Philippines – Page 177 – Author Carlo Carrasco

BSP sees 6-7% economic growth in 2023 for Philippines

February 23, 2023February 20, 2023carlocarrasco

As far as the Bangko Sentral ng Pilipinas (BSP) is concerned, the Philippine economy will grow between 6% to 7% this year, according to a news report by BusinessWorld. By comparison, HSBC and the World Bank forecast growth rates of 4.4% and 5.4% respectively.

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

THE “CONTINUED NORMALIZATION” of post-pandemic mobility will help the Philippine economy expand within the government’s 6-7% target this year, but slower growth is likely in 2024, the Bangko Sentral ng Pilipinas (BSP) said.

“GDP (gross domestic product) growth is projected to settle within the DBCC’s (Development Budget Coordination Committee) target of 6-7% for 2023, but economic headwinds could result in slower GDP growth in 2024,” the BSP said in its latest Monetary Policy Report (MPR).

“The full-year growth forecast for 2023 was adjusted upward from the previous MPR. Meanwhile, the growth forecast for 2024 is lower compared to previous round, reflecting weaker global prospects and the impact of cumulative policy rate adjustments of the BSP,” it added.

While the central bank does not give its exact growth forecasts, the DBCC targets 6.5-8% GDP growth in 2024.

According to the central bank, the economy will be “driven by growth in the industry sector as manufacturers signal increased production plans as the economy reopens further.”

Based on data from the Philippine Statistics Authority (PSA), the service sector expanded by 9.8% in the fourth quarter last year, while the industry sector grew by 4.8%. Annually, services jumped by 9.2%, and industry expanded by 6.7%.

Better labor market conditions, higher demand for tourism, and greater economic activity due to the resumption of face-to-face classes are seen to boost growth in the services sector, the BSP said.

“Moreover, the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, Financial Institutions Strategic Transfer (FIST) Act, and the second tranche of the reduction in personal income taxes could help further bolster the domestic outlook in 2023-2024,” it added.

Meanwhile, the overall balance of supply and demand conditions, as reflected by the output gap, is expected to “remain broadly neutral” in the near term.

“Estimates from the BSP’s Policy Analysis Model for the Philippines (PAMPh) indicate that the output gap is estimated to be slightly positive in early 2023, reflecting the sustained economic expansion in 2022,” the central bank said.

The economy grew by 7.6% in 2022, exceeding the government’s 6.5-7.5% target, and the fastest growth since 1975.

“Thereafter, the output gap is seen to remain in broadly neutral territory as the impact of policy interest rate adjustments takes hold on the economy. A projected slowdown in global growth owing in part to tightening monetary conditions across countries could likewise dampen aggregate demand,” the BSP said.

The Monetary Board last week increased the benchmark policy rate by 50 basis points (bps) to 6%, the highest in nearly 16 years. Rates on the overnight deposit and lending facilities were also increased to 5.5% and 6.5%, respectively.

According to analysts, higher interest rates could drag economic growth slower this year.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippines can achieve economic growth beyond 6% this year? Do you think the government should do more with post-pandemic living and economics in mind?

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

Buy-bust operation in Las Piñas City results in the arrest of a suspect and seizure of weapons and illegal drugs

February 22, 2023February 19, 2023carlocarrasco

Recently in the city of Las Piñas, the local police organized a buy-bust operation which led to the arrest of a 30-year-old man suspected of drug peddling, according to a Manila Bulletin news report. Seized from him were illegal drugs and weapons.

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

Members of Las Piñas Station Drug Enforcement Unit (SDEU) seized illegal drugs, a grenade and a gun from a suspected drug peddler during a buy-bust operation on Friday, Feb. 17.

Col. Jaime Santos, city police chief, said the suspect, Roberto Aringo,30, alias Jon, reportedly known for his illegal drug trade, was nabbed at about 6:30 p.m. in Kawayanan Tambakan, Pulanglupa Uno, Las Piñas.

Santos said police operatives confiscated from the suspect three heat-sealed transparent sachets containing 12.2 grams of shabu worth P82,960.

The city police chief said that aside from shabu, the cops also seized from the suspect a hand grenade, .38-caliber revolver, and the P500 buy-bust money.

