jobs – Page 20 – Author Carlo Carrasco

Muntinlupa City to help sari-sari store owners with program

August 17, 2023August 15, 2023carlocarrasco

Recently in the progressive City of Muntinlupa, the City Government announced that it will implement a notable program that will benefit owners of sari-sari stores and other micro-retailers through a special program, according to a Manila Bulletin news report.

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

The Muntinlupa City government will implement the iSTAR Program aiming to provide skills to sari-sari (variety) store and other micro-retailing business owners.

The Muntinlupa City Council approved Resolution 2023-293 authorizing Mayor Ruffy Biazon to enter into a memorandum of understanding with the Technical Education and Skills Development Authority (TESDA) for the implementation of the iSTAR Program or the upgraded version of the Sari-Sari Store Training and Access Resources (STAR) Program.

According to the resolution, the iSTAR Program “aims to provide access to skill training, resources, and peer mentoring to sari-sari store and carinderia owners and operators all over the country.”

Under the iSTAR Program, “sari-sari stores, traditional food outlets or karinderias and other Micro-retailing business owners will be provided with digital basic entrepreneurship training and access to business resources.”

The MOU aims to “provide both men and women residents of the city business and training to improve their finances and standard of living and at the same time, giving the community easy access to basic goods and commodities.”

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? If you own a sari-sari store or a micro-retailing business, would you take part in the iSTAR program?

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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Setback did not stop growing nationwide support for “Love the Philippines” campaign of DOT

August 15, 2023August 13, 2023carlocarrasco

Not even the embarrassment that hit the Department of Tourism’s (DOT) “Love the Philippines” slogan previously could stop its momentum as support for it nationwide grew, according to a Philippine News Agency (PNA) news article. To say the least, there were hundreds of local government units (LGUs) and other stakeholders that confirmed support for “Love the Philippines” campaign.

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

Nearly 900 local government units and stakeholders across the country have so far adopted the “Love the Philippines” campaign, the Department of Tourism (DOT) said Thursday.

In her remarks during the Philippine Tour Operators Association (PHILTOA) general meeting in Alabang, Muntinlupa City, Tourism Secretary Christina Frasco confirmed anew that the country will carry the slogan amid the previous issue with the advertising agency that conceptualized the campaign.

“Love the Philippines is an effort on the part of our national government to remind our fellow Filipinos that there is so much to love about our country. We are only one of the 18 mega biodiverse destinations in the world. We are a treasure trove of heritage, history, culture and the creative arts,” she said.

She said the campaign is a call to action to highlight “that if we love our country, we will herald the best of the best of our destinations”.

“To love the Philippines is to ask the difficult questions, to try to understand what we can do to introduce difficult but helpful solutions to programs and projects that have never been done before, but are being implemented now as our response to global tourism trends,” she said.

Frasco said nearly 900 local government units and stakeholders all over the Philippines “have expressed this deep love for the Philippines” by adopting the slogan in their own local destinations.

She called on stakeholders present to join the movement and “localize” the campaign in their towns.

“We love our country. We all love the Philippines. And it is this deep love for our country that will propel us and give us the daring to say that the Philippines deserves a much more primary position in Asia and the world as a tourism powerhouse,” she said.

The DOT terminated its contract with advertising agency DDB Philippines after discovering that it used stock footage shot abroad in the new tourism campaign video.

The advertising firm publicly apologized, saying it is taking full responsibility for the non-original materials used in the now-deleted video.

The DOT adopted “Love the Philippines” as the country’s new tourism campaign slogan in June, replacing the decade-old “It’s More Fun in the Philippines”.

Let me end this piece by asking you readers: What is your reaction to this recent development? Are you convinced that the DOT’s “Love the Philippines” campaign will succeed in terms of public awareness, marketing and attracting more tourists (both local and foreign)? Is your local government’s tourism office localizing the new DOT slogan?

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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MCX acquired by Villar-led company for P3.8 billion

August 14, 2023August 10, 2023carlocarrasco

Have you been driving lately along the Muntinlupa-Cavite Expressway (MCX)? In case you missed the news, the MCX has officially been acquired by a company led by the influential Villar group for almost P4 billion, according to a Manila Standard news report.

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

Prime Asset Ventures Inc., a company led by the Villar Group, on Wednesday finalized the acquisition of the four-kilometer Muntinlupa-Cavite Expressway from Ayala Corp. for P3.8 billion.

PAVI said in a statement it signed the implementing agreements for the acquisition of MCX after the Department of Public Works and Highways in July approved the transfer of ownership of from Ayala Corp. to the Villar Group.

