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Better than Streaming: Deep Impact 25th Anniversary 4K Blu-ray set for May 2, 2023 release!

March 7, 2023May 19, 2024carlocarrasco

Welcome back, fellow geeks, Blu-ray collectors and movie buffs! If you enjoy disaster movies mixed with science fiction concepts, or if you enjoy Hollywood flicks of the 1990s, then you might want to consider Deep Impact 25^th Annniversary 4 Blu-ray which is scheduled for release on May 2, 2023. For the eager fans of Deep Impact reading this, 4K Blu-ray is now available for pre-ordering online and it will come with native 4K visuals.

To put things in perspective, posted below is the excerpt and key details from the 4K Blu-ray announcement at Blu-ray.com. Some parts in boldface…

Paramount Home Media Distribution will celebrate the 25th anniversary of Mimi Leder’s Deep Impact (1998) with a brand new 4K Blu-ray edition of the film, which will be available for purchase on May 2.

Description: What would you do if you knew that in a handful of days an enormous comet would collide with Earth and all humanity could be annihilated?

The countdown to doomsday is underway in this “gut-wrenching, eye-popping blast of a movie experience” (Jeff Craig, Sixty Second Preview). Mimi Leder (The Peacemaker) directs, guiding an all-star cast featuring Robert Duvall, Tea Leoni, Elijah Wood, Vanessa Redgrave, Maximillian Schell and Morgan Freeman. With the film’s dynamic fusion of large-scale excitement and touching, human-scale storylines, Deep Impact makes its impact felt in a big and unforgettable way.

Originally released on May 8, 1998, Deep Impact grossed nearly $350 million worldwide on an $80 million budget.

Special Features and Technical Specs:

NEW 4K RESTORATION OF THE FILM

DOLBY VISION/HDR PRESENTATION OF THE FILM

Audio Commentary by director Mimi Leder and visual effects supervisor Scott Farrar

Preparing For The End

Making An Impact

Creating The Perfect Traffic Jam

For additional insight, posted below are the details from the Blu-ray.com page of Deep Impact 4K Blu-ray.

Video

Codec: HEVC / H.265

Resolution: Native 4K (2160p)

HDR: Dolby Vision, HDR10

Aspect ratio: 2.35:1

Original aspect ratio: 2.39:1

Audio

English: Dolby TrueHD 5.1 (48kHz, 24-bit)

French: Dolby Digital 5.1 (448 kbps)

Spanish: Dolby Digital 5.1 (448 kbps)

Subtitles – English, English SDH, French, Spanish

Discs – 4K Ultra HD, Blu-ray Disc, Two-disc set (1 BD-100, 1 BD-50)

Digital – Digital copy included

Packaging – Slipcover in original pressing

Playback – 4K Blu-ray: Region free, 2K Blu-ray: Region A

Way back in 1998, I saw Deep Impact in the local cinema. The movie had an ensemble cast showcasing veteran Morgan Freeman as the United States President, Robert Duvall as the veteran astronaut, Téa Leoni as the troubled TV journalist, as well as the very young Elijah Wood and Leelee Sobieski as the teenage love team. With its pending disaster approach to storytelling, the movie had lots of drama occasionally mixed in with sci-fi spectacle and suspense to keep moviegoers entertained. The movie was entertaining enough for me, I got to replay it on cable TV a few times and even bought myself a DVD copy of it.

Deep Impact was released at a time when Hollywood was modernizing disaster movies using the latest in computer-generated imagery (CGI) of the time and along the way, their production team also had some practical effects.

I can only wonder how good and detailed the 4K visuals of Deep Impact 25th Anniversary 4K Blu-ray will turn out. Based on the details of the announcement, there is no indication if director Mimi Leder will be involved in the 4K restoration of the movie. If you look at Leder’s record, you will realize she has been much more involved in TV than in movies.

Watch out for Deep Impact 25^th Anniversary 4K Blu-ray on May 2, 2023.

In ending this, posted below are YouTube clips of the movie. If you will be watching Deep Impact for the first time ever, I recommend you avoid watching anymore short clips of the movie online. Also you should avoid watching retro movie video reviews and movie reaction videos of Deep Impact.

