Malaysia – Page 3 – Author Carlo Carrasco

Philippines 2024 2nd quarter economic growth at 6.3%

August 9, 2024August 8, 2024carlocarrasco

The economy of the Philippines grew at a fast 6.3% in the 2^nd quarter (April to June 2024) according to a Philippine News Agency (PNA) news article. The declared quarterly growth rate placed the Philippines ahead of Malaysia, Indonesia and China.

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

Philippine economic growth accelerated to 6.3 percent in the second quarter of the year from 4.3 percent in the same period last year, National Statistician Dennis Mapa said in a briefing on Thursday.

Mapa said economic growth during the period was also higher than the 5.8 percent gross domestic product (GDP) growth recorded in the first quarter of the year.

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the latest economic growth makes the Philippines one of the fastest-growing economies in the region.

“This performance keeps our position as one of Asia’s best-performing major emerging economies. For East Asia’s economies that have released their second quarter 2024 GDP growth, we follow behind Vietnam at 6.9 percent while leading Malaysia at 5.8 percent, Indonesia at 5.0 percent, and China at 4.7 percent,” said Balisacan.

Among major economic sectors, industry and services grew by 7.7 percent and 6.8 percent, respectively. Agriculture, forestry, and fishing, however, contracted by 2.3 percent due to the effects of the El Niño phenomenon.

Household final consumption expenditure grew by 4.6 percent while government final consumption expenditure expanded by 10.7 percent.

Balisacan said the increase in government final consumption expenditure was driven by the timely implementation and expanded coverage programs of various social protection, health, and education programs, and preparatory activities for the 2025 national and local elections. Gross capital formation went up by 11.5 percent.

Public construction sustained double-digit growth of 21.8 percent as the government’s infrastructure agencies expedited the rollout of the Marcos Jr. administration’s construction and rehabilitation projects.

Exports of goods and services rose by 4.2 percent while imports of goods and services went up by 5.2 percent.

On track to meet target – “This significant development brings our real GDP growth to 6.0 percent for the first half of the year, keeping us on track to achieve our target growth rate of 6 to 7 percent for 2024,” said Balisacan.

He said the economy would need to grow by at least 6 percent in the second half to attain the lower end of the target for 2024.

Balisacan assured that the government would ensure the benefits of economic growth would be shared equitably.

“President Marcos began his 2024 State of the Nation Address with one of our most urgent priorities: the government will continue its push for food security by managing food inflation with appropriate supply-side measures,” he said.

He said the government was committed to utilizing strategic trade policy to augment insufficient domestic food supplies to meet rising demand.

The government will also expedite the rollout of social protection programs for the poor and vulnerable sectors, including enhancements to the Department of Social Welfare and Development’s Food Stamp Program and the 4Ps Program.

Aside from these, the government will also focus on raising agricultural productivity and improving farmers’ incomes and competitiveness.

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 a growth rate of at least 6.5% for the entire 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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Philippines wins Mixed Junior Relay gold medal in the 2024 Asia Triathlon Junior Cup Kampar

July 15, 2024July 14, 2024carlocarrasco

The Philippines won another gold medal of the Mixed Junior Relay competition of the 2024 Asia Triathlon Junior Cup which was held at Kampar, Malaysia, yesterday.

The Philippines – composed of Matthew Hermosa, Kira Ellis, Samantha Corpuz, and Dayshaun Ramos – topped the contest (distances of 375m swimming – 5 Km biking – 1.5 Km running) with a collective time of 1 hour, 27 minutes and 51 seconds (1:27:51). Ellis and Hermosa were members of the same Philippine squad that won the Mixed Aquathlon 4X Team Relay event of the 32^nd Southeast Asian Games. Ellis won the gold of the Junior Women contest on Saturday.

Meanwhile, Hong Kong clocked in 1:29:33 for the silver medal while Uzbekistan finished in 1:32:45 for the bronze medal of the Mixed Junior Relay contest. To see the complete results of the race, click here.

