Republican presidential candidate Donald Trump on Wednesday reposted a lewd social media remark about Vice-President Kamala Harris, the latest in a volley of demeaning attacks by Republicans against Mr. Trump’s Democratic rival.
The comment was made by another Truth Social media user, who wrote, below a picture of Ms. Harris and Mr. Trump’s 2016 Democratic rival, Hillary Clinton: “Funny how blowjobs impacted both their careers differently…”
The remark appears to be a reference to former San Francisco Mayor Willie Brown, who briefly dated Harris over two decades ago. A frequent right-wing line of attack against Ms. Harris is that Mr. Brown fueled her political ascent. The Clinton jab is a reference to her husband, former US President Bill Clinton, who had an affair with White House intern Monica Lewinsky in the 1990s.
The Trump campaign did not immediately respond to a request for comment on the post. The Harris campaign, Mr. Brown, Hillary Clinton, and Bill Clinton also did not immediately respond.
Mr. Trump’s amplification of the post comes amid a torrent of racist and sexist attacks from him and his allies against Harris, the first woman and first Black and South Asian person to serve as US vice president.
Since replacing President Joe Biden atop the Democratic ticket, Harris has surged in the polls and now leads Mr. Trump in most recent national surveys.
Mr. Trump has struggled to fully adjust to the new race, and still often muses about facing Mr. Biden, 81, in the Nov. 5 presidential election.
Mr. Trump has called Ms. Harris “crazy,” “nuts” and “dumb as a rock,” and has falsely suggested that she previously downplayed her Black heritage. Some of Mr. Trump’s donors and advisers want him to hew more closely to critiques of his rival’s policies, and members of the “Black Americans for Trump” coalition have warned that disparaging Ms. Harris could hurt him in his outreach to Black voters.
Mr. Trump has repeatedly defended his use of personal attacks.
Last year, Mr. Trump was found liable of sexually abusing writer E. Jean Carroll. Mr. Trump denied the allegations. – Reuters
By MODIS imagery from NASA's Aqua Satellite - EOSDIS Worldview, Public Domain, https://commons.wikimedia.org/w/index.php?curid=151897495
By MODIS imagery from NASA’s Aqua Satellite – EOSDIS Worldview, Public Domain, https://commons.wikimedia.org/w/index.php?curid=151897495
TOKYO – At least three people were killed in southwestern Japan on Thursday as Typhoon Shanshan made landfall in Kagoshima prefecture, bringing heavy rain and very strong winds as well as snarling air traffic and knocking out power to over a quarter million households.
Major automakers including Toyota 7203.T and Nissan 7201.T suspended operations in some or all of their domestic factories due to the storm.
The typhoon, with gusts of up to 55 meters per second (198 km per hour/123 mph), made landfall near Satsumasendai city located in the country’s southwestern island of Kyushu on Thursday morning, the weather agency said.
Authorities warned the storm could be one of the strongest ever to hit the region, and local governments have issued evacuation orders for millions of residents in several prefectures.
Three people were dead, one was missing, two were severely injured, and five suffered minor injuries because of the typhoon, Chief Cabinet Secretary Yoshimasa Hayashi said.
“As this typhoon is moving slowly, total amount of rain could be rather big,” Hayashi told a regular news conference.
Footage from public broadcaster NHK showed walls torn and window glass of buildings broken in Miyazaki city in southern Kyushu, with objects scattered on the street or hanging from utility poles.
More than 250,000 households in seven prefectures are experiencing power outage as of 9:00 a.m. on Thursday (0000 GMT), according to Kyushu Electric Power Co.
After hovering over Kyushu for the next few days, the storm is expected to approach the central and eastern regions, including the capital Tokyo, around the weekend, the weather agency said.
Airlines, including ANA Holdings 9202.T and Japan Airlines 9201.T, have already announced cancellations of more than 600 domestic flights. Train services have been suspended in many areas of Kyushu.
Typhoon Shanshan is the latest harsh weather system to hit Japan, following Typhoon Ampil, which also led to blackouts and evacuations, earlier this month. – Reuters
SEOUL – South Korean President Yoon Suk Yeol said on Thursday the national pension fund, one of the world’s largest with $830 billion of assets, needs urgent reform to make it more equitable and to ensure income security for an ageing population.