If you wish to join a group of movie enthusiasts and talk about cinema, visit the Movie Fans Worldwide Facebook group at https://www.facebook.com/groups/322857711779576

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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/.

President Marcos says special powers not needed to curb inflation

March 7, 2023March 1, 2023carlocarrasco

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

Muntinlupa Mayor Biazon declares city steadily bouncing back

March 6, 2023March 2, 2023carlocarrasco

Recently in the progressive city of Muntinlupa, Mayor Ruffy Biazon stated that the city is steadily bouncing back from the downturn of COVID-19 as he delivered his State of the City Address during the 28^th cityhood celebration, according to a Manila Bulletin news report. The mayor also shared updates about the city government’s programs.

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

Mayor Ruffy Biazon delivered his first State of the City Address on Muntinlupa’s 28th cityhood anniversary on March 1 and said the city is bouncing back from the effects of the Covid-19 pandemic.

“The pandemic has been a true test of our strength, even of our faith. It has been—and for some, still is—a difficult time, but the good news is that we are steadily bouncing back. We are steadily recovering from the effects of the crisis caused by the pandemic,” he said.

One indicator, he said, is that the number of registered businesses in Muntinlupa increased to 12,232 as of Jan. 31 this year, up by 59 percent from 7,651 in January 2022.

Muntinlupa became a highly urbanized city on March 1, 1995 when then President Fidel Ramos signed Republic Act 7926 or the Charter of the City of Muntinlupa.

According to Biazon, in 2022, the Muntinlupa City government collected P6.03 billion in total revenues, exceeding the target income for the year with 101.09 collection efficiency.

“This means we have enough collections to fund our pandemic recovery programs and projects,” he said.

Under his administration, he focused on reviving the local economy and in strengthening health services and education.

“It is important to mention that Congressman Jimmy Fresnedi’s leadership paved the way for the progressive and developed Muntinlupa that it is today,” he said.

He added, “Our cityhood journey, and now our road to pandemic recovery, underscores the importance of working together, and shows what we can do when we are focused towards a more livable and more responsive city for Muntinlupeños.”

Biazon ran and won as mayor in the May 2022 elections, and launched his 7K Agenda containing the blueprint of his administration.

HEALTH – In 2022, he said, the city government continued its immunization program against Covid-19. The city achieved 136 percent vaccination rate of the eligible target population, or 580,614 individuals, while 80 percent have received their booster shots. In addition, 80 percent of the target population got immunized under the Chikiting Bakunation Program.

The Putatan Health Center was transformed into a Super Health Center that expanded medical and diagnostic services, and operating hours up to 10 p.m. The health center provides basic consultation, minor surgery, laboratory and radiology services, ultrasound for pregnant women and medicine.

The Biazon administration also launched the Womb to Work Program aiming to provide programs for children.

Services at the city-run Ospital ng Muntinlupa were improved including the construction of a new annex building that increased the facility’s bed capacity from 200 to 250.

“I’m also glad to share with you all that we can look forward to the Ospital ng Muntinlupa being an accredited Malasakit Center in the near future. This program, in partnership with the national government, will serve as a one-stop hub for requesting assistance for medical services and for providing indigent patients access to free medicines and quality health care and medical intervention,” said Biazon.

EDUCATION – Biazon thanked the Schools Division Office for preparing for the return of nearly 89,000 students to face-to-face classes. He turned over hygiene kits to the office as part of the full implementation of face-to-face classes in public schools.

The city government also launched programs such as the Muntinlupa Reading Book Club to encourage reading among the youth.

Under the city’s scholarship program, 82,000 students have received financial assistance. Of the P450 million budget for scholarship programs, 85 percent of it is for elementary and high schools students. The city also has about 3,000 college and university scholars.

The Doctor of Medicine Program of the Pamantasan ng Lungsod ng Muntinlupa and Ospital ng Muntinlupa was also launched.

LIVELIHOOD – Biazon said Muntinlupa was recognized as the fifth most competitive economy among 33 highly urbanized cities in the Philippines by the Department of Trade and Industry Competitiveness Bureau.

