Tag: President Marcos

President Marcos approves flagship infrastructure projects of Build Better More (BBM) program worth P9 trillion

President Marcos approves flagship infrastructure projects of Build Better More (BBM) program worth P9 trillion

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Philippine infrastructure will continue to develop and improve over time as almost two hundred projects worth P9 trillion have been approved recently by President Ferdinand “Bongbong” Marcos, Jr., according to a Philippine News Agency (PNA) news article. This is the latest about the Build Better More (BBM) program.

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

President Ferdinand R. Marcos Jr. has approved 194 high-impact infrastructure flagship projects (IFPs) worth PHP9 trillion, National Economic and Development Authority (NEDA) announced Thursday.

Marcos, who chairs the NEDA Board, greenlit these projects in a meeting with NEDA Secretary Arsenio Balisacan and other members of the board at Malacañan Palace.

“The approved new list of infrastructure flagship projects includes a total of 194 projects amounting to about PHP9 trillion,” Balisacan announced in a Palace press briefing.

Of the 194 projects, Baliscan said 123 projects were initiated during the Marcos administration while the remaining 71 projects were from the administration of former President Rodrigo R. Duterte.

“…The basis for their inclusion there is, this has been approved and this has been before and they have been already implemented. In other words, they have started and so, we cannot discontinue any of those projects,” he said.

Balisacan said these projects will showcase the administration’s “Build Better More” infrastructure program, which is among the priorities under the 8-Point Socioeconomic Agenda.

He noted that majority of these infrastructure flagship projects are in physical connectivity and water resources which include projects in irrigation, water supply and flood management.

The list also includes projects in digital connectivity, health, power and energy, agriculture and other infrastructure.

“Some of the new projects included in the new list are the Panay Railway Project; Mindanao Railway Project III; North Long Haul Railway; San Mateo Railway; UP-PGH Diliman Project; Ninoy Aquino International Airport Rehabilitation Project; Ilocos Sur Transbasin Project; and the Metro Cebu Expressway,” Balisacan said.

Balisacan said the IFPs are seen to address the binding constraints to business investment and expansion that will create more high quality and resilient jobs.

“IFPs shall be prioritized under the government’s annual budget preparation and enjoy the benefits of expedited issuance of applicable permits and licenses consistent with current legal frameworks,” he added.

He said the projects will adopt an optimal mix of financing from various development partners or official development assistance (ODA), the national government and general appropriations, and the private sector, particularly public-private partnerships.

Balisacan said 45 out of the 194 projects are seen to be financed through partnerships with the private sector.

“The government shall harness the financial and technical resources of the private sector which allows the public sector to allocate its funds for greater investment in human capital development, especially to address the scarring in health and education due to the pandemic, and provide targeted assistance that protects vulnerable sectors from economic shocks,” he said.

Joint Venture guidelines – Meanwhile, Baliscan also announced that the NEDA Board also approved the proposed amendments to the 2013 NEDA Joint Venture Guidelines.

“The amendments aim to enhance competition for projects under joint ventures, ensure better performance of private sector participants, and improve check and balances to ensure that the project is technically and financially sound,” he said.

He said the amendments will also help ensure that the guidelines are aligned with the provisions of the recently amended Build Operate Transfer (BOT) Law Implementing Rules and Regulations, and the proposed amendments to the BOT Law or PPP Act pending in Congress but expected to be passed by this year.

“What we are addressing there is: Number one is to simplify the joint ventures. Again, to make sure that the joint ventures can move efficiently and quickly and will address the public interest, concerns. And so, the amendments will involve putting in place features that improve the competitive processes in the selection of joint venture partners. So, in other words hindi “lutong Macau” iyong mga JVs kundi (the JVs were not rigged) you know, properly completed by or offered in competition,” he added.

Economic transformation – Baliscan described the approval of the new IFP list and the amendments to the NEDA JV Guidelines as a ”giant step” towards the administration’s goal of elevating the country’s competitiveness in promoting the Philippines as a prime investment destination in the region.

Although the country has “much work to do” to catch up with its neighbors in the region, Baliscan said pursuing high-impact initiatives will encourage greater local and foreign investment and private sector participation in infrastructure development.

