Beating expectations, Philippines posts faster Q3 growth despite inflation

Ramon Royandoyan - Philstar.com 

MANILA, Philippines — The Philippine economy managed to squeeze out a modest growth in the third quarter, beating expectations of a slower expansion in the face of boiling inflation.

Gross domestic product (GDP) grew 7.6% year-on-year in the July-September period, the Philippine Statistics Authority reported Thursday.

The latest reading was slightly faster compared to the upwardly revised 7.5% expansion recorded in the previous quarter. It was also way past market expectations of a 6.1% growth. 

Quarter-on-quarter, the PSA said GDP grew 2.9%, a turnaround from 0.1% contraction posted in the preceding quarter.  

READ: No reprieve for Filipinos as inflation boils to over 10-year high in October

That the economy grew slightly faster last quarter came as a surprise as consumer spending, a major growth engine, feels the heat of sizzling inflation. Data showed household final consumption expenditure grew 8.0% year-on-year in the third quarter, slower than 8.6% recorded in the preceding three months.

Three subsectors that was responsible for last quarter’s growth: restaurants and hotels, transport, and food. The PSA reckoned that consumer spending hit P10.37 trillion in the first nine months, accounting for 73% of GDP.

Consumer spending did all the heavy-lifting while government support fades. Data showed government spending sharply slowed to 0.8% annually in the third quarter from 11.1% in the second quarter. Speaking to reporters, Socioeconomic Planning Secretary Arsenio Balisacan said the national government downloaded much of its spending earlier in the first half of the year. This meant, there were fewer public resources available to spend.

Nicholas Mapa, senior economist at ING Bank in Manila, said Filipinos are likely extending so-called “revenge spending” activities after almost two full years under lockdowns. This, despite an elevated inflation that’s pushing up the cost of living.

“One explanation would be overseas Filipino remittances which may be supercharged by a more favorable exchange rate.  However we believe that consumers are also digging deeper into savings, which unfortunately have yet to return to pre-Covid levels,” Mapa said in an e-mailed commentary.

“For now, it appears that households can fund extended revenge spending activities by drawing down on savings for a little longer however this could increase their vulnerability to potential shocks to income down the road,” he added.

Leonardo Lanzona, an economist at Ateneo De Manila University, shared the same view. “Perhaps people had started hoarding in anticipation of higher prices,” he said.

The Bangko Sentral ng Pilipinas had projected in August that inflation would peak by September or October, but the latest data showed that might not be the case. The PSA earlier reckoned price growth would accelerate further in November, as the damage wrought by recent typhoons has yet to be priced in.

Despite the inflation onslaught, the Marcos administration is still on track to meet its watered-down goal. In the first nine months of the year, GDP averaged 7.7%, above the government’s 6.5-7.5% target for 2022.

Domini Velasquez, chief economist at China Banking Corp., said this would strengthen the case for another set of interest rate hikes. The benchmark rate is now at 4.25% and is expected to soar higher as the BSP vows to match the US Federal Reserve’s aggressive rate hikes.

 “It also provides more room for wiggle room for the BSP to raise rates by at least 6% without slowing growth too much,” she said in a Viber message.

Gute Nachrichten für Beitragszahler der gesetzlichen Rentenversicherung: Beitragssatz bleibt stabil

 Rente: Kräftiger Anstieg 2023! Tabelle zeigt, wie viel Geld es gibt

Von: Hannes Niemeyer

Positive Nachrichten für Rentnerinnen und Rentner in Deutschland. Die Bezüge sollen sich 2023 kräftig erhöhen. Eine Tabelle zeigt, um wie viel.

München – Die Rentnerinnen und Rentner in Deutschland können sich nach Angaben der Bild am Sonntag auf eine Erhöhung ihrer Bezüge im kommenden Jahr einstellen. Wie die Zeitung am Samstagabend (online) auf der Grundlage des neuen Rentenversicherungsberichts schreibt, sollen die Renten zum 1. Juli 2023 um 3,5 Prozent im Westen und um 4,2 Prozent im Osten Deutschlands steigen. 