There had been a loss of confidence in the pension system across generations and there was a need for fundamental and sustainable reform to restore the trust of those who needed it in retirement, Yoon told a televised briefing.
“Now is the time to fundamentally reform the national pension system that has the confidence of neither the elderly nor the youth,” he said.
Mr. Yoon said the contributions paid in must be increased to ensure the fund is sustainable and the rate of increase also differentiated between age groups to make it more equitable.
“We will pursue reforms that will be persuasive to the youth who will be paying into the fund the longest and will be receiving pension the last.”
“A pension system that leaves the elderly poor and young people suspicious must fundamentally be reformed,” he said.
South Korea’s public pension fund, established in 1988 and currently the world’s third-largest with 1,113.5 trillion won ($833.98 billion) in assets, is expected to be depleted by 2055 as payments start to outpace contributions from 2041.
The contribution rate into the pension scheme, which is mandatory for wage earners and business owners, is 9% of income, compared to 10.6% in the United States, 18.3% in Japan and an average of 15.4% for members of the Organization for Economic Co-operation and Development (OECD).
The average payout is 31.2% of average pay, compared to the OECD average of 50.7%, meaning South Korea’s elderly are among the poorest out of OECD economies.
Reforming the system has been a policy goal for a series of South Korean presidents but there has been little progress because of disagreements on how to approach the issue.
Mr. Yoon also said he was pushing ahead with ambitious healthcare reforms, saying the focus is now on improving the quality of medical care in essential disciplines and regions outside of large cities.
More than 10 trillion won will be invested over five years to improve services in those areas, he said.
Mr. Yoon’s push for healthcare reform has been met by strong objections from doctors, who reject his plan to increase the number of new medical students each year to address a shortage of physicians. Thousands of young doctors walked off the job in February in protest over the reforms, disrupting hospital services. – Reuters
BEIJING – China‘s embassy in the Philippines on Thursday said it had sent a diplomatic note of protest to the Japanese embassy in the Southeast Asian country concerning “irresponsible” remarks its ambassador made regarding the South China Sea‘s Sabina Shoal.
In a statement, the Chinese embassy said the comments displayed “ignorance of the facts and contained unwarranted accusations against China” after Japan‘s ambassador on Monday tweeted a video of a Chinese coastguard vessel under the words “another unacceptable development around Sabina Shoal”. – Reuters
Doctors dispelled common health myths in the August 22 event organized to discuss DECODE, a docuseries by private hospital group Metro Pacific Health (MPH) that aims to improve public health literacy and encourage health-seeking behavior.
Myths are beliefs perpetuated by their retelling. A January 2022 study in the Journal of Public Health said these misunderstandings and inaccurate knowledge can occur because “people in everyday life have limited time, cognitive resources, and/or motivation to understand complex scientific topics.”
“DECODE is our way of setting the record straight on health myths that many Filipinos still believe,” said Jessica C. Abaya, MPH’s group chief commercial officer.
“By addressing these misconceptions head-on, we aim to empower our community with the knowledge they need to make informed health decisions,” she said in the August 22 event.
One such misconception is that taking pre-exposure prophylaxis (or PrEP, a medication which can prevent HIV from taking hold in your body) is a license to practice unsafe sex.
PrEP is 99.9% effective in preventing HIV, said Dr. Benjamin G. Co, a pediatrician, infectious disease expert, and group chief medical officer of the MPH.
“Just because you’re taking PrEP, [however,] doesn’t give you the license to spread all other diseases,” he told the event’s media attendees.
“It’s not only HIV you can spread. Mpox [formerly known as monkeypox] is another one,” he added.
Mpox is an infectious, non-airborne disease that moves from skin-to-skin, during sexual encounters and other intimate forms of skin contact.
The Department of Health confirmed on August 28 two more cases of mpox, bringing the total number of cases since July 2022 to 14. Five of the 14 are active cases waiting for their symptoms to resolve.