In other contests of the 2024 Asia Triathlon Junior Cup, Eleora Avanzado and Cristy Perez of the Philippines finished 4^th and 5^th place respectively in the U15 Women contest. Avanzado was behind bronze medalist Alexandra Sharayeva of Uzbekistan by less than 10 seconds.

For Philippine triathlon updates, click https://www.facebook.com/TriPhil

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Kira Ellis wins Junior Women gold medal in 2024 Asia Triathlon Junior Cup Kampar

July 14, 2024carlocarrasco

Kira Ellis of the Philippines won the gold medal of the Junior Women triathlon contest of the 2024 Asia Triathlon Junior Cup held at Kampar, Malaysia.

Ellis won the sprint distance (750 M swim – 20 Km bike – 5 Km run) Junior Women race in one hour, five minutes and thirty-two seconds (1:05:32). Her opponents Seoeun Park (South Korea) and Diana Biktimrova (Uzbekistan) followed at 2^nd and 3^rd place with times of 1:07:42 and 1:07:45 respectively.

Meanwhile, Ellis’ teammate Samantha Corpuz finished at 4^th place clocking in 1:08:02. For the complete results of the Junior Women contest, click here.

*Junior Women triathlon gold medalist Kira Ellis (center) and teammate Samantha Corpuz (3rd from left) during the awarding ceremony. (photo source – Triathlon Philippines)*

According to a news release from Triathlon Philippines, Kira Ellis showed tremendous improvements after a Philippine Sports Commission-funded five-week training camp in Portugal under coach Sergio Santos. She competed in the tough European Junior Cup in Hungary last Sunday where she qualified to the finals and placed 16th among 30 competitors.

For Philippine triathlon updates, click https://www.facebook.com/TriPhil

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Four Indians and one Malaysian arrested for illegally entering the Philippines

July 4, 2024June 28, 2024carlocarrasco

As many nations around the world are struggling with the continued large presence of foreigners trying to cross their borders seeking asylum and access to taxpayer-funded resources, four Indian nationals and one Malaysian national were recently apprehended by local authorities for their illegal entry into the Philippines, according to a Philippine News Agency (PNA) news article.

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

Government forces on Thursday arrested five foreigners who illegally entered the country in Zamboanga City.

In a statement, the Philippine Coast Guard (PCG) said four Indian nationals and a Malaysian were apprehended in an operation carried out by the PCG District Southwestern Mindanao (CGDSWM), PNP (Philippine National Police) – Maritime Group (MG), and the Bureau of Immigration (BI).

The arrested individuals, it said, entered the country from Malaysia to Bongao, Tawi-Tawi using a speed boat.

“Afterwards, they transferred to a commercial passenger-cargo vessel, M/V TRISHA KERSTIN 2, en route to Zamboanga City,” it said.

According to the BI’s Intelligence Unit, the four Indian nationals were included in the “watchlist of blacklisted nationals” in 2004, 2016, and 2024.

The arrested individuals will be charged with violation of Commonwealth Act No. 613 or the Philippine Immigration Act, specifically Section 37 E.

“The CGDSWM remains steadfast in upholding the law, as well as maintaining safety and security in service to the Filipino nation,” it said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think there could be more foreigners who entered the Philippines illegally? Do you think the day will come when foreigners from the Middle East and African region will flock to the Philippines seeking asylum and taxpayer-funded resources?

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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Almost 200 local and foreign workers rescued in Pampanga POGO raid

June 17, 2024June 7, 2024carlocarrasco

Recently in the province of Pampanga, elements of the Presidential Anti-Organized Crime Commission (PAOCC), the Criminal Investigation and Detection Group (CIDG), the Special Action Force (SAF) and the local police raided a Philippine Overseas Gaming Operator (POGO) resulting in the rescue of almost two hundred local and foreign workers, according to a Philippine News Agency (PNA) news article.

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

Authorities rescued 187 foreign and Filipino workers in a raid at a Philippine Overseas Gaming Operator (POGO) center in Pampanga province on Tuesday night.

In a report on Wednesday, the Presidential Anti-Organized Crime Commission (PAOCC) said its members together with the Criminal Investigation and Detection Group, Special Action Force and the local police carried out a search warrant operation against the Lucky South 99 compound along Friendship Highway in Angeles City.

