President Marcos – Page 11 – Author Carlo Carrasco

Major agreement between Japan and the Philippines formally signed, up for ratification

July 9, 2024July 8, 2024carlocarrasco

A major agreement between Japan and the Philippines pertaining to defense matters and accessibility has been formally signed in the presence of President Ferdinand “Bongbong” Marcos, Jr., at Malacañang Palace, according to a Philippine News Agency (PNA) news article. It should be remembered that Defense Secretary Gilberto Teodoro mentioned this past June that the signing would happen in July. The newly signed agreement is up for ratification in both nations.

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

The Philippines and Japan on Monday signed the Reciprocal Access Agreement (RAA) that would facilitate mutual visits between Filipino and Japanese armed forces for training and joint exercises.

Japanese Foreign Minister Kamikawa Yoko and Defense Secretary Gilberto Teodoro Jr. signed the treaty documents in the presence of President Ferdinand R. Marcos Jr. in a ceremony at Malacañan Palace.

The treaty will have to be ratified by the respective legislative bodies of the Philippines and Japan before it comes into force.

In a courtesy call by Kamikawa and Japan Defense Minister Kihara Minoru to the President, Marcos expressed elation over the signing of the new defense deal.

“Your presence here increases our confidence in the importance that the Japanese government puts on this very important agreement that we have. And I’m very glad that we have come to this day,” Marcos said.

For her part, Kamikawa said the signing of the RAA is “a great achievement” for the two countries deepening bilateral relations.

Meanwhile, Kihara touted the leadership of Marcos and Japanese Prime Minister Fumio Kishida in strengthening the ties of the two countries.

He also vowed to continue working with Teodoro to further enhance the defense cooperation and exchanges of the Philippines and Japan.

The Philippines has been expanding engagements with its allies while also beefing up the capabilities of the Armed Forces of the Philippines amid China’s aggression in the West Philippine Sea.

It has similar defense pacts with the United States and Australia, while another defense deal is being pursued with France.

Upgraded ties – Teodoro, meanwhile, said the partnership between the Philippines and Japan has been “upgraded one level higher”, following the signing of the RAA.

“This is another milestone in our shared endeavor to ensure a rules-based international order to ensure peace and stability in the Indo-Pacific and particularly in our region. Once again we thank the Government of Japan for the assistance rendered to us in several fields,” Teodoro said during his bilateral meeting with Kihara held at the Shangri-la The Fort, Manila in Taguig City.

Teodoro said this landmark deal has added security to the “traditional fields” where Manila and Tokyo have strong ties, particularly economy and trade.

“By adding the vital aspect of security which creates a holistic dimension or adds a holistic dimension to our bilateral relations. It will also add to the multilateral efforts that both our governments are doing to make sure that our region, with respect to international law, we (worked) hand in hand in creating a global architecture which will ensure sustainable peace and stability particularly in our area,” Teodoro said.

The DND chief said Manila is looking forward to more confidence-building measures between the Japanese Self-Defense Force and the Armed Forces of the Philippines, along with their respective defensive departments.

Meanwhile, Kihara extended his sincere appreciation for the warm welcome he had received from the Teodoro and the DND.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the newly signed agreement will be approved soon in both Japan and the Philippines? Do you think China will react negatively towards the new agreement?

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

New hotel in Parañaque City inaugurated

July 3, 2024June 23, 2024carlocarrasco

Recently in the city of Parañaque, the newly opened Grand Westside Hotel located in Entertainment City was inaugurated with the presence of President Ferdinand “Bongbong” Marcos, Jr., who expressed confidence about its tourism and economic prospects, according to a Philippine News Agency (PNA) news article.

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

President Ferdinand R. Marcos Jr. on Saturday said the newly opened Grand Westside Hotel in Paranaque City, tagged the biggest hotel development in the country yet, would be a major economic and tourism boost.

During the inauguration of Megaworld’s Grand Westside Hotel, Marcos said the 19-story establishment with over 1,500 rooms would not only strengthen the government’s tourism campaign but would also generate more jobs and business opportunities for Filipinos.

Marcos said the hotel’s addition to Philippine tourism is particularly noteworthy in light of the sector’s “remarkable” growth, which contributed 8.6 percent to the country’s gross domestic product in 2023.

“Thanks to this hotel, we can do more. Not only can we accommodate the resurging number of local and international tourists coming to this side of Metro Manila, but we can also expect our Entertainment City to become better known and even more distinguished, elevating its status to more potential visitors in the coming years,” the President said in his speech.