Under the Dagdag Puhunan, or zero-interest loan program of the city government, more than P20 million was provided to 7,533 entrepreneurs

This year, he said, the city government will launch the SIKAP loan or startup capital loan for those who want to start their own business.

He also thanked business owners who have complied with City Ordinance 96-80 that mandates that at least 70 percent of their total workforce should be from Muntinlupa. He is requesting for the amendment of the ordinance to give incentives to businesses that have 100 percent Muntinlupa resident employees.

The mayor also thanked the Department of Agriculture, led by President Ferdinand Marcos Jr., for holding the Kadiwa program in Muntinlupa.

To find more details from the mayor’s speech, click https://mb.com.ph/2023/03/02/biazons-soca-muntinlupa-steadily-bouncing-back/

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? Did the mayor deliver all the relevant details in his speech? What do you think the City Government should do to strengthen the local economy to pre-pandemic levels?

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

A Look Back at What If #31 (1982)

March 3, 2023March 1, 2023carlocarrasco

Disclaimer: This is my original work with details sourced from reading the comic book and doing personal research. Anyone who wants to use this article, in part or in whole, needs to secure first my permission and agree to cite me as the source and author. Let it be known that any unauthorized use of this article will constrain the author to pursue the remedies under R.A. No. 8293, the Revised Penal Code, and/or all applicable legal actions under the laws of the Philippines.

Welcome back superhero enthusiasts, 1980s arts and culture enthusiasts, Marvel Comics fans and comic book collectors! Today we go back to the early 1980s and examine an alternate universe portrayal of Wolverine and some other characters as told in one of the comic books of the first volume of the series What If.

Wolverine is one of the most iconic characters of Marvel Comics and he has been part of some of my retro reviews (click here, here, here, here, here, here and here). Wolverine made his first appearance in comics in Incredible Hulk #181 which was published way back in 1974 which marked the first conflict of the two Marvel icons. Years later, Marvel decided to revisit that event with a What If story.

With those details laid down, here is a look back at What If #31 published in 1982 by Marvel Comics with a story written by Rick Margopoulos and drawn by Bob Budiansky.

Early story

The story begins with Wolverine and the Hulk in combat with each other in a forest within Canada. It turns out, Wolverine was sent by Canadian authorities to capture not just the Hulk but also the Wendigo.

With the Wendigo down on the ground, Wolverine and the Hulk struggle with each other. The Canadian’s speed helped him dodge the green giant’s powerful punches and as the fight goes on, so does the impulse and emotion from within. Suddenly, Wolverine decides to deliberately disobey his orders by deciding to kill the Hulk. In a few but strategic strikes with his Adamantium claws, Wolverine kills the Hulk. The Canadian authorities eventually got rid of the corpses of the Wendigo and the Hulk.

Soon enough, news about the Hulk’s death spread like wildfire all over America catching the attention of Spider-Man, the Avengers, the Fantastic Four and General Ross and his daughter Betty…

Quality

*Wolverine gets abducted not by aliens from outer space but by Magneto and his Brotherhood of Evil Mutants.*

To start with, I can say that I immensely enjoyed this alternate portrayal of the events that happened in relation to Wolverine’s first-ever appearance in comics. For one thing, the concept of Wolverine actually killing the Hulk is not only shocking on its own, it also set a chain reaction of events that involved or affect a whole lot of other characters within the Marvel Comics shared universe.

Let me start with Wolverine himself. As the story was set before he joined the X-Men, you will see Wolverine as a super-powered agent of Canada whose career really goes down as he failed to restrain his wild self from killing not once but twice. This results in a Wolverine who is deeply troubled with guilt and becomes desperate believing that running away and hiding will somehow solve his dilemma.

Wolverine’s entry into a gang of evil mutants led by Magneto (note: this comic book’s main villain) is itself worth getting this comic book. This shows Magneto – always obsessed with his belief that mutants are superior to humans – putting his diabolical plan into action with Wolverine as the key participant. This itself led to Wolverine’s encounter with the X-Men (the one team he was destined in reality to be with).

