Filipino tourists took lead in Taiwan tourism from Southeast Asia

Philippines overtakes Singapore for Southeast Asian travelers to Taiwan

Tourism Administration reports 415,635 Filipino visitors from January to November 2024

Michael Nakhiengchanh
Taiwan News, Staff Writer
06 February 2025

TAIPEI (Taiwan News) — The Philippines took the lead for most tourists to Taiwan from Southeast Asia, surpassing Malaysia and Singapore for the first time, CNA reported Thursday.

According to the Tourism Administration, from January to November 2024, visitors from the Philippines reached 415,635. Malaysia followed with 384,000 visitors, Singapore with 376,000, Thailand with 356,000, and Vietnam with 344,000.

The administration said that while full-year data is not yet available, December is the peak travel season for the Philippines. Therefore, it is expected the Philippines will remain the top source of Southeast Asian visitors to Taiwan in 2024, it said.

Meanwhile, the administration also announced Thursday that 21 organizations and 29 businesses, including travel agencies and hotels, will participate in the Philippine Travel Agencies Association Travel Tour Expo in Pasay City, the Philippines from Feb. 7-9.

The event, now its 32nd iteration, is one of the Philippine’s biggest travel and tourism events. A Taiwan pavilion will be set up, featuring Filipino actress and social influencer Gabbi Garcia, who has promoted Taiwan in the past.

PH pancit canton brand one of NY Times top ramen list

Local pancit canton brand makes it to New York Times' Top 16 ramen list

Camille Santiago
Philstar Life
06 February 2025

Pancit canton is one of the ultimate Filipino comfort foods—perfect for those 3 a.m. cravings, school baon, or just a quick and tasty merienda. We love it in all its forms, from the tangy calamansi flavor to the chilimansi version. And guess what? The New York Times recognized its deliciousness, too!

In an article published under its Wirecutter section in January, Lucky Me! Pancit Canton Kalamansi flavor is one of the 16 best instant noodles, alongside Indomie's Mie Goreng and Nongshim's Neoguri Spicy Seafood.

"Of all the noodles we’ve tested, the Pancit Canton Kalamansi disappeared from the bowl the fastest," wrote New York Times supervising editor Marilyn Ong.

While noting that the serving is "small," the writer praised the noodle variant for its "dry seasoning, soy sauce, and oil packets" that "combine to produce a nuanced blend of light soy and fresh, aromatic citrus."

She described the noodles as skinny and "extra-curly," which gave it almost a "fluffy feel."

"I definitely called them 'cute' while eating them," the description read.

Ong "warned" that a serving is enough as it comes in smaller packs. "Be warned it may take more than a pack to satisfy," she said.

She said the list was completed by a rotating panel of taste-testers on Wirecutter’s kitchen team, who tried over 45 ramen varieties since 2020. Ong said that the items that they tried were recommended by cookbook authors, ramen reviewers, ramen-shop owners, and the president of Sun Noodle.

"Ultimately, we picked the highest-quality or most-compelling ones—noodles with the chewy or silky textures they promise, and broths or sauces with a good balance of flavors and that taste surprisingly similar to freshly made versions of the dishes they invoke," the writer said.

Lucky Me! Pancit Canton comes in five flavors: Original, Kalamansi, Chilimansi, Sweet and Spicy, and Extra Hot Chili.

PH economy to gain momentum in the next two years

Fitch expects Philippines growth to pick up

Keisha Ta-Asan
Philstar Global
05 February 2025

MANILA, Philippines — Fitch Ratings projects the Philippine economy to gain momentum over the next two years, supported by monetary easing, robust infrastructure spending and investment-friendly reforms.

In a report, Fitch Ratings analyst Krisjanis Krustins said the debt watcher expects the gross domestic product (GDP) growth of the Philippines to hit 5.9 percent in 2025 and 6.2 percent in 2026.

“Fitch still expects continued strong medium-term GDP growth and gradual fiscal consolidation in the Philippines, as reflected in its ‘BBB’/Stable rating, affirmed in June 2024,” Krustins said.

However, its 2025 forecast falls below the government’s growth target of six to eight percent, while the 2026 projection meets the lower end of the same target range.

“These growth rates are above ‘BBB’ peers, but below pre-pandemic norms, mainly due to continued weakness in private capital formation,” Krustins said.

The country’s GDP grew by 5.2 percent in the fourth quarter, matching the previous quarter’s pace but falling short of market forecasts.

This brought full-year GDP growth to 5.6 percent in 2024, below the government’s growth target of six to 6.5 percent.

Krustins also expects the Philippine government to post a fiscal deficit of 5.7 percent of GDP in 2024, down from 6.2 percent in 2023, with debt at 61.4 percent of GDP.

“We expect debt-to-GDP to decline from 2025 on strong growth and further narrowing of deficits. We expect general government metrics to remain stronger,” he said.

However, the pace of fiscal consolidation is expected to be constrained by political dynamics, particularly with midterm elections scheduled for May 2025. Fitch noted that the country’s political landscape has become more volatile ahead of the elections, with escalating tensions between President Marcos and Vice President Sara Duterte.

Public rifts between their families, particularly involving former president Rodrigo Duterte, could affect investor sentiment and policy continuity, Krustins warned.

Beyond domestic uncertainties, the Philippines also faces risks from shifting US economic and foreign policies.

“Further strengthening of the US dollar from trade protectionism could put further pressure on the Philippine peso and inflation, although weaker global growth and diversion of Chinese exports could offset this to some extent,” Krustins said.

“The Philippines would be vulnerable to a change in US immigration policy, given the importance of remittances for domestic consumption, although these are fairly diversified,” he added.

