Tag: money

BIR imposes 1% withholding tax on online merchants with annual earnings of over P500,000

BIR imposes 1% withholding tax on online merchants with annual earnings of over P500,000

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Those who engage with selling online here in the Philippines and earn over P500,000 annually will have a new normal to live with as the Bureau of Internal Revenue (BIR) officially imposed the 1% withholding tax on online merchants that are found qualified, according to a Philippine News Agency (PNA) news article. Take note that BIR had been targeting online sellers previously and 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.

In the year 2022, the digital economy of the Philippines contributed P2.08 trillion, equivalent to 9.4% of gross domestic product. Of this, e-commerce had the highest growth at 26.5%, with its share to the economy reaching 20% or P416.12 billion.

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

The Bureau of Internal Revenue (BIR) has announced that online merchants with earnings amounting to more than PHP500,000 annually are now subject to a 1-percent withholding tax.

BIR Revenue Regulation 16-2023, issued last December 21, said the withholding tax will apply to one-half of the gross remittances by electronic marketplace operators and digital financial services providers to the sellers or merchants for the goods or services sold through their platform.

The BIR defines an electronic marketplace as a “digital service platform whose business is to connect online buyers/consumers with online sellers/merchants, facilitate and conclude the sales, process the payment of the products, goods or services through such digital platform, or facilitate the shipment of goods or provide logistic services and post-purchase support within such platforms.”

These include marketplaces for online shopping, food delivery platform, and platform for accommodation booking.

The BIR clarified, however, that the withholding tax will not be imposed if the annual total gross remittances to an online seller do not exceed PHP500,000.

The withholding tax shall not apply “if the cumulative gross remittances to an online seller/merchant in a taxable year has not yet exceeded PHP500,000,” the BIR said.

Sellers subject to a lower income tax rate pursuant to any existing law are also excluded.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the BIR made the right move? Do you think the imposition of the 1% withholding tax on online sellers (that made over P500,000 annually) will have a significant impact on e-commerce here in the Philippines? If you were planning to sell goods or services online, does the 1% withholding tax discourage 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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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 athttps://www.instagram.com/authorcarlocarrasco

NEDA projects 2023 Philippine economic growth at 6%

NEDA projects 2023 Philippine economic growth at 6%

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As the 2023 is coming to an end, the National Economic and Development Authority (NEDA) expressed confidence that the economy of the Philippines will achieve 6% growth this year, 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 National Economic and Development Authority (NEDA) is positive the country will hit the low end of its economic growth target at 6 percent by the end of the year.

“For the year, ang expectation namin is we will hit the low end of the target. If not, close to it (our expectation is that we will hit the low end of the target. If not, close to it). The low end of the growth target is at 6 percent, so either a 6 or very close to that,” NEDA Undersecretary Rosemarie Edillon said at the Saturday News Forum in Quezon City.

The Philippine economy posted the strongest third-quarter growth of 5.9 percent among major Asian economies, bringing the gross domestic product (GDP) expansion for the first nine months of 2023 to 5.5 percent.

Vietnam recorded 5.3 percent, Indonesia and China 4.9 percent, and Malaysia 3.3 percent during the third quarter.

Looking at the Purchasing Manager’s Index (PMI) as one indicator, Edillon said she is optimistic the GDP forecast is achievable.

She also noted the October unemployment data, which fell to 4.2 percent from 4.5 percent during the same month last year.

“Nakita namin na maganda rin naman ang employment numbers natin at ‘yung PMI, nakita namin na mataas pa rin naman siya (We saw that the employment numbers and the PMI are high),” she said. “We are actually hopeful for the rest of the year but especially going forward.”

Edillon said they observed a rise in the number of jobs generated in accommodation establishments, restaurants, transportation, and the information technology – business process outsourcing fields.

She also pointed out the gradual recovery of sectors severely hit by the pandemic, especially the tourism industry, which already surpassed its targeted 4.8 million foreign visitors.

Before the pandemic, the tourism industry’s share in the country’s GDP was estimated at 12.7 percent.

Improved inflation

In the same forum, she took note of the improving inflation rate, which further eased to 4.1 percent in November from 4.9 percent in October.

Food inflation at the national level decelerated further to 5.8 percent in November 2023 from 7.1 percent the previous month.

“(M)agandang balita ito kasi, especially iyong mga food item na binabantayan natin — kunwari iyong pork meat, iyong sugar, iyong mga vegetables — bumaba po iyong presyo nitong mga ito (This is good news, especially with regard to the food items that we are monitoring – the prices of pork meat, sugar, and vegetable went down),” she said.

