Tag: Philippine economy

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

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

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In light of the recent news that the economy of the Philippines grew by 5.7% during the 1st 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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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 says inflation may ease in 2nd half of 2024

NEDA says inflation may ease in 2nd half of 2024

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In the view of the National Economic and Development Authority (NEDA), headline inflation may ease in the 2nd half of 2024 as a result of the subsiding of pressure on food prices connected with the El Niño effect, 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…

HEADLINE INFLATION may start easing in the second half of the year as pressure on food prices subsides after the El Niño weather event ends, the National Economic and Development Authority (NEDA) chief said.

“In the second half of this year, we expect the pressure from food prices to diminish, because a big part of that food inflation was imported in the sense that food prices, particularly for staple, have been rising in the world market,” NEDA Secretary Arsenio M. Balisacan told reporters on the sidelines of a forum on Monday afternoon.

Inflation rose for a second straight month in March to 3.7% amid rising food prices. Food inflation accelerated to 5.7%, its fastest pace in four months, mainly driven by rice.

Rice inflation surged to 24.4% in March, the highest since the 24.6% print in February 2009.

“But for rice, (pressure) is expected to decline, (as prices) reached the peak and will start falling after June as the El Niño phenomenon is waning,” Mr. Balisacan said.

The El Niño weather phenomenon is expected to persist until May, but the Philippines may continue to feel its impact until August, the Department of Science and Technology said earlier.

Mr. Balisacan said he is hoping that April inflation would fall within the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target band, although oil prices pose a risk.

He noted April inflation will likely be close to the 3.7% print recorded in March.

“[The] 2-4% is still a fighting target. Of course, we are watching closely the developments in the Middle East. If the oil prices would be affected by the development, there would be some pressure for us,” Mr. Balisacan said, refer-ring to the conflict between Israel and Iran.

The local statistics agency will release April inflation data on May 7.

Mr. Balisacan said that economic growth in the first half may be affected if inflation continues to breach the target.

“[It’s] a challenge because domestic consumption, particularly home consumption and investment, are very sensitive to inflation and interest rates,” he said.

Earlier this month, the Development Budget Coordination Committee (DBCC) revised its gross domestic product (GDP) growth target range to 6-7% this year from 6.5-7.5% previously amid geopolitical tensions, price upticks, and trade restrictions.

The local statistics agency is set to release first-quarter GDP data on May 9.

“With food prices starting to come down, that should be good for growth. But of course, if the energy prices continue to rise, then it could affect logistics, distribution, and it could impact food prices too. But we hope that it will not be serious,” Mr. Balisacan said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think headline inflation in the Philippines will go down slightly in the 2nd half of this year? Do you think external economic developments will cause inflation to rise?

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

P25 billion worth of residential projects planned by Filinvest Land, Inc. (FLI) this year

P25 billion worth of residential projects planned by Filinvest Land, Inc. (FLI) this year

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Filinvest Land, Inc. (FLI) will continue to be aggressive with property development as they recently announced they will introduce this year more residential projects worth an estimated P25 billion located in different parts of the country, 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…

GOTIANUN-LED property developer Filinvest Land, Inc. (FLI) has announced plans to introduce residential projects worth P25 billion this year.

“(We) aim to optimize our land bank and sustain our strong market presence in cities where we are already present,” FLI President and Chief Executive Officer Tristaneil D. Las Marias said during the company’s virtual annual stockholders meeting on Friday last week.

Some of the residential projects eyed to be launched this year are located in Cavite, he added. These include the company’s first mid-rise condominium project in Bacoor, as well as new developments for its 94-hectare The Wood Estates residential township in Trece Martires.

“We will upgrade our Wood Estates… with commercial shops, transport terminals, and affordable low-rise condo developments,” he said.

Mr. Las Marias also announced that FLI will launch the 11.4-hectare Iloilo Centrale residential township in Leganes, Iloilo, which will include supermarkets, daycare centers, public transport terminals, a park, and a football field.

“Iloilo Centrale will also offer our first walk-up project which will provide very affordable condo units located in a complete residential setting that provides social spaces, outdoor sports, activity event areas, and modern amenities at very affordable prices,” he said.

“We have also kept a balanced geographical portfolio for our residential business by exploiting residential business opportunities in key cities in Visayas and Mindanao,” he added.

He said that FLI will open several mid-rise condo buildings in Dumaguete, Zamboanga, and General Santos.