Vista Land chairman Manuel Villar Jr. and Ayala Corp. president and chief executive Cezar Consing attended the signing ceremony at Brittany Hotel in Bonifacio Global City, Taguig.

“This momentous event shows our resolve to provide our countrymen better services in the area of roads and toll ways. You’ll be surprised of the many wonderful things to come in Villar City,” Villar said.

MCX is a four-kilometer controlled-access toll road linking the southern part of Cavite to Muntinlupa. It is the first public-private partner project under the Aquino administration.

Ayala signed the 30-year concession agreement for the operation of MCX Expressway in 2012. It invested P2.2 billion for the project including a P902-million cash payment to the government.

Ayala announced in March 2022 it would sell its entire stake in MCX Project Company Inc., which holds the concession for the MCX to the Villar Group for P3.8 billion.

“Ayala developed MCX over a decade ago to connect Metro Manila to Imus, Dasmarinas and Bacoor in Cavite which were experiencing rapid growth. MCX succeeded in relieving traffic congestion and reducing the travel time between Metro Manila and Cavite. The sale of MCX represents another example of our recycling capital to benefit from opportunities in our core and emerging businesses,” Consing said.

The acquisition will further expand Villar Group investment portfolio which currently includes housing, retail, food, water, power, and utilities, to integrated resorts and entertainment.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think there will be major changes regarding the MCX under the new owners? Do you constantly travel along the MCX?

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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Philippine economy grew only 4.3% in 2nd quarter

August 14, 2023August 10, 2023carlocarrasco

Achieving economic growth of 7% this year has gotten much more challenging for the Philippines as the economy grew by only 4.3% in the 2nd quarter of 2023, according to a GMA Network news report.

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

The Philippine economy continued its downtrend as it grew at a slower pace in the second quarter of 2023 — its slowest pace in nine quarters since the country entered the positive territory in the middle of 2021 following a pandemic-induced recession— amid high inflation that tempered consumption during the period, the Philippine Statistics Authority (PSA) reported on Thursday.

The economy, as measured by gross domestic product (GDP) or the total value of goods and services produced in a specific period, grew by 4.3% during the April to June 2023 period, PSA chief and National Statistician Claire Dennis Mapa said at a press conference.

This is slower than the 6.4% growth rate seen in the first quarter of the year and far slower than the 7.5% GDP growth seen in the same quarter last year. Quarter-on-quarter, it posted a decline of -0.9% during the period.

This also marks the fifth straight quarter of deceleration for the country’s GDP, and its slowest footing in nine quarters since it exited the pandemic-induced recession in the second quarter of 2021.

The economy was pulled out of recession in the April to June period of 2021 with a GDP growth rate of 12%.

The second quarter print brought the year-to-date economic growth rate at 5.3%, according to Mapa.

To achieve the government’s 6% to 7% target, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the economy “needs to grow by 6.6% in the second half.”

“Notwithstanding the challenges, we believe this is still attainable,” Balisacan said, reading the joint statement of the economic team.

The country’s chief economist earlier floated that the second quarter GDP growth is expected to “further moderate.”

High inflation, interest rates – The slower growth came amid a still high inflation environment and the consequential costly interest rates to temper rising prices.

As of the first half of the year, inflation or the rate of increase in the prices of goods and services clocked in at 7.2%, still far above the government’s comfortable ceiling of 2% to 4%.

To tame inflation, the Bangko Sentral ng Pilipinas (BSP) raised monetary policy rates by a cumulative 425 basis points since May last year.

“For the second quarter, the moderate economic expansion was driven by increases in tourism-related spending and commercial investments, but was tempered by high commodity prices, the lagged effects of interest rate hikes, the contraction in government spending, and slower global economic growth,” Balisacan said.

Notably, Household Final Consumption Expenditure (HFCE) contracted by 0.1% quarter-on-quarter. Likewise, Agriculture, Forestry, and Fishing posted a quarter-on-quarter decline of -0.97% in the second quarter. Industry and Services sectors also saw contractions of 0.7% and 1.02%, respectively, during the period

Let me end this piece by asking you readers: What is your reaction to this recent development? What do you think must be achieved to boost economic growth for the rest of 2023? Do you think the Philippine economy will achieve growth of at least 6% by the end of 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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BIR says that discounts for senior citizens and PWD for online purchases are mandatory

August 4, 2023August 2, 2023carlocarrasco

As far as the Bureau of Internal Revenue (BIR) is concerned, senior citizens and persons with disabilities (PWDs) are entitled to discounts over the online purchases they made, according to a GMA Network news report.