Renten steigen 2023 an: So viel Geld mehr gibt es

Der Rentenzahlbetrag liegt aktuell durchschnittlich bei 1089 Euro. Mit der Steigerung um zuvor genannte Prozentsätze dürften sich Menschen im Westen auf 38 Euro mehr, Menschen im Osten sogar auf knapp 46 Euro mehr freuen. Bundesarbeitsminister Hubertus Heil (SPD) sagte der Zeitung: „Nach den jetzt vorliegenden Daten können die Rentnerinnen und Rentner im Sommer erneut mit einer spürbaren Rentenerhöhung rechnen.“ 

Gekoppelt sind die Renten an die Löhne. Da die Rentenexperten mit einem Lohnzuwachst von 4,5 Prozent für dieses Jahr sowie weiteren Zuwächsen von 5 Prozent für kommendes Jahr und 4,7 Prozent für 2024 rechnen, steigt auch die Rente. „Mir ist wichtig, dass davon auch die Rente profitiert“, so Heil gegenüber der Bild am Sonntag.

Renten in der Übersicht: So viel mehr gibt es ab 1. Juli 2023

Rente	Plus für Menschen im Westen	Plus für Menschen im Osten
500 Euro	+ 17,50 Euro	+ 21 Euro
600 Euro	+ 21 Euro	+ 25.20 Euro
700 Euro	+ 24,50 Euro	+ 29,40 Euro
800 Euro	+ 28 Euro	+ 33,60 Euro
900 Euro	+ 31.50 Euro	+ 37,80 Euro
1000 Euro	+ 35 Euro	+ 42 Euro
1100 Euro	+ 38,50 Euro	+ 46,20 Euro
1200 Euro	+ 42 Euro	+ 50,40 Euro
1300 Euro	+ 45,50 Euro	+ 54,60 Euro
1400 Euro	+ 49 Euro	+ 58,80 Euro
1500 Euro	+ 52,50 Euro	+ 63 Euro
1600 Euro	+ 56 Euro	+ 67,20 Euro
1700 Euro	+ 59,50 Euro	+ 71,40 Euro
1800 Euro	+ 63 Euro	+ 75,60 Euro
1900 Euro	+ 66,50 Euro	+ 79,80 Euro
2000 Euro	+ 77 Euro	+ 92,40 Euro

Laut dem neuen Rentenversicherungsbericht gehe man davon aus, dass die Renten bis zum Jahr 2036 um 43 Prozent steigen, was einer durchschnittlichen Rate von plus 2,6 Prozent pro Jahr entspräche. Das hohe erwartete Plus für das kommende Jahr sei demnach zwar überdurchschnittlich, werde von der hohen Inflation allerdings aufgefressen.

 Für Beitragszahler in die gesetzliche Rentenversicherung gibt es derweil beruhigende Nachrichten. Der Beitragssatz bleibt bis zum Jahr 2026 bei stabilen 18,6 Prozent, für 2027 ist eine Steigerung auf 19,3 Prozent vorgesehen. Laut Heil sei dies „eine gute Nachricht, dass sich arbeitende Menschen darauf verlassen können, dass der Beitrag nicht steigt“.

Neben Beitragssatz: Auch Rentenniveau zukünftig stabil – Minsiter Heil will aber Reformen

Neben dem Beitragssatz bleibt auch das Rentenniveau stabil. Aktuell liegt es bei 48,1 Prozent. Bis 2024 soll es bei knapp über 48 Prozent bleiben, erst 2025 darunter sinken. In diesem Fall greift die gesetzliche Haltelinie, die besagt, dass das Rentenniveau auf mindestens 48 Prozent liegen muss bei einem Beitragssatz, der nicht über 20 Prozent liegen darf. Das tückische: besagte Garntien gelten nur noch bis 2025, ohne eine Verlängerung könnte das Niveau zukünftig weiter sinken. Im Bericht sei von einem Fall auf 44,9 Prozent bis 2036 die Rede. Deshalb will Arbeitsminsiter Heil auch Reformen, „um das Rentenniveau stabil zu halten“.

