Promoting good health and holistic protection for overall well-being

July 17, 2024 | 3:40 pm

Good health is essential for living a fulfilling and satisfying life. According to the World Health Organization (WHO), health is “a state of complete physical, mental and social well-being and not merely the absence of disease or infirmity.”

Prioritizing health and well-being has far-reaching positive effects that extend beyond individual lives. In fact, Investing in health not only benefits individuals but also has significant economic benefits. In a report, McKinsey & Company mentioned that improving global health could boost global gross domestic product (GDP) by $12 trillion by 2040.

Retchel Go, an international alternative medicine practitioner and director of Cocolife, said that maintaining good health and preventing diseases requires a holistic approach.

“Regular exercise strengthens the body, improves cardiovascular health, and enhances mood. Balanced nutrition, like quality water, fruits, vegetables, carbohydrates, protein, sugar, etc., supplemented with functional food supplements, provides essential nutrients for bodily functions and supports overall well-being,” Mr. Go said. “Sufficient sleep allows for proper rest and rejuvenation, vital for cognitive function and immune health. Effective stress management techniques, such as mindfulness or relaxation exercises, mitigate the harmful effects of chronic stress on physical and mental health.”

Mr. Go also emphasized the importance of avoiding harmful habits like smoking and excessive alcohol consumption, as these practices protect against various diseases, ensuring longevity and vitality.

One of the foundational elements that the Cocolife director highlights is health awareness. He advocates for widespread information drives and interactive discussions focused on health and well-being.

“By empowering individuals with knowledge and resources, we can create a culture of proactive health management and significantly reduce the burden of preventable diseases,” Mr. Go said.

In addition, regular health screenings and check-ups said that these evaluations are important to identify potential health issues before they become serious, allowing for timely interventions.

He added, “As I often emphasize, individuals are the doctors of themselves, entrusted with the freedom to prioritize their well-being. Through regular screenings and preventive health care, individuals can make informed decisions about their lifestyle and health, promoting longevity and vitality.”

Likewise, medical insurance plays a crucial role in disease prevention and wellness promotion, according to Edward Robin Gonzales, chief agency officer at Cocolife.

Edward Robin Gonzales, chief agency officer at Cocolife

“Through various medical insurance products in the market, people are made aware of the benefits it can provide,” Mr. Gonzales explained.

Furthermore, health insurance plans often include provisions for preventive care services. These services may range from routine health screenings to vaccinations and wellness programs.

“Products are designed to protect a person’s health and prevent the root causes of illnesses,” the Cocolife executive asserted.

One of the significant challenges people face in accessing healthcare is the escalating cost of medical services, including doctor’s fees, hospitalizations, and medications. Moreover, according to Mr. Gonzales, misconceptions about health insurance often deter individuals from exploring preventive care options. Many believe that insurance plans are rigid and expensive, covering only a limited set of conditions.

Cocolife recognizes this barrier and addresses it by continuously developing affordable medical insurance products. Specifically, the Cocolife ARUGA plan challenges these misconceptions by offering customizable options that fit various budgets.

Cocolife ARUGA plan is a life and health insurance plan that is specifically designed to safeguard individuals and families from the uncertainties of health challenges. The plan offers more comprehensive health coverage compared to traditional insurance plans. It goes beyond the usual lists of specific illnesses by providing results-oriented coverage for a wide range of health conditions. This means individuals can have peace of mind knowing they are protected against various health issues, offering comprehensive coverage that goes beyond what is expected.

“For only P147 a day, ARUGA can provide a medical insurance benefit of up to P1,000,000 for major health issues like confinement in an Intensive Care Unit (ICU), advanced cognitive impairment, permanent need for a wheelchair, permanent loss of use of two limbs, sight, hearing, and speech. It also provides up to P200,000 coverage upon diagnosis of early-stage critical illness,” he explained.

In addition, the insurance plan is the guaranteed cash benefit, which is equivalent to 100% of the plan’s face amount in the event of life impact, major loss, or specific illness conditions.

