Tag: US Dollar

There is a USAID project in Parañaque City

There is a USAID project in Parañaque City

carlocarrasco

Now that the global scandal of the United States Agency for International Development (USAID) has been exposed, there is a list of connected projects here in the Philippines (more than 30 projects according to a recent Philippine Star news report) and the disturbance is only growing. The administration of US President Donald Trump has been examining the spending and projects of USAID, and the Democrats have been outraged which is not surprising because a lot of USAID projects are based on their Leftist and woke agenda.

This past December, the Manila Bulletin reported a project involving USAID (specifically the United States Agency for International Development – Clean Cities, Blue Ocean or USAID-CCBO for short) and the City Government of Parañaque (through its City Environment and Natural Resources Office called CENRO for short) in the form of a mural painting emphasizing “environmental stewardship and youth empowerment through community-based initiatives.”

To put things in perspective, posted below is an excerpt from the December 12, 2024 Manila Bulletin news report. Some parts in boldface…

The city government of Parañaque, through its City Environment and Natural Resources (CENRO), together with the United States Agency for International Development – Clean Cities, Blue Ocean (USAID CCBO), conducted a mural painting event on Dec. 11 promoting environmental stewardship and youth empowerment through community-based initiatives.

Parañaque City Mayor Eric Olivarez said the event, with the theme “Raising Awareness on Solid Waste Management and Marine Litter Pollution,” was held at the City Material Recovery Facility in Barangay La Huerta and was participated by students from Parañaque National High School – Main

They were accompanied by their principal, Gerry Lumaban, and teacher Winnie Freda Cabero.

The students’ artistic talents were showcased during the activity under the guidance of AG Sanio, a renowned Filipino muralist, conservationist, photographer, landscape architect, and environmental advocate.

Within the context of the Manila Bulletin news report, it’s hard to see if there is anything wrong or questionable about the Parañaque City project involving USAID. It is also not yet clear how much American taxpayer’s money was spent by USAID on the project (a mural painting). Perhaps in due time, the Trump administration will find all the details about it.

The December 2024 project is not the first time that Parañaque’s CENRO was involved with USAID which you can see by clicking here. This past January, the USAID – CCBO team visited Parañaque to “conduct a dry run of the Waste Sorting Line.”

For the foreigners reading this blog post, Parañaque is one of the least competitive highly urbanized cities (HUCs) of the Philippines based on the 2024 Cities and Municipalities Competitiveness Index (CMCI). The city also failed to qualify for the 2024 Seal of Good Local Governance (SGLG) based on the findings of the Department of the Interior and Local Government (DILG). It remains to be seen how USAID will help Parañaque City improve in the short term.

For the newcomers reading this, if you want to learn about USAID and what the scandal is all about, watch and learn from the YouTube videos below. The scandal is only growing.

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 aware of the project in your city involving the scandalous USAID? If you have seen the project, do you find it questionable or acceptable? Do you think the project in Barangay La Huerta benefits the citizens of Parañaque at all? Do you think projects that emphasize climate change or environmentalist propaganda are needed in Parañaque City at all? Can you speculate how much in American taxpayer Dollars were spent by USAID in Parañaque City? If you are an American, how do you feel about your tax Dollars being spent in several USAID projects in the Philippines and around the world?

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

+++++

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

US Dollar reserves of the Philippines reach all-time high of almost $112 billion

US Dollar reserves of the Philippines reach all-time high of almost $112 billion

carlocarrasco

Based on the preliminary data of the Bangko Sentral ng Pilipinas (BSP), the American Dollar reserves of the Philippines reached $111.981 billion (as of September 2024 specifically) which counts as a new all-time high, according to a Manila Bulletin business news report.

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

The country’s US dollar stock climbed to its highest level of $111.981 billion as of end-September 2024, surpassing the previous record of $108.794 billion in 2021, as the central bank was accumulating foreign exchange and assets to boost external reserves and defend the local currency.

Based on preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on Monday, Oct. 7, the gross international reserves (GIR) increased by 14.13 percent or by $13.865 billion year-on-year compared to $98.116 billion same time in 2023.