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

The Bureau of Internal Revenue (BIR) on Wednesday said the discounts on purchases made online by senior citizens and persons with disabilities are mandatory.

“Online platforms should recognize the mandatory discounts given to senior citizens (SC) and persons with disabilities (PWD). The BIR has issued Revenue Regulation (RR) No. 8-2023 to this effect,” BIR Commissioner Romeo Lumagui Jr. said in a statement.

“The signature of the SC/PWD is not needed if the purchase is made through online means. The SC/PWD Identification card number should still be provided,” Lumagui said.

Under RR No. 8-2023, the BIR said that the signature of the SC or PWD shall not be required for qualified purchases made online or through mobile applications.

“Nonetheless, the SC/PWD Identification Card number should still be provided by the SC/PWD when purchasing through online or mobile platforms; and the rules on entitlement to the benefits of the SC/PWD and to the tax deduction… and to future issuances pertaining to SC/PWD purchases through online or mobile applications, shall be strictly followed,” the RR read.

Lumagui said the issuance is “a step towards making the BIR a service-oriented agency, not merely a goal-oriented one.”

Meanwhile, the BIR is proposing to impose a creditable withholding tax of 1% on one-half of the gross remittances of online platform providers to their partner sellers or merchants.

The taxman had defended the proposal, saying it is not a new tax and its collection is within existing laws.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that mandatory discounts on online purchases made by senior citizens and PWDs are justified? Do you think the BIR made the right move?

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 and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. 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/.

Department of Finance (DOF) says online sellers must pay equal taxes as physical stores

August 3, 2023August 1, 2023carlocarrasco

As far as the Department of Finance (DOF) is concerned, those who sell online must pay equal taxes as the physical stores do, according to a Manila Bulletin news report. Take note that the Philippines continues to recover from the economic downturn of COVID-19 and the coronavirus itself no longer poses a danger to the nation.

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

The Department of Finance (DOF) asserted that online sellers should be subject to the same tax obligations as traditional brick-and-mortar business owners for the sake of fairness.

Finance Secretary Benjamin E. Diokno said the collection of withholding tax on online sellers by the Bureau of Internal Revenue (BIR) is driven by the principle of fairness, and it does not constitute a new tax.

Withholding tax is a type of tax collected from various income sources, including salaries, wages, interest, and other earnings.

“It’s a matter of fairness because if you buy from a regular store, you have to pay taxes. But here [in online business], you don’t have to pay, and that’s unfair,” Diokno told reporters.

Diokno stressed the need for individuals to view the tax system as fair and willingly fulfill their tax obligations.

The BIR has proposed a new rule that would require online platform providers, such as Lazada and Shopee, to withhold one percent of the money they pay to their partner sellers. This withholding tax would be applied to half of the total amount being paid.

The BIR explained that this is not an additional tax, but rather a way to enforce existing tax laws and ensure proper tax collection.

“It’s not only increasing tax revenues, it’s a matter of fairness. A good tax system should be fair. That should be one of the characteristics of a good tax system, fairness,” the finance chief said.

BIR Commissioner Romeo D. Lumagui, Jr. earlier said the tax agency aims to begin collecting a creditable withholding tax from online platform partner merchants by the fourth quarter of 2023.

Lumagui also said that their objective is to fully implement this tax by next year.

He also explained that the purpose of imposing taxes on online merchants is to ensure a level playing field between traditional brick-and-mortar retailers and those selling on digital platforms or marketplaces.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you agree with the DOF on taxing online sellers? If you own a physical store selling products, does the presence of local online sellers harm your business?

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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High-priority infrastructure projects to be financed by Maharlika Investment Fund

July 27, 2023July 25, 2023carlocarrasco

Just days after signing into law the Maharlika Investment Fund (MIF), President Ferdinand “Bongbong” Marcos, Jr., stressed during his 2^nd State of the Nation Address (SONA) that the new law will finance the high-priority infrastructure projects of the Philippines, 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 said the newly established Maharlika Investment Fund (MIF) would be used to fund high-priority projects.

“For strategic financing, some of the nation’s high-priority projects can now look to the newly established Maharlika Investment Fund, without the added debt burden,” Marcos said in his second State of the Nation Address (SONA).

The MIF is the Philippines’ first-ever sovereign wealth fund designed to catalyze economic development by mobilizing government financial assets.

“In pooling a small fraction of the considerable but underutilized government funds, the Maharlika Fund shall be used to make high-impact and profitable investments, such as the ‘Build Better More’ program,” Marcos said.

He said the gains from the Fund shall be reinvested into the country’s economic well-being.

