, 2024January 18, 2024carlocarrasco

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

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

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

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

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

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

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

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

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

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

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Department of Tourism (DOT) hopes to surpass P1.5 trillion in domestic tourism revenue this year

January 23, 2024January 15, 2024carlocarrasco

While 2023 turned out successful for Philippine tourism in terms of foreign tourist statistics, the Department of Tourism (DOT) recently started focusing on domestic tourists hoping to attract a massive amount of revenue coming from them this year, according to a GMA Network news report.

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

Due to the performance of various tourism sectors last year, Tourism Secretary Christina Frasco is confident of the Philippines prospects for 2024, as shared in an interview over Super Radyo dzBB on Sunday.

‘“Yung sa international visitor receipt, lumagpas tayo sa ‘P482.5 billion pesos na napunta sa ating ekonomiya because of our foreign visitors… We hope to be able to surpass the P1.5 trillion pesos domestic visitors receipt na napunta sa ating ekonomiya noong 2022”, Franco said.

Tourism-related employment created 5 million jobs nationwide, Frasco said.

For the new year, the tourism secretary said her marching orders from President Ferdinand ‘Bongbong’ Marcos, Jr. is the enhancement of overall tourist experience.

“Gusto natin na masaya ang mga turista. Maramdaman nila ang love, warmth of the Filipino people at tsaka ‘yung convenience sa pag-travel,” said the secretary who hails from Cebu, a major travel destination.

Based on feedback, one concrete step is the construction of 18 tourist rest areas that will provide clean public restrooms.

The DOT head’s confidence is buoyed by the combination of numbers resulting from both international and domestic tourists.

“‘Yung domestic tourism natin has been massively successful especially in our regions, provinces, cities and municipalities across the country”, she said.

In 2023, the DOT announced that 5.45 million international tourists visited the country, exceeding its targets.

For preferred tourist destinations, Frasco said Cebu has always been a favorite as well as Palawan, Boracay, Siargao Metro Manila and Batangas.

On top of the tourism staples, the DOT chief said her agency will also work to promote and develop emerging and lesser known destinations to provide opportunities under the Philippine Experience Program. The approach would be to highlight an area’s heritage, culture and arts as well as the discovery of delicacies, festivals and communities.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the DOT will be able to motivate people around the country to engage in domestic tourism and spend a good amount of money on accommodations, travel, restaurants, gifts and the like? Do you think the DOT should cooperate more with local government units (LGUs) as well as provincial governments to emphasize local tourism?

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

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First Metro Investment Corp. and University of Asia and the Pacific expect Philippine economy will grow by 6% this year

January 19, 2024January 13, 2024carlocarrasco

Recently, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) expressed expectation that the economy of the Philippines will achieve 6% growth for the year 2024, according to a BusinessWorld news article.

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

THE PHILIPPINES’ gross domestic product (GDP) is projected to grow faster this year as easing inflation will help boost “revenge spending,” analysts said.

First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said they expect GDP growth at 6% this year, still below the government’s 6.5-7.6% target.

“I think they will not be able to make the 6.5% unless foreign investments come in. And so far, if we look at 2023, foreign investments were actually down significantly… but we have to see how things pan out in the coming months,” Victor A. Abola, an economist at UA&P, said at a briefing in Makati City on Thursday.

FMIC and UA&P projected full-year GDP to average 5.5% in 2023, still below the government’s 6-7%. The economy grew by 5.5% in the nine-month period.

The Philippine Statistics Authority (PSA) is set to release full-year 2023 GDP data on Jan. 31.

“Growth will accelerate from 5.5% (in 2023) to 6% (in 2024), driven by the services sector, particularly, transport, accommodations, and food services, which are experiencing revenge spending,” Mr. Abola said.

Filipino consumers are expected to continue to splurge this year, which will help drive growth.

“We’re just seeing the beginning of (revenge spending) because high inflation has sort of toned down that expansion. So, I think that we’ll see faster GDP growth in 2024,” Mr. Abola said.