Let me end this piece by asking you readers: What is your reaction to this new development? Do you think that the nation’s infrastructure improvement will lead to better transportation accessibility as well as reinvigorating the economy?

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/.

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

House of Representatives approve Marcos-backed VAT refund for outbound foreign tourists bill on 3rd and final reading

House of Representatives approve Marcos-backed VAT refund for outbound foreign tourists bill on 3rd and final reading

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It looks like the Philippines will make a major step forward in the highly competitive field of tourism as the House of Representatives recently approved on 3rd and final reading the proposal on granting Value Added Tax (VAT) refund for outbound tourists, according to a GMA Network news report. The newly approved bill is a measure backed by President Ferdinand “Bongbong” Marcos, Jr.

Having been to Israel recently, I noticed that the VAT refunds for foreign tourists who are about to leave the country is the norm.   

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

The House of Representatives on Monday approved on third and final reading a bill granting Value Added Tax (VAT) refund for outbound tourists, a bill backed by President Ferdinand Marcos, Jr.

House Bill 7292 earned 304 “yes” votes, four “no” votes, and zero abstention.

Under the proposed measure, tourists will be eligible for a VAT refund on goods purchased from accredited retailers in the Philippines as long as such goods are taken out of the country within 60 days from the date of purchase and the value of goods purchased per transaction amounts to at least P3,000.

The bill also authorizes the Secretary of Finance to adjust the P3,000 threshold, taking into account the following indicators: administration costs in processing refunds; consumer price index; and other market conditions, upon the recommendation of the Secretary of Tourism and the Commissioner of Internal Revenue.

“This measure [is being passed] to adopt best practices in VAT refund schemes among Asia Pacific tourism destinations and expand the country’s competitiveness among its peers and neighboring countries,” the committee report on the measure read.

The bill defines a “tourist” as a foreign passport holder who is a non-resident individual not engaged in trade or business in the Philippines.

House ways and means panel chairperson Representative Joey Salceda earlier said the measure will generate P10 billion to P40 billion worth of increased sales for local suppliers.

Salceda was one of the principal authors of the measure, alongside House ways and means panel vice chairperson Mikaela Suansing of Nueva Ecija who chaired the technical working group drafting amendments to the original proposed bill.

“Generally, for every P1 refunded, the tourist spends an additional 1.5 pesos. That will create an additional twenty to eighty thousand jobs, and will also improve our gross international reserves,” Salceda said.

The above report ended stating that the newly approved measure was recommended to the Marcos administration by the Private Sector Advisory Council (PSAC), a group composed of business leaders and industry experts providing technical advice to the President. Take note that last year, the Philippines attracted over 2.6 million foreign tourists and generated P200 billion worth of tourism revenue.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the newly approved measure will pass in the Philippine Senate soon? Do you think the measure will make the Philippines more competitive in international tourism?

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 says special powers not needed to curb inflation

President Marcos says special powers not needed to curb inflation

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In recent times, inflation has been strong in the Philippines and no less than the Bangko Sentral ng Pilipinas (BSP) confirmed this as it made its February 2023 inflation forecast. In relation to the high inflation, President Ferdinand “Bongbong” Marcos stressed that special powers are not needed to combat inflation, 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…

There is no need to ask for special powers to ease inflation, President Ferdinand R. Marcos Jr. said Wednesday, noting that several interventions are already in place to manage the prices of basic commodities.

Marcos made the remark a day after the Bangko Sentral ng Pilipinas (BSP) reported that the country’s headline inflation could surpass the 9 percent level in February because of high prices of cooking gas and key food items.

“I do not think that it is necessary to ask for special powers,” he said in a chance interview on the sidelines of an event at the Rizal Park, when asked if he is considering asking Congress to grant him special powers to curb inflation.

“I already have the power to declare an emergency and to control the prices of commodities. So, I don’t think there’s any need for more than that. That is efficient,” he added.

On Tuesday, the BSP said the inflation rate in February may fall within the range of 8.5 to 9.3 percent, citing the upside risks from higher prices of cooking gas and food items such as pork, fish, egg, and sugar.