The Malolos City Regional Trial Court Branch 14 issued the search warrant against the POGO over reports of human trafficking, torture and scam activities taking place within the establishment.

“Yung reports na nakuha sa atin, initial report for rescue was may mga tinotorture dito. Pinapalo ng mga baseball bat at pinagtatadiyakan dito. Meron tayong isang video na diumano babae na pinagsasayaw dito at pinagpapasahan ng mga bosses (The reports that we received, the initial report for rescue there are persons who are being tortured here. They are struck with a baseball bat and are being kicked. We also have a video allegedly showing a woman dancing and being abused by the bosses),” PAOCC spokesperson Winston John Casio said in a television interview.

Some 158 foreigners, including Chinese, Vietnamese, Malaysians, Myanmar and Korean workers were rescued, together with 29 Filipinos.

Let me end this piece by asking you readers: What is your reaction to this recent development? Are you convinced that more POGOs around the nation should be investigated for potential criminal activities such as torture, prostitution, scamming and hacking? Do you believe it is high time for a nationwide 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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John Chicano wins Powerman Malaysia 2024 elite male duathlon gold medal, teammates win medals for Philippines

June 10, 2024June 11, 2024carlocarrasco

UPDATED June 11, 2024 – Actual race distance clarified to me by John Chicano and verified with Powerman Malaysia’s website. The official distance of the Elite Male contest is 10 Km run – 60 Km bike – 10 Km run. The Manila Bulletin got the race distance wrong.

Southeast Asian Games (SEA Games) multi-medalist John Chicano led the Philippines to the top of the Powerman Malaysia 2024 by winning the gold medal of the Elite Male contest yesterday which was an improvement over last year’s race, according to a Manila Bulletin sports news report. Chicano also has teammates who won medals as well. The official results can be viewed by clicking here.

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

John Chicano avenged his runner-up finish last year by capturing the gold medal in the 2024 Powerman Malaysia duathlon race in Dataran Putrajaya over the weekend.

Chicano, a double gold medalist at the 2019 Southeast Asian Games, navigated the 10-kilometer run, 40km bike, 5km run endurance race with a time of 2 hours, 41 minutes and 48 seconds to beat teammate John Patrick Ciron and dethrone last year’s champion Moysan Malo of France.

Ciron settled for the silver medal with a time of 2:47:15, while Malo crossed the finish line a few seconds later with 2:47:34 to settle for the bronze medal.

After checking in the same time with Ciron in the first run leg, Chicano slowly pulled away in the bike leg and led by five minutes heading into the final run leg. He maintained his pace to finish two minutes faster than his previous time last year.

In the distaff side, Merry Joy Trupa bagged the bronze medal after clocking 3:19:17 behind gold medalist Rendy Williams of the United States, who timed 3:09:34, and hometown bet Esther Joy Hong Li Chen, who finished with 3:13:35 for the silver medal.

For the newcomers reading this, John Chicano is one of the nation’s finest multisports athletes as he won multiple medals in SEA Games contests (including the gold medal in men’s triathlon in the 2019 SEA Games) before as well as local contests (click here and here). To get to know Chicano better, read my feature article of him by clicking here.

For Philippine triathlon updates, click https://www.facebook.com/TriPhil

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Philippines achieves 5.7% economic growth in 1st quarter of 2024

May 23, 2024May 9, 2024carlocarrasco

Recently it was confirmed that the economy of the Philippines grew by 5.7% in the first quarter of 2024 which is noticeably lower than what was achieved in the same time period a year ago, 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 Philippine economy grew by 5.7 percent in the first quarter of the year, surpassing other major economies in the region.

In a briefing on Thursday, National Statistician Dennis Mapa said the economic growth during the quarter was higher than the 5.5 percent seen in the last quarter of 2023.

Mapa said, however, it was lower than the 6.4 percent economic growth seen in the first quarter of last year.

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan noted that the Philippine economy continues to demonstrate resilience and growth despite the domestic and external headwinds.

“Despite our challenges on both domestic and international fronts, our economy continues to demonstrate remarkable resilience and growth. This performance retains the country’s position as a leading force among Asia’s emerging economies,” he said.