Mpox cases 11 and 12 both admitted to close, intimate, and skin-to-skin contact with a sexual partner.
Breast cancer and heart disease, which are the leading causes of death in the Philippines, were among the other topics discussed at the roundtable.
Ischaemic heart diseases were the top cause of death in the country from January to November 2023, accounting for 19% of the total number. Neoplasms, on the other hand, came in second with 10.7%, the Philippine Statistics Authority reported.
“The absence of symptoms is not equal to absence of disease,” said Dr. Saturnino P. Javier, co-CEO and President & Chief Medical Officer of Makati Medical City, at the same event.
Heart disease, for instance, doesn’t only present with symptoms like chest pain.
“It can manifest in subtle ways, such as fatigue or shortness of breath. Less common symptoms might even include abdominal pain, back pain, and vision problems,” he said.
“This is why it’s crucial not to ignore any signs, no matter how minor they may seem, and to prioritize regular check-ups regardless of physical appearance,” he added.
An early diagnosis is better, according to Dr. Michelle M. Anlacan, head of the Dementia Center at Cardinal Santos Medical Center.
Ms. Anlacan talked about dementia, a group of diseases that affect the brain and impair a person’s ability to remember, think, and make decisions.
“The most recent medications for dementia are disease-modifying, but these are only for those with mild disease,” she said. For the later stages, “the medications are symptomatic.”
Inculcating health-seeking behavior and health literacy should start at a young age, Dr. Co told the attendees of the roundtable.
“We need to promote health education so we can empower people to make better judgements with their lifestyle,” he said.
Season two of DECODE is ongoing, with the first episode published last April.
MPH and BusinessWorld Publishing Corporation are both under the MVP Group of Companies.
In a world where economic stability is increasingly uncertain, individuals like Jasser June Cruz stand as pillars of hope, dedication, and inspiration. As an advocate for livelihood under The Project Eight Initiative, Jasser has committed his life to uplifting the lives of his fellow Filipinos, passionately focusing on raising awareness and providing opportunities for small and medium enterprises (SMEs). His mission is rooted in the belief that every Filipino deserves the chance to improve their quality of life, and he has made it his personal and professional goal to ensure that these opportunities are within reach for all.
Championing Small and Medium Businesses
Jasser’s advocacy is centered around the belief that empowering local communities through small and medium businesses is key to sustainable development. In a country where SMEs make up the backbone of the economy, Jasser understands the crucial role these businesses play in fostering economic growth and providing employment opportunities. He tirelessly works to promote the importance of SMEs, encouraging his kababayans to explore entrepreneurship as a viable path to financial independence and community development.
Through workshops, seminars, and hands-on support, Jasser educates aspiring entrepreneurs on the various aspects of running a business, from financial management to marketing strategies. His approach is not just about imparting knowledge but also about building confidence in individuals who may have the skills but lack the belief in their ability to succeed. Jasser’s enthusiasm is contagious, and his unwavering support has helped countless small business owners overcome challenges and achieve their dreams.
A Heart for the Community
What sets Jasser apart is his genuine love and concern for his community. He sees each small business as a stepping stone to a brighter future for families, neighborhoods, and ultimately, the nation. Jasser’s work is driven by a deep-rooted desire to uplift the lives of his kababayans, and he is relentless in his pursuit of this goal. Whether it’s through one-on-one mentoring or community outreach programs, Jasser is always ready to lend a helping hand, ensuring that no one is left behind in the journey toward prosperity.
A Loving Husband and Father
Beyond his professional achievements, Jasser June Cruz is also a devoted family man. As a loving husband and father, he draws strength and inspiration from his family, who serve as his anchor and motivation. His dedication to his advocacy is mirrored in the way he nurtures his relationships at home, always finding time to support and care for his loved ones. Jasser believes that a strong and loving family is the foundation of a successful and fulfilling life, and he carries this belief into his work, treating every person he helps with the same care and respect he shows his family.
Looking Ahead
Jasser’s journey as an advocate for livelihood is far from over. He continues to explore new ways to support small and medium businesses, driven by the knowledge that his efforts are making a tangible difference in the lives of his kababayans. As he looks to the future, Jasser remains committed to his mission, with plans to expand his outreach and develop even more innovative programs to help entrepreneurs thrive.