Marcos disclosed that other developments from the real property giant are underway, including the 1,500-seater Grand Opera House also in Paranaque, more theaters and a gaming complex, among other things.

“With all these, we foresee not only the entry of more tourists but also the generation of more jobs, of new businesses and greater opportunity. In fact, [while] many have benefitted from the actual construction of these [properties], around 20,000 direct and indirect jobs will still be created throughout the operation of this hotel in the years to come,” he said.

The President said he is looking forward to Megaworld’s triumphs that will “undoubtedly contribute to the new Philippines, ang Bagong Pilipinas.”

Let me end this post by asking you readers: What do you think about this recent development? If you are a resident of Parañaque, are you delighted with the Grand Westside Hotel operating in 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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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

DOF considering selling government’s SLEX share

June 12, 2024June 2, 2024carlocarrasco

Recently the Department of Finance (DOF) announced that it is considering selling the government’s share in South Luzon Expressway (SLEX), according to a Manila Bulletin news report.

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

The Department of Finance (DOF) is considering selling the government’s stake in the South Luzon Expressway (SLEX) by the end of this year.

Finance Undersecretary Catherine L. Fong told Manila Bulletin that the government’s ownership in SLEX is included among the assets slated for privatization in 2024.

However, Fong did not provide additional details when asked about the specific shares in SLEX that are being considered for sale.

The government currently holds a 20 percent stake in SMC SLEX Inc., the toll road operator, through the state-owned Philippine National Construction Corp. (PNCC).

SMC SLEX, formerly known as South Luzon Tollway Corp, operates as a unit of San Miguel Holdings Corp. and is a joint venture with PNCC.

Fong said that the Land Bank of the Philippines will conduct the valuation of the SLEX shares.

In 2006, SMC SLEX was granted a 30-year concession, set to expire on Feb. 1, 2036, to operate and manage SLEX, a major tollway in Luzon.

The proceeds from the sale will help achieve the Marcos administration’s target of generating P42.12 billion in non-tax revenues through privatization in 2024.

Apart from the SLEX shares, Fong said that the DOF is also set to sell the 2.2-hectare Mile Long property in Makati.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think selling the government’s stake in the SLEX will turn out good and sensible?

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

Very strong possibility that the Philippines and Japan will seal defense deal this July

June 4, 2024May 25, 2024carlocarrasco

As the respective foreign and defense ministers of Japan and the Philippines will formally meet this July, the signing of a defense deal will most likely happen, according to a Kyodo News report.

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

Philippine Defense Secretary Gilberto Teodoro said on Thursday that there is a “very strong possibility” for his country and Japan to sign an agreement allowing their defense forces to train in each other’s territories during a meeting involving the two nations’ foreign and defense ministers in July.

In an interview with Kyodo News, Teodoro stated that negotiations on a reciprocal access agreement were nearing conclusion, with no remaining contentious issues. These negotiations commenced in late November, following an agreement earlier that month between Philippine President Ferdinand Marcos Jr. and Japanese Prime Minister Fumio Kishida to initiate talks aimed at enhancing security ties.

“It will allow your maritime forces…land (forces) and your air forces to train with us in a different environment (from what) you are used to,” Teodoro said, referring to possible cooperation between Japan’s Self-Defense Forces and the Philippine military.

It will be Japan’s first RAA with a member of the Association of Southeast Asian Nations and the third following pacts with Australia and Britain, which took effect last year.

Once both countries ratify the RAA, it will enable Japanese forces to participate in the annual large-scale Balikatan military exercise conducted by the Philippines and the United States, he said.

Teodoro, his Japanese counterpart, Minoru Kihara, Philippine Foreign Secretary Enrique Manalo, and Japanese Foreign Minister Yoko Kamikawa will attend the bilateral security meeting scheduled for July in Manila.

Teodoro said the Philippines and Japan would eventually consider holding talks about a military intelligence-sharing accord called the General Security of Military Information Agreement, which Manila is currently negotiating with Washington.

Japan and the Philippines, both U.S. allies, have been strengthening bilateral defense ties in recent years in response to China’s intensifying provocative activities and territorial claims in the East and South China seas.

The Philippines is deepening its security ties with other like-minded countries such as Australia. In April, the Philippines, Australia, Japan, and the United States conducted a joint maritime exercise in the South China Sea, of which China claims almost the entire area as its territory.

In order to “demonstrate to the world freedom of navigation,” Teodoro said his country hopes to conduct naval activities with the three allies within the Philippines’ exclusive economic zone “as often as possible.”