Davao de Oro's 2022 National Children's Month to raise mental health awareness and more interventions

To boost advocacy on the welfare and protection of children, the provincial government, through the Provincial Social Welfare and Development Office (PSWDO), successfully participated in the 30th National Children's Month (NCM) kick-off ceremony held at the Capitol lobby on November 8, 2022.

This year's theme, “Kalusugan, Kaisipan, at Kapakanan ng Bawat Bata Ating Tutukan,” focused on the mental health and well-being of children after the Council for the Welfare of Children (CWC) found out that in 2021 mental health was among the problems encountered by children due to the pandemic.

Around 400 children participated in the festivities, as they received loot bags, party snacks, and being entertained by clown shows. Filipina child star/actress Yesha Camile also gave an inspirational message and song for the children.

Meanwhile, Governor Dorothy Montejo-Gonzaga administered the oath to parents and teachers (Panatang Makabata), emphasizing the importance of protecting children's rights.

"Special Month ni ninyu mga bata ... tanang makaayu ninyu buhaton namo ... kaming tanan diri nga mga dili bata... palangga kaayu mo namo" matud ni Gov. Gonzaga.

Provincial Child Welfare Focal Preciosa Toledo said in an interview that the provincial government will continue to strengthen its mental health support services for children. Such interventions include psychosocial treatments, counseling, family therapy, support hotlines, and among others that are in line with their rights to survival, development, protection, and participation.

"Pakusgan nato ang mga programang hisgutanan on protection of our children. Ang atong opisina sa PSWDO andam kaayu nga muhatag sa serbisyo (ug) ginapakusgan nato ang adbokasiya kung unsaon nato pag-detect ang atong mga bata nga naa nay mga issues on mental health" Toledo said.

Ms. Toledo added that more programs await the children this month that include the provincial children's congress and Bulilit Fun Day which will be participated by the day care children of the province.

Further, on the culmination day, November 28, 2022, Governor Gonzaga will be presenting her Local State of the Children's Report as part of the month-long activities.

Under Republic Act 10661, the month of November is designated as NCM celebration to commemorate the adoption of the United Nations' Convention on the Rights of the Child (CRC) on November 20, 1989. (JF, Photos by A. Dayao)

Which is a better place to live, Davao or Cebu? Why?

Any of the two, actually. Both cities are bustling metropolitans here in the Philippines; with constant economic growth and paradise-like sceneries. But to guide you better, check on some pointers laid down below. I’ve also attached some video highlights to entice you more to choose any of these two amazing cities! *winks*

Why choose Davao?

• Listed as one of the safest cities in the world
• An ideal place for start-up businesses and entrepreneurial ventures
• Much fresher air and cleaner environment
• Cheap cost of living
• Not so much of a metropolitan as there is less skyscrapers and buildings

Why choose Cebu?

• Have access to better quality of life and better standard of healthcare
• Experience a metro lifestyle with a provincial rate
• Considered as an economic hotspot (well or course, second to Manila)
• More ideas for recreational activities
• The entire island is laid with the best beaches, waterfalls, and mountain tops to make you feel like one with nature.

One might argue that these two cities are both heaven here on earth. I am not saying that it is but rather you’re more likely to achieve a relaxing, calming, and laidback way of living in these cities rather than in Metro Manila.

Cebu Tour Highlights and Davao Tour Highlights

Marcos to raise South China Sea issue if he meets Xi at ASEAN Summits

by Joseph Pedrajas

PHNOM PENH, Cambodia — President Ferdinand Marcos Jr. has promised to bring up issues on the West Philippine Sea and the South China Sea with Chinese President Xi Jinping if he meets him here.

Ahead of his participation at the Association of Southeast Asian Nations (ASEAN) Summits on Wednesday here, Marcos made the pronouncement after saying “it’s impossible” for him to talk to China “without mentioning that.”

“Those kinds of discussions, especially with the West Philippine Sea, I’m hoping to do that with Chinese President… ‘Yun ang magiging isang subject matter na pag-uusapan namin (That’s one of the subject matters we’ll possibly talk about),” he told reporters onboard the presidential plane in an interview after departing Manila before 6 p.m. 