Despite these risks, the agency emphasized that the country’s economic fundamentals remain sound. Fitch said an upgrade in its sovereign credit rating would require stronger governance, faster debt reduction and sustained economic growth beyond current projections.

Fil-Austrian to perform in Eurovision

Fil-Austrian to compete in Eurovision

Aric John Sy Cua 
Manila Times
31 January 2025

MANILA, Philippines — Four years after former 'ASAP' mainstay Vincent Bueno became the first Filipino to represent Austria in the Eurovision Song Contest, another Filipino-Austrian singer will wave their colors in Switzerland in May.

Johannes ‘JJ’ Pietsch PHOTO FROM THE EUROVISION SONG CONTEST WEBSITE

Austrian broadcaster Österreichischer Rundfunk (ÖRF), through radio station Hitradio Ö3, on Thursday announced that Austrian-Filipino countertenor Johannes "JJ" Pietsch will represent their country in the annual contest.

"JJ is an exceptional talent. With him, we are sending a unique artist to Basel who brings his own magic to the Eurovision Song Contest stage, with captivating pop and classical singing," ÖRF program director Stefanie Groiss Horowitz was quoted by the contest's official website.

Pietsch was born in Vienna in 2001, but also grew up in the United Arab Emirates before he returned to Austria in 2016. Just like Bueno, he also had experience in talent competitions, having been a finalist on the Austrian talent show "Starmania" in 2021.

Currently, he is a performer at the Vienna State Opera, starring in such productions as "Die Zauberflöte" (The Magic Flute), "Von der Liebe Tod" (Of the Love-Death), and "Tschick" (Why We Took the Car), among other classical musicals.

"I can't wait to bring opera to the big stage in Basel," he said in a video message to the Eurovision social media pages.

Pietsch's song for Eurovision, reportedly named "Wasted Love", and composed by Austrian 2023 representative Teya, will be presented in early March.

The Eurovision Song Contest will be held in Basel, Switzerland with the semifinals on May 13 and 15 and the grand final on May 17.

Philippines ushers ASEAN in renewable energy investments

$27.7 billion: How the Philippines leads Asean in investments, green power push

Investments boom: 2024 saw a 28% jump in approved projects, as per DTI data

Jay Hilotin, Senior Assistant Editor
Gulf News (Saudi Arabia)
30 January 2025

Manila: The year 2024 broke records for investments, with approved projects hitting Php1.62 trillion ($27.7 billion), the Philippine Department of Trade and Industry (DTI) has confirmed.

Free energy from the sun: The Philippines's biggest winners in 2024 in wooing fresh capital were the energy and manufacturing sectors, as well as special economic zones. Renewable power led by solar-wind-batteries (SWB) secured Php1.38 trillion ($23.6 billion) in fresh inflows — a 40 per cent jump from 2023.Bloomberg

The bumper inflows exceeded the Php1.5 trillion initial target for the past year.

The Asean nation not only overshot its original aim: it was up 28 per cent, outpacing 2023’s Php1.26 trillion ($21.58 billion), outperforming neighbouring countries like Thailand and Malaysia in this metric.

The biggest winners in wooing fresh capital: renewable energy (RE) and manufacturing, among others, as per the Presidential Communications Office.

Green energy leads 

• The energy sector led the charge, securing Php1.38 trillion ($23.6 billion) — a massive 40 per cent jump from last year.
• Other booming sectors: air and water transport, mass housing, manufacturing, water supply, waste management, and real estate.

Economic zones

The Philippines, once dubbed as the "Silicon Valley" of South-east Asia, has lost its sheen due to power intermittency and high rates.

Now, it's plotting a comback, as the Philippine Economic Zone Authority (PEZA) also shattered expectations, raking in Php214.17 billion ($3.67 billion), surpassing its Php200 billion ($3.5 billion) goal for 2024.

Investment boom

Though officials didn’t directly link the surge to President Ferdinand Marcos Jr.’ global investment push, trade leaders credit his overseas trips for securing major deals. 

President His Highness Sheikh Mohamed bin Zayed Al Nahyan with Ferdinand Marcos Jr, President of the Republic of the Philippines, at Qasr Al Shati in Abu Dhabi in November 2024.

File photo | WAM

Australia: Marcos locked in $1.53 billion (Php86 billion) across renewable energy, clean tech, IT-BPM, and healthcare, plus an expansion of Victoria International Container Terminal (VICT).

Germany & Czech Republic: Fresh investments are rolling in, with PEZA reporting nearly Php75 billion — about 43 per cent of its annual target — linked directly to the international trade missions.

Vietnam: VinGroup pledged investments in EV battery production, fueling the government’s transport modernisation.

Japan: A sweet deal between local Auro Chocolate and retail giant Mitsukoshi will benefit 1,000 Filipino families, blending Davao’s cacao with Japanese flavours like matcha and miso.

What’s next?

Manila is doubling down on investment-friendly policies in 2025, ensuring the Philippines remains a top destination for business, innovation, and job creation, said Trade Secretary Cristina Roque.

“We will continue to refine and implement forward-looking policies that attract investments in these key industries, ensuring that the Philippines remains a prime destination for innovation and growth,” Roque was quoted as saying by the Presidential Communications Office.

With this momentum, the Philippines isn’t just catching up — it’s leading the pack in the Asean.

Challenges

The country is tackling a key challenge: energy security and high cost of power.

Policy makers are leading the drive with a mix of renewable energy (RE) expansion and mega gas-to-energy projects, potentially dislodging coal.

In 2024, the Philippines ramped up RE capacity: more than 4,000 megawatts (MW) of power projects came online, as per the Department of Energy (DOE).

In June, the agency approved the construction of 16 offshore wind farms, with an estimated potential capacity of 7,668 MW. 

