Tag: PNA.gov.ph

Can the DOT achieve its 2024 target of 7.7 million international visitor arrivals?

Can the DOT achieve its 2024 target of 7.7 million international visitor arrivals?

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Recently the Department of Tourism (DOT) confirmed that as of November 1, 2024, it has recorded 4.8 million international visitor arrivals, according to a Philippine News Agency (PNA) news article. That is around three million short of its 2024 target of 7.7 million.

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

International visitor arrivals to the Philippines reached more than 4.8 million, the Department of Tourism (DOT) said on Friday.

In a statement announcing its attendance at the 2024 World Travel Market (WTM) in London, the DOT said the event would serve as an opportunity to invite more tourists from the European market, especially as it makes up a huge percentage of the foreign visitors to the country.

“The United Kingdom leads as the top European source of visitors, ranking as the Philippines’ ninth-largest source market, with 128,660 arrivals recorded from Jan. 1 to Oct. 31,” it said.

“As the UK outbound travel market rebounds, it presents a valuable opportunity for the Philippines.”

As of Nov. 1, the number of international visitors to the Philippines has reached 4,879,022, less than 3 million away from the DOT’s yearend target of 7.7 million arrivals.

With UK tourists increasingly seeking destinations that offer value for money and experience, the DOT is confident the Philippines’ “diverse landscapes, rich history, and immersive travel experiences” align well with the market’s preferences.

By doing the math, 4,879,022 international tourist arrivals covering the period of January 1 to November 1 (306 days) is equivalent to 15,944.516 per day. Multiply that current average by 366 days for 2024 (a leap year), the total would be 5,835,693 international tourist arrivals which is clearly short of the target.

Of course, it is expected that more visitors from overseas will increase sharply this December as many Filipinos based abroad will be coming home for Christmas and New Year celebrations with families. It remains to be seen how the DOT and its strategic partners will accommodate the anticipated high influx of visitors from overseas. It is recalled that the Rizal Commercial Banking Corp. (RCBC) and China Banking Corp. found the nation’s Philippine tourism recovery still lacking.

Let me end this piece by asking you readers: What is your reaction to this latest development? Do you think the DOT can still hit its 2024 target of 7.7 million international visitor arrivals by the end of December? Do you think news about crime connected with Philippine Offshore Gaming Operators (POGOs) are discouraging foreigners from visiting the Philippines? Do you wish to see the DOT get more involved with special events such as food festivals, entertainment conventions, film festivals, international sports events, car shows and the like?

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, special event 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 October 2024 inflation rate settles at 2.3%

Philippines October 2024 inflation rate settles at 2.3%

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Recently it was announced that the inflation rate of the Philippines for October 2024 settled at 2.3%, according to a Philippine News Agency (PNA) news article. By comparison, the nation’s inflation rate was at 4.9% in October 2023.

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

Inflation continued to settle within the government’s 2 to 4 percent target despite a slight uptick in October this year.

In a briefing on Tuesday, National Statistician Dennis Mapa said headline inflation during the month was at 2.3 percent, slightly higher than the 1.9 percent recorded in September this year. Inflation in October last year, however, was higher at 4.9 percent.

The latest data brings the national average inflation rate from January to October 2024 to 3.3 percent.

Mapa said the higher inflation in October was primarily influenced by the faster increase in food and non-alcoholic beverages at 2.9 percent from 1.4 percent in September 2024.

Despite the increase, the National Economic and Development Authority (NEDA) and the Bangko Sentral ng Pilipinas (BSP) are optimistic that inflation will remain within target this year.

“The latest inflation figures confirm that we are on track to keep inflation within target. The government is fully committed to ensuring price stability and protecting Filipino households from undue shocks,” NEDA Secretary Arsenio Balisacan said in a statement.

Balisacan assured the public that while recent weather disturbances posed challenges to the country’s food supply and logistics, the government will work “relentlessly to keep food available and prices steady, particularly for essential commodities.”

“With targeted support and streamlined food supply chains, we aim to ensure that food is affordable and accessible for Filipino families, especially those most vulnerable to price shocks when disasters hit us,” Balisacan said.