In the event of the policyholder’s passing, Cocolife ARUGA gives a death benefit that provides life insurance protection equal to the plan’s face amount, ensuring the financial security of beneficiaries during unforeseen circumstances, thus lessening the burden on loved ones during difficult times.

The ARUGA plan also offers a ‘return of premium’ where the policyholder will receive 100% of the total basic premiums paid if they outlive the policy, as long as no major health condition benefit has been paid.

Mr. Gonzales stressed the importance of consulting with a financial advisor to tailor insurance products based on specific needs and affordability. By enlisting the expertise of financial advisors, individuals can gain clarity on product features and understand how they stand to benefit from them.

“I would strongly suggest individuals consult a financial advisor to provide clients sound decisions on what products to buy based on needs and affordability. They can guide clients through the product features and how clients will benefit from it,” said Mr. Gonzales.

Cocolife, the biggest Filipino-owned stock life insurance company and the first ISO-certified Filipino insurance company, has a rich history of providing comprehensive insurance products and services to the people.

“With our enhanced product development efforts, we [have been aiming] to launch more products and services that are responsive to the changing landscape and consumer needs,” said Cocolife President and CEO Atty. Jose Martin A. Loon.

Safeguard your health while improving it with Cocolife ARUGA. Learn more about this plan by going to https://www.cocolife.com/products/individual-insurance/.

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Pag-IBIG Fund earns 12^th ‘Unmodified Opinion’ from COA

July 17, 2024 | 3:30 pm

The Pag-IBIG Fund has received another ‘Unmodified Opinion’ from the Commission on Audit (COA) for the 12^th consecutive year, top officials announced on July 16, 2024.

In a letter dated June 21, 2024, state auditors informed the agency that it has rendered an unmodified opinion on the fairness of the presentation of Pag-IBIG Fund’s financial statements for 2023.

“This recognition from the COA, which Pag-IBIG Fund has earned for the 12^th consecutive year, is a result of Pag-IBIG Fund’s commitment towards excellence and integrity in managing our members’ funds. We stay true to our mandate of providing secured savings and shelter financing in line with the directive of President Ferdinand Marcos, Jr. of providing means for Filipinos to achieve a better quality of life,” said Secretary Jose Rizalino L. Acuzar, head of the Department of Human Settlements and Urban Development and Chairman of the 11-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund received COA’s ‘unqualified opinion’ from 2012 to 2017 and ‘unmodified opinions’ from 2018 to 2023. *Both unqualified and unmodified opinions indicate that the financial statement of a government agency or corporation is presented, in all material respects, in accordance with applicable financial reporting frameworks.*

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta highlighted the state auditor’s findings as a reflection of the agency’s notable performance in 2023.

“Pag-IBIG Fund achieved several milestones in 2023. Our financial standing remains strong, as we concluded 2023 with a record-high net income before MP2 returns of P49.79 billion. Pag-IBIG Fund also surpassed its housing records by releasing a total of P126.04 billion in housing loan takeouts, the highest home loans released during a single year in its 43-year history. This helped 96,848 members acquire new or better homes. Membership savings collection also reached a record high, with membership savings collections amounting to P89.26 billion. *All these enabled Pag-IBIG Fund to declare P48.76 billion in dividends, which was distributed to its members as earnings on their savings for said year — highest in the history of Pag-IBIG Fund,” Acosta said.*

“Earning the ‘unmodified opinion’ for the 12^th consecutive year further signifies how we were able to achieve our best performance while maintaining the highest standards of financial integrity. Our members and stakeholders can rest assured that we will remain their reliable partner and that we will continue to serve them with Tapat na Serbisyo, Mula sa Puso,” Acosta added.

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Amplifying FBSE to boost Philippine tourism

July 17, 2024 | 1:59 pm

The Philippines aims to become a model for tourism training programs worldwide by amplifying the Filipino Brand of Service Excellence (FBSE) program in tourism front liners, Ex-Link Management and Marketing Services Corporation Chief Operating Officer Orlando Ballesteros said.