In September, Danish firm Copenhagen Offshore Partners announced a $3-billion investment for the 1-gigawatt (GW) San Miguel Bay offshore wind power project in Camarines Sur, about 400km south-east of Manila.

Juice from this wind project will start energizing the power grid from 2028.

In November, the $3.4-billion integrated solar-battery project, claimed to be the “biggest-of-its-type-in-the-world” in a 3,500-hectare (35 sq km) land in Nueva Ecija and Bulacan, broke ground north of the capital, combining solar and batteries, able to power the equivalent of 2 million local homes.

The Philippines also announced 20 dams for hydro-electric power generation.

Earlier this month (January 2025), the Philippines and UAE sealed a $15-billion landmark solar-wind-batteries deal aimed to bolster the Asean nation’s renewable energy credentials.

Policy mandate

Policy has been tweaked, too: electricity suppliers are now mandated to increase their RE sourcing by at least 2.52 per cent annually starting in 2023, up from the previous 1 per cennt annual increase in 2020. 

Filipino business tycoons are turning into battery barons, ramping up megawatt-scale “power banks” – including ones on floating platforms, with container-size battery energy storage systems (BESS).

A key advantage: they can be quickly deployed where needed. More than 60 sites across the archipelago had been completed or in the roll-out stage.  

Global recognition  

While the Philippines still has one of the highest power rates in the region, the push for REs is hoped to bring rates down.

With companies like Aboitiz Power, ACEN, and Meralco scaling up solar farms and offshore wind, the Philippines landed second in the 2024 Climatescope Report by BloombergNEF, reflecting investor confidence in greening drive.

Will these moves push some — if not all — of the 60 coal-fired plants (with generating capacity of 12 GW) to retire earlier than planned?

It's early days.

The ramp in RE underscores Manila’s efforts to creating a greener, end-user and investor-friendly (and, hopefully, cheaper!) power eco-system.

PH economy still one of the fastest growing in Asia-Pacific in 2024

DBM: 2024 GDP growth still puts PH among ‘fastest-growing’ economies

Ruth Abbey Gita-Carlos
Philippine News Agency
January 30, 2025

MANILA – The Philippines’ 5.6-percent economic growth for the whole of 2024 may be lower than the government’s target but still makes the country one of the “fastest-growing” economies in the Asia Pacific region, Budget Secretary Amenah Pangandaman said Thursday.

Pangandaman issued the statement, as she welcomed the latest Philippine Statistics Authority’s (PSA) report which showed that the Philippine economic growth settled at 5.2 percent in the fourth quarter of 2024, bringing the full-year growth to 5.6 percent.

“While our target for 2024 is 6 to 6.5 percent, the results still put the Philippines among the fastest-growing economies in the Asia Pacific region, outpacing many of our ASEAN neighbors, and still propelling our desired economic transformation,” she said.

Pangandaman emphasized that the country faced economic challenges last year, including a record-breaking typhoon season, with six consecutive storms between the end of October and the middle of November.

She said the onslaught of the recent typhoons in the fourth quarter of 2024 “greatly affected the economy.”

“The fact that we still hit 5.6 percent in spite of all these storms shows that our formula for growth is working,” Pangandaman said.

Pangandaman, who also chairs the Development Budget Coordination Committee, said the Build Better More Program is also working, as construction was the biggest contributor to both the economic growth for the fourth quarter and the whole year of 2024, which were at 7.8 percent and 10.3 percent, respectively.

Pangandaman said the government will stay focused to make sure that it is on track with its Agenda for Prosperity.

“For the upcoming years, we remain dedicated to implementing priority programs and strategies aligned with our 8-Point Socioeconomic Agenda and the Philippine Development Plan 2023-2028. Through these efforts, we anticipate fostering a favorable and resilient macroeconomic environment that will sustain our progress toward growth in the medium term,” she said.

“Moving forward, we will ensure that all the necessary support is in place to further boost our GDP growth and pursue our Agenda for Prosperity,” Pangandaman added.

The DBM said its push for a more efficient budget utilization saw positive results after Government's Final Consumption Expenditure posted the highest year-on-year growth rate of 9.7 percent.

DBM Principal Economist Joselito Basilio said the government’s efforts to address underspending issues, provide sufficient budgets to programs with the highest multiplier effects, and intensify efforts to advance the country's infrastructure systems have helped sustain the country’s economic growth.

Basilio noted that as the GDP remained steady, Gross National Income grew year-on-year by 6.2 percent in the fourth quarter of 2024, bringing the full-year 2024 growth to 7.6 percent. (PNA)

Pinoys listen to music the longest globally

Pinoys listen to music 126 minutes a day, longest globally

Paul Icamina
Philstar Global
30 January 2025

MANILA, Philippines — Filipinos not only spend the most time on the internet and on social media, they listen to music the longest anywhere on the planet.

The time spent by Filipinos listening to music, at an average of 126 minutes or a little over two hours a day, is the longest in the world, according to a study conducted by the National Research Council of the Philippines (NRCP).

“Music is more than a means of entertainment – it is the people’s way to communicate feelings, resonate their stories and build on their emotions,” says Dr. Maria Alexandra Chua, a professor at the University of Sto. Tomas Conservatory of Music who leads NRCP’s Musika Pilipinas project.

And yet, as important as music is in these islands, more than half of Filipinos in the industry earn less than P20,000 a month, the NRCP study found.

The meager earnings are a little over the minimum wage in Metro Manila, says Chua, who is also with the UST Research Center for Culture, Arts and the Humanities.

This is reflected in the small share of music in creative revenues.

