jobs – Page 15 – Author Carlo Carrasco

IMF raises Philippine economic growth forecast to 6.2% for 2024

April 30, 2024April 17, 2024carlocarrasco

Recently the International Monetary Fund (IMF) raised its 2024 growth forecast for the Philippines to 6.2% which is within national government’s growth range for this year, according to a Manila Bulletin news report.

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

The International Monetary Fund (IMF) has raised its Philippine growth forecast to 6.2 percent for 2024 from its previous estimate of six percent announced last January, citing carryover strength from the last quarter of 2023.

The IMF also expects the country’s gross domestic product (GDP) to grow by 6.2 percent in 2025, higher than its January forecast of 6.1 percent.

Based on the April IMF World Economic Outlook (WEO) report released Tuesday, April 16 (Washington time), the IMF also projects Philippine inflation will fall to below four percent this year and in 2025. Its projected year-end inflation is 3.6 percent for 2024 and three percent for 2025 which is within the government target of two percent to four percent.

Meanwhile, the 6.2 percent IMF GDP outlook for 2024 is within the Marcos administration’s growth target of six percent to seven percent but the 2025 projection is below the government target of 6.5 percent to 7.5 percent.

IMF’s Resident Representative in the Philippines Ragnar Gudmundsson said in an email that real GDP growth for 2024 was revised slightly to 6.2 percent from six percent in the January WEO because of “carryover from a better-than-expected outturn in the last quarter of 2023.” The local economy grew by 5.6 percent in the fourth quarter 2023, bringing the full-year GDP to 5.6 percent.

As to the 2025 growth outlook, Gudmundsson said the 6.2 percent GDP expansion next year will be “supported by an acceleration in domestic demand and investment.”

“Over the medium term, structural reforms to close infrastructure and education gaps, attract greater FDI (foreign direct investments), and harness benefits from the digital economy should help realize a growth potential of about 6-6.5 percent. These reforms should be complemented by strengthening existing social protection schemes and addressing climate change through a more integrated strategy that includes a carbon pricing scheme,” he said.

Gudmundsson said the 6.2 percent GDP forecast for the Philippines “compares with an average growth rate for ASEAN countries in 2024 of 4.6 percent.”

Based on the latest WEO, the IMF forecast the Asian regional economy will grow by 4.5 percent this year and 4.3 percent in 2025.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippine economy has enough momentum to surpass the 6.2% growth forecast of the IMF for 2024? Do you think inflation in the country will slow down more than what the IMF predicts?

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

April 25, 2024April 12, 2024carlocarrasco

Recently the administration of Philippine President Ferdinand “Bongbong” Marcos, Jr., and top officials of the Ultra Safe Nuclear Corp. (USNC) met in Washington, D.C., and discussed the progress of the company’s nuclear energy investment plan in the country, according to a Philippine News Agency (PNA) news article.

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

President Ferdinand R. Marcos Jr. on Friday (Manila time) hailed the developments in the planned nuclear energy investment of Washington-based Ultra Safe Nuclear Corp. (USNC) in the Philippines.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

April 23, 2024April 10, 2024carlocarrasco

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

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

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

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

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

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

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

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

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think there is enough momentum for FDI net inflow to exceed the $1 billion mark by the first few months of 2025? Do you think the government is doing a good job attracting foreign investments?

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

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Philippines unemployment rate falls down to 3.5% in February 2024

April 23, 2024April 11, 2024carlocarrasco

Recently the Philippine Statistics Authority (PSA) confirmed that the unemployment rate of the nation fell down to 3.5% in February 2024, 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…

Unemployment rate fell to 3.5 percent in February this year from 4.5 percent in January, the Philippine Statistics Authority (PSA) reported on Thursday.

In a briefing, National Statistician Dennis Mapa said based on the time series, the unemployment rate during the month was the second lowest on record since the 3.1 percent in December 2023. Unemployment rate in February last year was 4.8 percent.

Mapa said the number of unemployed Filipinos went down to 1.80 million from 2.47 million and 2.15 million unemployed persons in February 2023 and January 2024.

The Labor Force Participation Rate (LFPR), meanwhile, was at 64.8 percent or about 50.75 million Filipinos aged 15 years and above who were either employed or unemployed.

This is lower than the 66.6 percent LFPR seen in February last year with young people (-669,000) and women (-404,000) withdrawing from the labor force. 

“The needs of vulnerable groups, including women, youth, older people, and those with disabilities, remain our priority to encourage workforce participation. We will improve access to quality childcare, finance, and entrepreneurship opportunities to support women’s entry and retention in the labor market,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said in a separate statement.

Balisacan said the government will revisit the existing policy governing alternative work modes, such as the Telecommuting Act, and adapt it to the evolving work landscape to address the growing preference for remote work.

“The government will explore enhancing the potential of part-time work to help promote lifelong learning. A framework for part-time work and similar set-ups can allow workers to retool or upskill without leaving the workforce,” Balisacan said.

The country’s employment rate, meanwhile, went up to 96.5 percent in February from 95.5 percent in January and 95.2 percent in February this year.

The number of employed persons was registered at 48.95 million, higher than the recorded number of employed persons in February 2023 at 48.80 million and in January 2024 at 45.94 million.

Major industries with the largest increase in employment include construction (470,000), transportation and storage (444,000), administrative and support service activities (344,000), manufacturing (313,000), and accommodation and food service activities (210,000).