Despite the BSP’s latest forecast, Marcos remained bullish that consumer prices would go down, saying his administration is exhausting all efforts to boost the supply of agricultural products.

“The other elements of inflation hindi natin masyado ma-control, kaya meron tayong ginagawang ganito para makabawi naman doon sa pagtaas ng presyo (We could not control the other elements of inflation, that’s why we are making a way to address the rise in prices of basic commodities),” he said.

Several lawmakers, including House Speaker Martin Romualdez, have expressed openness to granting Marcos special powers to curtail inflation.

In January, inflation accelerated further to 8.7 percent from 8.1 percent posted in December 2022.

Let me end this piece by asking you readers: What is your reaction to this recent development? Are you confident that the national authorities have what it takes to ease inflation without granting the President special powers? Do you see the current inflation as a temporary problem or as a longer lasting problem?

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 mentions economic growth of 7% for the Philippines this year

President Marcos mentions economic growth of 7% for the Philippines this year

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Not so long after Finance Secretary Benjamin Diokno stated that the Philippine economy is expected to grow by around 6.5% this year, President Ferdinand “Bongbong” Marcos stated a figure of 7% economic growth for 2023, according to a news article by the Philippine News Agency (PNA). GMA Network and the Philippine Daily Inquirer each had similar news stories.

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

During the Country Strategy Dialogue at the World Economic Forum (WEF) in Davos, Switzerland, Marcos presented the current state of the Philippine economy and the opportunities that are expected to be unlocked.

Marcos, in his opening remarks, cited that while the International Monetary Fund’s (IMF) forecast for the 2023 global economic growth is only 2.7 percent, the Philippines projects that its economy would grow by at least 7 percent this year.

The IMF’s latest projection is slower than the 3.2 percent posted last year and shows a significant decrease from the 6 percent recorded in 2021.

“Our strong macroeconomic fundamentals, fiscal discipline, and structural reforms instituted over the years have enabled us to withstand the negative shocks caused by the pandemic and succeeding economic downturns and map a route toward a strong recovery,” he said.

Marcos said the Philippines remains focused on sustaining the country’s economic recovery, as well as promoting a local environment that would help businesses maximize their competitiveness and facilitate their entry into the global market.

He added that the Philippines’ development plan puts together coherent strategic measures to address the current energy and food crises, allowing the country to hasten its economic and social recovery toward inclusive and resilient development.

Addressing challenges – In his speech, Marcos also emphasized the need for the world economies to implement sufficient welfare measures to cushion the impact of elevated inflationary pressures, especially on the most affected and vulnerable sectors.

“We have seen inflation accelerating globally in recent months. While protectionist policies may be appealing in the short term, there will ultimately be no winners,” he said.

“We support the call for all governments to unwind any trade restrictions and reinforce our commitment to the World Trade Organization (WTO) reform.”

Marcos also renewed the Philippines’ support for the timely and effective delivery of pragmatic outcomes to address the current geopolitical risks, adding that economies should try to find a common ground to settle critical global issues.

He likewise emphasized the importance of economic and technical cooperation to assist the development of smaller economies and enable their participation, including the small businesses and economic segments with untapped potential, in the global economy.

Marcos said it is also vital to address the current social vulnerabilities, noting that education, skills development, and lifelong learning would help enhance the employability of workers.

Government interventions and public-private partnerships (PPPs), he said, must be strengthened to improve access to employment opportunities, adding that health systems and social protection must also be enhanced to abate and mitigate present and future risks.

Digitalization – Marcos also acknowledged the need to pursue heightened collaboration to realize economic and social transformation.

He believed that his bid for digital transformation is a “key driver for long-term economic growth.”

“The government also recognizes the importance of digitalization as a key driver for long-term economic growth and as a tool for economic recovery,” Marcos said, adding that he would put a premium on the participation of micro, small and medium enterprises (MSMEs) in the digital economy.

