Marcos – Page 13 – Author Carlo Carrasco

Philippines’ credit ratings affirmed by S&P Global Ratings

December 4, 2023November 30, 2023carlocarrasco

The credit ratings of the Philippines for both long-term and short term were affirmed by the US-based S&P Global Ratings which also saw stronger economic growth for the country in the next few years, 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…

United States-based S&P Global Ratings on Wednesday affirmed the Philippines’ ‘BBB+’ long-term and ‘A-2’ short-term sovereign credit ratings, citing the country’s sustained economic recovery due to the government’s ongoing efforts to address infrastructure gaps and improvements in the business climate.

“The stable outlook reflects our expectation that the Philippine economy will maintain healthy growth rates and the fiscal performance will materially improve over the next 24 months,” S&P Global said in a report.

According to S&P, the country’s gross domestic product (GDP) is projected to grow by 5.4 percent this year, reflecting the impact of high base and the slower growth of the world economy.

The report also showed that Philippine economic growth is projected to accelerate to 5.9 percent in 2024, 6.2 percent in 2025 and 6.4 percent in (2026).

The credit rater expects that the Philippines’ economic growth will remain well above the average among its peers “due to the government’s ongoing efforts to address infrastructure gaps and improvements in the business climate through regulatory and tax reforms, which will further support expansion in economic productivity.”

It also recognized the government’s efforts to prioritize infrastructure development and fiscal measures and cited crucial reforms such as the public-private partnership (PPP) framework and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

“The Philippine government has generally enacted effective and prudent fiscal policies over the past decade. Improvements to the quality of expenditure, manageable fiscal deficits, and low general government indebtedness testify to this. This track record of sustainable public finances helped the government accumulate fiscal resources to respond to the pandemic,” the report said.

It also underscored the importance of tax reforms in ensuring that public finances remain sustainable, while infrastructure and social needs are addressed.

S&P said the general government (GG) deficit is estimated to decline and to settle at 3.8 percent of GDP in 2023, from 4.4 percent in 2022.

“We believe the fiscal shortfall will continue to narrow over the coming years while the economy regains its footing and the government scales back stimulus measures. We expect the medium-term fiscal framework (MTFF) revealed by the Marcos administration last year to guide the consolidation process,” it said.

The report also highlighted the country’s solid household and corporate balance sheets and sizable remittance inflows, and expects foreign direct investments to remain stable this year.

However, S&P said it may lower the country’s ratings if economic recovery falters, if general government debt exceeds 4 percent of GDP, if net debt stock exceeds 60 percent of GDP or if interest payments exceed 15 percent of revenue on a sustained basis.

“We may raise the ratings if the economy recovers much faster than we expect, and the government achieves more rapid fiscal consolidation,” it said.

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? Do you think the Philippine economy will continue to grow stronger each year until 2026? Do you believe in the findings of S&P Global Ratings?

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

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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Foreign tourist arrivals in the Philippines about to reach 2023 target

November 28, 2023November 26, 2023carlocarrasco

Philippine tourism is back in the spotlight once again as the Department of Tourism (DOT) headed by its secretary Cristina Frasco announced that the 2023 foreign tourist arrivals target of 4.8 million is about to reached and the tourism sector has contributed more than P400 billion to the national economy, according to a Philippine News Agency (PNA) news article.

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

The tourism sector is the second highest driver for economic growth during the first half of the year, a result of President Ferdinand R. Marcos Jr.’s focus on the industry.

Department of Tourism Secretary Cristina Frasco said on Saturday that tourism has so far contributed PHP404 billion to the economy and has reached 99 percent of its goal of 4.8 million international arrivals for 2023.

The improving employment rate is the top contributor to the economy while the increase in investment registration activities and students coming back to school follow tourism.

“I am also here to deliver the good news under the President’s focus of prioritizing tourism. Tourism has emerged as one of the strongest pillars of our economy. According to our national economic managers, tourism is the second top highest driver for economic growth in the first six months of this year,” Frasco said during the opening of the 2nd North Luzon Tourism Expo at Camp John Hay in Baguio City.

She said for Marcos, tourism is a priority “and for that very reason, we have seen the strides we have accomplished in a year.”

