money – Page 25 – Author Carlo Carrasco

DOF considering selling government’s SLEX share

June 12, 2024June 2, 2024carlocarrasco

Recently the Department of Finance (DOF) announced that it is considering selling the government’s share in South Luzon Expressway (SLEX), according to a Manila Bulletin news report.

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

The Department of Finance (DOF) is considering selling the government’s stake in the South Luzon Expressway (SLEX) by the end of this year.

Finance Undersecretary Catherine L. Fong told Manila Bulletin that the government’s ownership in SLEX is included among the assets slated for privatization in 2024.

However, Fong did not provide additional details when asked about the specific shares in SLEX that are being considered for sale.

The government currently holds a 20 percent stake in SMC SLEX Inc., the toll road operator, through the state-owned Philippine National Construction Corp. (PNCC).

SMC SLEX, formerly known as South Luzon Tollway Corp, operates as a unit of San Miguel Holdings Corp. and is a joint venture with PNCC.

Fong said that the Land Bank of the Philippines will conduct the valuation of the SLEX shares.

In 2006, SMC SLEX was granted a 30-year concession, set to expire on Feb. 1, 2036, to operate and manage SLEX, a major tollway in Luzon.

The proceeds from the sale will help achieve the Marcos administration’s target of generating P42.12 billion in non-tax revenues through privatization in 2024.

Apart from the SLEX shares, Fong said that the DOF is also set to sell the 2.2-hectare Mile Long property in Makati.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think selling the government’s stake in the SLEX will turn out good and sensible?

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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Muntinlupa City Government 2023 revenues reach P4.63 billion

June 10, 2024June 1, 2024carlocarrasco

Recently in the City of Muntinlupa, the Bureau of Local Government Finance under the Department of Finance (DOF) revealed that the revenues of the City Government reached P4.63 billion for the year 2023, according to a Manila Bulletin news report.

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

The Muntinlupa City government earned P4.63 in revenues in 2023 to rank ninth among local government units in the National Capital Region (NCR).

The Bureau of Local Government Finance under the Department of Finance released the revenue data for NCR.

Muntinlupa generated P4.63 billion in revenue last year, marking a 13 percent increase in its Annual Revenue Income (ARI) from 2022.

“We are in a crucial period of pandemic recovery. The significant growth in our revenue is a positive sign that our economy is on the right track. This growth enables us to enhance public services and better support our community,” said Mayor Ruffy Biazon.

He added, “We assure our constituents that every centavo is judiciously used to enhance social services and improve the quality of life for all Muntinlupeños.”

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, do you find the 2023 revenue surprising? Do you think the City Government is doing a good job financially?

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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More than P700 million deposited through BSP’s coin machines

May 30, 2024May 21, 2024carlocarrasco

Over P700 million worth of coins have been deposited through the many coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas (BSP) as of May 15, 2024, as published on their website.

Based on the latest statistics, a total of P707,661,554.41 (over 9% higher than last the previous count of P648,904,160.19) in coins got deposited into BSP machines on 174,656 transactions (about 8% higher than the previous count 161,725 transactions) from customers. In terms of physical quantity, 193,901,254 in coins were deposited. The previous count of deposited coins was 179,641,987.

Doing the math on the latest statistics, customers averaged P4,051.74 per transaction (versus the previous month’s P4,012.39 per transaction) at the machines. As for the grand total Peso amount divided by the number of coins deposited, the average is P3.6496 per coin deposited (versus the previous average of P3.6122 per coin deposited).

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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Economic analysts say that the Philippine economy needs to grow more than 6% per quarter to hit 2024 target

May 23, 2024May 14, 2024carlocarrasco

In light of the recent news that the economy of the Philippines grew by 5.7% during the 1^st quarter of 2024, economic analysts stated that growth should be more than 6% per quarter over the next three quarters in order to meet the set target of the year, 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 PHILIPPINE ECONOMY should expand by more than 6% in the next three quarters to meet the government’s growth target this year, analysts said.

“The Philippines needs to grow almost 6.1% for the remaining three quarters to reach 6% growth for the entire year, which appears to be a tall order, particularly given the slowdown in household spending in quarter one and the subdued global economic backdrop this year,” Makoto Tsuchiya, an economist at Oxford Economics Japan, said in an e-mail.

Philippine gross domestic product (GDP) grew by 5.7% in the first quarter, slightly faster than the 5.5% in the fourth quarter of 2023 but below the government’s 6-7% target.

University of Asia and the Pacific Senior Economist Cid L. Terosa said GDP growth should average 6-6.5% for the rest of the year to hit the lower end of the government’s target band.

“We had always been expecting growth to stay subdued largely due to the ‘triple threat’ faced by the economy. Elevated inflation, high borrowing costs and fiscal consolidation are the troika of challenges we face,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

Household spending, which accounts for nearly three-fourths of economic output, rose by 4.6% in the January-to-March, the slowest since the coronavirus pandemic and weaker than 5.3% in the fourth quarter and 6.4% a year ago.

Mr. Tsuchiya said private consumption lagged due to “economic-wide” pressures on spending in the first three months of the year.