To mitigate the impact of natural disasters, Balisacan said the Department of Social Welfare and Development is implementing the Building on Social Protection for Anticipatory Action and Response in Emergencies and Disasters Program.

The program provides social safety nets and capacity-building measures to support affected communities.

The Philippine Atmospheric, Geophysical, and Astronomical Services Administration earlier forecast that La Niña will persist until the first quarter of 2025, with two to eight tropical cyclones expected to affect the country until April 2025.

“The President has mobilized all of government to ensure relief efforts are comprehensive and delivered on time. In addition, he has directed us to craft a robust solution to build the resilience of families and communities amid the onslaught of severe typhoons,” Balisacan said.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the inflation rate of the nation will end up between 2% to 4% for the final two months of the year?

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

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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 3rd quarter economic growth settles at 5.2%

Philippines 3rd quarter economic growth settles at 5.2%

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Recently it was announced that the economy of the Philippines expanded by 5.2% in the 3rd quarter of 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…

The Philippines remains one of the fastest growing economies in the region despite the slowdown in the third quarter of the year, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said on Thursday.

Philippine economic growth settled at 5.2 percent in the third quarter, lower than the 6 percent recorded in the same period last year.

The latest data brought the year-to-date gross domestic product (GDP) expansion to 5.8 percent, slightly under the 6-percent lower end of the government’s growth target for this year.

“Our economy continues to grow steadily; the latest GDP figures indicate continuous expansion. Of the countries that have reported their third-quarter GDP growth rates, we remain one of the fastest-growing Asian economies,” Balisacan said in a briefing at the Philippine Statistics Authority (PSA) office in Quezon City.

“We follow Vietnam, which posted a 7.4 percent growth rate, and are ahead of Indonesia (with 4.9 percent), China (4.6 percent), and Singapore (4.1 percent), ” he added.

Among the major economic sectors, industry and services grew by 5 percent and 6.3 percent in the third quarter.

National Statistician Dennis Mapa said, however, that agriculture, forestry, and fishing sector contracted by 2.8 percent.

Balisacan explained that the contraction in the agriculture sector was due to the effects of El Niño, seven typhoons, and Habagat. He added the fishing ban in Cavite and Bataan due to the oil spill, and cancellation of fishing trips due to bad weather conditions, also affected fishing and aquaculture.

“Likewise, livestock production decreased due to the recent outbreaks of African swine fever (ASF), such as in Batangas last August,” he said.

Balisacan said the successive typhoons also suspended classes and work in government and some private offices, resulting in administrative delays.

Household final consumption expenditure grew by 5.1 percent, which Balisacan attributed to the slower consumer price inflation. Government final consumption expenditure slowed to 5 percent from 6.7 percent.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines will grow much faster in the 4th quarter?

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

68.6 million registered voters for 2025 National and Local Elections

68.6 million registered voters for 2025 National and Local Elections

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The Commission on Elections (COMELEC) recently announced that almost sixty-nine million voters got registered for the 2025 National and Local Elections, according a Philippine News Agency (PNA) news article. The figure was almost three million more than what was counted in 2022.

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

The country has now close to 69 million registered voters for the 2025 midterm elections, the Commission on Elections (Comelec) said Sunday.

Latest Comelec records showed that 68,618,667 registered voters nationwide may participate in the forthcoming polls, with Region IV-A or Calabarzon topping the highest number of voters at 9,764,170.

Region III (Central Luzon) came in second with 7,712,535 registered voters, followed by the National Capital Region (Metro Manila) with 7,562,858.

Regions VII (Central Visayas) and V (Bicol Region) came in fourth and fifth at 4,407,337 and 4,066,662, respectively.

On the other hand, the Cordillera Administrative Region with 1,111,859 voters and Caraga (Region XIII) with 1,889,616 voters posted the lowest number of registered voters.

The total is higher than the May 2022 national polls with 65,745,526 voters and the village and Sangguniang Kabataan (youth) elections in October last year with 67,839,861.