Among the government support for the tourism industry are at least 158 kilometers of roads rehabilitated and in 2024, there will be more improvements in airports, Frasco said.

“The flight portfolio of our major international gateways is gradually recovering and we have increased the tourism experience across the country by building tourist rest areas (TRA) across Luzon, Visayas, and Mindanao,” Frasco said.

She said the TRA is one of the ways the government wants to extend its welcome to tourists by giving them a special experience.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that the DOT has done a good job making tourism a more vibrant and more economic sector this year? Has the increase of foreign tourist arrivals this year benefited your business? Do you think that the foreign tourist arrivals will reach 5,000,000 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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America-Philippines nuclear deal opens opportunities for investments and energy

November 22, 2023November 20, 2023carlocarrasco

Recently a landmark deal about nuclear power for peaceful purposes was signed between the United States of America and the Philippines which opens up opportunities for investments and energy that the Filipino people can benefit from, according to separate news stories (click here and here) published by the Philippine News Agency (PNA).

To put things into perspective, posted below is an excerpt from the PNA story pertaining to investments. Some parts in boldface…

President Ferdinand R. Marcos Jr. on Friday (Manila time) expressed elation over the signing of the much-awaited “123 Agreement” on nuclear cooperation between the governments of the Philippines and the United States.

This was after Energy Secretary Raphael Lotilla and US Secretary of State Antony Blinken signed the nuclear cooperation agreement that will facilitate the collaboration between the two countries on technical exchanges, scientific research, and initiatives to ensure the safe operation of nuclear power installations.

The agreement was signed on the sidelines of Marcos’ participation in the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco, California.

“I am most pleased to be here today to join you this afternoon to witness another milestone towards a more energy-secure and green Philippines,” Marcos said, noting that the move was in line with his plans to ensure an “affordable, reliable, and sustainable energy supply” for the Philippines.

Marcos expressed optimism that the signing of the nuclear deal would encourage more foreign investors to pursue nuclear power projects in the Philippines.

The nuclear power cooperation, he said, would enable the country to meet its growing energy demands and provide a “more investor- and consumer-friendly environment.”

“The signing of the Philippines – United States Agreement for Cooperation Concerning Peaceful Uses of Nuclear Energy or the 123 Agreement is the first major step in this major regard, taking our cooperation on capacity-building further and actually opening the doors for US companies to invest and participate in nuclear power projects in the country,” Marcos said.

The 123 Agreement will establish a legal framework that allows the export of nuclear fuel, reactors, equipment, and special nuclear material from the US to the Philippines.

The agreement will allow the Philippines to use US nuclear technology, not for war, but for energy security and climate goals.

The President noted that apart from the 123 nuclear deal, Meralco and Ultra Safe Nuclear Corp. also signed a cooperation agreement to undertake a Pre-Feasibility Study on Micro-Modular Reactors (MMRs) to explore clean and sustainable energy options in the country.

Under the agreement, a feasibility study will be conducted for the potential deployment of MMRs to Meralco sites to enforce the sustainable energy agenda and provide affordable and dependable access to power, particularly to the underserved and off-grid areas for economic empowerment.

“I know our companies are eager to advance discussions on potential projects. Just yesterday, the MOU (memorandum of understanding) between Meralco and Ultra Safe Nuclear Cooperation was also presented to me. So, I believe congratulations are in order for the work of our respective negotiating teams, especially to the team from the United States,” Marcos said.

“I look forward to seeing this agreement in action in the years to come. Nuclear energy is one area where we can show that the Philippines-US alliance and partnership truly works, for our peoples, our economies, and the environment.”

For the PNA story pertaining to energy and modular reactors, below is the excerpt. Some parts in boldface…

The historic nuclear cooperation deal between the United States and Philippines would allow the Philippines to secure US-developed nuclear technologies, including small modular reactors.

Manila and Washington D.C. signed the civil nuclear cooperation deal, commonly known as a 123 Agreement, at the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco on Nov. 16 (US time).

The agreement will facilitate and enhance cooperation on clean energy security and strengthen the two nations’ alliance, the US State Department said.