It is not yet confirmed if Marcos will get the chance to sit down with Xi, although China is participating in the summits.

Noel Pabalate/MANILA BULLETIN

The Philippines and China are among the countries that have territorial claims over the contested waters in the South China Sea.

The Philippines is claiming the West Philippine Sea, a part of the South China Sea, by citing the 2016 Arbitral Ruling in The Hague, which turned in favor of the former. But China has rejected it by unilaterally citing its historical nine-dash line. 

Aside from Xi, Marcos is also expected to talk about the South China Sea dispute before his fellow leaders from other ASEAN members.

In the same interview, Marcos said countries having claims in the South China Sea must first come up with an agreement in handling their differences as he lamented about the slow progress in the crafting of the code of conduct in the disputed area.

He believed it is only necessary for claimants of the South China Sea—namely the Philippines, China, Brunei, Indonesia, Malaysia, Taiwan and Vietnam—to “find an area of consensus” as much as it is necessary for them to resolve the issue of competing claims. “But to do that we have to first status quo everything,” he said.

The President said claimants had actually had previous declarations on the South China Sea, which he said “is one of the many suggestions that I’m hoping to bring.”

Currently, claimants in the SCS are making efforts to come up with a Code of Conduct, but developments on that are slow, he added.

“It’s not really moving forward,” the President said. 

Recently, the Department of Foreign Affairs bared there was already a breakthrough on the issue by saying “there is already a sort of agreement” among ASEAN countries and China on what to do during certain situations in the disputed waters to avoid escalation of tension.

During his first State of the Nation Address (SONA), Marcos asserted the Philippines’ rights over the parts of the South China Sea, particularly the West Philippine Sea, when he said that he would not surrender even an inch of the country’s territory. 

The long and difficult journey of 'Mamasapano: Now It Can Be Told'

Edu Manzano and Aljur Abrenica in ‘Mamasapano: Now It Can Be Told.’ YOUTUBE SCREENSHOTS

By Christina Alpad, Manila Times

"It has been a long, hard battle."

This was how movie producer and lawyer Ferdinand Topacio described the journey of his new masterpiece, "Mamasapano: Now It Can Be Told."

The movie, an official entry to the 2022 Metro Manila Film Festival (MMFF), tells the story of the Mamasapano clash where 44 Special Action Force officers of the Philippine National Police (PNP) died on their mission.

poster   

Using both the PNP Board of Inquiry Report and the Senate Committee on Public Order Report, scriptwriter Eric Ramos ("Rainbow Sunset") and director Lester Dimaranan ("Nelia") presented the story from the point of view of then-PNP Deputy Chief of Operations Major General Benjamin Magalong, played in the movie Edu Manzano.

"It was the point of view ni Magalong as he was heading the investigation. Siya yung nagpapatakbo ng kwento. And then the scenarios in the field were told in flashbacks," scriptwriter Ramos said.

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"Pinanghahawakan namin yung paninindigan na ito ay base lahat sa katotohanan. Kung ano talaga yung laman ng imbestigasyon ng PNP Board of Inquiry, yun talaga yung naging gabay namin," Ramos added.

"Mamasapano" movie was three years in the making. Topacio's Borracho Films started working on the movie's script in late 2019, about the same time the production company was established. It would take five months to complete the script alone. Topacio was hoping that it would be his opening salvo in the filmmaking industry.

Unfortunately, that dream had to wait for several years.

The pandemic and consequent lockdowns derailed their taping schedules. Another conflict within the production team, which led to the replacement of the director and the entire production staff, further delayed the movie.

Still, Topacio — who served as counsel for the families of the 44 SAF officers — was bent on finishing and releasing the movie, as he promised the surviving family members of the fallen heroes.

"We hope to perpetuate yung memory ng mga tao. There's a saying, 'If you want to reach a person's mind, you write a book. If you want to reach a person's heart, you make a movie.' This is a movie that must reach the heart of every Filipino because this is the story of an ordinary Filipino. Itong mga ito [the SAF 44 officers] hindi ito mga sikat na tao," the lawyer-turned-producer said.