Through his work with The Project Eight Initiative, Jasser June Cruz is not only helping to build stronger businesses but also stronger communities. His passion, dedication, and love for his people make him a true champion of livelihood, and his impact will be felt for generations to come. As he continues to empower others, Jasser’s legacy as a catalyst for positive change in the Philippines grows ever brighter.
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The Puregold CinePanalo Film Festival has officially released a shortlist of 16 full-length films that were selected from among 141 entries looking to take part in the second year of the competition.
The 16 shortlisted projects and their respective directors are: Ahon by Rafael Mina; Co-love by Jill Singson Urdaneta; Dopamine by Sigrid Polon; Fleeting by Catsi Catalan; Food Delivery by Baby Ruth Villarama; Journeyman by Christian Paolo Lat & Dominic Lat; Olsen’s Day by JP Habac; Perlas sa Silangan by TM Malones; Princess Maryam by Julius Alfonso & Eric Cabahug; Reel Boyz by Rod Marmol; Sepak Takraw by Mes De Guzman; Si Sol at si Luna by Dolly Dulu; Stuck on You by Reeden Fajardo; Tagsibol by Tara Illenberger; Waiting Shed by Noel Escondo; and Washing Machine by BC Amparado.
Of the shortlisted established and up-and-coming filmmakers, only seven will be an integral part of the festival and each receive a P3,000,000 production grant from Puregold. The final selection will be screened at Gateway Cineplex 18 in Cubao on March 14-25, 2025.
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THE GOVERNMENT is looking to raise between $2 billion and $2.5 billion from an offering of US dollar-denominated global bonds, Finance Secretary Ralph G. Recto said in a text message on Wednesday.
In a statement late on Wednesday, the Bureau of the Treasury (BTr) said the Philippines began offering the triple tranche 5.5-year, 10.5-year and 25-year sustainable US dollar global bonds.
“The Republic will partially allocate the 25-year Global Bond sale proceeds to assets under the Republic’s Sustainable Finance Framework,” the BTr said.
Moody’s Ratings said that the global bond offering will be benchmark-sized. A benchmark size for a dollar bond offering is $500 million.
Fitch Ratings assigned a “BBB” rating to the bonds, while Moody’s Ratings gave “Baa2” and S&P Global Ratings assigned “BBB+.” These mirror the Philippines’ issuer ratings.
Moody’s in a note said the bonds will be drawn from the Philippine government’s existing shelf program, which include tranches maturing in 2030, 2035, and 2049.
“The proceeds from the bonds are intended for general purposes including budgetary support,” it said.
Moody’s said part of the tranche maturing in 2049 is “also intended for eligible projects under the Philippines’ Sustainable Finance Framework.”
“We think demand for this will remain pretty solid considering that the outlook for the Philippines remains rosy given the improving fundamentals of the economy,” Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri, Jr. said in a Viber message.
The government plans to borrow $5 billion this year, of which $2 billion was raised from the issuance of global bonds last May. This leaves $3 billion that has yet to be raised.
Mr. Recto previously said the government was also considering issuing Samurai bonds this year. The Philippines last issued Samurai bonds in April 2022, raising ¥70.1 billion.
“With easing monetary policy, many foreign firms can take advantage of the issue especially the ones located locally. Selling these bonds will be in favor of the National Government (NG) because of the weak US dollar and declining interest rates,” Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in a Viber message.
The BSP cut benchmark interest rates for the first time in almost four years to mark the start of a “calibrated” easing cycle amid an improving inflation and economic outlook. The Monetary Board slashed the target reverse repurchase rate by 25 bps to 6.25% from an over 17-year high of 6.5%.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the timing of the offering is favorable.
“Relatively lower long-term interest rates that reduce the borrowing/financing costs of the NG amid appreciating peso exchange rate recently, thereby could reduce debt servicing of the NG,” he said in a Viber message.