Edillon said the cost of rice still rose but this could be attributed to the slowdown in importation due to tightening supply in the world market.

“Iyong sa ibang mga bansa, nag-i-expect kasi sila ng impact ng El Niño. Pero ang tingin naman namin, dahil we think that they have been prepared for this so mukhang it will correct actually (Other countries are bracing for the impact of El Niño. But we think because they’re already prepared for it, it will be corrected eventually),” she said.

Still, she said she believes the price cap imposed by President Ferdinand R. Marcos Jr. in September contributed to the lower inflation rate.

Let me end this piece by asking you readers: What is your reaction to this recent development? Are you convinced that the Philippines will be able to achieve 5  

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 athttps://www.instagram.com/authorcarlocarrasco

Philippines’ credit ratings affirmed by S&P Global Ratings

Philippines’ credit ratings affirmed by S&P Global Ratings

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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

Over P170 million deposited into BSP coin machines as of October 30, 2023

Over P170 million deposited into BSP coin machines as of October 30, 2023

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Recently, the Business Mirror published a news article revealing that more than P170 million worth of coins have been deposited in the many coin deposit machines (CODMs) of the Bangko Sentral ng Pilipinas (BSP) nationwide as of October 30, 2023. Based on recent findings, more people and business representatives have been lining up at their local CODM to deposit their excess coins and turn it into added value into their GCash accounts or PayMaya accounts, or use the value for shopping vouchers (accepted by The SM Store). Previously the figure was revealed at P115 million and this major project by the BSP launched this past June. 

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

THE coin deposit machines (CoDMs) have collected an average of a million pesos per day since June, according to the latest data from the Bangko Sentral ng Pilipinas (BSP), which rolled out the program four months ago to ease the coin shortage and cut government losses in minting coins.

As of October 30, the CoDM collections have reached P171.09 million since June 20. This means an average of P1.29 million worth of coins every day for a period of 133 days.

As of October 20, only 10 days prior, collections already reached P146.78 million. This means, in just 10 days, some P25.31 million or an addition of P2.53 million worth of coins were collected per day.

The data obtained by BusinessMirror also showed that a total of 59.8 million coins were deposited in CoDMs as of October 30.

This means an average of 449,607 coins were deposited into the 25 CoDMs located in various malls and groceries in Metro Manila. This translates to about 17,984 coins per machine everyday.

These coins include the P20, P10, P5, P1, 25 centavo, 10 centavo, 5 centavo, and 1 centavo. These are converted into e-wallets and shopping vouchers.

Based on the data, more than half of the coins deposited in CoDMs are P1 and 25 centavo coins. A total of 22.96 million P1 coins were deposited between June 20 and October 30 while 13.79 million 25 centavo coins were received by the machines during the period.

This was followed by the P5 coin with 12.89 million pieces; P10 coin, 3.02 million pieces; 5 centavo coin, 2.73 million pieces; P20 coin, 2.49 million pieces; and P10 centavo coin, 1.88 million pieces. The lowest was the 1 centavo coin with only 47,496 pieces.

In the data as of October 20, the largest sum ever deposited in a single transaction was P105,818. This was deposited on September 30 in an SM-owned location.

The highest volume of coins deposited during the period reached 33,794 pieces which was received in a CoDM in another SM-owned property last September 3.

The data as of October 20, also showed almost all or 97.63 percent of the amount of the coins collected by CoDMs were converted into GCash credits. The total amount converted into GCash reached P142.33 million as of October 20.

In terms of coin volume, GCash also converted the most into credits with 51.13 million coins or 97.63 percent of the total. This covered a total of 50,225 transactions or 97.04 percent of all CoDM transactions.

In June, BSP rolled out the CoDMs to alleviate the coin shortage in the country and cut the government’s losses in minting coins.

Former BSP Governor Felipe M. Medalla said the Philippines currently has a problem with coins, given that its coins per capita have more than doubled in less than a decade.

There are 39 billion pieces of coins in circulation in the country. At 110 million Filipinos, this translates to around 355 coins per capita which is a 195 percent growth from the 120 coins per capita eight years ago.

Let me end this piece by asking you readers: What do you think about this recent development? Were you able to deposit your excess coins into a BSP cash deposit machine in your city? Was there a time when you had to wait long in the line at a BSP cash deposit machine because one of the customers ahead of you brought several jars full of coins with them for deposit? Do you think having one BSP CODM per shopping mall is sufficient to meet local customers’ need for coin depositing? When waiting for your turn at the BSP CODM takes too long, do you take your coins with you to the bank to deposit into your personal account?