“We believe the softening in household consumption was due to a combination of elevated inflation, tepid confidence and the impact of monetary tightening,” Mr. Tsuchiya said.

Inflation quickened to 3.8% in April amid rising food and transport costs. April was the third straight month that inflation accelerated.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that inflation will continue to rise and prevent the Philippines from achieving economic growth of 6% for 2024?

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 at 3.9% as of March 2024

May 21, 2024May 8, 2024carlocarrasco

The unemployment rate of the Philippines ended up at 3.9% as of March 2024 which is an improvement over what was estimated a year earlier, according to a Philippine News Agency (PNA) news article. In terms of unemployed Filipinos, the number is at two million (versus 2.42 million unemployed in March 2023).

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

The country’s unemployment rate in March this year was estimated at 3.9 percent, lower than the recorded 4.7 percent in March last year, National Statistician Dennis Mapa said.

In a briefing on Wednesday, Mapa said the number of unemployed Filipinos during the month went down to 2 million from 2.42 million in March 2023.

Mapa said the Labor Force Participation Rate (LFPR) in March 2024 was registered at 65.3 percent, or about 51.15 million Filipinos aged 15 and above who were either employed or unemployed.

The employment rate in March 2024 was recorded at 96.1 percent, higher than the 95.3 percent estimate in March of the previous year.

Several sectors contributed to employment gains – The wholesale and retail trade sector saw the highest annual increase, employing 963,000, followed by manufacturing with 553,000 new jobs, and public administration and defense with 229,000 additional employed individuals.

Underemployed persons – or those who expressed the desire to have additional hours of work in their current job or to have an additional job or to have a new job with longer hours of work – also declined to 5.39 million in March from last year’s 5.44 million.

In a statement, the National Economic and Development Authority (NEDA) said the government remains committed to creating more high-quality jobs for Filipinos and fostering a resilient workforce.

“We will continue to prioritize creating high-quality and well-paying jobs to address the rising issues of vulnerable employment. We will focus on attracting job-generating investments from the private sector and scaling up social and physical infrastructure to improve our people’s employment prospects to achieve this goal. These will be accompanied by reskilling and upskilling programs to increase employability,” said NEDA Secretary Arsenio Balisacan. 

Balisacan said a medium- and long-term Foreign Investment Promotion and Marketing Plan (FIPMP) is underway and targeted to be completed by June 30.

The Inter-Agency Investment Promotion Coordination Committee, established following the amendment of the Foreign Investment Act, leads the formulation of the FIPMP. 

Balisacan said the government also plans to enrich the content of training programs for workers and employers by integrating courses on advanced productivity tools such as data science, analytics, and artificial intelligence. 

“For the government to sustain a robust labor market and reap the benefits of the demographic dividend, it must ensure that people are healthy, educated, and skilled. To facilitate the development of soft and hard skills among workers and create a more agile and adaptive workforce, we at NEDA continue to advocate for the passage of the Apprenticeship Bill, Lifelong Learning Bill, and the Enterprise Productivity Act,” Balisacan said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the newest statistics on employment and unemployment show that bigger economic opportunities will be realized before the end of the year? Do you think the government should do more to attract more foreign investors to create even more new jobs?

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 P650 million deposited through BSP’s coin machines

May 1, 2024April 22, 2024carlocarrasco

Almost P650 million million worth of coins have been deposited through the many coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas (BSP) as of April 15, 2024, as published on their website.

Based on the latest statistics, a total of P648,904,160.19 in coins got deposited into BSP machines on 161,725 transactions from customers. In terms of physical quantity, 179,641,987 coins were deposited.

Doing the math on the latest statistics, customers averaged P4,012.39 per transaction (versus the previous month’s P3,914.27 per transaction) at the machines. As for the grand total Peso amount divided by the number of coins deposited, the average is P3.6122 per coin deposited (versus the previous month’s average of P3.55749 per coin deposited).

In my experience, depositing coins at the BSP coin deposit machine inside Festival Mall in Alabang got a bit more challenging to do. I noticed that the machine in the said mall has been breaking down or malfunctioning more compared to previous times.

Let me end this piece by asking you readers: What is your reaction to this recent development? Were you able to deposit your excess coins into a BSP coin deposit machine in your locality recently? How long did you wait in line before you got your turn to deposit coins at the BSP coin deposit machine? Whenever you successfully deposited your coins, is GCash your main choice of e-wallet?

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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IMF raises Philippine economic growth forecast to 6.2% for 2024

April 30, 2024April 17, 2024carlocarrasco

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

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

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

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

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

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

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

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

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

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

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

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

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

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

April 23, 2024April 10, 2024carlocarrasco

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

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

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

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

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

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

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

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

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

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

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Commission on Audit (COA) tells local governments to limit expenses of discretionary funds to amounts under law

April 22, 2024April 10, 2024carlocarrasco

Recently the Commission on Audit (COA) reminded local government units (LGUs) to limit the expenses of discretionary funds as it cited the case of one particular town that exceeded its “prescribed statutory limitation” for extraordinary and miscellaneous expenses (EME) by millions of Pesos in 2023, according to a Manila Bulletin news report.