The GIR also rose by 3.82 percent or by $4.125 billion versus end-August this year’s reserves of $107.857 billion.

The BSP-monitored GIR are foreign assets of the BSP invested in foreign-issued securities, monetary gold, and foreign exchange.

The latest GIR level is “more than adequate external liquidity buffer” that is equivalent to 8.1 months’ worth of imports of goods and payments of services and primary income. It is also about 6.3 times the country’s short-term external debt based on original maturity and 4.4 times based on residual maturity, said the BSP.

Basically, a GIR is adequate if it can finance at least three-months’ worth of the country’s imports of goods and payments of services and primary income. This was based on international standards. The GIR is also viewed as more than sufficient if it provides at least 100 percent cover for the payment of the country’s foreign liabilities, public and private, falling due within the immediate 12-month period.

The reserves were higher in end-September because of the government’s net foreign currency deposits with the BSP that includes proceeds from the issuance of ROP Global Bonds.

The GIR likewise got a boost from the BSP’s gold holdings which had a higher value with the increase in the prices of gold in the global market. The BSP’s net income also increased due to its investments overseas.

Let me end this post by asking you readers: What is your reaction to this recent development? What is the first thing that comes to your mind when the Philippines’ US Dollar reserves grow? Does this development make you feel comfortable when it comes to banking, investing or running a local business? Are you satisfied with the way the BSP has been moving with regards to financial and economy activities?

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

+++++

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

HSBC sees Philippine economy growth of 4.4% for 2023 due to key factors

HSBC sees Philippine economy growth of 4.4% for 2023 due to key factors

carlocarrasco

HSBC, one of the biggest players of the global financial industry, recently made its forecast of the Philippines growing economically at 4.4% for the year 2023, according to a news article by the Philippine News Agency (PNA). There are certain factors mentioned in HSBC’s assessment for the nation.

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

Hikes in the Bangko Sentral ng Pilipinas’ (BSP) key policy rates are expected to dampen the strong domestic output for 2023, with an executive of HSBC forecasting a 4.4 percent expansion this year.

In a virtual briefing on Thursday, HSBC chief investment officer for Southeast Asia, Global Private Banking and Wealth, James Cheo, said private consumption contributed to the strong recovery of the domestic economy last year but this is seen to be limited by the monetary tightening aimed to temper the elevated inflation rate.

Other factors that boosted gross domestic product (GDP) last year include investments, higher government spending on infrastructure and increased mobility following the resumption of face-to-face schooling, he said.

“Looking into 2023, the country’s growth will slow and the recovery is going to be more gradual as the reopening boost fades and monetary tightening weighs on domestic demand,” Cheo said.

As of the third quarter of last year, growth, as measured by gross domestic product (GDP), rose by 7.76 percent, exceeding the government’s 6.5 to 7.5 percent growth assumption for this year.

The BSP’s key rates have been hiked by 350 basis points from May to December last year, after being at record-low of 2 percent in 2020, as monetary authorities help address the elevated inflation rate.

Last December, domestic rate of price increases further accelerated to 8.1 percent, the highest since November 2008, due to faster annual jumps in goods and energy prices.

Cheo said “household’s consumption in 2023 will likely be curtailed” given the elevated inflation rate.

“Strong employment, tourism recovery, expanding production and retail sales, and public investment will continue to support growth in 2023,” he said.

With inflation expected to remain high, Cheo projects the BSP to make three consecutive 25 basis point increases this year, “pausing at 6.25 percent by Q2 (second quarter) 2023” and keeping this decision until at least the second half of 2024.

The above article ended with HSBC predicting that the Philippine Peso will weaken to the United States Dollar at a rate of US$1 = P56.50.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you believe that inflation and interest rates will somehow slow down the ongoing economic growth later this year? Do you think that Philippine tourism will become a factor to help the Philippine economy grow at least 5% this year? What do you think the national government and its economic managers should do to maintain strong growth as the nation keeps on recovering from the depression of the COVID-19 crisis? Have you been managing your personal or business finances carefully recently?

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

+++++

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