Beijing’s sweeping claims in the South China Sea were invalidated by a 2016 ruling of the Permanent Court of Arbitration in The Hague.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the anticipated defense deal between Japan and the Philippines will somehow deter China’s aggression on the sea?

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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DILG tells LGUs to update disaster plans and hazard maps in preparation for La Niña phenomenon

May 27, 2024May 16, 2024carlocarrasco

While the entire Philippines is sweltering under the intense summer heat, the Department of the Interior and Local Government (DILG) told the local government units (LGUs) to update their disaster plans and hazard maps in light of the looming La Niña phenomenon, 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 Department of the Interior and Local Government (DILG) on Wednesday urged local government units (LGUs) to update their disaster action plans and hazard maps to mitigate the effects of the looming La Niña phenomenon.

In a Bagong Pilipinas Ngayon briefing, DILG Undersecretary Marlo Iringan said local officials must also regularly hold meetings with their respective disaster risk reduction management councils and conduct a La Niña pre-disaster risk assessment.

“Kinakailangan din na magkaroon ng close coordination with PAGASA (Philippine Atmospheric Geophysical and Astronomical Services Administration) at with the Department of Environment and Natural Resources (DENR) particularly iyong ating Mines and Geosciences Bureau nang sa ganoon ma-update iyong kanilang mga (There should also be a close coordination with PAGASA and with the Department of Environment and Natural Resources, particularly our Mines and Geosciences Bureau to update their) local hazard maps on rain-induced landslides and floods,” Iringan added.

He also called for an aggressive clean-up of estero and other waterways to reduce flooding as part of mitigation measures under the agency’s “Operation Listo”.

The”‘Operation Listo” is an advocacy program of the DILG that aims to strengthen the disaster preparedness of LGUs using the whole-of-government approach which institutionalizes local protocols for disaster preparedness, response, and monitoring.

Iringan also cited the need to assess the structural integrity and the capacity of vital facilities such as evacuation centers.

“Kinakailangan nasusunod iyong mga specifications. At dapat ang mga ito ay hindi located doon sa (The specifications must be followed. And these should not be located in) high-risk areas as identified by the Mines and Geosciences Bureau of the DENR,” he added.

While most LGUs have already established at least one evacuation center, Iringan said the DILG is assessing the need for some areas to have around two to three evacuation centers to accommodate more evacuees.

He also said the use of schools as evacuation centers is only a last resort.

“But in extreme cases na kinakailangan pong gamitin iyong mga paaralan ay kumukuha po ng pahintulot mula sa (where we need to use the schools, we secure permission from the) Department of Education,” he added.

President Ferdinand R. Marcos Jr. earlier directed LGUs to brace for La Niña, which is expected to bring above normal rainfall conditions in the country.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that La Niña will arrive soon? Do you think your local government has been doing its job with regards to disaster preparedness and emergency measures related to wet weather? Has your local government failed consistently when it comes to flood prevention and the cleaning of waterways?

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

Philippines unemployment rate at 3.9% as of March 2024

May 21, 2024May 8, 2024carlocarrasco

The unemployment rate of the Philippines ended up at 3.9% as of March 2024 which is an improvement over what was estimated a year earlier, according to a Philippine News Agency (PNA) news article. In terms of unemployed Filipinos, the number is at two million (versus 2.42 million unemployed in March 2023).

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

The country’s unemployment rate in March this year was estimated at 3.9 percent, lower than the recorded 4.7 percent in March last year, National Statistician Dennis Mapa said.

In a briefing on Wednesday, Mapa said the number of unemployed Filipinos during the month went down to 2 million from 2.42 million in March 2023.

Mapa said the Labor Force Participation Rate (LFPR) in March 2024 was registered at 65.3 percent, or about 51.15 million Filipinos aged 15 and above who were either employed or unemployed.

The employment rate in March 2024 was recorded at 96.1 percent, higher than the 95.3 percent estimate in March of the previous year.

Several sectors contributed to employment gains – The wholesale and retail trade sector saw the highest annual increase, employing 963,000, followed by manufacturing with 553,000 new jobs, and public administration and defense with 229,000 additional employed individuals.

Underemployed persons – or those who expressed the desire to have additional hours of work in their current job or to have an additional job or to have a new job with longer hours of work – also declined to 5.39 million in March from last year’s 5.44 million.

In a statement, the National Economic and Development Authority (NEDA) said the government remains committed to creating more high-quality jobs for Filipinos and fostering a resilient workforce.