The creative team clearly exerted a lot of effort to not only ensure the plot made sense but also have a solid structure that can accommodate twists, intrigue and superhero spectacle altogether complete with enough room for character development. Lastly, I should say that this comic book’s climax is both compelling and shocking to read.

Conclusion

*Wolverine’s 2nd kill in this comic book.*

What If #31 (1982) is indeed a great Marvel comic book to read. It has a very engaging alternate universe portrayal of Wolverine and this paved the way for a new and fresh approach on showcasing how the X-Men and Magneto’s gang reacted with the clawed Canadian. While the scope of the consequence of Wolverine’s killing of the Hulk ultimately ending up narrowing on Marvel’s mutants could be disappointing for those who seek a bigger impact on other Marvel universe characters, what was shown here in this comic book still made sense and ultimately turned out believable. This comic book also has another tale exploring what if there was no Fantastic Four which ultimately ended up as a decent additive.

Overall, What If #31 (1982) is highly recommended.

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2023 Barangay and Sangguniang Kabataan Elections (BSKE) filing of Certificates of Candidacy (COCs) set July 3 to 7, campaign period set October 19 to 28

March 3, 2023February 28, 2023carlocarrasco

Recently, the Commission on Elections (COMELEC) announced that the filing of Certificates of Candidacy (COCs) for this year’s Barangay and Sangguniang Kabataan Elections (BSKE) will start on July 3 until July 7, 2023, according to a Philippine News Agency (PNA) report. The BSKE itself will happen on October 30, 2023.

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

Filing of Certificates of Candidacy (COCs) for the Oct. 30 Barangay and Sangguniang Kabataan Elections (BSKE) will begin July 3.

In Resolution No. 10899, the Commission on Elections (Comelec) set the filing period from July 3 to 7.

Campaign activities are prohibited from July 8 to Oct. 18 while the campaign period will be on Oct. 19 to 28.

It will be illegal to remove or deface lawful propaganda materials; use or post illegal campaign materials; use armored land, water or air crafts; deploy police officers as bodyguards; release public funds; and construct village-funded roads and bridges during the campaign period.

During the election period from July 3 to Nov. 14, it is forbidden to bear or carry firearms; use security personnel; buy and sell votes; transfer civil service employees; and suspend local elective officials.

On the eve of election day, campaigning shall be banned as well as selling, buying, serving, and taking intoxicating liquor.

Voting will start 7 a.m. and end 3 p.m.

The counting and canvassing of votes as well as the proclamation of winning candidates shall take place immediately after the close of voting.

Let me end this piece by asking you readers: What is your reaction to this new development? If you are indeed eligible to vote this year, are you willing to participate in the Barangay and Sangguniang Kabataan Elections (BSKE) this October? Did you notice signs of premature campaigning within your local community?

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

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A Look Back at Backlash #4 (1995)

March 2, 2023February 24, 2023carlocarrasco

Welcome back superhero enthusiasts, 1990s arts and culture enthusiasts, Image Comics fans and comic book collectors! Today we go back to the wild 1990s and explore a part of the WildStorm universe through a tale of Backlash!

In my previous retro review, as the mission of Backlash and Taboo intensified, Zealot and Void of the WildCATs got involved in the action. Pike, who had been serving S’ryn, proved to be a formidable foe for Zealot and Taboo. The Savage Dragon meanwhile proved to be more than capable of bringing down S’ryn which made Backlash less relevant in his own comic book. Just as things intensified, something big blew up.

With those details laid down, here is a look back at Backlash #4 published in 1995 by Image Comics with a story written by Sean Ruffner, Jeff Mariotte and Booth. Booth was the artist.

Early story

The story begins just moments after the big explosion. Savage Dragon, Backlash, Zealot, Jacob Marlowe, Taboo, Void and Jack managed to survive. In line with his duty as a police officer, Savage Dragon tells Zealot that Backlash and his friends are coming with him as they have been tagged by the government as threats to national security. Zealot then lifts her blade up to Savage Dragon’s throat and states that if Backlash had not been with them, then her lord Emp (Marlowe) may well have been assassinated.