Let me end this post by asking you readers: What is your reaction to this recent development? Are there many members of your local community who intend to vote in the 2025 National and Local Elections?

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

8 illegal aliens who were arrested in Alabang will be deported

8 illegal aliens who were arrested in Alabang will be deported

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The eight illegal aliens – seven Chinese nationals and one Vietnamese citizen – who were recently arrested inside Ayala Alabang Village, Muntinlupa City, will soon be deported by the Bureau of Immigration (BI), according to a news article by the Philippine News Agency (PNA). All of the suspects were found to be undocumented and also under suspicion of scamming.

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

The eight foreigners apprehended for illegally staying in the country at a village in Muntinlupa City are set for deportation, the Bureau of Immigration (BI) said Friday.

Commissioner Joel Anthony Viado, in a news release, said seven Chinese nationals and a Vietnamese national were arrested by operatives of the BI’s intelligence division along three streets inside the village on Oct. 22.

“The homeowner association representatives of the Ayala Alabang Village were very helpful in helping us verify target areas,” he said in statement.

All of them were found to be undocumented — two of whom were also found to be overstaying while one was suspected to be an illegal entrant.

The Department of Justice (DOJ) and the National Bureau of Investigation (NBI) earlier reported that items used for online scamming were seized from the suspects.

Viado noted that they have received information that smaller “pockets” of scamming hubs are forming after the closure of big Philippine offshore gaming operator (POGO) hubs in the country.

“We have found reason to file deportation cases against them. They will be considered undesirables once their cases are resolved, and face deportation,” the BI chief added.

The operation was conducted with the Inter-Agency Council Against Trafficking (IACAT) and the NBI National Capital Region (NCR).

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, are you delighted that the local authorities arrested the illegal aliens and prevented them from proceeding with scams? Do you think there are small groups from POGOs that could be secretly operating in 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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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 engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Economy of the Philippines to keep growing above 6% in 2024 and 2025

Economy of the Philippines to keep growing above 6% in 2024 and 2025

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Recently, an economist predicted that the economy of the Philippines will keep growing above 6% this year and next year, 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 Philippine economy is expected to remain one of the fastest growing economies in the region, with growth likely settling at above 6 percent for 2024 and 2025.

In his economic and market outlook released on Tuesday, BPI senior vice president and lead economist Emilio Neri Jr. said economic growth will likely hit 6.1 percent this year and further accelerate to 6.3 percent in 2025.

“The Philippine economy has been resilient despite significant headwinds like severe El Niño and devastating typhoons, still managing to grow by 6% in the first half of 2024,” Neri said.

“Looking ahead, the Philippine economy will likely continue to outperform in the region, supported by its strong consumer base,” he added.

Neri expects headline inflation to ease to 3.2 percent in 2024 and further decelerate to 2.8 percent in 2025.

“Inflation is expected to be more manageable in the coming year given the improving prospects of food supply. With El Niño now behind us and the potential increase in production, along with tariff reductions, rice may become more affordable,” he said.

Neri said lower inflation may help boost consumption in the coming year, while election-related spending could also further stimulate economic activity.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines has enough momentum to exceed the growth forecasts of the economists for 2024 and beyond? Do you think the Philippines can do a better job on attracting more foreign investors soon?

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

Several Chinese nationals arrested in Camarines Norte for illegal construction of processing plant

Several Chinese nationals arrested in Camarines Norte for illegal construction of processing plant

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Recently in the province of Camarines Norte, eleven Chinese nationals were arrested by local authorities for the illegal construction of a mineral processing plant, 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 Police Regional Office (PRO) 5 (Bicol) reported on Monday the arrest of 11 Chinese nationals involved in the illegal construction of a mineral processing plant in Camarines Norte on Sunday.

Lt. Col. Malu Calubaquib, PRO-5 spokesperson, said the arrest was conducted by personnel from the Bureau of Immigration (BI), the Presidential Anti-Organized Crime Commission (PAOCC), Philippine National Police (PNP), and Armed Forces of the Philippines (AFP) in Purok 6, Barangay Tugos, Paracale, Camarines Norte.