More details are available for reading in the PNA’s news article.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you believe that the Philippines can achieve 7% economic growth this 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

Philippine government sees economy growing around 6.5% for 2023

Philippine government sees economy growing around 6.5% for 2023

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Even though HSBC and the World Bank revealed their own 2023 economic growth forecasts for the Philippines to be below 6%, the national government still sees the economy growing around 6.5% this year, according to a recent Manila Bulletin news report.

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

The Philippine government expects a strong full-year gross domestic product (GDP) growth for 2022, most likely much faster than its growth target of 6.5 to 7.5 percent, Department of Finance (DOF) Secretary Benjamin Diokno said here on Jan. 16 (Switzerland time).

Diokno said this during a Monday luncheon hosted for President Ferdinand “Bongbong” Marcos Jr. and Philippine chief executive officers (CEOs) in Davos, Switzerland.

In addition, Diokno said the Philippine economy is seen to “grow by around 6.5 percent this year” due to the expected slowdown of the global economy.

“And that’s still one of the highest, if not the highest, growth projection in the Asia-Pacific Region,” he said.

According to Diokno, the country’s bustling manufacturing sector, record-low unemployment, and stable and resilient banking system can alleviate buffers against external headwinds, all indicating a resilient economy.

Further, opening economic sectors to foreign equity, improving the ease of doing business, and allowing modern transformative industries to take root and grow will sustain the economy.

At the same time, the Finance chief said the Marcos government has created a more competitive and enabling environment through public-private partnership (PPP) to expand further the Build, Better, More infrastructure agenda of the administration.

Diokno said this would further boost investments on top of the government’s goal to spend at least five to six percent of GDP on infrastructure, stressing all these form the backbone for the rapid and sustained growth of the Philippines.

But because of the current challenges, he said the Philippines is taking the first steps toward launching the Maharlika Investment Fund, the country’s first-ever sovereign wealth fund that will support the goals set by the administration in the Philippine Development Plan 2023-2028.

Let me end this piece by asking you readers: What is your reaction to this new development? Do you believe that the Philippines’ economic fundamentals are strong enough to keep the economy growing around 6.5% this year? Do you think that the tourism industry alone will be a major driving force of economic growth and earning foreign currency? Apart from the announced Maharlika Investment Fund (sovereign wealth fund) new economic initiatives do you want to see from President Ferdinand “Bongbong” Marcos, Jr.?

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/.

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

Marcos reiterates vow to upgrade Philippine transport system

Marcos reiterates vow to upgrade Philippine transport system

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Recently, Philippine President Ferdinand “Bongbong” Marcos, Jr., reiterated his vow to improve the transport system of the entire nation which can benefit many people who need to travel, according to a Philippine News Agency (PNA) news article. This is similar to what his predecessor declared before.

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

President Ferdinand R. Marcos Jr. on Monday reiterated his vow to continue upgrading the country’s transport system to relieve commuters of their daily ordeal due to traffic congestion.

“We will continue to invest and improve our transportation system as well as pursue more projects in the years to come so that Filipinos can gain greater access to places of work, commerce, recreation, and other vital areas,” Marcos said in his speech during the launch of the Metro Manila Subway Project’s (MMSP) tunnel boring machine (TBM) at its depot in Barangay Ugong, Valenzuela City.

“Having an effective and efficient transportation system will have multiplier effects on employment, the economy, our society, it will bring comfort, convenience, an easier life for all,” he added.

Marcos said developments on the country’s first subway system in the country allow Filipinos to look forward to “better days” as it would also spur economic development and job creation.

He thanked both the public and private sectors for working to ensure the realization of what he described as an “ambitious” endeavor.

In particular, he expressed gratitude to the Japanese government and the Japan International Cooperation Agency (JICA) for being active partners in the fulfillment of the Philippine infrastructure program.

According to Marcos, the Philippines would not have fulfilled its many infrastructure projects without the assistance of JICA.

“This tunnel boring machine highlights Japan’s expertise and technology and trailblazing contributions in the modern world and thus I am confident that they will help us shape our railway infrastructure and keep them at par with the highest international standards,” he said.

He acknowledged the joint venture of Filipino and Japanese companies for working with the Philippine government on the Metro Manila Subway Projects Contract Package 101 and expressed hope it would be completed on time.