To ensure sound financial management, Marcos assured that a group of internationally recognized economic managers shall oversee the operations of the Fund, guided by principles of transparency and accountability.

“This guarantees that investment decisions will be based on financial considerations alone, absent any political influence,” Marcos said.

“The funds for the social security and public health insurance of our people shall remain intact and separate.”

The Department of Finance (DOF) earlier said the Fund can look into big-ticket infrastructure such as in green and blue projects, countryside development, and other employment-generating projects.

For the newcomers reading this, if you want to understand what a sovereign wealth fund is and how it would work with the Philippines in mind, watch the video below…

Let me end this piece by asking you readers: What is your reaction to this recent development? Were you able to watch President Marcos’ 2^nd SONA?

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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PNP insists Las Piñas City raid is legitimate as affected company’s lawyers demanded an investigation into alleged abuses committed by law enforcers

July 3, 2023July 2, 2023carlocarrasco

Recently in the city of Las Piñas, the June 26 evening raid that resulted in the so-called rescue of more than 2,700 people got disputed as the affected company’s lawyers demanded an investigation over the alleged abuses committed by police officers, according to a Philippie News Agency (PNA) news article. The Philippine National Police (PNP) insists that the operation is legitimate.

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

The Philippine National Police (PNP) on Friday maintained that its operation against a suspected illegal Philippine offshore gaming operator (POGO) in Las Piñas early this week is legitimate as it refuted claims of abuse and manhandling of workers rescued from the establishment.

In a statement, PNP Public Information Office chief Brig. Gen. Redrico Maranan said the 2,714 workers earlier taken into custody during the operation would be released once they have completed their profiling works.

He also denied that human rights violations were committed by the police when the operation was carried out and assured that the police force would conduct a full and impartial investigation into the said operation.

The PNP’s statement came after the legal representatives of the firm Xinchuang Network Technology, Inc., demanded an investigation into alleged abuses committed by the National Capital Region Police Office (NCRPO) during the operation at Hong Tai Compound located at No. 501 Alabang-Zapote Road in Barangay Almanza Uno on Tuesday morning.

Vargas Law Office representative lawyer Ananias Christian Vargas has requested NCRPO chief Maj. Gen. Edgar Alan Okubo, PNP-Anti Cybercrime Group director Brig. Gen. Sidney Hernia, PNP Directorate for Intelligence chief, Maj. Gen. Jon Arnaldo and Bureau of Immigration Commissioner Norman Tansingco to investigate.

“As you may very well recall, in the late evening of 26 June 2023, 11:30 p.m. to be specific, the NCRPO Joint Police Task Force, led by Deputy Regional Director for Operations Brig. Gen Jack Wanky and Anti-Cybercrime Group Deputy for Operations Col. Villamor Tuliao implemented Search Warrant Nos. SW-LP23-007, SW-23-14 and SW-23-016, all dated 26 June 2023, issued by the Regional Trial Court of Las Piñas City, Office of the Executive Judge, which you conveniently couched as ‘Rescue Operation’ in Hong Tai Compound located at No. 501 Alabang-Zapote Road Almanza Uno, Las Piñas City, during which you and your Task Force control of the entire Hong Tai Compound, and even converted one of the structures as a command post,” Vargas said in the letter dated June 30.

He claimed the firm as well as its foreign and local workers were duly documented.

“The company and the legitimate workers all abide by the legal requirements,” Vargas said adding that all the documents covering the operations of the company had been in the vault seized during the raid.

Reports earlier said the PNP-ACG, backed up by several NCRPO uniformed personnel, conducted the operations. The company also questioned the conduct of the operation the police described as anti-human trafficking-related.

Vargas also claimed that as of this time, the NCRPO has not allowed the persons in the compound to leave despite its inability to file the necessary cases against these Filipino and foreign individuals.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Do you think the June 26 evening raid is legitimate?

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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“Love the Philippines” launched as the nation’s new tourism slogan

July 3, 2023June 28, 2023carlocarrasco

As part of its campaign to become a tourism powerhouse in Asia in the years to the come, the Philippines officially launched their new slogan called “Love the Philippines”, according to a Philippine News Agency (PNA) report. President Ferdinand “Bongbong” Marcos, Jr., approved of the ambitious tourism plan covering 2023-2028 and he reiterated his support for Philippine tourism.

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 Tuesday expressed optimism that the Philippines will become the “tourism powerhouse” of Asia in the next few years.

This, as Marcos witnessed the unveiling of the country’s new tourism slogan “Love the Philippines” during the Department of Tourism’s (DOT) 50th anniversary celebration at The Manila Hotel.