“The main goal is to uplift the service of our country and to become the best model in Asia and the world,” Mr. Ballesteros said.

Interview by Almira Martinez
Editing by Jayson John D. Marinas

See related article: https://www.bworldonline.com/economy/2024/07/16/608610/phl-to-set-global-standard-in-tourism-training-with-fbse-program/

Utilizing AI to boost career path

July 17, 2024 | 1:48 pm

By leveraging and learning the basic skills and knowledge in AI, people can be who they want to be, co-founder and CEO of GevMe Veemal Gungadin said.

As early as now, Mr. Gungadin encouraged Filipino youth to educate themselves about the said technology and its tools to be more empowered in the future.

Interview by Almira Martinez
Editing by Jayson John D. Marinas

ADB slightly raises 2024 growth forecast for developing Asia

July 17, 2024 | 1:40 pm

MANILA – The Asian Development Bank (ADB) slightly raised its growth forecast for developing Asia this year due to stronger domestic demand and export growth, but said downside risks from a series of important elections and geopolitical tensions remain.

Growth in developing Asia, which groups together 46 economies in the Asia-Pacific, is now expected to be 5.0% this year, the ADB said in a report on Wednesday, a touch higher than its 4.9% forecast in April. The region grew by 5.1% in 2023.

For 2025, the ADB maintained its growth forecast at 4.9%.

“Policy uncertainty related to elections in major economies, particularly the United States, clouds the outlook,” the ADB said, adding potential escalations in conflicts in the Middle East and Ukraine also posed challenges.

The ADB kept its 2024 and 2025 growth forecasts for China at 4.8% and 4.5% respectively, but noted a risk that a property slump there could deepen and lead to weaker growth prospects.

Official data on Monday showed China’s economy grew 4.7% in April-June from a year earlier, its slowest since the first quarter of 2023.

The ADB expects regional inflation to slow to 2.9% in 2024 from 3.3% last year, before nudging up to 3.0% in 2025.

GDP GROWTH	2022	2023	2024	2024	2024	2025	2025
			DEC	APR	JULY	APR	JULY
Caucasus and Central Asia	5.2	5.3	4.6	4.3	4.5	5.0	5.1

East Asia	2.9	4.7	4.2	4.5	4.6	4.2	4.2
China	3.0	5.2	4.5	4.8	4.8	4.5	4.5

South Asia	6.6	6.9	6.0	6.3	6.3	6.6	6.5
India	7.0	8.2	6.7	7.0	7.0	7.2	7.2

Southeast Asia	5.7	4.1	4.7	4.6	4.6	4.7	4.7
Indonesia	5.3	5.0	5.0	5.0	5.0	5.0	5.0
Malaysia	8.7	3.7	4.6	4.5	4.5	4.6	4.6
Myanmar	2.4	0.8	n/a	1.2	n/a	2.2	n/a
Philippines	7.6	5.5	6.2	6.0	6.0	6.2	6.2
Singapore	3.8	1.1	2.5	2.4	2.4	2.6	2.6
Thailand	2.5	1.9	3.3	2.6	2.6	3.0	3.0
Vietnam	8.0	5.1	6.0	6.0	6.0	6.2	6.2