“I hope that both of you and the DOTR will not waiver on your commitment to finish the contract package by the end of 2027 to ensure that Filipinos will get to enjoy the project at the soonest possible time,” he said.

Marcos likewise sought their continued patience, trust, and support, especially as big-ticket projects take years to complete.

“…Let the launching of this tunnel boring machine become a testament to this administration’s commitment to continue to projects of the previous administration and more importantly build better more,” he added.

He also described the launch of the TBM as “a very apt beginning” for a year with renewed vigor and commitment to his administration’s mission to improve the lives of Filipinos.

“We also gain inspiration from the selfless individuals who constantly strive to turn our vision for the transportation sector into a grand reality,” he said.

The PHP488.48 billion Metro Manila subway will stretch for about 33 kilometers across seven cities, from Valenzuela City to Pasay City, and will be able to serve over 519,000 passengers daily once completed.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you believe that the Metro Manila subway will make local travel more efficient? What new infrastructure projects do you think the country needs right now?

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 attracted 2.65 million international arrivals and over P200 billion in tourism revenues in 2022

Philippines attracted 2.65 million international arrivals and over P200 billion in tourism revenues in 2022

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With the year 2022 officially over, the Department of Tourism (DOT) officially confirmed that the Philippines attracted 2.65 million tourist arrivals (exceeding the target of 1.7 million) and over P200 billion in tourism revenues were generated for the year, according to a news article by the Philippine News Agency (PNA).

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

The holidays delivered further gains for the Philippine tourism industry as it breached its 1.7-million target with 2.65 million international arrivals as of the end of 2022.

The arrivals translated to PHP208.96 billion or USD3.68 billion in tourism revenues, a whopping 2,465.75-percent increase from 2021, according to a news release on Monday.

Based on the monitoring of the Department of Tourism (DOT) from the time the country reopened its borders to all travelers in February until Dec. 31, 2022 arrivals peaked in December as more Filipinos and tourists alike opted to spend the Christmas and New Year vacations in the Philippines.

Of the total 2.65 million international arrivals last year, 628,445 were returning Filipinos while the bulk of 2.02 million tourists were from top markets United States (505,089), South Korea (428,014), Australia (137,974), Canada (121,413), the United Kingdom (101,034), Japan (99,557), Singapore (53,448), India (51,542), Malaysia (46,805) and China (39,627).

The year just ended likewise generated an estimated 5.23 million tourism-related jobs, 11,989 DOT-accredited tourism enterprises as of Dec. 29, 2022 and 25,770 tourism stakeholders who were trained.

DOT Secretary Christina Frasco was elated over the achievements of the administration of President Ferdinand R. Marcos Jr., just six months into office.

She said the tourism sector’s growth clearly showed the hard work of the entire industry in order to recover from the unprecedented crisis brought about by the Covid-19 pandemic.

“Moments of great difficulty are also moments of great opportunity. In the past, we have overcome a global pandemic and survived various calamities. The Philippine tourism industry has managed to exceed expectations and our tourism partners and frontliners continue to offer the best of Filipino grace and hospitality to the world,” Frasco said in a statement.

“We welcome 2023 with gratitude and excitement for Philippine tourism to bounce back stronger than ever. We shall welcome with warmth and that distinct Filipino smile visitors from all over the world as they visit our award-winning beaches, experience the richness of our culture, and enjoy our world-renowned Filipino brand of service excellence,” she added.

Frasco is hopeful that the DOT will surpass its targets anew in 2023.

Let me end this piece by asking you readers: What is your reaction to this recent development about the Philippines tourism? If you are managing a business, did your business benefit somehow from the arrival of foreign tourists and/or Filipinos who arrived from overseas? Do you think the DOT will be able to achieve its targets for 2023?