Balisacan said the first quarter Philippine gross domestic product growth rate is about the same as Vietnam’s, and surpassed other major economies such as China at 5.3 percent, Indonesia at 5.1 percent, and Malaysia at 3.9 percent.

All major economic indicators which include agriculture, forestry, and fishing; industry; and services posted year-on-year growth in the first quarter at 0.4 percent, 5.1 percent, and 6.9 percent.

Household final consumption expenditure and government final consumption expenditure posted lower growth rates at 4.6 percent and 1.7 percent from a year ago’s 6.4 percent and 6.2 percent.

Balisacan said the slowdown in household spending was due to the elevated prices of major food items and the heat wave.

“Meanwhile, government spending also slowed down, primarily due to the sliding of a large amount of expenditure to April this year, whereas the government made such spending in March last year,” he said.

Gross capital formation also posted a lower growth of 1.3 percent from 12.8 percent last year, while imports of goods and services also slowed to 2.3 percent from 4.2 percent.

Growth of exports of goods and services, however, accelerated to 7.5 percent from 1.1 percent in the first quarter of 2023. Balisacan said the growth in exports was mainly driven by the recovery in the exports of electronics products.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the national economy will be able to grow at least 6% in each of the next three quarters? Is it possible that the intense summer heat will make 2nd quarter economic growth smaller?

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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Philippines attracts 5.45 million international visitors and generates P482.54 billion in revenue in 2023

January 5, 2024January 2, 2024carlocarrasco

The success of the Philippines attracting visitors from overseas and generating the related revenue in 2023 has finally been confirmed by the newly released numbers from the Department of Tourism (DOT): 5,450,557 international visitors and P482.54 billion (US$8.7 billion according to the foreign exchange rate of January 2, 2024) in tourism revenue, according to a Philippine News Agency (PNA) news article.

For the newcomers reading this, the final 2023 statistics exceeded the declared targets of 4.8 million international tourists and US$5.8 billion revenue. For further comparison, the Philippines attracted 2.65 million international arrivals and over P200 billion in revenue for the year 2022. To say the least, 2023 is undeniably a successful year for Philippine tourism and it seems that the controversial blunder behind the “Love the Philippines” tourism campaign did not lead to a massive failure (which the enemies and haters of President Ferdinand “Bongbong” Marcos, Jr., have been dreaming of).

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

The Philippines welcomed a total of 5,450,557 international visitors in 2023, well above the 4.8 million target arrivals the Department of Tourism (DOT) earlier set for the entire year.

Of this number, 91.80 percent or 5,003,475 are foreigners while the remaining are 447,082 overseas Filipinos.

From January to Dec. 31, 2023, the country also generated an estimated PHP482.54 billion in international tourism revenue, more than double the receipts it recorded in 2022.

“My deepest appreciation goes to every tourism stakeholder, collaborative partner, and passionate contributor who propelled our shared aspirations forward. Under President Ferdinand ‘Bongbong’ Marcos Jr.’s guiding vision and leadership, tourism has become a pivotal force driving our nation’s economic resurgence,” Tourism Secretary Christina Frasco said in a statement Tuesday.

“These numbers speak very well of the performance of the tourism industry under the Marcos Administration,” she added.

She said the DOT will continue its work to “realize the vision of this administration to make tourism a catalyst for economic growth and resurgence.”

More than a quarter or 1,439,336 of the arrivals came from South Korea, retaining its spot as the country’s main source of international visitors.

This was followed by the United States with 903,299 tourists (16.57 percent) visiting the country; Japan with 305,580 (5.61 percent); Australia with 266,551 (4.89 percent); and China with 263,836 (4.84 percent). Ranking sixth was Canada followed by Taiwan, the United Kingdom, Singapore, and Malaysia.

Frasco said the 2023 visitor receipts also show that the tourism industry is “recovering faster than expected.”

The country’s 2023 international tourism receipts grew by 124.87 percent compared with the PHP214.58 billion estimated visitor receipts from 2022.