The Pacific	7.9	3.5	2.9	3.3	3.3	4.0	4.0

Developing Asia	4.3	5.1	4.8	4.9	5.0	4.9	4.9

INFLATION

Caucasus and Central Asia	12.9	10.2	8.4	7.9	7.6	7.0	6.8

East Asia	2.3	0.6	2.1	1.3	0.8	1.6	1.6
China	2.0	0.2	2.0	1.1	0.5	1.5	1.5

South Asia	8.0	8.4	6.7	7.0	7.1	5.8	5.8
India	6.7	5.4	4.2	4.6	4.6	4.5	4.5

Southeast Asia	5.3	4.1	3.5	3.2	3.2	3.0	3.0
Indonesia	4.1	3.7	3.0	2.8	2.8	2.8	2.8
Malaysia	3.4	2.5	2.7	2.6	2.6	2.6	2.6
Myanmar	27.2	22.0	n/a	15.5	n/a	10.2	n/a`
Philippines	5.8	6.0	4.0	3.8	3.8	3.4	3.4
Singapore	6.1	4.8	3.0	3.0	3.0	2.2	2.2
Thailand	6.1	1.2	2.3	1.0	0.7	1.5	1.3
Vietnam	3.2	3.3	4.0	4.0	4.0	4.0	4.0
The Pacific	5.2	3.0	4.5	4.3	4.3	4.1	4.1
Developing Asia	4.4	3.3	3.6	3.2	2.9	3.0	3.0

– Reuters

US House Democrats, others protest virtual Biden nomination

July 17, 2024 | 1:28 pm

Joseph R. Biden — GAGE SKIDMORE-COMMONS.WIKIMEDIA.ORG

WASHINGTON – At least three US House of Representatives Democrats were preparing to sign a letter protesting a plan to speed up the official party approval of President Joe Biden’s reelection bid, the lawmakers’ offices said on Tuesday.

The three lawmakers are among a growing number of Democrats upset by plans to hold a “virtual roll call” vote on Mr. Biden’s becoming the nominee as soon as July 21, instead of waiting for the Democratic National Convention being held on Aug. 19-22 in Chicago.

Democratic Representatives Susan Wild, Mike Quigley and Jared Huffman plan to sign the letter, representatives of each lawmaker said when contacted by Reuters.

“Stifling debate and prematurely shutting down any possible change in the Democratic ticket through an unnecessary and unprecedented ‘virtual roll call’ in the days ahead is a terrible idea,” said a copy of the draft letter seen by Reuters. “It could deeply undermine the morale and unity of Democrats.”

The virtual nomination was originally planned to beat an Ohio state deadline for placing candidates on the ballot for the Nov. 5 election that fell before the Democrats’ August convention. But Ohio extended the deadline, negating that obstacle, the letter to the DNC argued.

In response to criticism, DNC Chairman Jaime Harrison said on X that the Ohio extension would not take effect in time. He also disputed reports that he has said the virtual vote could happen as soon as next week. “The only thing you have heard us say is that we must get this done by August 5th to give us time to comply by August 7th,” he said.

Pass the Torch, Joe, a group pressuring Biden to drop out of the presidential race, accused the DNC in a statement of potentially engaging in “an undemocratic, and perhaps even Trumpian, maneuver,” deepening the Democrats’ internal bickering.

The latest effort follows a call by 19 congressional Democrats for Mr. Biden, 81, to end his campaign after his halting June 27 debate performance against Republican challenger Donald Trump.

Representative Adam Schiff, a California Democrat running for his state’s open Senate seat, who was not one of the 19, warned donors in a private meeting that his party would likely suffer major losses if Biden continued his reelection bid, the New York Times reported on Tuesday. A spokesperson for Schiff’s campaign declined to comment.

Last month’s debate raised concerns in the party about both Mr. Biden’s ability to beat Trump and his fitness to hold the high-pressure job for another four years.

Thirty-nine percent of Democratic respondents to a Reuters/Ipsos poll completed on Tuesday said they believed that Mr. Biden should end his White House run, a slightly higher reading than the 32% who said that in a Reuters/Ipsos poll days after the debate.

The letter from the three lawmakers has not yet been sent to the DNC and was being circulated widely among House Democrats, according to congressional sources.

Democrats fear that a poor performance by Mr. Biden in the Nov. 5 election could cost their party not only control of the White House but both chambers of Congress, setting the stage for a second Trump administration that would be able to pursue its policy goals with almost no Democratic opposition.

Republicans followed their party’s standard procedure in officially nominating Mr. Trump at their convention in Milwaukee on Monday.

If Mr. Biden were to drop out of his reelection campaign, the Democratic Party’s top choice is Vice President Kamala Harris for its presidential nominee, multiple sources have said.