The gross value added of the country’s creative industry expanded from P1.61 trillion in 2022 to P1.72 trillion in 2023, according to the Philippine Statistics Authority. Music’s contribution is only P18.1 billion or 8.8 percent of the creative total.

The NRCP Musika Pilipinas project is designed to remedy this, defining the scope of the music ecosystem from publishing, recording and live music to the industry value chain. It will identify and assess market capital of music goods, particularly in the pivotal transformation to digital platforms, and determine growth prospects.

The NRCP study covered 700 industry players, and data was gathered from focus group discussions with artists, music company executives and organizations.

The study found that 61.1 percent of Filipinos involved in music creation, production, distribution and consumption were college degree holders; majority of them were freelance artists.

Most of the respondents said that to support their living expenses, they earned income not related to the music industry.

“Local artists would always have to go through what we normally identify as sariling sikap, that is, without any government intervention and support in music training, marketing and promotion,” says Chua.

Despite having the Philippine Creative Industries Development Act which promotes the development of Philippine creative industries, music is not a stand-alone sector in the creative industries council.

The music industry is subsumed under performing arts and audiovisuals, says Chua, who graduated at UST, magna cum laude, with a major in Piano.

There are problems of representation for music industry members in policy discussions, as well as in identifying music’s economic contribution as an important part of the Philippine creative economy, she points out.

A music coordinating council responsible for handling the dynamics, concerns, development and challenges faced by the industry is about time, recommends the NRCP study.

A centralized music coordinating council will handle the dynamics, concerns, strategic development plan and challenges faced by the industry, Chua says.

“The lack of effective protection of intellectual property rights of local artists is another crucial issue that needs to be addressed,” she says.

“The Philippine music industry should be understood as individuals, groups, institutions, companies and stakeholders who engage in the entire process of the creation, production, distribution and consumption of music within the Philippines,” Chua explains.

“To put it simply, they are creating, producing, reproducing, distributing or consuming music within the Philippines or producing music while representing the Philippines and from whose activities the Philippine economy benefits, including overseas Filipino musicians who send remittances,” Chua says.

NRCP, founded in 1933, is the oldest research council in Asia.

PH poised to become the next SEA tech center

Emerging startup trends in the Philippines

Paulo Campos, Raya Buensuceso
Inquirer.net
30 January 2025

The Philippines has emerged as Southeast Asia’s most exciting startup ecosystem in recent years, poised to become the next regional tech center after Singapore and Indonesia. At Kaya Founders, our investment strategy particularly centers on three key trends that encapsulate why the Philippines is an exciting market today: frictionless business enabled by artificial intelligence (AI)-powered platforms, the rise of tech-enabled consumer ventures, and the transformative power of embedded credit.

Frictionless business: AI-powered platforms reshaping industries. The adoption of AI-driven solutions is rapidly transforming the country’s largest industries. A generational shift in business leadership has ushered in digitally native leaders who are embracing AI to streamline processes in areas such as customer service, content creation, and supply chain management.

This trend positions the Philippines as fertile ground for AI-powered business-to-business platforms. Startups that leverage AI to drive efficiency and productivity, particularly in sectors like health care, commerce, and financial services, are poised to enhance traditional operations and unlock growth.

Two of Kaya Founders’ best-known portfolio companies are Etaily and Local, which both enable businesses, retailers, and merchants to more efficiently and effectively sell their products online across the different channels and marketplaces in the Philippines and across Southeast Asia.

Tech-enabled consumer ventures: Harnessing an emerging middle class. With household consumption representing 71.6 percent of GDP—significantly higher than the regional average of 55 to 60 percent—the Philippines is undeniably a consumer-driven economy. Yet, unlocking this potential requires a nuanced understanding of a diverse and evolving consumer base.

Two segments dominate this rising middle class: “power users” who prioritize convenience and are willing to spend on experiences and “value-focused users” who are driven by discounts. These dynamics have fueled the rise of digital shopping models like live and social commerce, where startups are reshaping how consumers discover, engage with, and purchase products.

Despite challenges in payment infrastructure and logistics, the opportunity to deliver affordable yet aspirational products through seamless digital platforms is immense, particularly for younger, digital-savvy consumers.

Embedded credit: Closing the financing gap. Within the realm of fintech, perhaps the most compelling opportunity lies in embedded credit. According to the recently published Google, Bain, and Temasek’s e-Conomy report, lending drove 22 percent of the revenue of digital financial services across Southeast Asia last year, growing annually at a rate of 35 percent. Yet the credit gap in the Philippines remains vast—estimated at $221 billion for micro, small, and medium enterprises, the largest in the world as a share of GDP by some measures and affecting three-fourths of Filipino adults without formal credit access.

Embedded finance models are addressing these gaps by integrating lending into everyday platforms, making access to credit more convenient and contextually relevant. Startups like OneLot and Netbank are at the forefront of this transformation. OneLot has enhanced dealer onboarding and introduced flexible loan products, while Netbank’s Banking-as-a-Service solutions integrate digital banking into supply chains and salary payments.

A maturing ecosystem. Venture capital funding in Southeast Asia has surged, with $72 billion deployed in the past five years—three times the volume of the preceding half decade. Yet, what makes this moment particularly exciting is the shift toward capital efficiency and profitability.

The Philippines, in particular, has emerged as a beacon of opportunity, bucking global trends of declining late-stage funding. Institutional investors and development finance institutions such as Asian Development Bank, International Finance Corp., Texas Pacific Group, Kohlberg Kravis Roberts, and a range of others have made late-stage investments in the country. Meanwhile, a growing pool of credible, experienced founders is fueling momentum in the early-stage segment.