The local unit closed at P56.281 per dollar on Tuesday, strengthening by 5.2 centavos from its P56.333 finish last Thursday, Bankers Association of the Philippines data showed. This was the peso’s strongest finish in almost five months or since its P56.255-per-dollar close on April 1.
Year to date, the peso has declined by 91.1 centavos from its P56.281 finish on Dec. 23, 2023.
“Some investors are also locking in interest rates before the Fed and other central bank rates go down further in the coming months,” Mr. Ricafort said.
The US Federal Reserve is widely expected to begin cutting interest rates in September following Chairman Jerome H. Powell’s dovish stance last week.
Analysts also expect the BSP’s easing cycle to continue until next year, with at least 100 bps in rate cuts seen in 2025.
The government’s borrowing program is set at P2.57 trillion this year, 20% of which will come from foreign sources.
The government borrows from external and local sources to fund a budget deficit capped at 5.6% of the gross domestic product.
The Quezon City Hall building is lit with the Philippine flag, May 28, 2024. — PHILIPPINE STAR/MIGUEL DE GUZMAN
By Luisa Maria Jacinta C. Jocson, Reporter
THE GOVERNMENT is anticipating much lower borrowing costs moving forward amid further rate cuts by the Bangko Sentral ng Pilipinas (BSP) and improved credit ratings.
“Our recent credit rating upgrade will help reduce our borrowing costs. The reduction of BSP rates will help increase economic growth and also reduce our domestic borrowing costs,” Finance Secretary Ralph G. Recto told BusinessWorld in a text message.
Earlier this month, Japan-based Rating and Investment Information, Inc. upgraded the Philippines’ investment grade rating to “A-.”
The country also currently holds a “A-” rating from the Japan Credit Rating Agency but has yet to secure an “A” rating from the “big three” credit raters.
Mr. Recto said that the government has no plans to increase or revise its borrowing program for now.
“We have a fiscal plan to follow. There are no plans to increase our borrowings,” he added.
The National Government’s (NG) borrowing program is set at P2.57 trillion this year, of which 75% will come from domestic sources. It borrows from external and local sources to fund a budget deficit capped at 5.6% of the gross domestic product.
The latest data from the Treasury showed that debt payments jumped by 41.29% to P1.28 trillion in the first half. The government has allocated P2.03 trillion in debt servicing for this year.
National Treasurer Sharon P. Almanza likewise said that the current borrowing plan has “taken into account” the central bank’s easing cycle.
The Monetary Board earlier this month delivered a 25-basis-point (bp) rate cut, bringing the benchmark rate to 6.25% from the over-17 year high of 6.5%.
The central bank could cut rates by another 25 bps in the fourth quarter, BSP Governor Eli M. Remolona, Jr. earlier said.
“Upcoming monetary policy easing will bode well for NG’s borrowing plan because it will now be cheaper,” Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, Inc., said.
Apart from monetary easing, the country’s investment grade ratings will help support cheaper borrowings.
“The recent upgrade and affirmation of current credit ratings from the aforementioned ratings agencies gives the NG more borrowing opportunities abroad,” Mr. Asuncion said.
Last week, Moody’s Ratings affirmed the Philippines’ investment grade rating of “Baa2” with a “stable” outlook. The country also holds ratings of “BBB” from Fitch Ratings and “BBB+” from S&P Global Ratings.
“If the NG continues with its consolidation plan and follows through, the A-rating is very possible. Simply put, the coveted A-rating is really doable and reachable,” Mr. Asuncion said.
Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said upgraded credit ratings will help the country attract investments and support overall growth.
“Upgrades in investment grade ratings of the Philippines will allow our government to position the economy as an investment destination, given stabilizing macroeconomic indicators, relaxing of interest rates in the foreseeable future, and ability of the government to support a conducive investment environment,” he said.
The government is aiming to achieve an “A” rating status by the end of the administration or by 2028.
“Should the Philippine economy continue to demonstrate stable macroeconomic fundamentals, the economy is on track to achieve successive rating upgrades,” Mr. Rivera said.
Heavy traffic is seen along the southbound and northbound flyover on Roxas Blvd. due to road construction, April 6, 2024. — PHILIPPINE STAR/RYAN BALDEMOR
THE NATIONAL Government’s (NG) budget deficit sharply shrank in July as revenues posted double-digit growth, the Bureau of the Treasury (BTr) said.