Eventually, Void uses her power to transport Backlash, Taboo, Jack, Zealot and Marlowe away, leaving Savage Dragon behind…

Quality

To put things straight, this particular comic book serves as the conclusion of the storyline (the mission specifically) that started in issue #2 while also working as a bridge going into the next storyline. The good news here is that the creative team’s work here is good enough in terms of quality.

For one thing, the team really took their time to develop Backlash and Taboo some more right after the end of the first mission. Their talk with each other as civilians inside a New York City bar was nicely written and there were a few witty moments that I found enjoyable. Along the way, there was efficient expository dialogue that explains Taboo’s past connection with Pike and the Cabal. Backlash also shared some key details of himself which ultimately made him and Taboo have something in common.

This story also shows a key flaw in Backlash’s personal integrity – his romantic involvement with Taboo made him betray his beloved Diane. For one thing, this potentially opens a series of problems that will eventually haunt him later. On another thing, it seems that the creative team have something intriguing planned for the protagonist who has clearly been sharing this comic book series’ spotlight with Taboo.

As with the previous issues, this comic book continued the build-up and emphasis of the WildStorm universe’s concepts. In terms of crossovers, Wetworks’ leader Jackson Dane makes an appearance here and his unexpected reunion with Backlash is a must-see. For the newcomers reading this, WildStorm’s Grifter (WildCATs), Backlash, Dane (Wetworks) and Deathblow are all members of Team 7 which had its series of wild stories set twenty years prior (note: think of the Vietnam War era). It was also in 1994 when the first Team 7 comic book mini-series was first published. In some ways, Backlash interacting with Grifter in the Kindred mini-series and reuniting with Dane served as creative ways to emphasize the Team 7 concept to readers.

On the visuals, Brett Booth continues to do a fine job presenting the characters (who are clearly recognizable to me) and I noticed he seems to have fun trying to test readers’ visions by carefully inserting selected X-Men characters into the background during the bar scenes as Taboo and Backlash talked. As for Dane, I like Booth’s own take on the character

Conclusion

*Look carefully at the background and you will spot X-Men team members Cyclops, Jean Grey Gambit and Rogue in civilian forms.*

Backlash #4 (1995) is more of a build-up comic book that so happens to have a decent amount of action for entertainment value. The characterization scenes of Backlash and Taboo is a must-see while the conclusion of the first mission was nicely done complete with a worthy end to the crossover with WildCATs’ Zealot, Void and Jacob Marlowe. The story itself moved at a medium pace which is not surprising as there was something being built-up with the new mission in mind.

Overall, Backlash #4 (1995) is recommended.

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Muntinlupa City Government commended by Anti-Red Tape agency for simplifying business permit and licensing procedures

March 2, 2023February 24, 2023carlocarrasco

Recently in the progressive city of Muntinlupa, the City Government of Muntinlupa was commended by Anti-Red Tape Authority (ARTA) over the simplifying of business permits and licensing procedures, according to a Manila Bulletin news report.

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

The Muntinlupa City government received a commendation from a national government agency for simplifying business permit and license procedures.

Mayor Ruffy Biazon received the commendation for the city government’s Electronic Business One-Stop Shop (eBOSS) initiative from the Anti-Red Tape Authority (ARTA) under the Office of the President.

In a letter addressed to Biazon, ARTA Director General Ernesto Perez said “we would like to convey our appreciation and commendation to the City Government of Muntinlupa as one of the LGUs that simplified business permit application, addressed systemic issues in the local permits and licenses, and introduced reforms and technology-enabled applications and systems that paved way to a seamless and efficient process.”

The eBOSS is one of the centerpiece initiatives of the City Government, bringing together all the necessary permits and licensing offices in one location, and since the pandemic, now can be done online. Aspiring and existing entrepreneurs can now apply for a business license without having to visit the city hall.

The BOSS program has been considered one of Muntinlupa’s best practices, with local government units visiting the City to learn first-hand about it. The pandemic, with physical-distancing a necessity, eventually paved the way for the original BOSS program to go digital.