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 aiming to attract 4.8 million foreign visitors and generate $5.8 billion tourism revenue in 2023

Philippines aiming to attract 4.8 million foreign visitors and generate $5.8 billion tourism revenue in 2023

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With the economic recovery from COVID-19 still continuing and the year coming to an end, the Department of Tourism (DOT) revealed its targets for foreign visitors and tourism revenue in 2023, according to a report by the Philippine News Agency (PNA). For the newcomers reading this, President Ferdinand “Bongbong” Marcos, Jr., declared already that it is time for the to return to pre-pandemic life and having a strong tourism sector is a crucial part of the post-pandemic strategy. It has also been several months since the Philippines opened its borders to

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

The Philippines eyes to double its tourism revenues and reach at least 4.8 million in foreign visitor arrivals in 2023.

Department of Tourism Secretary Christina Frasco Friday revealed the projections as she presented the efforts of the agency to expedite tourism’s recovery.

Frasco said DOT seeks to attract 4.8 million visitors and generate at least USD5.8 billion in revenue.

Latest data showed that the Philippines has already breached its 1.7 million arrivals target for 2022, hitting over 2.46 million tourists and PHP149 billion in receipts.

With the administration’s focus on tourism and the various measures implemented to ease travel, Frasco is optimistic Manila could even surpass the pre-pandemic tourism figures before 2025.

DOT’s initial forecast indicated that Manila will not reach more than 8 million tourists until after 2025, a projection Frasco described as “alarming”.

“[T]o me, that was an alarming projection in a sense that 2025 is so far off for us to obtain our pre-pandemic levels until after 2025 and that really forced us to take an inward look as to how we can expedite the recovery,” she told reporters.

“Having set out policies under the Marcos administration, precisely to serve the more aggressive approach towards tourism recovery, we’re seeing now that we have been able to breach the previous projection as well as the high projection (for this year),” she added.

Aside from constructing rest areas and improving connectivity for inbound tourists, Frasco presented more initiatives DOT sets to undertake in the next few months.

These include showcasing the country as a top cruise destination by 2023, coordinating with the relevant office to ease visa processing, and strengthening the promotion of Mindanao — especially for halal tourism.

Frasco also said DOT and the Department of National Defense are soon to sign a Memorandum of Agreement to obtain necessary data to determine the “most ideal areas to begin the process of reopening Mindanao.”

Let me end this piece by asking you readers: What is your reaction to this recent development about the Philippines and its tourism plans for 2023? Do you think it is doable for the Philippines to attract 4.8 million foreign visitors by the end of 2023? What do you think the DOT should do when it comes to emphasizing tourism through conventions and special events? Do you think the DOT is doing enough with getting involved with sports tourism, medical tourism, food tourism, 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 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 reaches out to France for strategic partnership on nuclear energy

President Marcos reaches out to France for strategic partnership on nuclear energy

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As you should know by now, I personally favor the use of nuclear power as a key source of abundant energy for the entire Philippines (read my posts by clicking here and here). Nuclear power can produce very high amounts of energy required to power the economy and society and there is no way that solar and wind power could achieve that. Nuclear energy is the answer for the energy requirements of the Philippines and I am really glad that President Ferdinand “Bongbong” Marcos, Jr., reached out to French President Emmanuel Macron and specifically sought nuclear energy partnership during their high-level talk recently in Thailand, as reported by the Philippine Star.

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

President Ferdinand Marcos Jr. said he sought a partnership with France on nuclear energy during a bilateral meeting with French President Emmanuel Macron at the sidelines of the Asia-Pacific Economic Cooperation Summit in Thailand.

“I’m very confident that it will be a strong partnership simply because they have up to 67 percent of their power production is from nuclear energy so they are very, very used to it,” Marcos said, according to a release from Malacañang.

Marcos said he wanted to talk to Macron about energy because of France’s use of nuclear power, a controversial energy source that the Philippine president had long advocated for.

On the campaign trail, Marcos said the Philippines should look into reviving the 621-megawatt Bataan Nuclear Power Plant — a venture by his despot father and namesake which was mothballed in 1986 because of safety concerns.

During his first State of the Nation Address, Marcos reiterated his determination to adopt nuclear power, saying “it is time to re-examine our strategy towards building nuclear power plants.”