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

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

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

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

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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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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

Philippine economy grew by 5.9% in the 3rd quarter of 2023

Philippine economy grew by 5.9% in the 3rd quarter of 2023

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The economy of the Philippines grew almost 6% in the 3rd quarter (July-September 2023) which is a huge improvement over the 2nd quarter growth of 4.3%, 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 Philippine economy regained its footing in the third quarter of 2023, following a slowdown seen in the previous quarter, 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 period, grew by 5.9% during the July to September 2023 period, PSA chief and National Statistician Claire Dennis Mapa said at a press conference.

This is faster than the 4.3% growth rate seen in the second quarter of the year —its slowest pace in nine quarters since the country entered the positive territory in the middle of 2021 following a pandemic-induced recession. 

“We are pleased to announce that the Philippine economy continues to grow despite several major headwinds that we have experienced and continue to experience,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said.

“This performance makes our economy the fastest among the major emerging economies in Asia that have released their third-quarter 2023 GDP growth: Vietnam at 5.3%, Indonesia and China at 4.9%, and Malaysia at 3.3%,” the NEDA chief said.

The third quarter economic performance brought the year-to-date or the January to September 2023 GDP growth rate to 5.5%.

Let me end this piece by asking you readers: What do you think about this recent development? Do you think there is still a chance for the Philippine economy to accelerate in the 4th quarter and achieve a full-year economic growth of at least 6%? 

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

IRR of the Maharlika Investment Fund finalized

IRR of the Maharlika Investment Fund finalized

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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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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 athttps://www.instagram.com/authorcarlocarrasco

Almost P115 million worth of coins deposited through BSP’s machines

Almost P115 million worth of coins deposited through BSP’s machines

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As the public became more aware of the Bangko Sentral ng Pilipinas’ (BSP) coin deposit project, it is unsurprising that the accumulated amount of coins deposited through machines reached almost P115 million, according to a BusinessWorld news report. Take note that the BSP recently installed additional machines which should give people more opportunities to deposit their idle coins.

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

THE BANGKO SENTRAL ng Pilipinas (BSP) has collected P114.9 million in coins less than four months after the launch of their coin deposit machines (CoDMs) nationwide.

The central bank collected 42.4 million coins worth P114.9 million via the CoDMs as of Oct. 6 since they were rolled out in June, it said in a statement on Tuesday.

“We would like to thank our participating retailers and coin savers, especially those who have been promoting the usage of CoDMs on social media, for being instrumental in the program’s continued popularity and success,” BSP Deputy Governor Bernadette Romulo-Puyat said.

The coin deposit machines form part of the BSP’s efforts to improve the circulation of coins in the financial system.

“A case was made for a cash recycler program because we had about 36 billion coins in circulation then, but there seemed to be an artificial shortage in some areas in the Philippines,” BSP Deputy Director Jann Ryan D. Jose said.

The central bank said there were 39.1 billion coins in circulation as of April for an average of around 358 coins per person, almost three times the 2005 average of 121 coins per individual.

“When coins are not recirculated and left idle, an artificial coin shortage can happen in certain regions. This increases the likelihood of businesses shortchanging their customers,” the BSP said.

The BSP has finished deploying its target of 25 coin deposit machine units in malls across Metro Manila and other nearby provinces.

The value of coins deposited in CoDMs may be credited to the depositor’s e-wallet account or converted into a shopping voucher for over-the-counter transactions. Customers depositing coins can credit the equivalent amount to their e-wallets.

The awareness of the coin deposit project of the BSP is only growing and this prompted people to collect their coins and deposit them. Very recently at Festival Mall in Alabang, I noticed a growing number of people who lined up at the BSP coin deposit machine at the ground floor carrying plastic jars full of coins. One particular customer ahead of me who carried such high number of coins took a lot of time to deposit them into the machine (supported by a designated technician) as the counting got disrupted a number of times which required the technician to do some fixing. That customer’s coins were worth over P20,000 in value.

Let me end this piece by asking you readers: What is your reaction to this recent development? Are there any BSP coin deposit machines near your local community? If you were able to find the machines, were you able to deposit your idle coins? Are there many people in your local community who are interested to deposit their coins into the machines?