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 – reached 6.08 million, down from last year’s 6.29 million.

The NEDA said the Marcos administration will continue to prioritize people-centered policies and attract job-creating investments to support the continued improvement of the Philippine labor market and enable Filipinos to earn higher wages from better jobs.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the nation’s economy and employers still have enough momentum to move forward and create more new jobs over the next twelve 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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DBCC revises Philippine economic growth targets for 2024 and 2025

April 17, 2024April 7, 2024carlocarrasco

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

April 16, 2024April 5, 2024carlocarrasco

Recently the huge international financial firm The Hongkong and Shanghai Banking Corporation (HSBC) confirmed its commitment to investing in the Philippines and supporting the government’s economic agenda which President Ferdinand “Bongbong” Marcos, Jr., welcomed, according to a Philippine News Agency (PNA) news article.

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

President Ferdinand R. Marcos Jr. on Thursday welcomed the commitment of the Hongkong and Shanghai Banking Corporation (HSBC) to support the government’s economic agenda and continue to invest in the Philippines.

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

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

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

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

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

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

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

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Moody’s Ratings sees the Philippines becoming the 2nd fastest growing Southeast Asian economy this year and in 2025

April 15, 2024April 3, 2024carlocarrasco

For this year and 2025, Moody’s Ratings projects the Philippines will end up as the 2^nd fastest growing economy in Southeast Asia, 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 is projected to be the second-fastest growing economy in Southeast Asia this year and in 2025 as domestic demand is expected to remain resilient, according to Moody’s Ratings.

“We have kept unchanged our 2024 and 2025 forecasts for the Philippines and Malaysia and also expect sequentially higher growth in both countries. Domestic demand remains the primary economic growth engine for the Philippines,” it said in a report.

Moody’s Ratings kept its forecast for gross domestic product (GDP) growth for the Philippines at 5.9% this year and 6% in 2025.

However, these projections fall short of the government’s growth targets of 6.5-7.5% for this year and 6.5-8% for next year.

At 5.9%, the Philippines has the second-fastest projected growth in Southeast Asia for 2024, after Vietnam (6%). It is ahead of Indonesia (5%), Malaysia (4.5%) and Thailand (2.8%).

For 2025, the Philippines is again expected to post the second-fastest growth behind Vietnam (6.5%) but ahead of Indonesia (5%), Malaysia (4.8%), and Thailand (3%).

Moody’s Ratings said that growth in domestic demand-driven countries like the Philippines is “increasing more than we previously expected.”

The economy grew by a weaker-than-expected 5.6% in 2023, slower than the 7.6% expansion in 2022 and short of the 6-7% government goal.

Household consumption typically accounts for three-fourths of the Philippine economy. Last year, household spending expanded by 5.6%, much slower than 8.3% in 2022.

Meanwhile, Moody’s Ratings sees inflation averaging 3.8% this year, higher than the Bangko Sentral ng Pilipinas’ (BSP) 3.6% full-year forecast but within the 2-4% target.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that strong household consumption alone can help the Philippine economy grow stronger than what Moody’s Ratings projected for 2024 and 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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World Bank sees stronger Philippine economic growth in 2025

April 11, 2024April 2, 2024carlocarrasco

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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Tourist spots in New Bilibid Prison?

April 5, 2024March 26, 2024carlocarrasco

If plans between the different authorities indeed push through, then it would mean that tourist spots inside the New Bilibid Prison (NBP) in Muntinlupa City will be realized, according to a news article by the Philippine News Agency (PNA).

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

Plans are afoot to convert historical sites inside the New Bilibid Prison (NBP) in Muntinlupa into possible tourist sites following a Monday meeting between Bureau of Corrections (BuCor) Director General Gregorio Pio P. Catapang Jr. and Muntinlupa City Mayor Rozzano Rufino B. Biazon.

During the meeting attended by officials from BuCor, the Department of Justice, and the city government, Catapang assured his full support to revive the Muntinlupa’s economy through tourism, the BuCor said in a statement on Tuesday.

Included in the circuit tours inside the NBP being eyed by the Muntinlupa City Tourism Culture and Arts Department are: Kiyosi Oshawa Shrine / Memorial for Peace Shrine; the Jamboree Lake, the smallest lake in the Philippines; Director’s Quarters – Presently the official residence of the Bureau of Corrections Director General; Lethal injection and Death Chamber, which has since been mothballed following the suspension of the death penalty; Japanese Cemetery, a garden cemetery located inside the NBP Reservation Compound dedicated to the Japanese Soldiers who died in Muntinlupa; Memorial Hill, the burial place of Major Eriberto B. Misa Sr. which served as a tribute to the former Bureau of Prison Director for his 12 years of service, making him the longest-serving prison director up to this date.

The government earlier announced plans to decongest the overpopulated penal facility and convert it into a high-value multi-use development once the inmates are relocated to other facilities throughout the country by 2028.

In November last year, prison officials said an open park at the heart of Metro Manila similar to Central Park in New York, is among the components of the plan by the BuCor to develop the NBP.

Catapang said that Justice Secretary Crispin Remulla’s vision for the property is to turn a 100-hectare lot of the more than 350 hectares of NBP into an open park, while the remaining area will be for a mixed-use space to house a government center, and lease parts to private entities to generate funds for the national government.

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, do you see any potential benefit of establishing tourist spots inside the NBP?

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

April 1, 2024March 20, 2024carlocarrasco

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 3^rd 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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