“We will continue to prioritize creating high-quality and well-paying jobs to address the rising issues of vulnerable employment. We will focus on attracting job-generating investments from the private sector and scaling up social and physical infrastructure to improve our people’s employment prospects to achieve this goal. These will be accompanied by reskilling and upskilling programs to increase employability,” said NEDA Secretary Arsenio Balisacan. 

Balisacan said a medium- and long-term Foreign Investment Promotion and Marketing Plan (FIPMP) is underway and targeted to be completed by June 30.

The Inter-Agency Investment Promotion Coordination Committee, established following the amendment of the Foreign Investment Act, leads the formulation of the FIPMP. 

Balisacan said the government also plans to enrich the content of training programs for workers and employers by integrating courses on advanced productivity tools such as data science, analytics, and artificial intelligence. 

“For the government to sustain a robust labor market and reap the benefits of the demographic dividend, it must ensure that people are healthy, educated, and skilled. To facilitate the development of soft and hard skills among workers and create a more agile and adaptive workforce, we at NEDA continue to advocate for the passage of the Apprenticeship Bill, Lifelong Learning Bill, and the Enterprise Productivity Act,” Balisacan said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the newest statistics on employment and unemployment show that bigger economic opportunities will be realized before the end of the year? Do you think the government should do more to attract more foreign investors to create even more new jobs?

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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NEDA says inflation may ease in 2nd half of 2024

May 3, 2024April 24, 2024carlocarrasco

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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IMF raises Philippine economic growth forecast to 6.2% for 2024

April 30, 2024April 17, 2024carlocarrasco

Recently the International Monetary Fund (IMF) raised its 2024 growth forecast for the Philippines to 6.2% which is within national government’s growth range for this year, according to a Manila Bulletin news report.

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

The International Monetary Fund (IMF) has raised its Philippine growth forecast to 6.2 percent for 2024 from its previous estimate of six percent announced last January, citing carryover strength from the last quarter of 2023.

The IMF also expects the country’s gross domestic product (GDP) to grow by 6.2 percent in 2025, higher than its January forecast of 6.1 percent.

Based on the April IMF World Economic Outlook (WEO) report released Tuesday, April 16 (Washington time), the IMF also projects Philippine inflation will fall to below four percent this year and in 2025. Its projected year-end inflation is 3.6 percent for 2024 and three percent for 2025 which is within the government target of two percent to four percent.

Meanwhile, the 6.2 percent IMF GDP outlook for 2024 is within the Marcos administration’s growth target of six percent to seven percent but the 2025 projection is below the government target of 6.5 percent to 7.5 percent.

IMF’s Resident Representative in the Philippines Ragnar Gudmundsson said in an email that real GDP growth for 2024 was revised slightly to 6.2 percent from six percent in the January WEO because of “carryover from a better-than-expected outturn in the last quarter of 2023.” The local economy grew by 5.6 percent in the fourth quarter 2023, bringing the full-year GDP to 5.6 percent.

As to the 2025 growth outlook, Gudmundsson said the 6.2 percent GDP expansion next year will be “supported by an acceleration in domestic demand and investment.”

“Over the medium term, structural reforms to close infrastructure and education gaps, attract greater FDI (foreign direct investments), and harness benefits from the digital economy should help realize a growth potential of about 6-6.5 percent. These reforms should be complemented by strengthening existing social protection schemes and addressing climate change through a more integrated strategy that includes a carbon pricing scheme,” he said.

Gudmundsson said the 6.2 percent GDP forecast for the Philippines “compares with an average growth rate for ASEAN countries in 2024 of 4.6 percent.”

Based on the latest WEO, the IMF forecast the Asian regional economy will grow by 4.5 percent this year and 4.3 percent in 2025.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippine economy has enough momentum to surpass the 6.2% growth forecast of the IMF for 2024? Do you think inflation in the country will slow down more than what the IMF predicts?

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

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

April 25, 2024April 12, 2024carlocarrasco

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Philippines unemployment rate falls down to 3.5% in February 2024

April 23, 2024April 11, 2024carlocarrasco

Recently the Philippine Statistics Authority (PSA) confirmed that the unemployment rate of the nation fell down to 3.5% in February 2024, according to a Philippine News Agency (PNA) news article.

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

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

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

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

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

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

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

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

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

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

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

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

Underemployed persons – or those who expressed the desire to have additional hours of work in their current job or to have an additional job or to have a new job with longer hours of work – reached 6.08 million, down from last year’s 6.29 million.

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

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

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

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