He also noted how they spared no expense to produce an accurate and true-to-life account of the events that led to the Mamasapano encounter — from hiring competent creatives to investing heavily on production and post-production needs of the film.

"The final product is well worth it. It exceeded all our expectations. Napakaganda talaga," the producer proudly said.

The movie was initially submitted for MMFF 2021 but was rejected. From there, they planned to release the movie on November 30 this year, in time for National Heroes' Day.

"But we decided why not give it a try again on MMFF," Topacio recalled.

He breathed a sigh of relief when it was announced that "Mamasapano" is an official entry to the 48th edition of MMFF.

In ending, Topacio said he is hoping the public will support the movie everyone worked hard for.

"If I am going to be remembered as a producer for just one movie, I want to be remembered for this movie," he finally said.

"Mamasapano: Now It Can Be Told" also stars Paolo Gumabao, Aljur Abrenica, Allan Paule, Rey Abellana, Ritz Azul, Myrtle Sarrosa, Claudine Barretto, Gerald Santos and Rez Cortez among many others. 

Applications now open for Miss Universe PH 2023

by Stephanie Bernardino, MB

“The most prestigious crown in the country can be yours for the taking.”

This is what the Miss Universe Philippines organization posted recently on its social media account.

“Bring out the queen in you as we open the application process for Miss Universe Philippines 2023,” it added. 

According to the organization, aspiring beauty queens could download and fill out their forms and send the accomplished copies to their e-mail address.

The application period closes on Jan. 29, 2023, 11:59 p.m.

As for the qualifications, candidates should be Filipino female citizens, regardless of civil status, and between 18 to 27 years old.

There’s no height requirement. 

Recall that last year when the Miss Universe Philippines organization made history. For the first time in national pageantry, its minimum height requirement for candidates who wish to join the competition was removed.

However, at that time, it was only open to females who have never been married or had children.

Jobless rate falls to new record-low since pandemic

by Chino S. Leyco

The country’s unemployment rate fell to 5 percent in September this year, a new record low after the full reopening of the economy since the pandemic.

The Philippine Statistics Authority (PSA) reported on Tuesday, Nov. 8, that the local labor market sustained its positive momentum with unemployment rate falling to five percent from 5.3 percent unemployment rate in August this year and 8.9 percent in September last year. 

Socioeconomic Planning Secretary Arsenio M. Balisacan said this translates to 2.5 million jobless Filipinos in September or 183,000 lower than the the 2.68 million with no jobs in the previous month. Balisacan also noted that the jobless level was largely at par with major Asian economies and is even lower compared to that of India, Indonesia, and China.

With the resumption of economic activities, an additional 2.2 million Filipinos joined the workforce, raising the country’s labor force participation rate to 65.2 percent in September from 63.3 percent year-on-year. 

With the decline in unemployment, employment rate improved to 95 percent, the highest recorded rate since January 2020.

The significant de-escalation of community quarantine restrictions translates to an employment creation of four million year-on-year, bringing the total employment to 47.6 million during the month.

“The recent survey results show the gains of the full reopening of our economy,” Balisacan said. 

“The government will leverage on this momentum by strengthening policy interventions and investing in innovation and technology systems geared toward generating higher-quality employment that provides adequate income for Filipino workers and their families,” he added.

Employment growth was observed across all sectors with the services sector accounting for 2.8 million more employed individuals, followed by the industry and agriculture sectors that registered an additional 682,000 and 461,000 additional employment, respectively.

However, the underemployment rate worsened to 15.4 percent from 14.2 percent in September, as more than 882,000 individuals sought to earn additional income with the spike in commodity prices due to inflation.

“Ensuring food security remains as our top priority. In the immediate term, government is providing targeted cash transfer as well as fuel and crop subsidies to help protect the purchasing power of Filipinos and reduce the incidence of invisible underemployment among low-income households,” Balisacan said.

In addition, Balisacan highlighted the need for effective implementation of emergency employment programs and other forms of assistance to immediately assist those who were hard-hit by the calamities.

“As we are expecting La Niña and near to above-normal rainfall conditions in the coming months, we need to boost our disaster resilience and climate adaptation measures,” he said.