Santos said the confiscated shabu was turned over to the Southern Police District (SPD) Forensic Unit for chemical analysis.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Are you concerned that loose firearms and illegal substances are affecting your local community?

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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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

Over 50 displaced families in Muntinlupa receive assistance from City Government

February 21, 2023February 18, 2023carlocarrasco

Recently in the progressive city of Muntinlupa, 51 families who were displaced by a fire that consumed their homes and items in Barangay Poblacion received assistance from the City Government, according to a Manila Bulletin news report. The 51 families is composed of over one hundred eighty individuals.

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

The Muntinlupa City government has provided assistance to 51 families or 185 individuals who were displaced when a fire hit a residential area in Barangay Poblacion on Feb. 17.

According to the Muntinlupa City Fire Station, the fire razed houses at No. 209 Bukal Street at about 6:01 a.m. The fire was placed under control at 6:48 a.m. and was put out at 7:01 a.m.

No one was injured in the fire. Authorities are investigating the cause of the incident.

Mayor Ruffy Biazon immediately ordered city departments to provide assistance to the affected families as he visited the area and met with residents.

“We provided food packs and non-food items such as slippers, pails, cooking utensils, mats and basic necessities. And we will also ask help from the DSWD [Department of Social Welfare and Development], national government for additional assistance,” said Biazon.

The Muntinlupa Social Services Department (SSD) led in the distribution of relief goods to the families while the City Health Office provided medical assistance and hygiene kits.

The families were given family kits (such as shirts, shorts, underwear and towels), kitchen kits (spoons, forks, frying pan, ladle, drinking glasses, bowls, pots and plates), sleeping kits (mosquito nets, mats, folding beds and blankets), food relief (50 kilos of rice, 25 assorted canned goods, oatmeal, sugar and coffee), and hygiene kits (nail cutter, powder, towel, diaper, napkin, toothpaste, toothbrush, bath soap and shampoo).

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? Do you think the assistance from City Government will be sufficient for the victims?

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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Wanted person from Leyte arrested in Parañaque

February 20, 2023February 14, 2023carlocarrasco

Recently in the city of Parañaque, a wanted person from the province of Leyte was arrested by the local police, according to a Manila Bulletin news report. The said person was previously charged for statutory rape and his arrest happened in Barangay San Antonio.

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

A 31 year-old-man facing statutory rape charges and two counts of acts of lasciviousness was arrested in Parañaque City on Monday, Feb. 13.

Col. Renato Ocampo, city police chief, said members of the Tabontabon Muncipal police station coordinated with members of the Warrant and Subpoena Section (WSS) for the arrest of the suspect identified as Gilbert Barbo Durana.

Ocampo said Durana, who was listed as Top 1 wanted person in Tabontabon, Leyte, was arrested around 6:40 p.m. along San Antonio Valley-1, Barangay San Antono.

He said members of the Tabontabon Municipal police station conducted manhunt operations against Durana after a warrant of arrest for statutory rape was issued against him on Feb. 1.

The city police chief said Judge Catherine Jane Lopez, of Regional Trial Court (RTC) Eight Judicial Region, Branch 15, Burauen Leyte, ordered the arrest of Duran.

Let me end this piece by asking you readers: What do you think about this recent development? Are you concerned that more wanted persons could be hiding in your local community in Parañaque?

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 and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. 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 9,000 students in Muntinlupa receive scholarship allowance from City Government

February 16, 2023February 14, 2023carlocarrasco

Recently in the progressive city of Muntinlupa, over 9,000 public school students received from the City Government their respective scholarship allowances according to a Manila Bulletin news report.

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

More than 9,000 public school students received their scholarship allowance from the Muntinlupa City government.

According to the Muntinlupa Scholarship Division (MSD), 9,409 students were given their allowance from Jan. 30 to Feb. 3 for the 1st Tranche Educational Assistance for the school year 2023 to 2024.

Of the total, 2,983 were students of Muntinlupa Elementary School; 1,840 from Putatan Elementary School; 1,359 from Soldier’s Hills Elementary School; 1,111 from F. De Mesa Elementary School; and 2,109 from Bayanan Elementary School.

Each student gets a P400 monthly allowance in elementary, P500 per month in junior high school and P600 per month in senior high school.