“With access to US material and equipment, the US and the Philippines will be able to work together to deploy advanced new technologies, including small modular reactors, to support climate goals as well as critical energy security and baseload power needs within the Philippines,” it said.

The signing marks the successful culmination of the negotiation process launched by Vice President Kamala Harris during her trip to the Philippines in November 2022.

The deal, the State Department said, also spells out limitations on enriching, reprocessing, and transferring specific items without the other party’s consent.

“This agreement lays out a comprehensive framework for peaceful nuclear cooperation between the Philippines and United States based on a mutual commitment to nuclear nonproliferation and is required by US law to allow for the transfer of nuclear equipment and material for peaceful uses,” it said.

The name 123 Agreement is derived from Section 123 of the US Atomic Energy Act, which requires the US to have an agreement with a country before it can conduct nuclear export.

Section 123 establishes nine nonproliferation criteria that 123 Agreements must include and signatories must uphold.

Last May, US nuclear energy firm NuScale Power Corporation has expressed interest to invest in the Philippines and bared its plan to conduct a study to locate a site in the country.

Oregon-based NuScale is known for developing a small nuclear power system, described as safe, modular and scalable.

Let me end this piece by asking you readers: What do you think about these recent developments? Can you imagine what a nuclear-powered Philippines would be like in the years to come? Are there still people in your local community who are afraid of anything related to nuclear power? Do you admire the efforts of the Marcos administration when it comes to modernizing the Philippines with nuclear technology and power?

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

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President Marcos tells American business community that Philippines is ready to take off as Asia’s leading investment destination

November 20, 2023November 16, 2023carlocarrasco

Recently in the United States, President Ferdinand “Bongbong” Marcos, Jr., met with members of the American business community and enticed them to invest in the Philippines stating that a wealth of opportunity awaits them and the country is set to take off as a major Asian investment destination, 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…

The Philippines is all set to become the “leading” investment destination in Asia, President Ferdinand R. Marcos Jr. said Thursday (Manila time).

“With a solid reform agenda and unabating growth amid headwinds, the Philippines is ready to take off as a leading investment hub in Asia,” Marcos said during the Philippine Economic Briefing (PEB) in San Francisco, California, as he enticed the business community in the United States (US) to invest in the Philippines.

“A wealth of opportunity awaits you in the Philippines, and we are ready to explore new horizons with your investments in the coming years,” he added.

Marcos assured the US businesses of a favorable business environment in the Philippines, adding that his administration is committed to promoting high-value investments.

He said an influx of highly-desirable investments in strategic sectors of the Philippine economy is expected, considering the amendments to the Public Service Act, Foreign Investments Act, Retail Trade Liberalization Act and the Implementing Rules and Regulations of the Renewable Energy Act.

He noted that the government has also introduced reforms to the Philippines’ fiscal incentives structure through the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to attract both domestic and global firms to invest in strategically important sectors.

“Investments in rural areas and highly-advanced and technology-enabled projects and activities are given top priority and, consequently, greater and longer incentives,” Marcos said.

“Investments in the digital space are also highly prioritized. Incentives are given to projects covering research and development and those adopting advanced digital production technologies such as, for example, artificial intelligence, additive manufacturing, data analytics, cloud computing, and nanotechnology,” he added.

Marcos said the public-private partnerships (PPP) framework has also been modified to simplify the approval processes, ensure the viability and bankability of PPP projects, cut red tape, and pave the way for quality infrastructure development.

“These reforms support the Philippines’ massive infrastructure drive. We are prioritizing the implementation of 197 infrastructure flagship projects worth around USD155 billion, with a sharp focus on upgrading physical and digital connectivity, water, agriculture, health, transport, and energy,” he said.

Let me end this piece by asking you readers: What do you think about this recent development? Do you think a huge amount of investments from American businesses into the Philippines will be realized in due time? What do you think the government should do to keep attracting more foreign investors as the Philippines is now in the post-pandemic age?

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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IRR of the Maharlika Investment Fund finalized

November 9, 2023November 6, 2023carlocarrasco

President Ferdinand “Bongbong” Marcos, Jr., announced through social media that the implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) have been finalized, according to a GMA Network news report.