Calubaquib identified the suspects as Liu Wei Xi, Chen Gui Hua, Chang Si Ci, Chen Chan Xia, Liu Wei Mang, Yu Yun Lai, Zhen Zi Yu, Li Chun, Jiu Zhong Ren, Lou Peng, and Sheng Yuan Fan.

“Their arrest was made under a mission order issued by the Bureau of Immigration against the Chinese nationals,” she said.

Calubaquib said the suspects were placed under the custody of the BI for further investigation and proper disposition.

Let me end this post by asking you readers: What is your reaction to this recent development? Are you concerned that there could still be a lot of Chinese nationals engaging in illegal activities in your local community? Does the involvement of Chinese nationals in local construction disturb 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

International nuclear supply chain forum set for November 13-15, 2024 in Quezon City

International nuclear supply chain forum set for November 13-15, 2024 in Quezon City

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In what could be a boost for a nuclear-powered Philippines, the Department of Energy (DOE) is officially hosting the Philippine International Nuclear Supply Chain Forum (PINSCF) which will take place in Quezon City from November 13 to 15, 2024, according to a news article 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…

Eyeing to lead Southeast Asia in deploying nuclear energy technology, the Department of Energy (DOE) will host the Philippine International Nuclear Supply Chain Forum (PINSCF) from Nov. 13 to 15.

Happening at Solaire Resort North in Quezon City, the PINSCF will gather local and foreign stakeholders to discuss the latest technology and innovations, as well as share best practices in the nuclear energy industry.

Expected participants in the forum are power generation companies, government agencies, embassies, academia, and other key sectors.

“We are bringing together companies from countries with proven track records in building and maintaining the critical infrastructure needed by the energy sector. This forum will showcase their innovations and best practices, offering the Philippines the opportunity to learn and benefit from their experiences,” the DOE said in a statement Wednesday.

Stakeholders from the United States, Canada, France, Japan, and South Korea, which are among the leading countries in nuclear technology, will provide insights for the Philippines as the government explores nuclear energy for a balanced, resilient, and low-carbon energy system to drive sustainable economic growth.

“As the world transitions away from fossil fuels, each nation is weighing options for achieving energy independence and security. This forum allows us to engage with the global community while ensuring that our own stakeholders are part of the discussions,” the DOE said.

Interested participants should register through http://www.nuclearforumph.com. For more information, participants may contact the Nuclear Energy Program Secretariat via email address nep-iac.secretariat@gmail.com.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you wish to see the entire nation powered by nuclear energy using the latest power-generating technologies found in nuclear-powered small modular reactors (SMRs) and microreactors? Do you realize that nuclear power is more capable on providing the nation abundant energy better than the unreliable solar and wind power?

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

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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

IMF sees Philippine economy growing by more than 6% in 2025

IMF sees Philippine economy growing by more than 6% in 2025

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Citing key factors in its research, the International Monetary Fund (IMF) predicts that the economy of the Philippines will expand by more than 6% in 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 Philippine economy successfully navigated multiple external headwinds in recent years and is expected to grow by over 6 percent next year, an International Monetary Fund (IMF) official said.

In a briefing at the Bangko Sentral ng Pilipinas office in Manila on Wednesday, IMF Mission Chief Eli Arbatli Saxegaard said the Philippines remained among the best performing economies in the region.

An IMF team led by Saxegaard held meetings in Manila from Sept. 18 to Oct. 2 to conduct discussions on the Philippine economy for the 2024 Article IV Consultation.

Saxegaard said the Philippine economy is projected to grow by 5.8 percent this year and will further accelerate to 6.1 percent in 2025.

“This pick-up in growth will be supported by more accommodative financial conditions and higher investment,” she said.

The latest projection, however, was lower than the 6 percent and 6.2 percent previous forecast for 2024 and 2025.

“The downward revision from our July forecast reflects our view that private consumption is going to grow slightly with less momentum. So I would like to highlight that the downgrade is very small, 0.2, and reflects the fact that the first half (of the year) private consumption growth was lower than what we had anticipated. And this might be in part driven by the high food prices,” Saxegaard said.