The company also plans to launch taller condo buildings in Cebu and Davao to “match the growing market potentials in these highly urbanized cities and optimize land bank values.”

“We have also seen the huge unserved demand in housing. We plan to continue to offer affordable housing projects in Rizal, Cavite, Laguna, Bataan, Zamboanga, and other second class cities in Visayas and Mindanao with the intent to make housing accessible to as much government and private workers within the mass market income bracket and help more Filipinos build their dream,” he said.

FLI is also planning to complete nine additional ready-built factories at its Filinvest Innovation Park in the next two years. The planned factories will span 12,500 square meters each.

Last month, FLI completed the turnover of a ready-built factory to StB GIGA for the production of lithium iron phosphate batteries.

The Filinvest Innovation Park is within the Filinvest New Clark City mixed-use township, which is part of the 9,450-hectare New Clark City development in Capas, Tarlac.

“We also have about 55 hectares of land available for long-term lease already built at the moment,” he said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the planned residential projects of FLI will make positive socio-economic impact in the mentioned locations around the country? Do you think there is good demand for new homes around the country?

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 P650 million deposited through BSP’s coin machines

Almost P650 million deposited through BSP’s coin machines

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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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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

IMF raises Philippine economic growth forecast to 6.2% for 2024

IMF raises Philippine economic growth forecast to 6.2% for 2024

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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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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

BIR extends deadline for online businesses to transition to new withholding tax system to July 14, 2024

BIR extends deadline for online businesses to transition to new withholding tax system to July 14, 2024

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Recently the Bureau of Internal Revenue (BIR) announced that July 14, 2024, is the new deadline for online businesses to transition to the new withholding tax system, according to a GMA Network news report. Previously the deadline was April 15, 2024 and online businesses with annual earnings of over P500,000 were to be covered by the 1% withholding tax.

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

The Bureau of Internal Revenue (BIR) announced Tuesday that it has extended the deadline for online merchants to transition to the new withholding tax system by 90 days.

According to the agency, Revenue Memorandum Circular No. 55-2024 extended the transitory period for compliance with Revenue Regulations (RR) No. 16-2023 until July 14 after considering the private sector’s request on the implementation.

“This 90-day extension of the transitory period under RR No. 16-2023 shows the BIR’s commitment in listening to the voice of the private sector,” BIR Commissioner Jun Lumagui said in a statement.

“This is part of my administration’s thrust on Excellent Taxpayer Service. We hear the thoughts of the private sector, and if the same is reasonable, then we make policy adjustments for the benefit of the Filipino people,” added Lumagui.

Under RR No. 16-2023, one-half of the gross remittances of e-marketplace operations and digital financial services providers to the sellers or merchants for goods or services paid through their platform shall be subject to a 1% creditable withholding tax.

The BIR said that the online transactions industry has experienced growth during and after the coronavirus pandemic but it appeared that many online sellers were not paying their share in taxes.

RR No. 16-2023 was signed by Lumagui and Finance Secretary Benjamin Diokno in December 2023.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that the new deadline will give all online businesses here in the Philippines enough time to transition into the new withholding tax system?

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

Ultra Safe Nuclear Corp. (USNC) nuclear energy investment plan for Philippines moves forward

Ultra Safe Nuclear Corp. (USNC) nuclear energy investment plan for Philippines moves forward

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Recently the administration of Philippine President Ferdinand “Bongbong” Marcos, Jr., and top officials of the Ultra Safe Nuclear Corp. (USNC) met in Washington, D.C., and discussed the progress of the company’s nuclear energy investment plan in the country, according to a Philippine News Agency (PNA) news article.

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

President Ferdinand R. Marcos Jr. on Friday (Manila time) hailed the developments in the planned nuclear energy investment of Washington-based Ultra Safe Nuclear Corp. (USNC) in the Philippines.

Marcos met with USNC’s top executives, led by its chief executive officer Francesco Venmeri, in the United States (US) to discuss the progress in the firm’s commitment to bring a reliable and clean energy source to the Philippines.

“We are delighted to share the progress of our ongoing collaboration with Ultra Safe Nuclear Corp. since our inaugural meeting in 2023. Their investment in Micro Modular Reactors (MMRs) promises a reliable and clean energy solution for the country,” Marcos said in a Facebook post after his meeting with USNC officials.

“This initiative ensures greater energy security, reduced reliance on fossil fuels, and holds the promise of substantial economic gains for the Filipino people.”