The allowances are given in two tranches with each tranche equivalent to five months. College students get P5,000 to P10,000 per semester depending on their grades.

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? Do you personally support the Tranche Educational Assistance program?

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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Local police find illegal drugs worth over P180 million inside abandoned vehicle in Parañaque

February 15, 2023February 14, 2023carlocarrasco

Recently in the city of Parañaque, over P180 million worth of illegal drugs were recovered by local police officers inside an abandoned car and the said substances were contained in tea bags, the Manila Bulletin reported. There were also other notable items found inside.

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

Tea bags containing more than P180 million worth of shabu were recovered by members of the Parañaque police inside an abandoned car early morning of Thursday, Feb. 9.

Col. Renato Ocampo, city police chief, said Mark Joseph Espinosa, a barangay watchman, reported to the Tambo police sub-station the discovery of an abandoned vehicle — a red Toyota Innova with plate number CDI 9724.

Ocampo said the vehicle was discovered abandoned around 2:00 a.m. at the corner of Quirino Avenue and M. Delos Santos St., Barangay Tambo.

During the inspection conducted by members of Tambo police sub-station, operatives noticed that the SUV’s doors were left unlocked and one brown backpack, a box, and a sack were found at the backseat.

The Tambo police sub-station operatives and the Scene of the Crime Operatives (SOCO) found sealed tea packs containing 27 kilos of suspected shabu worth ₱183,600,000 inside the sack.

Ocampo said that aside from the 27 kilos of suspected shabu, police operatives also discovered two photo copies of the original receipt, car registration, deed of sale of the Toyota Innova, original receipt and car registration of a Nissan Sentra with plate number TKS 429, two photo copies of driver’s licenses and birth certificate under the name of Ma. Teresa Fernandez, identification and vaccination cards belonging to a certain Patani Barauntong and other personal belongings inside the vehicle.

Let me end this piece by asking you readers: What do you think about this recent development? What do you think could explain why the vehicle was left abandoned even though it had several important items inside?

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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Two men apprehended for illegal possession of firearms and drugs in Las Piñas City

February 12, 2023February 9, 2023carlocarrasco

Recently in the city of Las Piñas, the local police arrested two men for illegally possessing weapons and shabu. The weird thing is that a vehicular accident led to the apprehension according to a news report by the Philippine Daily Inquirer.

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

A vehicular accident in Las Piñas City resulted in the arrest of two men for alleged illegal possession of firearms and shabu, the police said Monday.

The Las Piñas City police, in a report, said its officers were responding to an incident along Alabang Zapote at around 1:30 a.m. on Sunday when suspects Jefferson Garin, 32, and Raymund Mangubat, 39, attempted to flee the scene.

Officers who came to help captured the suspects on Neltex Street in Barangay Pamplona.

During the procedural body search, the suspects yielded a .9mm Pietro Beretta pistol and three plastic sachets of suspected shabu worth around P40,000.

Garin and Mangubat were brought to the Station Investigation and Detection Management unit of Las Piñas City police station.

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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Cambodia aiming to attract 3 million to 4 million foreign tourists for 2023

February 10, 2023February 3, 2023carlocarrasco

Cambodia, the nation that will be hosting the 32^nd edition of the Southeast Asian Games (also referred to as SEA Games and Cambodia 2023, click here and here), is aiming to attract between 3 million to 4 million foreign tourists for the year 2023 and improve over what was achieved in 2022, according to Khmer Times news report. For the year 2022, Cambodia attracted 2.28 million foreign tourists while the Philippines and Israel attracted 2.65 million and 2.675 million foreign tourists respectively.

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

Prime Minister Hun Sen expressed his hope that between three and four million foreign tourists will visit Cambodia this year.

At a get-together with the 1,049 grade A students of the 2021-2022 academic year held here at Chroy Changvar International Convention and Exhibition Centre this morning, Hun Sen said two major events this year, including the Angkor Sankranta in April and the SEA Games-ASEAN Para Games in May and June, will attract more foreign visitors to the country.

“This year, we hope to welcome the return of foreign tourists, from three to four millions of them,” he underlined.

At the same time, Prime Minister Hun Sen also called on all Cambodians overseas to visit their home country, particularly during these two upcoming big events.

According to the Ministry of Tourism’s statistics, Cambodia welcomed 2.28 million foreign visitors last year, a sharp rise by 1,059 percent compared to 2021.