Take note that the implementation was previously suspended and things should move forward from this point on. Already there were business leaders of Saudi Arabia who expressed interest in the MIF.

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

President Ferdinand “Bongbong” Marcos Jr. said Monday that the implementing rules and regulations of the Maharlika Investment Fund (MIF) have been finalized, weeks after he said its implementation was suspended.

“The Investment Rules and Regulations of Maharlika Investment Fund have been finalized,” Marcos said on Instagram.

“Upon our approval, we’ll swiftly establish the corporate structure, getting the MIF up and running,” he added.

The IRR, which would spell the beginning of MIF’s operationalization, was released in August. Marcos announced the suspension of its implementation “pending further study” on October 18.

Before leaving for Saudi Arabia last month, Marcos clarified that the MIF was not put on hold, saying the government was still working to have it operational within the year.

“We are, the organization of the Maharlika Fund proceeds apace, and what I have done though, is that we have found more improvements we can make, specifically to the organizational structure of the Maharlika Fund,” the President had said.

Marcos had said the suspension of the IRR should not be misinterpreted as a judgement of rightness or wrongness of the MIF.

he President also maintained that economic managers and “personalities who will actually be involved in the fund” had been consulted regarding the MIF.

Marcos signed into law Republic Act No. 11954 or the Maharlika Investment Fund (MIF) Act of 2023 in July, with the aim to tap state assets for investment ventures to generate additional public funds.

The law creates the Maharlika Investment Corp. (MIC), a government-owned company that will manage the MIF — a pool of funds sourced from state-run financial institutions that will be invested in high-impact projects, real estate, as well as in financial instruments.

Under the law, the initial capitalization of the MIF would be sourced from Landbank at P50 billion, DBP at P25 billion, and the national government at P50 billion.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that there is no stopping the implementation of the Maharlika Investment Fund in the near-future?

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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National economic managers expect government collections to exceed 2023 revenue target

November 7, 2023November 4, 2023carlocarrasco

Even though it looks like that economic growth for the Philippines this year will end up short of 7%, the economic managers of the Marcos administration expect revenue collections to exceed the target for 2023, according to a GMA Network news report.

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

The economic managers of the Marcos administration are expecting the government revenue collections this year to exceed target amid measures to improve tax administration and collection efficiency.

In a statement following a special coordination committee meeting on Friday, the Development Budget Coordination Committee (DBCC) said the “emerging total revenue collection for 2023 is estimated to be P3.84 trillion to P3.90 trillion.”

The projected revenue collection for the entire year is above the P3.73-trillion target set earlier by the DBCC.

In April, the economic managers set the revenue goal at P3.73 trillion this year, P4.184 trillion in 2024, P4.692 trillion in 2025, P5.255 trillion in 2026, P5.895 trillion in 2027, and P6.621 trillion in 2028.

The DBCC, chaired by the Budget chief, is composed of the secretaries of National Economic and Development Authority (NEDA), Finance (DOF), as well as the governor of the Bangko Sentral ng Pilipinas (BSP).

The DBCC, likewise, is expecting tax revenues to clock in at P3.50 trillion to P3.55 trillion, surpassing the target by about 15%.

The above-target revenue project resulted from the higher actual collections in the first nine months of 2023, which reached P2.84 trillion, up 6.8% year-on-year and exceeding the target for the period by 3%.

This, as both tax and non-tax revenues registered positive growth at 6.4% and 10.5%, respectively, “owing to the higher collections from the Bureau of Customs (BOC) and non-tax revenues of P152.57 billion.”

The DBCC said the Bureau of Internal Revenue (BIR) and the BOC are implementing several reforms to strengthen tax administration and enhance revenue collection, which include digitalization programs intended to eliminate corruption, increase transparency, and improve the ease of paying taxes.

Tax reform measures – Moreover, the economic managers said they will work closely with Congress for the passage of the previous administration’s remaining tax reforms on passive income and financial intermediaries taxation and real property valuation and assessment, as well as new tax measures.