“We applaud the City Government for setting the standards among the cities and municipalities. It is our hope that the City Government will continue what it has started and even exceed what was previously accomplished for the continuous realization of the ease of doing business in the Philippines. Again, congratulations on your significant contribution in the country!” Perez told Biazon.

After monitoring eBOSS, Perez said the Muntinlupa City government “has successfully implemented all functionalities in setting-up the Electronic Business One-Stop Shop (eBOSS) required by the law and as further stated in ARTA-DTI-DILG-DICT Joint Memorandum Circular (JMC) No. 1, series of 2021 or the ‘Guidelines for Processing Business Permits, Related Clearances and Licenses in All Cities and Municipalities.’”

“The said implementation of all functionalities initiated by the [Muntinlupa] City Government, backed up with significant results set the LGU as a model city where various cities and municipalities have been using as benchmark in their own business permit system,” he added.

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? If you are a local business owner or manager, how would you describe your experience of getting your business license in the city? Does ARTA’s commendation to Muntinlupa make you feel more confident about the local business permit and licensing procedures?

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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AIA Philippines’ investment management arm expresses optimism of robust growth of the Philippine economy

March 1, 2023February 24, 2023carlocarrasco

Recently, the investment management arm of AIA Philippines expressed confidence that the Philippine economy will continue to have robust growth in connection with what they claim to be an expanding manufacturing sector, according to news article published by the Philippine News Agency (PNA).

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

An official of the investment management arm of AIA Philippines is optimistic on the robust growth of the domestic economy as the manufacturing sector continues to expand.

In a briefing on Thursday, AIA Investment Management and Trust Corporation Philippines (AIAIM Philippines) chief executive officer Angie Pacis said the country’s manufacturing sector is expected to continue posting expansion following the seven-month high manufacturing index in January 2023.

“Notwithstanding the slight weakening of the business confidence and consumer confidence, businesses will still be on a growth track,” she said.

The S&P Global Manufacturing Purchasing Managers Index (PMI) hit 53.5 in the first month this year. An index of 50 and above indicate expansion while those below 50 indicate contraction.

Pacis said forecasts point to continued 50-level index in the coming months.

Pacis also identified demographic dividends as among the factors that will help boost domestic growth this year given the large number of young people who are part of the workforce.

“It’s a young population, it’s a big population with a growing middle class that is actually becoming stronger. Because of that, we will continue to attract investments notwithstanding some of the structural problems,” she added.

These factors are seen to boost one-year-old AIAIM Philippine business, which currently offers three unit investment trust funds (UITFS) namely AIA Peso Adventurous Fund, AIA Peso Balanced Fund and AIA Peso Conservative Fund.

Pacis said the products they are offering are exclusively available for AIA Philippines policy holders for now, while the assets amounting to PHP155 billion they currently have will be handled purely without catering to outside investors.

Let me end this piece by asking you readers: What is your reaction to this new development? Were you able to understand the explanations from AIA Philippines investment management arm?

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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Oxford Economics says Philippine economic growth will slow down to 4.1% this year

February 28, 2023February 23, 2023carlocarrasco

For Oxford Economics, the economy of the Philippines will achieve continued growth in 2023 but with a notable slow down to 4.1%, according to a BusinessWorld news report. Oxford Economics mentioned in its statement factors like the global economy entering recession, inflation and the lack of impact from China’s reopening.

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

PHILIPPINE ECONOMIC GROWTH is expected to slow to 4.1% this year, as external headwinds and elevated inflation are seen to dampen domestic demand, Oxford Economics said.

“After registering respectable growth of 7.6% in 2022, we expect the Philippines’ economy to slow to 4.1% amid global headwinds, elevated inflation, and a fading reopening boost. With monetary tightening set to continue, the economy could use a hand from the fiscal side, but chances are slim,” Makoto Tsuchiya, assistant economist at Oxford Economics, said in a research note released on Wednesday.

Oxford Economics’ gross domestic product (GDP) projection is well below the government’s 6-7% target.

It expects GDP to expand by 4.5% next year, still outside the 6.5-8% target set by the government.