Improved employment will also boost the economy this year, Mr. Abola said, citing the record low jobless rate seen in November.

The country’s unemployment rate fell to 3.6% in November from 4.2% in the previous month and a year ago, marking an 18-year low. In November, the number of employed people also rose to 49.64 million from 47.8 million in October and 49.7 million in November 2022.

FMIC Executive Vice-President Daniel D. Camacho said the BSP will likely keep rates steady for the first half.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think internal and external economic factors will somehow become favorable for the Philippines and allow better economic growth along the way? Do you think there is too much attention paid on so-called revenge spending?

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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Withholding tax on online sellers could address revenue leakages

January 18, 2024January 12, 2024carlocarrasco

With the 1% withholding tax on online sellers already in effect, there is potential that the said tax could address revenue leakages, according to a BusinessWorld news article.

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

THE GOVERNMENT should ensure that it will be able to properly implement and monitor the collection of withholding tax on online sellers.

The Bureau of Internal Revenue (BIR) recently issued Revenue Regulations (RR) No. 16, which imposes a withholding tax on the gross remittances made by electronic marketplace operators and digital financial service providers to merchants.

Analysts said that the implementation of the withholding tax on online sellers will allow the BIR to better track transactions in the digital economy.

“The implementation of a 1% withholding tax on online sellers is intended to expand the tax base by addressing potential revenue leakages in the growing online retail industry,” China Banking Corp. Chief Economist Domini S. Velasquez said in a Viber message.

“Ideally, the withholding tax system should streamline the tax payment process for online sellers and should have no substantial impact on prices under the assumption that retailers are paying correct taxes,” she added.

Eleanor L. Roque, tax principal of P&A Grant Thornton, said that the measure provides the BIR an additional mechanism to “ensure that taxes are paid by the business owners since their income will also be reported by their withholding agents.”

Ms. Velasquez noted that the imposition of the withholding tax may also mitigate some instances of noncompliance by online sellers.

“This measure is expected to increase government revenues and promote transparency among companies engaged in online retail trade,” she added.

Ms. Roque said that the tax will be an “additional administrative burden” on electronic marketplaces.

“These entities will have to put controls in place to identify remittances to online sellers that are subject to withholding taxes,” she said in a Viber message.

Under BIR regulation, a withholding tax of 1% will be imposed on one-half of the gross remittances by e-marketplace operators and digital financial service providers to the sellers or merchants for the goods and services paid or sold through their platforms or facilities.

However, the tax is not imposed if the annual total gross remittances to an online seller for the past taxable year has not exceeded P500,000; if the cumulative gross remittances to an online seller in a taxable year has not yet exceeded P500,000 or if the seller is duly exempt from or subject to a lower income tax rate pursuant to any existing law or treaty.

The regulation covers marketplaces for online shopping, food delivery platforms, platforms to book lodging accommodations, and other similar online service or product marketplaces.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the withholding tax on online sellers will solve government revenue leakages?

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

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World Bank sees Philippine economy growing at 5.8% this year

January 18, 2024January 11, 2024carlocarrasco

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Philippines unemployment rate falls to 3.6% (as of November 2023)

January 15, 2024January 14, 2024carlocarrasco

Based on the latest findings of the Philippine Statistic Authority (PSA), the national unemployment rate fell down to 3.6% as of November 2023, 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 country’s unemployment rate fell to its lowest level in November last year, while employment reached its highest since April 2005, the Philippine Statistics Authority (PSA) reported on Tuesday.

At a briefing, National Statistician Dennis Mapa said results of the PSA’s latest Labor Force Survey (LFS) showed that unemployment rate further went down to 3.6 percent during the month, down from the 4.2 percent recorded in November 2022 and October 2023.

It was the lowest recorded unemployment rate since the PSA introduced a new methodology for measuring the LFS in 2005.

In terms of magnitude, the number of unemployed Filipinos was estimated at 1.83 million, down from 2.18 million in November 2022 and 2.09 million last October.