The fundamentals of the Philippine market resemble the early growth trajectory of Indonesia’s and Singapore’s tech ecosystems. As digital adoption expands from early adopters to widespread use, the impact on the broader economy will only deepen.

Unlocking the Philippines’ potential. The Philippines’ tech ecosystem is at an unprecedented inflection point, but unlocking its full potential will require a concerted effort across stakeholders. Entrepreneurs, investors, and other business leaders must work together to address infrastructure challenges, build talent pipelines, and scale solutions that meet the needs of businesses and consumers alike.

At Kaya, we remain committed to identifying and supporting the next wave of Philippine startups poised to transform industries and revolutionize the economy and country in the future.

Philippines among hotspots for branded residences in Asia

Philippines among hotspots for branded residences in Asia

Catherine Talavera
Philstar Global
30 January 2025

MANILA, Philippines — Emerging markets in the Asia-Pacific region, including the Philippines, have become global hotspots for branded residences due to their affordability and growth prospects, according to a global real estate consultancy.

In its latest Asia-Pacific outlook report, Knight Frank said that Asia currently houses nearly 200 branded residence developments, around 20 percent of the global supply.

Knight Frank said it anticipates a substantial increase of 43,100 units through 180 upcoming projects from 2025 onwards, nearly doubling the region’s supply of branded residences.

It added that this growth is expected to be led by emerging markets, particularly Vietnam, Thailand and the Philippines, with a total number of units at roughly 18,000, 16,300 and 13,000, respectively.

“Emerging markets, encompassing Vietnam, Thailand, Philippines, Malaysia and Indonesia, have blossomed into global hotspots for branded residences,” Knight Frank said.

“Due to comparatively more affordable prices and higher growth prospects, properties in these destinations appeal to international investors seeking secondary homes,” it added.

Knight Frank said it estimates the average proportion of foreign buyers of such projects in Vietnam and Thailand to be 15 percent in 2024, up from 10 percent in 2019.

Aside from affordability, Knight Frank noted that another primary factor behind the surging demand for these exclusive properties can be attributed to the rapid growth of the local ultra-high-net-worth individuals (UHNWI) population.

Knight Frank said the current count of almost 18,000 UHNWIs in these countries is projected to reach slightly over 25,000 by 2028, reflecting an impressive 45.2 percent growth rate that surpasses the Asia-Pacific average of 37.3 percent.

Additionally, strong economic performance, bolstered by stable business environments and advantageous taxation frameworks, has also significantly contributed to attracting wealthy people to establish their businesses in these emerging markets, further stimulating growth in various sectors, including luxury real estate, according to Knight Frank.

“The multifaceted nature of branded residential developments, encompassing a variety of locations, types, brands and designs, remains a key attraction for this distinct property category. This rich assortment, combined with the dependability, exclusivity and security they guarantee, play a vital role in upholding the sector’s thriving growth trajectory,” Knight Frank said.

In an earlier report, Thailand-based hospitality consultancy firm C9 Hotelworks said that the Philippines has the second largest supply of branded residences in Asia, with a market share of 17.3 percent in the supply of branded residences in the region.

The report noted that Wyndham Hotels & Resorts leads the total supply of branded residences with 10,941 units, followed by The Ascott Limited, the Banyan Group and Marriott International.

“Among key destinations, Phuket has the highest number of units, totaling 4,771 units across 26 developments, followed by Manila and Bangkok,” the report said, noting that Manila has over 4,000 branded residences units.

C9 Hotelworks said the branded residences market in Asia is valued at $26.6 billion, comprising 68,001 units in total.

Cebu among top pet-friendly cities in Asia

Cebu among top pet-friendly cities in Asia

Morexette Marie B. Erram

Cebu Daily News

29 January 2025

CEBU CITY, Philippines — Fantastic news for fur parents who want to visit the Queen City of the South with their four-legged loved ones.

Cebu City was named among the top pet-friendly cities in Asia for 2024.

Online travel platform Agoda recently revealed their list of top 10 pet-friendly cities in the region, with Cebu ranked second, next to Vietnam’s coastal city Da Nang.

Rounding up the top five are Vietnam’s Hanoi, Nha Trang, and Tainan in Taiwan respectively.

Manila, the country’s capital, landed on the 10th spot. Aside from Manila, completing the top ten were Pattaya (Thailand), Taichung (Taiwan), Ho Chi Minh City (Vietnam), and New Delhi (India).

According to Agoda, their list of pet-friendly cities is based on the average number of accommodations that allow guests to bring in their pets.

In addition, the Singapore-based firm observed an increase in pet travel in Asia, particularly among Millennials and Gen Z.

They recorded a 64 percent growth pet-friendly properties in 2024.

“Millennials and Gen Z leading the charge as they embrace pet parenthood and splurge on their furry friends, according to a recent study by Allied Market Research,” they added.

PH to attract more investments at WEF 2025 meeting

Davos WEF reaffirms PH potential as global investment hub

By Zaldy De Layola

Philippine News Agency
January 26, 2025

MANILA – The country can expect more foreign investments following its participation at the World Economic Forum (WEF) Annual Meeting 2025 in Davos, Switzerland.

Speaker Ferdinand Martin Romualdez said the results of the productive engagements of the Philippine delegation would create more jobs to propel economic growth.

"The discussions we held in Davos reaffirm the immense potential of the Philippines as a key destination for global investments," Romualdez said in a news release on Sunday.

He said the team is grateful to President Ferdinand R. Marcos Jr. for sending a delegation that showcased the many reasons why global investors should choose the Philippines.

“The reception has been overwhelmingly positive and I am confident that this will translate to more investments that will fuel our economic growth,” he added.