“These include the excise tax on single-use plastics (SUPs), rationalization of the mining fiscal regime, motor-vehicle road users’ tax, excise tax on sweetened beverages and junk foods, tax on pre-mixed alcohol, value-added tax (VAT) on digital service providers, carbon taxation, capital market development bill, and the military and uniformed personnel (MUP) pension reform bill,” the DBCC said.

Meanwhile, the national government’s disbursement accelerated significantly from 93.4% of the program as of June 2023 to 98.9% as of September.

“This was mainly driven by the robust disbursement in the third quarter, reaching P3.82 trillion as of the end of September,” the economic managers said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that government collections will exceed the 2023 revenue target?

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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I Love Israel: Ambassador Fluss confirms that Filipinos are being taken care of in Israel as war with Hamas goes on

October 26, 2023October 23, 2023carlocarrasco

As some of you are already aware, I fully stand with Israel which is directly connected with my uncompromising faith in the Lord. The October 7, 2023 attack on Israel committed by the Palestinian terrorist group Hamas is the main cause of the state of war. No matter what the terrorists and their Leftist siblings do, nothing will stop me from supporting the Jewish state as its military campaign against Hamas continues. The Palestinian terrorists are guilty of infiltration, torture, kidnapping, murdering and damages of property in Israel.

Unsurprisingly, there were also people of different nationalities in Israel who got negatively affected by Hamas. There were already a few of my fellow Filipinos there who lost their lives and the Philippine embassy has been working hard to ensure the safety of other Filipinos present.

Here is a bit of good news – Israeli Ambassador to the Philippines Ilan Fluss confirmed that Filipinos present in Israel are being taken care of, according to a GMA Network news report (which referred to an ANC interview).

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

Amid the ongoing war between Israel and Hamas militants, Israeli Ambassador to the Philippines Ilan Fluss said Monday that Filipinos in Israel are being taken care of like family members of its citizens.

Fluss said that most of the 30,000 Filipinos in Israel “feel that they are safe” and that they wanted to stay in the Middle East country despite the fatal attacks by Hamas in Israel and vice versa.

“The Filipinos in Israel are part of us. They live with our own people… They are part of our families, they are staying in our homes. When we have to go into a sheltered room or into a bomb shelter or safety room, they come with us,” the ambassador said in an ANC interview.

“You are now joining the Israeli family which is a big family, unfortunately, of the victims of terror. And we are taking care of you as one of our big family in all different kinds of ways,” he added.

Four Filipinos were confirmed dead due to the conflict between Israel and Hamas. The latest casualty was an Ilongga caregiver who was one of the three Filipinos earlier reported missing.

President Ferdinand “Bongbong” Marcos Jr. said the Philippines stands with Israel following the deadly attacks by Hamas.

To my fellow Filipinos reading this, I encourage you to accept the truth that Israel is the land God designated specifically for the Jewish people (read Genesis 35:10-12) and His command must be without hestitation. If you want to be blessed further by the Lord, do so by loving and blessing the Jewish people (Genesis 12:1-3). I did my part when I was in Israel. Also, let me remind you all that the ties between the Jews and Christians are truly biblical!

In relation to the news report about the state of Filipinos in Israel, we here in the Philippines should thank and bless the Israelis in return for taking care of them as the war goes on.

We live in a very divided world. Around the world, Leftist forces have been supporting evil forces like the current regime of Iran which is known for supplying and arming the Palestinian terrorists and other terrorist groups around the Middle East. Leftist forces have been supporting the Palestinian Authority and other enemies of Israel. The Leftists and terrorists always go together and their anti-Semitism is clearly obvious. Hamas is purely evil and they are being protected by not only their fellow terrorists but also by mainstream news media outlets who are linked with Leftist forces and people who hate Israel and the Jewish people. At the same time, the Palestinian Authority and other pro-Palestine groups will do anything to mislead people and undermine Israel’s war campaigns against the terrorist group Hamas.

With all that said, it is a must we pray to the Lord God in support of Israel and believe that He will guide the Israeli forces to another victory which means finishing off Hamas. Read Joshua 11:1-20 in the Holy Bible for relevance and truth.