Some Democrats, however, could insist on a more open process that would allow other potential candidates to vie for the nomination, less than three months before the general election. – Reuters

Cocogen wins at the Insurance Asia Awards 2024

July 17, 2024 | 1:24 pm

As a testament to its unwavering commitment to the industry, Cocogen Insurance, Inc. received two recognitions from the Insurance Asia Awards 2024.

Cocogen was hailed as the Domestic General Insurer of the Year for the Philippines and bagged the New Product Innovation of the Year for HackGuard Personal Cyber Insurance.

President and Chief Executive Officer David Roy C. Padin, together with First Vice President for Corporate Finance and Strategy Division, Atty. Paolo S. Somera, and Corporate Secretary, Atty. Rhett D. Gaerlan, received the trophy during the awards night held at the Marina Bay Sands Expo and Convention Center in Singapore, July 9.

“At Cocogen Insurance, we aspire to transcend the conventional role of an insurance provider. Our vision is not only to be the top of mind and trusted ally during uncertainties, but we also strive to be part of the solution to societal issues we have today,” Padin stated in his acceptance speech.

Cocogen remains committed to provide innovative insurance solutions for the Filipino people. In recent years, the company launched new products relevant to the current demands for pets and cyber transactions. Aiming to be part of the solution in addressing the prevalence of cyberbullying in the Philippines, Cocogen included this as one of the coverage benefits of HackGuard.

Moreover, to help address the issue on the Philippines being number one in the World Risk Index (WRI) in 2023, Cocogen became the first non-life insurance company in the Philippines to be a member of ARISE Philippines, the private sector arm of United Nations Office for Disaster Risk Reduction (UNDRR). Cocogen is committed to the initiatives of both institutions as an avenue in improving disaster resiliency and sustainable business practices in the Philippine setting.

“These accolades serve as a constant reminder of Cocogen’s duty to foster innovation in the industry and make an impact on the lives of its insureds. Cocogen will continue to be COmmitted, COmpassionate, and GENuine in making a difference in the Philippines,” shared Chief Strategy Officer Paolo Somera.

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New UK government to set out plans in state opening of parliament

July 17, 2024 | 1:23 pm

10 street — 10 Downing Street, the Official residence of the Prime Minister of the United Kingdom. -- 10 Downing Street/Flickr

LONDON – Britain’s new Prime Minister Keir Starmer will set out his first package of proposed laws on Wednesday, fleshing out how he will honor his election-winning pledge to rebuild the country after years of weak economic growth and political turmoil.

In a grand ceremony to mark the opening of the new parliament, King Charles will read out the laws which the government wants the House of Commons to approve first after Mr. Starmer’s centre-left Labour Party won a commanding majority in this month’s national election.

The package of more than 35 bills will focus on growing the economy, including reforms to make it easier to build homes and speed up the delivery of major infrastructure projects, improving transport, and creating more jobs.

“Now is the time to take the brakes off Britain,” Mr. Starmer said in a statement. “I am determined to create wealth for people up and down the country. It is the only way our country can progress.”

The King’s Speech, which is written by the government, will be read out by the monarch in parliament from 1030 GMT in a ceremony full of pomp and pageantry.

Mr. Starmer won one of the largest parliamentary majorities in modern British history on July 4, making him the most powerful national leader since former prime minister Tony Blair, but he faces a number of daunting challenges, including improving struggling public services with little room for more spending.

The speech, and a raft of information published by the government alongside it, is expected to stick closely to the promises Labour made during the election campaign, while giving a clearer picture of Mr. Starmer’s immediate priorities.

HOUSING, INFRASTRUCTURE

According to Downing Street, the government will announce on Thursday legislation to “speed up and streamline the planning process” to help address Britain’s acute housing shortage and the long delays that dog many infrastructure projects.

The government will also set out plans to gradually renationalize the passenger rail network and set affordable fares to draw people back on to trains.

The plan would shut private companies out of running passenger trains by folding each operator into state control when their contracts to run trains expire.

This decision would mostly reverse the privatization of the railways conducted in the 1990s by the then-Conservative government.