Romualdez lauded the Philippine delegation composed of Finance Secretary Ralph Recto, Trade and Industry Secretary Trade Secretary Ma. Cristina Roque, and business leaders from various sectors for their significant contributions to promoting the country’s economic opportunities.

“I thank my fellow delegates for their tireless efforts and invaluable contributions in generating global interest in the Philippines,” Romualdez said.

“From highlighting our young and dynamic workforce to presenting our pro-business policies such as the CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy) law and the Maharlika Investment Fund, we have successfully demonstrated that the Philippines is a viable and vibrant investment destination,” he added.

Key engagements

Romualdez participated in high-level discussions and engaged with prominent global business leaders and officials, including his participation as a panelist in the Stakeholder Dialogue titled “Navigating Asia’s Hotspots,” where he emphasized the country’s balanced geopolitical approach and commitment to economic stability.

“We presented a clear narrative of the Philippines as a reliable partner in the Indo-Pacific region, not only geopolitically but also economically. Our focus is on fostering peace, stability and cooperation, which are vital for sustained growth,” he said.

The country’s delegation also hosted the Philippine Breakfast Interaction, which convened close to 50 international public and private sector leaders for a briefing on the Philippine economy and its potential as the next big investment destination.

Among the notable guests during the event were Marcus Wallenberg, chair of Skandinaviska Enskilda Banken; Philippe Amon, chair and CEO of SICPA SA; Catarina Amon, CEO and founder of Classeek; Anthony Tan, CEO and co-Founder of Grab; John Riady, Group CEO of Lippo Indonesia; Tony Fernandes, CEO of AirAsia; and Calvin Choi, CEO of AMTD.

Also present were Jay Collins, vice chair of Citi; Helena Lersch, vice president of Public Policy of Tiktok; Amit Kalyani, vice chairman and joint managing director of Kalyani Strategic Systems Limited; and Albert Chang, managing partner of Southeast Asia, McKinsey & Co., among others.

During the discussions, the Philippine delegation showcased its robust domestic economy driven by e-commerce, making the country the fastest-growing digital economy in Southeast Asia in 2024.

Investment-friendly Reforms

The Philippine delegation likewise highlighted legislative reforms under the Marcos administration as concrete manifestations of the readiness of the country to listen to investors’ concerns.

In particular, they cited the CREATE MORE law, signed by President Marcos in November last year.

The CREATE MORE law is meant to accelerate investment momentum by offering enhanced tax incentives, streamlining the investment approval process, simplifying VAT rules, and providing targeted incentives for strategic investments.

He said the WEF once again placed the country on global investors’ radar, giving opportunities to the Philippines which is ready to turn them into concrete investments that will accelerate progress. (PNA)

Fil-Am journalist awarded at NYC event

Filipino American Journalist Dave Llavanes Jr. Among Seven Honorees at Prestigious New York City Event

POLITIKO | politiko.com.ph
January 25, 2025

NEW YORK – Filipino American journalist Dave Llavanes Jr. was one of seven journalists recognized and awarded a Certificate of Merit during a special event held in New York City.

The award was presented by Triveni Times, a prominent media network serving South Asia and immigrant communities.

In addition, Llavanes received a Certificate of Merit from the New York State Assembly, through Assemblymember Jenifer Rajkumar, in recognition of his significant contributions to promoting community unity through journalism.

The award and recognition for Llavanes were accepted on his behalf by Boyet Loverita, Board of Director of Filipino American Press Club of New York and GMA Integrated News

Joining Llavanes as honorees were six other journalists from various media companies in South Asia:

Manzoor Hussain (Dunya International and Global TV)

Samrat Karki (Hello America)

Lovle Ansar (Bangladesh Pratidin)

Yuyi Jin (The China Press)

Manoj Basnet (Annapurna Media Network)

Harpreet Singh Toor, representing mainstream media

The awardees were recognized for their contributions to local journalism and its role in strengthening civic engagement and fostering cultural understanding.

Fil-Am nurses featured in US Film Festival

Untold stories of Filipino nurses featured at Napa Valley film festival

Gavin Martinez 
Inquirer.net
25 January 2025

Filipino nurses, often unsung heroes of global healthcare, take center stage in Michele Josue’s documentary, “Nurse Unseen.” 

The film delves into their selfless contributions, all while showing their courage, resilience and compassion during the unprecedented challenges of the COVID-19 pandemic.

Simultaneously, it highlights their fight against a troubling surge in anti-Asian hate incidents.

Recently, “Nurse Unseen” has been chosen as the opening feature film for the inaugural Napa Valley Asian American Film Festival (NVAAFF). This highly anticipated event debuts on Friday, Feb. 7 at the Napa Valley College Performing Arts Center.

The NVAAFF aims to celebrate the vibrant and dynamic storytelling of Asian and Asian American creatives, which combines traditional filmmaking with the innovative realms of contemporary storytelling.

Co-hosted by actress and winemaker Kara Wang and actor Ryan Alexander Holmes, the festival promises a unique experience that merges cinematic brilliance with Napa Valley’s renowned charm.

Highlighting the event’s vision, “Nurse Unseen” exemplifies the festival’s commitment to amplifying untold stories. According to the press release, the festival offers attendees an immersive day of storytelling, creativity and cultural exchange. 

The lineup also features films that celebrate the diversity and innovation of Asian and Asian American voices, complemented by Napa’s signature culinary and winemaking heritage.

Among the highlights of the festival are an exploration of AI-inspired short films, which showcase how artificial intelligence is transforming the filmmaking process.

This segment highlights the potential of new technologies to expand creative freedom and democratize access to storytelling for emerging voices. 

Attendees will also be treated to a series of critically acclaimed feature films, each exploring themes of resilience, identity and community through an Asian American lens.