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 athttps://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Almost P90 million worth of coins deposited through BSP’s machines

Almost P90 million worth of coins deposited through BSP’s machines

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Do you have an excessive amount of coins with you right now? In recent times, the Bangko Sentral ng Philippines (BSP) launched their project to give people opportunities to deposit their coins through coin deposit machines (CoDMs) that were installed in a few locations. According to a report by GMA Network, almost P90 million worth of coins have been deposited.

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

Nearly P90 million worth of coins have been deposited through the Bangko Sentral ng Pilipinas’ (BSP) coin deposit machines (CoDMs).

Since its launch on June 20, over P87.4 million worth of coins were deposited through CoDMs from more than 20,000 transactions as of September 22, 2023.

The CoDMs were launched in a bid to encourage the public to make use of their idle coins.

Latest central bank data revealed that the coins deposited into the machines were mostly credited to customers’ e-wallets, while a portion was exchanged for shopping vouchers.

In June, the BSP deployed two CoDMs at the SM Mall of Asia in Pasay City, one at Festival Mall in Alabang, Muntinlupa City, and another at Robinsons Place Ermita in Manila.

Moreover, the BSP installed additional coin deposit machines at Robinsons Place Galleria in Ortigas, SM City North EDSA, SM City Fairview in Quezon City, SM City San Lazaro in Manila, SM City Bicutan in Parañaque, and SM City Bacoor in Cavite, bringing the total CoDMs count to 10.

The BSP’s CoDMs accept all denominations of the BSP Coin Series and the New Generation Currency Coin Series launched in 2018, ranging from a centavo to as high as P20.

Through the CoDMs, customers can deposit legal tender coins and have the equivalent amount credited to their GCash accounts. The BSP said it is also working to onboard Maya to provide more e-wallet options to the public.

In using the machines, the central bank urged customers that coins to be deposited must not be taped or bundled, must not come with other objects like buttons, magnets, nails, tokens, screws, or washers, and must be gently placed in the coin slot in handfuls.

Being based in Muntinlupa City, I myself managed to deposit coins into the BSP machine located inside Festival Mall in Filinvest City in Alabang. I really liked the convenience of having the amount of my deposited coins transferred electronically into my GCash account and without any technical or convenience fees charged. I can only hope that the BSP will come up with options for coin depositors to transfer the collected value directly into bank accounts without charging any fees.

Let me end this piece by asking you readers: What is your reaction to this recent development? Were you able to deposit your coins at a BSP machine near your local community? Do you think this project by the BSP will help prevent coin shortages from happening? If you have an excessive amount of coins in your household right now, would you be willing to deposit them all into a BSP machine?

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 athttps://www.instagram.com/authorcarlocarrasco

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Philippine economic growth for 2023 could hit 5.5%

Philippine economic growth for 2023 could hit 5.5%

carlocarrasco

In the views of the First Metro Investment Corporation (FMIC) and the University of the Asia and the Pacific (UA&P), the economy of the Philippines could grow by 5.5% for the year, according to a news article by Philippine News Agency (PNA). 2023 has been an economically challenging year and many anticipated that the national economy won’t grow as high as it did in 2022.

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

The Philippine economy is projected to grow by 5.5 percent this year, driven by the growth in government spending, a report released by the First Metro Investment Corporation (FMIC) and the University of the Asia and the Pacific (UA&P) said.

In the September issue of The Market Call released on Wednesday, FMIC and UA&P said Philippine economic growth in the third quarter of the year will likely reach 5.0 to 5.2 percent.

For the fourth quarter of this year, FMIC and UA&P project the country’s gross domestic product (GDP) to grow by 6 percent.

This would bring the full year GDP growth to 5.5 percent which is slightly below the government’s 6 to 7 percent target for this year.

“Despite the weak July-August, we think the NG will accelerate further its spending on infrastructure and transportation for the rest of the year, and employment will have strong rebound in September,” the report said.

The Philippine economy grew by 4.3 percent in the second quarter of this year. During the quarter, government expenditure contracted by 7.1 percent.

FMIC and UA&P however expect government spending to accelerate in the second half of the year.

“National Government took up the slack in July spending as it ramped up expenditures by 16.2 percent year-on-year in July through higher social protection and infrastructure outlays,” the report said.

Aside from government spending, FMIC and UA&P also expect manufacturing and construction to drive growth.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the national economy can do better than the 5.5% growth foreseen by the First Metro Investment Corporation (FMIC) and the University of the Asia and the Pacific (UA&P)?

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 athttps://www.instagram.com/authorcarlocarrasco