The government will announce legislation to devolve more powers to local communities after Mr. Starmer used his first week in power to meet mayors of major cities and representatives from the devolved nations of the United Kingdom. – Reuters

Musk says he will move SpaceX, X headquarters to Texas over frustration with California laws

July 17, 2024 | 12:57 pm

Elon Musk said on Tuesday he is moving the headquarters of two more of his companies – social media platform X and rocket company SpaceX – to Texas from California, citing a new gender-identity law there as the “last straw.”

With these steps, the billionaire, who last week endorsed Republican Donald Trump for US president, will have relocated Tesla and most of the businesses he controls or heads to Texas.

The world’s richest man, he changed his own residence in 2021 from California to Texas, where there is no state income tax on individuals.

A new California law that forbids school districts from requiring teachers to notify parents when a child changes gender identity or sexual orientation helped spur Tuesday’s announcement, Musk said.

“Because of this law and the many others that preceded it, attacking both families and companies,” Mr. Musk, who has a transgender daughter, said in explaining the decision on X – formerly Twitter – which he bought in 2022.

The CEO of SpaceX and Tesla in recent years has become outspoken on politics and often criticizes the Biden administration and Democrats’ positions on issues including transgender rights and immigration.

California voters have historically supported Democratic candidates while Texas is considered a reliable Republican stronghold.

Mr. Musk said SpaceX’s main office would move to an existing facility in Boca Chica, Texas, while X would move to Austin. But the extent to which jobs or facilities in California will transfer to Texas was unclear.

SpaceX has a sprawling headquarters near Los Angeles, a major aerospace hub where thousands of employees build the company’s workhorse Falcon 9 rocket, Dragon astronaut capsules and some Starshield satellites.

In 2021, Mr. Musk moved Tesla’s headquarters from California to Texas as well but said last year that California would remain its engineering hub.

He transferred SpaceX’s incorporation from Delaware to Texas earlier this year. This followed a Delaware judge’s decision invalidating Mr. Musk’s $56 billion compensation plan at electric vehicle maker Tesla. – Reuters

Every sTEP counts: The E-Waste Project’s 12^th year in environmental service

July 17, 2024 | 10:00 am

TEP-Volunteers-Photo-OL — The E-Waste Project volunteers

With ever-advancing technology come the mounting piles of waste thrown out for each electronic upgrade we buy. Electronic waste (e-waste) has increasingly grown at an alarming rate reaching thrice the world’s population growth as of 2014, and presumably even higher with a decade gone by.

E-waste refers to obsolete or discarded electronic devices containing toxic chemicals such as dioxins, lead, and mercury. These substances pose harmful effects to human health when improperly disposed of, especially for pregnant women and children.

For over 12 years, The E-Waste Project (TEP) has been raising awareness for responsible e-waste management and disposal within the community through collection drives, webinars, and online campaigns. This project is an awareness program by UP Circuit designed to address the growing issue of e-waste in the country and educate people on how to tackle it. The initiative’s latest iteration in 2023 achieved its largest collection yet, amassing a total of 9,654 kilograms of electronic waste.

With hopes of a greater reach in their advocacy, The E-Waste Project will conduct their series of events this July 2024.

There will be two TEP Talks, which are online webinars aimed at educating and motivating individuals to identify and address the issues associated with improper e-waste disposal. The first TEP Talk will be held on July 20 with the topic “E-Waste and Health: Understanding the Risks.” On the other hand, the second webinar will take place on July 27, with the topic on “Reducing E-Waste: Tips for Minimizing Electronic Waste at Home.” Both TEP Talks will start at 2 p.m. via Zoom and will also be livestreamed on TEP’s Facebook Page. Interested attendees can join through the registration link posted on The E-Waste Project’s social media pages.

A great addition to the TEP projects, called TEP2F, was also introduced in June. Selected members of the team visited the Property Company of Friends, Inc. in Mandaluyong and Tzu Chi Scholars Summer Camp in Sta. Mesa to talk about the environmental impact of e-waste and its practical disposal solutions.