Data from the BTr on Wednesday showed that the budget gap narrowed by 39.67% to P28.85 billion in July from P47.81 billion in the same month a year ago.
Month on month, it shrank by 86.2% from the P209.08-billion deficit in June.
In July, revenues increased by 11.09% to P457.37 billion from P411.73 billion in the same month last year.
Broken down, tax revenues climbed by 15.46% to P402.82 billion in July from P348.88 billion in the same month in 2023. This made up 88% of total revenues, the BTr said.
The Bureau of Internal Revenue’s (BIR) collections increased by 17.09% to P319.81 billion in July, which is net of a P175-million tax refund.
Collections by the Bureau of Customs (BoC) went up by 9.99% to P80.36 billion, net of a P645-million tax refund, in July.
Tax revenues from other offices declined by 1.38% to P2.65 billion in July.
Meanwhile, nontax revenues in July fell by 13.2% to P54.55 billion from P62.77 billion in the same month a year ago.
BTr said its income slumped by 60.82% to P19.91 billion “primarily due to the BSP’s (Bangko Sentral ng Pilipinas) one-off remittance of P31.9 billion last year, as well as reduced income from BTr-managed funds and NG deposits.”
Collections from other offices surged by 188.2% to P34.6 billion in July.
Meanwhile, state spending rose by 5.8% to P486.22 billion in July from P459.54 billion a year ago “partly due to the higher National Tax Allotment (NTA) share of local government units (LGUs),” the BTr said.
Interest payments jumped by 24.99% to P79.43 billion in July from P63.55 billion a year prior.
“This was due to the higher cost of financing and depreciation of the peso observed throughout the year,” BTr said.
Data from the Bankers Association of the Philippines showed that the peso appreciated by 24.5 centavos to P58.365 per dollar as of end-July from P58.610 per dollar as of end-June.
Primary spending — which refers to total expenditures net of interest payments — went up by 2.73% year on year to P406.8 billion in July.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the narrower deficit “may largely have to do with improvement in recurring tax revenue collections by the BIR with no more coronavirus pandemic restrictions for more than a year.”
The Finance department reported on Tuesday that the budget deficit widened by 7.21% to P642.8 billion in the first seven months of the year as revenue growth outpaced expenditures.
The fiscal gap is expected to narrow in the coming months if the NG continues to see double-digit revenue growth, Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said.
“The better news is that the government has leeway to allot more for primary expenditures versus interest payments if the narrowing trend continues,” he said in a Viber message.
The Philippine and US central banks’ expected rate cuts should help narrow the budget shortfall, Mr. Ricafort said.
IMPROVEMENT Meanwhile, the deficit-to-gross domestic product (GDP) ratio averaged 4.87% in the first six months of 2024 from 4.8% a year ago. This is still below the government’s deficit ceiling of P1.48 trillion, equivalent to 5.6% of GDP.
Revenue effort improved to 17.06% as of end-June from 16.17% a year ago. This was above the government’s programmed 16.12% revenue-to-GDP ratio for 2024.
Revenue effort covers the share of tax revenues, nontax revenues, and other government revenues in relation to GDP.
Tax effort inched up to 14.57% in the first half from 14.5% a year prior. Tax effort refers to total tax revenue, including social security contributions, as a share of GDP.
Expenditure effort jumped to 21.94% as of end-June from 20.96% last year. It was higher than the 21.72% programmed spending-to-GDP ratio for the year.
Expenditure effort refers to the share of spending on public goods and services to GDP. — B.M.D.Cruz
Residents fill up forms as they reactivate their voter’s registration at a school in Barangay Sangandaan, Quezon City, Aug. 26, 2024. — PHILIPPINE STAR/MIGUEL DE GUZMAN
By Kenneth Christiane L. Basilio, Reporter
THE PHILIPPINE government is expected to put in billions of pesos in wasteful spending to curry favor with voters ahead of midterm elections next year, analysts said.