The Labor Force Participation Rate (LFPR), meanwhile, was registered at 65.9 percent or about 51.47 million Filipinos aged 15 and above who were either employed or unemployed.

The LFPR during the month was lower than the 67.5 percent recorded in November last year.

In a statement, the National Economic and Development Authority (NEDA) said the decline was mainly due to reduced participation of young people (34.4 percent from 40 percent) and women (55.4 percent from 57.8 percent) in the labor force, influenced by family responsibilities, schooling, and age-related factors.

The country’s employment rate was estimated at 96.4 percent, also the highest recorded since April 2005.

The number of employed Filipinos was estimated at 49.64 million.

Underemployed persons or those who expressed the desire to have additional hours of work in their current job or to have an additional job or to have a new job with longer hours of work was recorded at 5.6 million, lower than last year’s 7.16 million.

NEDA Secretary Arsenio Balisacan said there is a need to expand the digital economy, including the digitalization of Micro, Small, and Medium Enterprises and startups, to address the declining labor force and increase labor market gains in 2024 and beyond.

“Digitalization enables alternative work arrangements, particularly for the youth, women, and those in the creative sector. This will help address the declining labor force,” Balisacan said.

“We will take full advantage of the liberalization reforms intended to attract investments in the Philippines, especially in digital infrastructure. Upgrading our infrastructure will attract investments that generate high-quality jobs,” he added.

Balisacan said the government will further support a more productive, agile, and adaptive workforce by passing and implementing crucial regulatory reforms, such as the Apprenticeship Bill, Lifelong Learning Bill, and the Enterprise Productivity Act.

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 has enough momentum to grow and open up new job opportunities for more Filipinos?

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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Ease of Paying Taxes Act signed into law by President Marcos

January 11, 2024January 7, 2024carlocarrasco

In recent times, Philippine President Ferdinand “Bongbong” Marcos, Jr., signed into law the Ease of Paying Taxes Act (officially referred to as Republic Act Number 11976 or RA11976), 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…

President Ferdinand R. Marcos Jr. signed into law Republic Act (RA) 11976 or the Ease of Paying Taxes Act which aims to modernize and increase the efficiency and effectiveness of tax administration and strengthen taxpayer rights.

In a statement on Sunday, the Presidential Communications Office (PCO) said the Ease of Paying Taxes Act is one of the priority legislations mentioned during the State of the Nation Address in 2022 and 2023.

“The law allows the government to capture as many taxpayers as possible into the tax net by streamlining the system and minimizing the burden on taxpayers, increasing the country’s revenue collection in the long run,” the PCO said.

The new law, signed on Friday, introduces administrative tax reforms and amendments to several sections of the National Internal Revenue Code of 1997.

It also updates the Philippine taxation system, adopts best practices and replaces antiquated procedures.

Among RA 11976’s salient features are classification of taxpayers into micro, small, medium, and large; electronic or manual filing of returns and payment taxes either to the Bureau of Internal Revenue (BIR), through any authorized agent bank or authorized tax software provider; option to pay internal revenue taxes removal to the City or Municipal Treasurer; elimination of the distinction between documentation and basis of sales of goods and services; and classification of value-added tax (VAT) refund claims into low, medium and high-risk.

The law ensures the availability of registration facilities to non-Philippine resident taxpayers; promoting and assisting taxpayers in tax processes; streamlining; reducing documentary requirements; and digitalizing BIR services through the development of the Ease of Paying Taxes and Digitalization Roadmap.

The law likewise imposes 180 days to act on claims for refund of erroneous or illegal tax collection and increases the amount for the mandatory issuance of receipts for each sale and transfer of goods and services from PHP100 to PHP500.

According to PCO, the law mandates the BIR to adopt an integrated digitalization strategy by providing end-to-end solutions for the benefit of taxpayers.

These include adopting integrated and automated system for facilitating basic tax services, setting up electronic and online system for data and information exchange between offices and departments, streamlining of procedures by adopting automation and digitalization of BIR services, and building up BIR’s technology capabilities.