TEP will also be relaunching its in-person collection drive from July 21 to 27, 2024, at the Engineering Lawn, UP Diliman. Drop-off points are already available starting July 8 and will be open until the last day of the collection drive on July 27. The drop-off points are spread across the University of the Philippines-Diliman Campus and at the Buddhist Tzu Chi Campus in Sta. Mesa, Manila.

The E-Waste Project advocates for innovation that serves as a tool that we can leverage to enhance sustainability and protection rather than be the cause of more environmental problems. In its 12^th year, the E-Waste Project continues to widen its reach through new events and greater influence with the help of all volunteers and participants.

There is a responsibility that comes with today’s advancements and every sTEP taken towards addressing this current problem is progress to a better and greener future. Para sa bayan, para sa mundo.

AMRO trims PHL growth forecasts

July 17, 2024 | 12:34 am

Skyline-buildings-vehicles-road-wc — Vehicles are seen along the road in Quezon City, June 13. The Philippine economy is likely to grow by 6.1% this year, according to the ASEAN+3 Macroeconomic Research Office. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE ASEAN+3 Macroeconomic Research Office (AMRO) trimmed its Philippine economic growth forecast for this year and in 2025, amid slowing external demand.

In its latest update, AMRO sees Philippine gross domestic product (GDP) expanding by 6.1% this year, slightly lower than the 6.3% in the April report.

Despite the downgrade, this is still faster than the 5.5% GDP growth in 2023, and within the government’s 6-7% target for this year.

“We have shaved down the growth for not just the Philippines but many of the countries in the region. The recovery in the external sector was weaker than expected,” AMRO Chief Economist Hoe Ee Khor said in a virtual briefing on Tuesday.

“We may revise (the forecast) upward in the second half if the data shows that the economy (grows) more strongly,” Mr. Khor said.

AMRO also downgraded its GDP growth forecast for 2025 to 6.3% from 6.5% in the previous report. This is within the government’s 6.5-7.5% goal for next year.

Mr. Khor said Philippine growth has been weakened by gaps in infrastructure.

“I think the government is very conscious of that and is trying to fill the gap. Unfortunately, fiscal space has been used up to some extent during the pandemic,” he said.

The Philippine government aims to spend P1.47 trillion on infrastructure this year. The Marcos administration has committed to maintaining high investments in infrastructure or around 5-6% of GDP from 2024 to 2025.

To complement domestic savings, the Philippines still has “a moderate business space” to attract more foreign investments. However, its economy remains one of the most restrictive in the region, Mr. Khor said.

“We think the policy measures by the government will continue to attract more investment, and also with the improvement in infrastructure gap, will help to lift the (Philippines’) growth potential,” he said.

Also, AMRO lowered its inflation forecast for the Philippines to 3.3% for this year from 3.6% in the April report. It raised its inflation projection to 3.1% for 2025 from 2.9% previously.

AMRO said the BSP may maintain a tight monetary policy until a downward trend in inflation is sustained.

Despite this, the Philippines is still projected to be the second-fastest growing economy among Association of Southeast Asian Nations (ASEAN) members this year, behind only Vietnam (6.3%).

Philippine growth is expected to be ahead of Cambodia (5.6%), Indonesia (5.2%), Malaysia (4.7%), Laos (4.5%), Brunei (4%), Thailand (2.7%), Singapore (2.4%), and Myanmar (1.8%).

AMRO sees the ASEAN+3 region, which includes China, Hong Kong, Japan and South Korea, expanding by 4.4% this year and 4.3% in 2025.

The ASEAN region is projected to grow by 4.8% this year and next year.

“External trade is set to return to positive territory this year, which will supplement strong domestic consumption and the continuing recovery in tourism,” AMRO said in the report.

AMRO said the global economy is expected to continue stabilizing next year, and monetary easing is seen to resume in major economies.

The think tank lowered its inflation forecast for ASEAN+3 (excluding Laos and Myanmar) to 2.1% for this year from 2.5% previously “due to softer-than-expected food prices in several economies and lower imported inflation.”