The ability of incumbent politicians to boost public spending or money aggregates to satisfy voters could stoke inflation, they added.
“Sitting politicians may use government funds that are directed toward influencing voting preferences… this is assumed to cause a surge in infrastructure projects, provision of goods, and proliferation of services-based initiatives,” Arjan P. Aguirre, who teaches political science at the Ateneo de Manila University, said in a Facebook Messenger chat.
Midterm elections are scheduled on May 12, 2025, when Filipinos will elect senators, congressmen and local officials.
The polls are still less than a year away, but there has been a noticeable increase in state spending on infrastructure so far this year.
State spending on infrastructure and other capital outlays jumped by 20.6% to P611.8 billion in the first half of 2024 from P507.2 billion a year ago, as the Public Works and Transportation departments sought to speed up completion of projects.
“Road and bridge constructions and rehabilitation, medical assistance and missions, educational allowances and scholarship funds, and feeding projects tend to rise in election years,” Mr. Aguirre said.
The Commission on Elections (Comelec) puts in place a ban on the release, disbursement and spending for public works and social welfare projects ahead of elections. The Comelec has set the election period from Jan. 12 to June 11, 2025.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said he expects infrastructure spending to rise further in the second half.
“A possible increase in government spending to prepare for the May 2025 midterm elections could already start in the latter part of 2024, accelerating government spending on infrastructure and other projects, which could be a source of additional growth for the local economy,” he said.
The Philippine economy often sees a boost in years when there are elections, especially presidential polls, according to John Paolo R. Rivera, senior research fellow at state think tank Philippine Institute for Development Studies.
“An election season usually boosts economic growth figures due to campaign spending of all candidates including their donors, supporters, and benefactors,” he said in a Viber message, attributing it to heightened consumption.
Philippine gross domestic product (GDP) in 2022 — a presidential election year — grew by 7.6% from 5.7% in 2021.
In 2016 when presidential elections were also held, GDP expanded by 7.1% from 6.3% in 20215.
The bulk of economic activity during election years are from industries that mobilize and support election efforts, including “public relations firms, manpower services, air and land transportation, and food services,” said Mr. Aguirre.
Mr. Ricafort said companies involved in consumer goods, fastfood and media also typically see a boost during elections.
Increased spending by politicians ahead of or during elections may also fuel inflation.
Candidates gunning for a government post also ramp up spending on campaign materials and advertisements to improve their chances of being elected, Leonardo A. Lanzona, an economics professor at the Ateneo de Manila University, said.
“The most likely result is inflation and wasteful spending that could have gone to more productive programs,” he said, referring to spending by politicians.
He said the widespread but illegal practice of vote buying during elections could also fan inflation.
“The informal sector is the recipient of all these dole outs… as a collective, this will contribute significantly to greater inflation,” Mr. Lanzona said.
The central bank sees inflation averaging 3.4% this year and 3.1% in 2025.
The government should strictly monitor the campaign finances of election candidates, Mr. Lanzona urged, citing that most of them are not following a 1991 law that limits election spending.
Metro Retail Stores Group, Inc. distribution center in Santa Rosa, Laguna
Metro Retail Stores Group Inc. (MRSGI) is making significant strides in its growth journey, marking a transformative era of expansion and enhancement across the Philippines. From expanding its store locations to launching innovative support programs, MRSGI continues to enhance its role in the retail sector, demonstrating a strong commitment to operational excellence and community development.
“Our expansion strategy reflects careful planning and a dedicated focus on addressing the evolving needs of our customers and communities. Each new store and facility are crafted to enhance accessibility, support local economies, and foster sustainable growth,” said Manuel Alberto, president and chief operating officer of MRSGI.
Strategic Expansion to Serve More Communities
Manuel Alberto, president and chief operating officer of MRSGI
MRSGI’s strategic expansion is evidenced by the recent groundbreaking of six new store locations in Cebu, Leyte, and Biliran. This initiative is set to enhance the accessibility and convenience of Metro’s services for local communities, contributing to the improvement of the quality of life for residents. These new stores are a testament to MRSGI’s dedication to extending its reach and ensuring that exceptional retail experiences are available to a broader market.