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

The Commission on Audit (COA) has reminded local government units (LGUs) against exceeding the “statutory limitation” on disbursements for extraordinary and miscellaneous expenses (EME) or discretionary funds taken out of their collected real property taxes (RPTs).

It cited the case of Eastern Samar’s Guiuan town which exceeded its “prescribed statutory limitation” for EME by P6.53 million in 2023.

In its annual audit report (AAR), COA cited its Circular No. 85-55A and Section 325(h) of Republic Act No. 7160, the Local Government Code, which both provide the general limitation on the use of EME funding.

Section 325(h) of RA 7160 provides: “The annual appropriations for discretionary purposes of the local chief executive shall not exceed two percent (2%) of the actual receipts derived from basic real property tax in the next preceding calendar year. Discretionary funds shall be disbursed only for public purposes to be supported by appropriate vouchers and subject to such guidelines as may be prescribed by law. No amount shall be appropriated for the same purpose except as authorized under this section.“

COA said that under the law, Guiuan town should only have EME of P26,465.14, which is equivalent to two percent of the P1.323 million RPT collected in 2021. But, it said, the town used P6.56 million for its discretionary funds or an excess of P6.53 million.

It pointed out that discretionary funds are only supposed to be used by the Office of the Municipal Mayor, but Guiuan even allocated funds for different offices such as the Vice Mayor’s office, Municipal Investment and Tourism Office (MITO), and Municipal Treasurer’s Office, among other offices.

It said the Mayor’s Office used P2,611,254.77 EME in 2023, while the vice mayor used P500,000. MITO, it also said, spent P1,332,395, while the Municipal Treasurer’s Office used up P450,000 EME.

It noted that when its audit team confronted the municipal accountant about its excessive use of discretionary funds, the accountant explained that it committed an “honest error” in assuming that the EME account was a “misnomer for Other Maintenance and Other Operating Expenses account.”

Let me end this piece by asking you readers: What is your reaction to this recent development? Is your local government practicing a disciplined approach on spending and the alignment of funds?

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

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DBCC revises Philippine economic growth targets for 2024 and 2025

April 17, 2024April 7, 2024carlocarrasco

As far as the Development Budget Coordination Committee (DBCC) is concerned, current domestic and global developments justified their recent revision of economic growth targets for the Philippines in 2024 and 2025, according to a Philippine News Agency (PNA) news article.

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

The Development Budget Coordination Committee (DBCC) has adjusted its economic growth targets for 2024 and 2025 due to current domestic and global developments.

The DBCC revised downward its gross domestic product (GDP) outlook for 2024 to 6 to 7 percent from the previous range of 6.5 to 7.5 percent, Socioeconomic Planning Secretary Arsenio Balisacan said in a Palace press briefing on Thursday.

For 2025, the DBCC narrowed the GDP target to 6.5 to 7.5 percent from the previous 6.5 to 8 percent. Balisacan said the growth projection of 6.5 to 8 percent for 2026 to 2028 was retained.

The revised targets growth targets were initially discussed during the DBCC’s 187th meeting on March 22.

The DBCC took into consideration the latest trade outlook of the Bangko Sentral ng Pilipinas (BSP) and the International Monetary Fund (IMF) amid global trade disruptions and geopolitical tensions.

President Ferdinand R. Marcos Jr. approved the latest GDP outlook when he presided over the 16th full Cabinet meeting at Malacañan Palace in Manila on Wednesday.

Balisacan said the Marcos administration remains steadfast in its commitment to sustaining the robust growth trajectory of the Philippine economy.

“Robust macroeconomic fundamentals will support this growth trajectory. These growth targets will sustain the country’s position as one of the fastest-growing emerging economies in the Asia Pacific region,” Balisacan said.

“The government’s dedication transcends meeting statistical targets or numerical benchmarks. We direct our efforts toward realizing a strategic and compelling vision for our nation’s prosperity even as we navigate a global economic landscape marked by various challenges within and without,” he added.

Balisacan also assured the public that the government is still on track to achieving the upper middle income status by 2025.

Opportunities and risks – Balisacan said the country’s economic team discussed the possible opportunities and risk to growth outlook, adding that it identified several domestic and external challenges that are “on the horizon.”

These include climate change and extreme natural disasters such as El Niño that would “continue to pose risks to food security and the stability of food prices,” he said.

“Additionally, risks related to inflation, such as potential adjustments in transport fares, wages, and service utility fees higher than expected, could dampen household consumption,” he said.

Balisacan also cited that global economic slowdown may weaken external demand, while increasing geopolitical and trade tensions could disrupt supply chains.

He added that general elections in major economies could lead to political shifts that may disrupt trade and investment.

“Despite the anticipated risks, we remain optimistic about the country’s sustained growth momentum as we strive for better development outcomes. We aspire to position the Philippines as a frontrunner within our region and beyond—a beacon of inclusive progress and resilience,” Balisacan said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines will end up growing at a lower-than-expected pace?

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

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