“We expect GDP growth to slow materially amid softer external demand as the global economy enters a recession, led by weakness in major advanced economies. We don’t think China’s reopening will be enough to offset this weakness, with the recovery in private consumption there likely to be lackluster,” Mr. Tsuchiya said.

There is a widely anticipated global recession this year, with the World Bank projecting global growth to slow to 1.7%.

Rising inflation is also seen to “substantially” slow the Philippine economy, Mr. Tsuchiya said.

In January, inflation soared to a 14-year high of 8.7%, marking the 10th consecutive month inflation was above the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target range.

The central bank also raised its average inflation forecast to 6.1% this year from 4.5% previously.

Oxford Economics said that the BSP will continue to hike rates to tame inflation and keep in step with the US Federal Reserve.

“Elevated inflation means policy makers will not be able to react by lowering interest rates. Indeed, we expect tightening to continue for at least the next two meetings, albeit at a slower pace — in contrast to other Asian central banks who can afford to pause,” Mr. Tsuchiya said.

Oxford Economics also cited the lack of policy support as a factor contributing to slower growth this year.

“We think significant support is unlikely given limited policy space on both the monetary and fiscal front. Ideally, fiscal policy would take over the burden of supporting growth. But debt accumulated during the pandemic era means the focus is instead on fiscal consolidation,” Mr. Tsuchiya said, noting that the Philippine government may adopt a more restrained approach in spending.

Oxford Economics expects the budget deficit will reach 2.7% of GDP by 2028, better than the 3% projection given by the Development Budget Coordination Committee (DBCC).

The government projects the fiscal deficit to hit 6.9% of GDP or around P1.5 trillion this year. In the 11 months to November, the budget deficit shrank by 7.2% to P1.24 trillion.

However, Oxford Economics said the debt-to-GDP ratio may remain elevated at 61.1% by 2025. This is higher than the 60% target set by the government in the same period.

The country ended last year with a debt stock at 60.9%, better than the 63.7% seen in end-September but still above the 60% threshold considered manageable by multilateral lenders for developing economies.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think Oxford Economics’ prediction about 4.1% economic growth for the Philippines this year will turn out to be true? Do you think Oxford Economics made a strong case explaining why economic growth in 2023 will be smaller for the Philippines?

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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Back-to-back fire incidents in Muntinlupa cause Mayor to advise residents to be careful

February 28, 2023February 23, 2023carlocarrasco

Recently in the progressive city of Muntinlupa, Mayor Ruffy Biazon advised locals to be careful as the city had back-to-back incidents of fire which left many families homeless, according to a Manila Bulletin news report.

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

Muntinlupa Mayor Ruffy Biazon advised residents to be careful in light of the successive fire incidents in the city that left more than 100 families homeless.

“From January up until this past week, we have seen more fire incidents even before we have reached March, which is Fire Prevention Month. “We want to remind all Muntinlupeños to be extra vigilant in practicing fire prevention because it is really hard to lose everything in a fire,” he said.

He told the public to “be careful and never leave open flames in the house, like stoves or candles. Let’s work together so we don’t have any more fires like this.”

In just nine days, three fires broke out in residential areas, affecting 112 families in Muntinlupa.

On Feb. 11, a fire engulfed six houses at Hacienda Rosario in Purok 2, Barangay Sucat, affecting 17 families or 53 individuals, according to a report by the Muntinlupa Social Services Department (SSD).

In Barangay Poblacion, a fire hit a residential area on Quezon Street on Feb. 17, razing 19 structures and leaving 49 families, or 181 individuals, homeless.

On Feb. 19, another fire razed 27 structures on Concepcion Road, Barangay Buli, affecting 26 families or 130 individuals.

Biazon called on all households and sectors, including the barangay councils, to work together to prevent or at least reduce the incidence of fire in the city.

The mayor voiced his concern to Muntinlupeños during his visit on Feb. 20 to the 46 families affected by the February 19 fire on Concepcion Road in Barangay Buli.

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? As a local resident, do you think it is time for the local authorities to initiate information campaigns that can educate local residents to prevent fire from happening?

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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