Before the pandemic in 2019, the DOT recorded PHP482.15 billion in international tourism receipts.

In 2023, the DOT’s marketing arm the Tourism Promotions Board (TPB) generated PHP6.317 billion in total sales leads both from international and local business-to-business and promotional events.

While reintroducing Filipino destinations before the global tourism arena, the Philippines represented by Frasco last year was also elected Vice President of the 25th General Assembly of the United Nations World Tourism Organization (UNWTO), a prestigious global position last held by the country more than two decades ago.

She was also elected as chair of the Commission for East Asia and the Pacific, allowing the country to host the Joint Regional Meetings of the Committee for East Asia and the Pacific and South Asia in Cebu in 2024.

The Philippines in 2023 bagged at least 15 travel and tourism honors from prestigious award-giving bodies in diving, beach, cruise, culinary, retirement, and Muslim-friendly tourism, “a testament that the Philippines is indeed an emerging tourism powerhouse.”

“The extraordinary journey of Philippine tourism in 2023 saw the world express its love for the Philippines with our country’s rise to global prominence as the World’s Leading Beach and Dive Destination, and Asia’s Best Cruise Destination, among many other accolades,” Frasco said.

“The indomitable spirit of the Filipino has been globally acclaimed with the Philippines receiving the Global Tourism Resilience Award with our country seen as a benchmark for innovation amidst trials and challenges,” she added.

By 2024, the DOT targets 7.7 million international visitors, around 500,000 lower than the country’s pre-pandemic arrivals of 8.2 million.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippines will be able to meet its declared 2024 target of 7.7 million international visitors and possibly generate between P600 billion to P700 billion in tourism revenue? Did anyone from the haters/critics of President Marcos and Secretary Frasco bother you to make you believe that Philippine tourism will fail because of the “Love the Philippines” campaign blunder that was so widely reported in the mainstream news media?

Going back to tourism, do you think the Philippines should have more international-level fashion shows, film festivals, worship conferences, food festivals, sports events and trade shows to make the nation more attractive to visitors from overseas?

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 finally surpasses 2023 foreign tourist arrivals target

December 1, 2023November 29, 2023carlocarrasco

Recently the Department of Tourism (DOT) announced that their set target of 4.8 million foreign tourist arrivals for 2023 has finally been reached and already hundreds of billions of Pesos have been generated, according to a Philippine News Agency (PNA) news report. To say the least, the foreign tourist arrivals-related numbers achieved by the Philippines this year is a tremendous improvement over what were achieved in 2022 and there are still a few weeks left before 2023 closes.

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

The Philippines has recorded more than 4.82 million foreign visitor arrivals, including Filipinos based overseas, breaching its target even before year end, Department of Tourism (DOT) Secretary Christina Frasco said Tuesday.

DOT data show that as of Nov. 28, a huge chunk of foreign arrivals comes from South Korea with 1,275,887 foreign visitors and 4,231 overseas Filipinos for a total of 26.46 percent.

It is followed by the United States with 923,409 foreign visitors and 123,828 overseas Filipinos and Japan with 323,029 and 49,299 overseas Filipinos.

Other international arrivals in the top 10 come from Australia, China, Canada, Taiwan, Singapore, United Kingdom and Malaysia.

The foreign arrivals have brought PHP404 billion to the economy.

Citing a report by economic managers, Frasco said this manifests that Philippine tourism is the second highest driver of economic growth for the Philippines.

“This cements our position as one of the strongest pillars of the Philippine economy that employs no less than 5.35 million Filipinos in the tourism industry sector, ensuring jobs, livelihood, and the well-being of communities all over the country,” she added.

Let me end this piece by asking you readers: What do you think about this recent development? Are you satisfied with what was accomplished this year with regards to foreign tourist arrivals and the related revenues? Are you confident that the Philippines is on-track to becoming a major tourism player in Asia by the year 2028? Do you trust the Department of Tourism more now that they were able to hit their 2023 targets already? Do you think foreign tourist arrivals here in the Philippines will reach the 5,000,000 mark before the end of the year? Could it be possible that the gains of Philippine tourism will help the nation achieve at least 6% economic growth 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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