RA 11976’s implementing rules and regulations shall be promulgated 90 days from the effectivity of the Act after the consultation of the Finance Secretary with the BIR and the private sector.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think this new law will positively impact the nation’s taxation system? Do you think the new law’s impact will be felt within the next two 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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Finance Secretary Diokno says Philippine economic growth this year will be robust

January 11, 2024January 8, 2024carlocarrasco

The economy of the Philippines will continue with robust growth this year according to the recent statement by Finance Secretary Benjamin Diokno, as reported 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…

Philippine economic growth is expected to remain robust this year mainly driven by private consumption and the continued implementation of structural reforms, Finance Secretary Benjamin Diokno said on Monday.

“While multilateral organizations project a slower global outlook for 2024 at 2.9 percent, the Philippine economy is expected to improve, reinforcing its status as one of the fastest-growing economies in the region,” Diokno said in a statement.

The Philippine economy grew by 5.9 percent in the third quarter of 2023, bringing the year-to-date growth to 5.5 percent.

Diokno said that for the full year of 2023, growth is expected to settle close to the low end of the government’s 6 to 7-percent target.

For 2024, economic managers assume a growth rate of 6.5 percent to 7.5 percent.

“Amid the ongoing strong El Niño and geopolitical and trade tensions, the country’s growth is expected to be driven by strong private consumption, supported by the expected return of inflation within the target range, falling oil prices, robust public spending, greater investments lured by the country’s sound macroeconomic fundamentals, investment-grade credit rating, and the implementation of structural reforms, and increased demand for Philippine exports as supply chain bottlenecks ease,” he said.

Diokno said economic prospects will be even better with the alignment of policies between fiscal and monetary authorities, measures to bring down inflation, and greater coordination of all public sectors to implement programs.

He added multilateral organizations also expect the Philippines to be one of the fastest growing economies in 2024.

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 has enough momentum to achieve growth of at least 6.5% 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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CREATE Law attracts over P1 trillion worth of investments

January 10, 2024January 4, 2024carlocarrasco

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

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

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

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

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

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

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

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

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

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

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

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

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2024 business permit renewal processing in Muntinlupa City ongoing

January 4, 2024January 20, 2024carlocarrasco

UPDATE: Muntinlupa City officially extended the deadline to January 31, 2024 according to a Manila Bulletin news report.

Recently in the City of Muntinlupa, the City Government announced that it has formally launched on January 2, 2024, the annual processing of applications for business permits – both new and renewals) at the Muntinlupa Sports Center in Barangay Tunasan, according to a Manila Bulletin news report. As of this writing, the entire process will last until January 20, 2024, but an extension of the deadline might be declared as with prior years.

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

According to the city government, the renewal of business permits will be held from Jan. 2 to 20 at the Muntinlupa Sports Center.

Business owners can also apply business permits online through the Business E-Payment System (BESt).

According to the Muntinlupa Business Permits and Licensing Office (BPLO), the requirements for the renewal of business permits this year are:

1 BIR Monthly/Quarterly Payments for 2023 (photocopy and original)

– Form No. 2550Q/2551Q/2550M

– Form No. 1701Q/1702Q

2. Audited financial statements duly filed before the SEC/BIR (for the period covering two years prior) / Annual Income Tax Return

3. Previous Mayor’s Permit

4. Declaration of gross sales:

a. Notarized Certificate of Gross Sales for 2023

b. If financial documents are consolidated”

– Notarized certificate of breakdown of gross sales per branch for 2023

– 2023 Business Permits/Assessment from other LGUs

– Official Receipts/Sales Invoices/Journals/ POS Reports, etc. (if applicable)

c. Certificate of gross sales for 2023 from the mall admin (if business is located in the mall)

5. Others

a. Copy of 2024 cedula from head office (If business is a branch only)

b. Certification from market administrator (If business is located in Alabang Central Market)

c. Authorization letter and valid ID for representatives

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 who plans to start a business locally, do you find the list of requirements intimidating? Do you think it is inevitable for the City Government to announce a deadline extension?

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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