During the meeting with USNC executives, Energy Secretary Rafael Lotilla briefed Marcos about the ongoing legislative measures in Congress that would provide the legal framework for the company’s planned investment and operation in the Philippines.

Lotilla told Marcos that the regulatory framework has been passed by the House of Representatives.

On Nov. 22, 2023, the House approved House Bill 9293, or the “Philippine National Nuclear Energy Safety Act, ” and last March 4, it also approved HB 9876 or the “Philippine Nuclear Liability Act.”

Marcos expressed hope that the bill gets passed in the Senate so that the necessary legal requirements could be completed soon to commence the project.

“You’re done already in the House. Okay. So, the elements that need to be there, the provisions that need to be (included), we can do in the Senate and then there’s one of course, is the bicam down the road. So, that would be the process from the government side,” the President said during the meeting.

“We spoke about this before. We’re going to go ahead with the program, with (the) project.”

Marcos’ meeting with USNC officials is a follow-up of their initial meeting in the US in May 2023, followed by the signing of the memorandum of understanding (MOU) on nuclear cooperation in Nov. 2023, and the firm’s participation in the US Presidential Trade and Investment Mission to the Philippines in March 2024.

The USNC is a global leader and vertical integrator of nuclear technologies and services. Its major initiatives include the MMR, Fully Ceramic Micro-encapsulated (FCM) nuclear fuel, and nuclear power and propulsion technologies for space exploration.

The MMR is a fourth-generation nuclear energy system that delivers safe, zero-carbon, cost-effective electricity and heat to utilities, industry, and remote communities.

This will be USNC’s first investment in the country and it partnered with Meralco for an MMR study.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you feel confident that safe and secure nuclear energy in the Philippines will be realized before the decade ends? Are people in your local community knowledgeable about the potential benefits of nuclear energy?   

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

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

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

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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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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

Philippines unemployment rate falls down to 3.5% in February 2024

Philippines unemployment rate falls down to 3.5% in February 2024

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Recently the Philippine Statistics Authority (PSA) confirmed that the unemployment rate of the nation fell down to 3.5% in February 2024, 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…

Unemployment rate fell to 3.5 percent in February this year from 4.5 percent in January, the Philippine Statistics Authority (PSA) reported on Thursday.

In a briefing, National Statistician Dennis Mapa said based on the time series, the unemployment rate during the month was the second lowest on record since the 3.1 percent in December 2023. Unemployment rate in February last year was 4.8 percent.

Mapa said the number of unemployed Filipinos went down to 1.80 million from 2.47 million and 2.15 million unemployed persons in February 2023 and January 2024.

The Labor Force Participation Rate (LFPR), meanwhile, was at 64.8 percent or about 50.75 million Filipinos aged 15 years and above who were either employed or unemployed.

This is lower than the 66.6 percent LFPR seen in February last year with young people (-669,000) and women (-404,000) withdrawing from the labor force. 

“The needs of vulnerable groups, including women, youth, older people, and those with disabilities, remain our priority to encourage workforce participation. We will improve access to quality childcare, finance, and entrepreneurship opportunities to support women’s entry and retention in the labor market,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said in a separate statement.

Balisacan said the government will revisit the existing policy governing alternative work modes, such as the Telecommuting Act, and adapt it to the evolving work landscape to address the growing preference for remote work.

“The government will explore enhancing the potential of part-time work to help promote lifelong learning. A framework for part-time work and similar set-ups can allow workers to retool or upskill without leaving the workforce,” Balisacan said.

The country’s employment rate, meanwhile, went up to 96.5 percent in February from 95.5 percent in January and 95.2 percent in February this year.

The number of employed persons was registered at 48.95 million, higher than the recorded number of employed persons in February 2023 at 48.80 million and in January 2024 at 45.94 million.

Major industries with the largest increase in employment include construction (470,000), transportation and storage (444,000), administrative and support service activities (344,000), manufacturing (313,000), and accommodation and food service activities (210,000).

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 – reached 6.08 million, down from last year’s 6.29 million.

The NEDA said the Marcos administration will continue to prioritize people-centered policies and attract job-creating investments to support the continued improvement of the Philippine labor market and enable Filipinos to earn higher wages from better jobs.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the nation’s economy and employers still have enough momentum to move forward and create more new jobs over the next 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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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

DBCC revises Philippine economic growth targets for 2024 and 2025

DBCC revises Philippine economic growth targets for 2024 and 2025

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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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