“Higher cost pressures could emerge in 2025 as economic momentum gains traction, but these are unlikely to trigger a large spike in ASEAN+3 inflation under the baseline scenario,” it said.

AMRO said the overall balance of risks to the outlook has improved since April, but several risks such as a spike in commodity and shipping prices and tighter-than-expected US monetary policy.

Other risks include a sharp slowdown in the US and Europe, weaker growth in China, and possible adverse spillovers from the US presidential election.

“The bad news is that the region’s outlook next year could be significantly affected by the outcome of the US elections. The good news is, the region has weathered similar shocks before,” Mr. Khor said.

The US presidential elections will be held on Nov. 5.

Also, AMRO said geopolitical tensions are becoming “more pertinent” for ASEAN+3 economies.

“The threat of geoeconomic fragmentation continues to rear its head as more economies announce trade controls or protectionist measures, following recent US tariff action against China. The ongoing shifts in global trade — including longer supply chains — can exacerbate the negative impact of these trade frictions, especially for ASEAN+3 economies, which are highly integrated in global trade,” AMRO said. — Beatriz Marie D. Cruz

Philippines likely to post one of the fastest growth rates in Asia this year, 2025 — IMF

July 17, 2024 | 12:33 am

THE PHILIPPINES will likely post the second-fastest growth in Asia this year and in 2025, the International Monetary Fund (IMF) said.

In its latest World Economic Outlook report, the IMF maintained its gross domestic product (GDP) growth forecast for the Philippines at 6% this year and 6.2% in 2025.

If realized, the Philippine economic growth would be the second fastest among selected Asian economies, after India’s 7.5% GDP growth forecast.

The Philippines’ growth forecast for 2024 is faster than China (5%), Indonesia (5%), Malaysia (4.4%), Kazakhstan (3.5%), and Iran (3.3%), the IMF said.

It would also surpass Thailand (2.9%), Egypt (2.7%), Korea (2.5%), Pakistan (2%), Saudi Arabia (1.7%), and Japan (0.7%).

“Asia’s emerging market economies remain the main engine for the global economy,” Pierre-Olivier Gourinchas, economic counsellor and the director of research of the IMF, said in a statement.

The IMF maintained its global growth projection at 3.2% in 2024 and 3.3% in 2025, “broadly unchanged” from the previous report’s forecasts.

The IMF cut the United States growth forecast to 2.6% this year, but kept the growth estimate at 1.9% for 2025.

“The forecast for growth in emerging market and developing economies is revised upward; the projected increase is powered by stronger activity in Asia, particularly China and India,” it said.

The IMF raised its forecasts for emerging market and developing Asia, which is seen to grow by 5.4% this year and by 5.1% in 2025.

The growth projection for China was also raised to 5% for this year, “primarily on account of a rebound in private consumption and strong exports in the first quarter.” China’s growth is expected to slow to 4.5% next year, and “to continue to decelerate over the medium term to 3.3% by 2029, because of headwinds from aging and slowing productivity growth.”

However, “prospects for the next five years remain weak, largely because of waning momentum in emerging Asia,” IMF said.

The IMF said risks to the outlook “remain balanced” although upside risks to inflation “stem from a lack of progress on services disinflation and price pressures emanating from renewed trade or geopolitical tensions.”

“The risk of elevated inflation has raised the prospects of higher-for-even-longer interest rates, which in turn increases external, fiscal, and financial risks,” it said.

“Prolonged dollar appreciation arising from rate disparities could disrupt capital flows and impede planned monetary policy easing, which could adversely impact growth. Persistently high interest rates could raise borrowing costs further and affect financial stability if fiscal improvements do not offset higher real rates amid lower potential growth.”

During its last policy meeting, the US Federal Reserve left interest rates unchanged at 5.25%-to-5.5%. Fresh projections from policy makers showed them dialing back expectations for rate cuts this year from three to just one, Reuters reported. — BMDC