Adding to this growth is the inauguration of a state-of-the-art distribution center in Santa Rosa, Laguna. This modern facility, spanning three hectares, is equipped with advanced features such as selective racking systems and solar panel-ready infrastructure. With a capability to handle up to 25,000 cases daily for both inbound and outbound processes or a maximum throughput of 1.5 million cases monthly, this distribution center will significantly bolster MRSGI’s supply chain capabilities and support its expansive network of stores.
“Our new distribution center is a crucial part of our growth strategy,” Mr. Alberto remarked. “By investing in advanced infrastructure and sustainable practices, we are enhancing our efficiency and ensuring we can meet the needs of our growing network. This facility represents our ongoing commitment to operational excellence and community support.”
Innovating and Supporting Local Enterprises
Photo shows MRSGI President and Chief Operating Officer Manuel Alberto and employees showcasing the benefits for businesses at the launch of the Mareng Ems program.
MRSGI’s commitment to innovation extends beyond physical expansion. The introduction of the Mareng Ems Program exemplifies MRSGI’s dedication to fostering robust business partnerships. This comprehensive support system offers various benefits to businesses within the Sari-sari Store and Hotel, Restaurant, and Catering (HoReCa) sectors. Through the Metro Business Club (MBC) membership, partners gain access to rewards, rebates, and essential services, reinforcing MRSGI’s role as a reliable ally in their growth journey.
The Bayanihang Metro Caravan is another key initiative, exemplifying MRSGI’s dedication to local entrepreneurs. In collaboration with the Department of Trade and Industry (DTI), this program provides a platform for micro, small, and medium enterprises (MSMEs) to showcase their products at major festivals across the Visayas and Luzon. This initiative offers local businesses valuable exposure and contributes to their growth by providing resources and support.
“Our various programs and initiatives are designed with one goal in mind: to foster growth and create opportunities. Whether it’s through innovative support systems or community-focused events, we are committed to empowering businesses and driving sustainable development. These efforts are integral to our vision of being a catalyst for positive change in the retail sector,” Mr. Alberto stated.
Expanding Horizons with New Retail Formats
Metro Value Mart in Lancaster New City Gen. Trias, Cavite
As part of its strategic expansion, MRSGI has introduced a new neighborhood mini-mart format, Metro Value Mart, in Lancaster New City General Trias, Cavite. Developed in response to consumers’ growing preference for convenient, close-to-home shopping options, Metro Value Mart is designed to cater to the daily needs of local residents with a curated selection of international and local goods, general merchandise, home care products, health and beauty items, and fresh and frozen foods.
Additionally, MRSGI has recently launched the Metro Home Improvement store at Marquee Mall, Angeles. This new format aims to meet the demands of homeowners and DIY enthusiasts by providing a broad range of home improvement products, tools, and materials. The store’s extensive selection, including hardware, home decor, and gardening supplies, caters to those looking to enhance their living spaces.
Expanding into specialized retail formats such as Value Mart and Home Improvement supports MRSGI’s broader strategy of diversification. By offering a variety of shopping experiences tailored to specific customer needs, MRSGI aims to address new market segments and enhance its presence in the retail industry. This approach also highlights the company’s adaptability to emerging trends and shifting consumer preferences.
Metro Home Improvement store in Marquee Mall, Angeles
“Building on the launch of our mini-mart and home improvement formats, we are focused on identifying opportunities to introduce these concepts in key regions across the country. Our objective is to broaden the accessibility of Metro’s diverse shopping experiences and to align with evolving customer preferences,” said Alberto.
A Vision for the Future
“With a current network of 64 branches and an ambitious goal to reach 160 stores by 2027, MRSGI is dedicated to sustainable growth and innovation. As we expand, our focus remains on enhancing service quality, supporting communities, and driving customer satisfaction. Our commitment to thoughtful expansion, innovation, and community engagement guides us as we build on our strong foundation and aim to positively influence the retail landscape,” concluded Mr. Alberto.
As MRSGI forges ahead, its commitment to growth and enhancement remains unwavering, promising exciting developments and opportunities for both the company and the communities it serves.
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