Despite the revision, Saxegaard said the Philippines continues to be one of the highest growing economies in the region.

“I would also like to highlight that the growth forecast for the Philippines remains one of the highest in the region. It’s 6.1 percent growth for 2025, is a very respectable growth rate… So it’s a very small adjustment reflecting the outturns the first half,” she said.

Downside risks to the country’s growth outlook include a slowdown in major economies that could disrupt trade and financial flows; commodity price volatility and supply shocks; and an escalation of geopolitical tensions or regional conflicts.

Easing of global financial conditions, or faster than anticipated private investment linked to public-private-partnerships and larger foreign direct investment inflows, on the other hand, could stimulate higher growth.

The IMF believes that the Philippine economy holds significant potential with its abundant natural resources, untapped blue economy, and a sizable demographic dividend.

Saxegaard, however, said that unlocking the medium-term growth potential will depend on structural reforms and strengthened social protection programs.

She said priority areas include upgrading infrastructure, making significant investments in healthcare and education, addressing land fragmentation and low productivity in agricultural sector, and enhancing governance.

Inflation, meanwhile, is projected to settle within the government’s target for both 2024 and 2025.

“We believe that the decisive monetary tightening and other measures have helped mitigate inflationary pressures in the Philippines, recent tariff cuts on imported rice and other non-monetary measures helped reduce food prices, and should further reduce headline inflation by the year end,” Saxegaard said.

“For this year, our expectation is that for inflation to average 3.3 percent, and for next year, 3 percent. That would be supported by lower food and core inflation remaining well within the target.”

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines still has momentum to grow better in 2025 than what the IMF predicted?

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

President Marcos signs into law VAT on foreign digital services

President Marcos signs into law VAT on foreign digital services

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Foreign entities that provide digital services to their customers here in the Philippines will have to pay their fair share of taxes as President Ferdinand “Bongbong” Marcos, Jr., recently signed into law Republic Act Number 12023 (RA12023) which imposes the 12% value-added tax (VAT) on foreign digital service providers (DSPs), 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. signed into law on Wednesday a measure imposing a value-added tax (VAT) on foreign digital services providers (DSPs).

A priority measure of the administration, Republic Act (RA) 12023 imposes a 12 percent VAT on foreign DSPs, such as Netflix, Disney, and HBO, to generate additional revenue for the government.

In his message, Marcos said the new law would level the playing field for local providers.

“If you are reaping the rewards of a fruitful digital economy here, it is only right that you contribute also to its growth. After all, whether you are a small tech startup or a global tech giant based halfway around the world, if you are making money here in the Philippines, you’re a part of our community, and with that comes a shared responsibility,” Marcos said.

According to the President, about PHP105 billion in revenue is expected to be collected in the next five years due to RA 12023.

The amount is enough to build 42,000 classrooms, more than 6,000 rural health units, and 7,000 km of farm-to-market roads, the Chief Executive noted.

Additionally, 5 percent of the revenues generated by the law will be allocated to the local creative industry.

“This means our artists, filmmakers, musicians, the very people who fill our platforms with storage and the content, will directly benefit. It ensures that our creative talents are not just surviving in a competitive digital market, but will be allowed by fairness and progress,” Marcos said.

The President thanked the legislators for passing the measure even as he called on companies covered by the law to support and heed the rules of the Act.

‘Fair and square’ tax policies – Senator Sherwin Gatchalian, meanwhile, said the new law is expected to address revenue losses by clarifying the taxability of non-resident digital service providers and addressing the ambiguity in the previous law.

“We believe in the importance of creating an environment where our digital services providers, whether they are nonresident or local, operate under fair and square tax policies,” Gatchalian said in a statement. He said the new measure does not mean a new tax imposition.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the new law will be good for the economy of the Philippines? Do you think that the foreign digital service providers will somehow raise the subscription rates and fees for their customers here in the Philippines in response to the new law?

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 engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673