For some added insight into the Marcos-Macron meeting, watch the videos below…

In my honest opinion, it is high-time for the Philippines to move forward with enhancing the entire national power grid by using nuclear power. To invest tons of money on wind and solar power will only produce minimal new energy and the fact remains that the said two types of energy are unreliable. On the social aspect of nuclear energy, I encourage my fellow Filipinos reading this to stop being fearful about anything nuclear and pay close attention to the latest in nuclear power technology, specifically with small modular reactors (SMRs). Learn about them by clicking here and here.

Let me end this piece by asking you readers: What is your reaction to this recent development about the Philippines reaching out to France for a nuclear power partnership? Are you glad that President Marcos specifically sought partnership during his bilateral talk with the President of France?

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

Philippine economy grew 7.6% in the 3rd quarter

Philippine economy grew 7.6% in the 3rd quarter

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You may not feel it but the economy of the Philippines grew by 7.6% in the 3rd quarter this year according to the recent announcement published by the Philippine News Agency (PNA). This is very encouraging news following the recent report of the falling unemployment in the country. Indeed, the nation continues to rise after suffering from the COVID-19 crisis’ downturn.

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

The Philippine economy grew at a faster rate in the third quarter of the year at 7.6 percent, higher than the revised gross domestic product (GDP) growth in the second quarter at 7.5 percent, the Philippine Statistics Authority (PSA) reported Thursday.

In a press conference, PSA Undersecretary Dennis Mapa said this is the sixth consecutive quarter that the economy recorded expansion.

The country’s GDP growth from July to September 2022 is also higher than the 7-percent increase in the same period in 2021.

“The third quarter’s GDP exceeded the median analyst forecast of 6.3 percent,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said.

Balisacan said the average GDP growth for the first nine months of the year stood at 7.7 percent.

“With this, we are on track to achieving the government’s growth target of 6.5 to 7.5 percent for 2022. Given the latest GDP outturn, our economy needs to grow by 3.3 to 6.9 percent in the fourth quarter,” he said.

The PSA reported that all major industries improved their performance in the third quarter of 2022 compared to the same period last year, with agriculture, forestry and fishing growing by 2.2 percent; industry, rose to 5.8 percent; and services, up by 9.1 percent.

Services contributed 5.8 percentage points to the 7.6 percent GDP growth in the third quarter, followed by industry which shared 1.6 percentage points, and agriculture, forestry and fishing at 0.2 percentage points.

By industry, wholesale and retail trade, repair of motor vehicles and motorcycles contributed 1.9 percentage points to the GDP growth in July to September period, followed by financial and insurance services at 0.77 percentage points and construction at 0.76 percentage points.

Compared to last year, the sector of accommodation and food service activities expanded by 40.6 percent, which is the largest across industries. Transportation and storage also improved by 24.3 percent and construction increased by 12.2 percent.

“This economic performance largely benefitted from the further easing of mobility, including the resumption of face-to-face classes, which boosted consumption among Filipinos,” Balisacan said.

The NEDA chief added that the relaxation of borders and simplifying travel protocols supported the recovery and growth of local tourism and other sectors.

In terms of spending, household final consumption expenditure is the largest contributor to GDP in the previous quarter at 5.9 percentage points, exceeding the share of construction at 1.5 percent percentage points, durable equipment at 0.7 percentage points, and government final consumption expenditure at 0.1 percentage points.

In relation to the above news, President Ferdinand “Bongbong” Marcos, Jr. recently visited Cambodia and there he invited the nation’s business leaders to invest in the Philippines. Posted below is an excerpt from the report of GMA Network news. Some parts in boldface…

“We would like to invite at the very least, for you, to have a look at the opportunities that are available. And finally I suppose at some point, since we are not so far away, to come and we will explain to you exactly what we have done and why we have done it and where we have arrived in that process of transforming the economy,” Marcos told business leaders during a roundtable meeting.

“I do not talk about recovery of the economy, I talk about transformation of the economy because the new economy is going to be different from everything that we did in 2019. And so this is what we are looking forward to and I hope to see you all in the Philippines soon,” he added.

Let me end this piece by asking you readers: What is your reaction to this recent announcement about the state of the Philippine economy? Do you look forward to a more prosperous year in 2023? Are you planning to open a new business soon? If you are an investor, are you confident about investing in the stock market and in companies?

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

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