Additionally, the festival will feature narrative shorts, presenting personal stories that capture the complexities of human connection and cultural intersectionality.

Laguna harbors the first ever recorded swamp eel fossil in the world

Today I Learned: PH Geologists Found the First-Ever Global Record of a Swamp Eel Fossil

Christa I. De La Cruz 
Esquire Philippines
24 January 2024

"The fossil nobody wants," said Allan Gil Fernando of the National Institute of Geological Sciences, University of the Philippines Diliman.

The piece of rock was initially discarded and ignored by a student during fieldwork at the fish fossil locality site in Antipolo, Rizal, in 2013. The fossil specimen isn't complete, after all. However, the geologist, being the self-admitted hoarder that he is, stored it in his office without knowing its identity and significance. More than 10 years later, the specimen in question was identified to be the first-ever global record of a swamp eel fossil.

Freshwater Fossils Found in Pleistocene Laguna Formation

The research, "Fossil fish assemblage of the Laguna Formation, Philippines: unveiling the uniqueness of Pleistocene freshwater ecosystems in Southeast Asia," was published in the Swiss Journal of Paleontology in January 2025. It was a collaborative effort among Filipino scientists from the National Museum of the Philippines' Geology and Paleontology Division (Abigael Castro and Jaan Ruy Conrad Nogot), University of the Philippines Diliman's National Institute of Geological Sciences (Allan Gil Fernando) as well as the School of Archaeology (Clarence Magtoto), and Mines and Geoscience Bureau (Kevin Garas). Tomas Prikryl, the lead researcher, is from the Institute of Geology of the Czech Academy of Sciences; Dominique Mediodia and Chien-Hsiang Lin from Taiwan joined them. The group attempted to make great strides in Philippine and Southeast Asian paleoichthyology (the study of prehistoric fish).

"The fossil record in the Philippines, particularly concerning fish, is notably sparse. [... This limited evidence has provided only fragmented insights into the past biodiversity and evolutionary history of the region’s freshwater ecosystems. The absence of freshwater fossil records leaves a significant gap in our understanding of how this ecosystem has changed over time, especially in response to climatic and geological events," Prikryl et al. wrote.

Their objective was to document a collection of freshwater fish fossils from the Pleistocene Laguna Formation in Antipolo, Rizal Province. This included a total of 14 articulated and semi-articulated specimens, which were deposited at the National Institute of Geological Sciences - University of the Philippines and at the National Museum of the Philippines.

Living specimens were compared to the fish fossil specimens, and their physical features—from length to dorsal profile—were documented. We'll not go into the specifics, but the scientists went as far as recognizing the prehistoric fish's jaws and measuring the skull. These are important not only in identifying the species, but also in studying the environment of their habitat, which in this case was the Laguna Lake.

"The fish fossil assemblage of the Pleistocene Laguna Formation is predominantly composed of the families Dorosomatidae, a Gobiidae vel Oxudercidae, and Synbranchidae. These fossils represent the first records of freshwater fish in the Philippines and the first discovery of these taxa in the tropical West Pacific region. Notably, this study also provides the first-ever record of a synbranchid fossil globally," the researchers concluded.

What This Means for Philippine Ecosystems

Aside from establishing several firsts, this discovery represented the first systematic study of freshwater fish fossils in the Philippines and provided valuable data that can be used to compare with modern ecosystems.

First, it provided solid evidence that the distribution of Herklotsichthys (a genus of herrings found mostly in Southeast Asia and Australia, with one species each in the Persian Gulf, the Red Sea, and the western Indian Ocean) was prehistorically restricted in the Indo-Pacific region.

Second, the presence of dorosomatid fish fossils in the lake suggests a habitat transition from marine to freshwater in the Pleistocene period. This is similar to Taal Lake, where fish species adapted from brackish to freshwater. The presence of demersal swamp eels and gobioid fishes also suggests that the Pleistocene Laguna Lake once had a silty and muddy bottom.

Third, the gobioid fossil from the Pleistocene showed their adaptability through all those periods in history. Up to 89 species of Gobiidae have been recorded in the Philippines, with 20 of them endemic (or found only in the country).

Fourth, the identification of the Pleistocene synbranchid fossil suggested that the swamp eel has an Indo-Pacific origin.

"These newly discovered freshwater fish fossils from the Pleistocene Laguna Formation in the Philippines not only provided evidence of their presence in the West Pacific region but also offered new insights into the origin and historical geographic distribution of these taxa," they said.

6 Philippine universities in world rankings

6 Philippine universities in world rankings

Neil Jayson Servallos 
The Philippine Star 
January 24, 2025

MANILA, Philippines — Six Philippine universities earned spots in Times Higher Education (THE)’s World University Rankings by Subject, missing only one out of 11 disciplines rated this year.

The University of the Philippines, Ateneo de Manila University, De La Salle University (DLSU), University of Santo Tomas, Mapua University and Mindanao State University – Iligan Institute of Technology (MSU-IIT) earned spots in all subjects except Law.

Under Arts and Humanities, Business and Economics, only UP and DLSU earned rankings and shared spots for each subject at the 601+ and 801+ brackets, respectively.

Both universities were also the only institutions that earned rankings in the Medicine and Health subject, with UP emerging at the top locally at the 501-600 spot.

UP was the lone school to be ranked within the Life Sciences at the 801-1000 bracket.

Mapua emerged as the top Philippine school in Computer Science and Engineering, ranking within the 801-1000 and 1001-1250 brackets, respectively. Under the same subjects, UP and DLSU shared the No. 2 spot.

DLSU was the top Philippine university in Education studies at the 401-500 spot, followed by UP and UST at the 501-600 bracket. DLSU also topped the ranking among local universities in Psychology at the 401-500 spot, followed by Ateneo at 501-600.