In a keynote speech, Marcos affirmed his commitment to advancing the tourism sector, hoping that the new campaign slogan would help stimulate economic activities and generate job opportunities in the country.

“What a better way to express that love than directly incorporating it into our country’s newest tourism campaign slogan, Love the Philippines. This is new branding which we unveiled today. It will serve as our guidepost for the Philippine Tourism Industry moving forward,” Marcos said.

“Allow me then to express my sincere appreciation to Tourism Secretary Christina Frasco and for the DOT team because aside from the tourist destination, the campaign that you have conceptualized aims to enhance the overall experience of every traveler,” he added.

In May, Marcos approved the National Tourism Development Plan (NTDP) 2023-2028 which will serve as his administration’s blueprint and development framework for the tourism industry.

Marcos said the NTDP 2023-2028 contains the government’s targets, which include the promotion of local products and the implementation of more infrastructure projects to ensure hassle-free travel.

“The five-year plan stemmed from this admin’s determination to implement programs that will positively transform our country towards being a tourism powerhouse in Asia in the coming years. Let us therefore strive to translate out golden vision into reality,” he said.

Marcos lauded the DOT for making the tourism industry as “a major driver of economic growth.”

He also welcomed the “improving” figures in tourism revenues, employment, international arrivals and domestic trips, saying these indicate the country’s recovery from the onslaught of the coronavirus disease 2019 (Covid-19) pandemic.

“All of these are encouraging signs that the tourism industry in our country as a whole is headed well towards full recovery. It also conveys a strong message to the world that we are ready and fully equipped to welcome tourists, travelers as well as investors,” Marcos said.

To realize his administration’s goal of transforming the Philippines as Asia’s tourism powerhouse, Marcos urged Filipinos to be the country’s tourism ambassadors.

“I enjoin you all to be our country’s promoters, advocates, and if I may borrow a coined term in this age of social media, be our country’s top influencers,” he said.

“Indeed, the Philippines will never run out of places to discover, meals to enjoy, adventures to experience, people to meet, talents to admire. Let us take pride and celebrate the love we have of our country and our people for it is the same love that gave meaning to the establishment of the DOT and the same love that will propel our tourism industry moving forward into the future,” Marcos added.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you foresee a bright economic future with a reinvigorated national tourism industry? Does “Love the Philippines” sound attractive to you?

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 raises forecast on Philippine economy growth for 2023

June 12, 2023June 8, 2023carlocarrasco

With the year 2023 nearing the half-way point, the World Bank revised its forecast on the Philippine economy seeing a 6% growth (versus the previous 5.4% growth forecast), according to a BusinessWorld news report.

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

THE PHILIPPINE ECONOMY is likely to grow by 6% this year amid strong domestic demand and despite elevated inflation, the World Bank said, raising its forecast from 5.4% in January.

A recovery in jobs, improved consumer sentiment and strong remittances from Filipinos overseas would drive local consumption, the multilateral lender said in its Global Economic Prospects report on Wednesday.

“Despite external challenges, high domestic inflation and tight monetary conditions, domestic demand has once again remained resilient, fueling growth,” World Bank Country Director for the Philippines Ndiame Diop separately told a virtual news briefing.

The latest growth forecast is the lower end of the government’s 6-7% growth target this year. The Philippine economy grew by 6.4% in the first quarter, slower than 8% a year ago and 7.1% a quarter earlier.

“Despite weak global conditions, our upward revision reflects this continued strength in domestic demand,” World Bank Philippines Senior Economist Ralph van Doorn said.

But the potential global slowdown could still affect growth. “Although the global economy displayed remarkable resilience in early 2023, economic conditions will remain subdued for the rest of 2023,” Mr. Diop said.

He said global growth is expected to wane due to “persistent inflation, slowdown of global trade and the effect of recent monetary tightening.”

The World Bank expects global growth to slow to 2.1% this year, though this is higher than its earlier 1.7% projection. It also sees global growth reaching 2.4% next year and 3% in 2025.

“Risks remain tilted to the downside,” Mr. Diop said. “Recent episodes of market instability have raised concerns of a potential spillover. The possibility of further monetary tightening amid sticky core inflation could raise the cost of global financing and lead to a more pronounced and prolonged global slowdown.”

Persistent inflation remained a cause for concern, the World Bank said.

“Although our baseline forecast (shows) inflation will decelerate, it is still the main challenge,” Mr. van Doorn said.

The World Bank expects Philippine inflation to average 5.7% this year, higher than its earlier 4.2% forecast.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you agree with the World Bank’s analysis about economic growth for the Philippines this year? Do you think the Philippine economy can do better than expected by the end of 2023?

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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