Let me end this piece by asking you readers: What is your reaction to this new development? Have you ever visited Cambodia for tourism? If you did, how would you rate the quality of their tourist spots and how hospitable are Cambodia’s tourism industry workers?

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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Cambodia a potential new source of rice for the Philippines

February 8, 2023February 3, 2023carlocarrasco

While living here in the Philippines doing your daily chores and fulfilling other objectives, do you still remember how much money did you spend buying rice grain for your household over the last six months? Do you find the current prices of rice expensive nowadays? As far as rice is concerned, the nation of Cambodia could become the next new source of rice grain for the Philippines, according to a news article published by the Philippine News Agency (PNA).

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

Cambodia is exploring opportunities to directly export rice to the Philippines, offering an alternative and cheaper source of rice for the country.

Department of Trade and Industry (DTI) Secretary Alfredo Pascual met with a Cambodian delegation on Thursday, led by chief executive officer of the state-owned Green Trade Company Chan Sokty and the president of the Cambodia Rice Federation Okhna Chan Sokheang.

Green Trade is the counterpart of DTI’s Philippine International Trading Corp. (PITC).

The Cambodian delegates are also exploring exporting rice through a government-to-government arrangement between Green Trade and PITC.

“They are still in the fact-finding stage. They are surveying our markets,” Pascual told reporters.

Pascual said Cambodia has a rice surplus of 50 percent of its total rice production, and the Southeast Asian country intends to sell it directly to neighboring countries and also in Europe.

Cambodian rice can enter the Philippine market at 35 percent tariff rate.

Pascual added the Cambodian delegates said they can commit to supply 3 million metric tons of rice to the Philippines, which is the level of imported rice by the country in 2022.

Earlier, Go Negosyo founder and ASEAN Business Advisory Council chair Joey Concepcion said Cambodia expressed intention to directly export unmilled rice to the Philippines on the sidelines of the ASEAN Summit in November 2022.

Concepcion then said Cambodia exports unprocessed rice to Vietnam, wherein the country processes the rice before exporting to other countries like the Philippines.

More than 80 percent of the country’s rice imports are sourced from Vietnam, according to the Bureau of Plant Industry.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think rice imported from Cambodia will surely bring down the local rice prices?

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 Mayor signs resolution related to prepositioning of relief goods by DSWD

February 7, 2023February 2, 2023carlocarrasco

Recently in the progressive city of Muntinlupa, Mayor Ruffy Biazon signed a key resolution pertaining to the preposition of relief goods by the Department of Social Welfare and Development (DSWD), the Manila Bulletin reported. This is related to the DSWD’s storing of food and other items in local facilities in preparation of disasters.

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

Muntinlupa Mayor Ruffy Biazon has signed a resolution for the prepositioning of relief goods in the city by the Department of Social Welfare and Development (DSWD).

He signed Resolution 2023-178 passed by the Muntinlupa City Council which gives him the authority as representative of the city government to enter “in a Relief Prepositioning Agreement (RPA) with the Department of Social Welfare and Development Field Office National Capital Region (DSWDFO-NCR) represented by its Regional Director Monina Josefina H. Romualdez.”

The prepositioning of relief goods allows the DSWD to put food and non-food items in storage facilities in Muntinlupa as preparation for any disaster.

“The City of Muntinlupa, within the period of three (3) years, supports the Prepositioning of relief goods posed by the Department of Social Services and Development (DSSD) as this would contribute in the increased preparedness for disaster of the city,” according to the resolution.

According to the Muntinlupa Legal Office, “During the disaster, the City is at the frontline of service delivery and thus, must always be prepared and equipped to take emergency action and relief measures. The prepositioning of food and non-food items from DSWD-NCR is a welcome augmentation to our disaster preparedness efforts.”

“The Muntinlupa Contingency Plans for Disasters (Flood, Earthquake and Covid-19 pandemic) has been adopted by the Sangguniang Panlungsod through various legislative measures where the policies, course of action, resources allocation aimed to build disaster resilient communities and institutionalize arrangement and measures for reducing disaster risks are underscored,” the resolution stated.

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? Do you think this development will ensure the efficient and orderly release of goods for victims of disasters within the city?

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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