If you truly believe in Lord Jesus, the Holy Spirit and God the Heavenly Father wholeheartedly and you continue to be faithful, you should be aware that Christians are meant to stand united with Israel and love the Jewish people no matter what. You can do your part supporting Israel by donating to Christians United for Israel (CUFI). Do not forget to read the Holy Bible, then pray in tongues to the Lord in the privacy of your room with the door shut.

Always be the fearless and aggressive church of Lord Jesus! Always stand in support of Israel and pray for the peace of Jerusalem.

In ending this I Love Israel piece, posted below are Israel-related videos for your enlightenment.

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October 30 a special non-working day for BSKE

October 16, 2023October 11, 2023carlocarrasco

October 30, 2023 (Monday) has officially been declared a special non-working day which would give people an advantage when it comes to voting in the much-anticipated Barangay and Sangguniang Kabataan Elections (BSKE) that day, according to a Philippine News Agency (PNA) report.

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

President Ferdinand R. Marcos Jr. has declared Oct. 30, a Monday, a special non-working day to allow Filipinos to cast their votes in the Barangay and Sangguniang Kabataan (BSKE) elections.

“It is imperative that the people be given the full opportunity to participate in the said elections and exercise their right of suffrage,” according to his proclamation, which was made public on Wednesday.

The Supreme Court has greenlighted the Commission on Elections (Comelec) to proceed with the conduct of the BSKE scheduled on Oct. 30, 2023, as previously provided for under Republic Act (RA) 11935.

RA 11935, signed by Marcos on Oct. 10 last year, moves the holding of BSKE from Dec. 5, 2023 to the last Monday of October 2023.

Let me end this piece by asking you readers: What is your reaction to this recent development? Will you be voting in the BSKE on October 30? How many people in your local community expressed willingness to vote on October 30?

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 4.4% in August 2023

October 10, 2023October 6, 2023carlocarrasco

As the Philippines continues to move forward in this post-pandemic age, the national unemployment rate fell down to 4.4% this past August, according to a Manila Standard news report.

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

The unemployment rate in the Philippines fell to a three-month low of 4.4 percent in August 2023 from 4.8 percent in July, the Philippine Statistics Authority said Friday.

National statistician and civil registrar-general Dennis Mapa said in an online briefing the August unemployment rate was also lower than 5.3 percent recorded a year ago.

This translated to about 468,000 fewer unemployed individuals in August, according to the National Economic and Development Authority (NEDA).

“In terms of magnitude, there were 2.21 million unemployed Filipinos aged 15 years and over in August 2023,” Mapa said.

“It was also lower than the 2.27 million unemployed in July 2023 and 2.68 million a year ago,” he said.

The underemployment rate also fell from 14.7 percent in August 2022 and 15.9 percent in July 2023 to 11.7 percent in August this year. This was equivalent to 1.4 million fewer underemployed persons, particularly among those employed in the services and industry sectors.

Underemployed persons are those who have expressed the desire to have additional hours of work in their present job or to have an additional job, or to have a new job with longer hours of work.

The number of employed persons aged 15 years and over in August 2023 increased to 48.07 million from 47.87 million a year earlier. This translated into 95.6 percent employment rate, higher than the reported employment rate in August 2022 and July 2023 at 94.7 percent and 95.2 percent, respectively.

Total employment increased 203,000 in the agriculture and industry sectors.

Mapa said the labor force participation rate (LFPR) in August reached 64.7 percent, lower than 66.1 percent a year ago, but higher than 60.1 percent in July 2023.

NEDA underscored the Marcos administration’s commitment to generating high-quality and high-paying job opportunities for workers.

NEDA said that apart from the decline in underemployment, several other indicators pointed to an accompanying increase in the quality of employment, including the increase in wage and salary, and full-time employment, and the decline in vulnerable and part-time employment.

“However, much remains to be done as the number of middle- and high-skilled occupations decreased (-354,000), while low-skilled occupations increased (+551,000) compared to the previous year,” NEDA said.

NEDA Secretary Arsenio Balisacan said the government would continue its efforts to create better job opportunities for workers in the country.

“To raise the quality of employment further, the Marcos administration is committed to exerting all efforts to shape an attractive business climate for investors who have the resources needed to bring in high-quality and high-paying jobs,” he said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Were there many people in your local community who were fortunate to get a new job over the past 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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