Under Physical Sciences, only UST did not receive a ranking. Mapua and MSU-IIT earned rankings within the 801-1000 bracket, followed by UP, Ateneo and DLSU at the 1001+ bracket.

UP, Ateneo and DLSU landed on the same spots globally in Social Sciences at the 801-1000 bracket.

The rankings were based on key indicators submitted by each university during the academic year 2022, THE said.

Key indicators included research quality, industry, international outlook, research environment and teaching.

‘UP Best performing’

Most Filipinos perceive the University of the Philippines as the “best university” in the country, a survey conducted by the OCTA Research group showed.

The survey, conducted from Nov. 10 to 16, found that 71 percent of the respondents perceiving UP as the best university in the Philippines.

Some 15 percent selected DLSU, while 14 percent chose Ateneo de Manila.

The respondents were asked to select among the three universities or provide a different answer.

Less than one percent chose “others,” the survey results showed.

Based on the poll, UP was perceived as the “best performing” university in the country across all geographic areas and socio-economic indicators.

OCTA, whose founders include several UP professors, said it released the survey results to UP as a public service.

The survey was non-commissioned and had 1,200 respondents and a margin of error of plus/minus three percent. – Janvic Mateo

Fil-Am sworn in as history's youngest mayor in Pinole, California

Fil-Am mayor makes history as youngest elected official in Pinole, California

Story by Jun Nucum

Inquirer.net

23 January 2025

PINOLE, Calif. – Filipino American leader Cameron Sasai has officially been sworn into office as the mayor of Pinole in Contra Costa County, Calif.

Sasai, who became the City’s first Fil-Am councilmember in 2022, now sets a new record as both the first Fil-Am and the youngest mayor in the City’s 120-year history.

In his inaugural address at the Pinole Valley Performing Arts Theater, Mayor Sasai said his priorities include police reform and accountability, affordable housing, environmental justice and economic development.

“We pushed hard for progress our first two years in office, and as your mayor, I’m going to work tirelessly to keep that progress going,” he said.

“This is a new season for Pinole – we will focus our energy towards issues of substance like racial justice, improving police community relations, revitalizing our downtowns. These are all issues that I intend to take action on as mayor.”

Sasai said he takes pride in his heritage and will ensure that Pinole continues to be a safe place, where rights are protected and diversity is celebrated.

California Attorney General Rob Bonta, who administered Sasai’s oath of office on Jan. 19, expressed appreciation for “our continued partnership to lift up our most marginalized communities and help make California a place where all can thrive.”

“There’s a relentless pursuit and commitment to do better – to be better, to fight for justice, to not accept the unacceptable, to deliver solutions, to lift up people, to be on the front edge on all issues, making a difference for the people—and that spirit lives in Mayor Sasai,” Bonta said.

“It’s who he is. It’s how he fights, it’s how he rolls.”

Consul General Neil Frank R. Ferrer congratulated Sasai and said he was looking forward to working with the mayor in enhancing cultural ties and fostering economic relations between the Philippines and the US.

In an Instagram post, the Filipino American National Historical Society (FANHS) celebrated Sasai’s inauguration as “a proud moment for our community, filling us with hope and excitement for the positive and meaningful change Cameron will bring to Pinole.”

Fr. Geoffrey Baraan of St. Joseph Church in Pinole described the inauguration as “a monumental achievement, not only for Mayor Sasai but also for the entire Filipino community.”

“His success will inspire many Filipinos to pursue meaningful roles in public service and offer hope to young people, particularly from ethnic communities, that they too can achieve greatness. This is a moment of great pride and inspiration for us all,” Fr. Baraan said.

Sasai represents the City of Pinole on the WestCAT Board of Directors and the West Contra Costa Transportation Commission.

He graduated from the University of California, Davis, with a degree in Political Science–Public Service. He currently works for LEAD Filipino as public policy and advocacy coordinator and serves as vice chair for the Endorsements Committee of the Democratic Party of Contra Costa County.

Finland looks into PH for talent attraction

Finland looks to Philippines for talent attraction

Story by Louella Desiderio
Philstar Global
20 January 2025

MANILA, Philippines — Finland is actively encouraging Filipino workers to consider employment opportunities in the European country, citing the Philippines as one of its focus countries for talent attraction.

Laura Lindeman, senior director and head of Work in Finland, told reporters the Philippines, along with Vietnam, India and Brazil, has been identified by the Finnish government as one of the focus countries for cooperation in talent attraction and recruitment.

Work in Finland is a unit of Business Finland, an organization for financing innovation and promoting trade, travel and investment. It is under Finland’s Ministry of Economic Affairs and Employment.

As part of efforts to attract Filipino workers, Lindeman said Work in Finland joined the delegation of stakeholders led by Finland’s Minister of Employment Arto Satonen that visited the Philippines from Jan.16 to 18.

“Finland really sees the Philippines as a very interesting market,” Lindeman said, noting that the Philippines has a long history of sending people outside the country for work.

She said the Philippines also has good systems in place to facilitate recruitment.

“Finnish recruitment companies have already recruited from the Philippines for more than 10 years. So now we are trying to help on a national level so that they can find reliable partners here because of course, it’s a huge market if you want to open up here,” she said.

She said Filipinos are also well-known, liked and appreciated in the Finnish labor market.

In addition, she said Finland recognizes the skills potential of the Filipino workforce and those in the three other focus countries.

“There are good education institutions in these countries that provide the kind of skills and talent that Finland needs. And then, of course, I think in all of these countries, there is some kind of cultural match,” she said.

She said Finland sees potential for Filipino workers and specialists in the technology, health and industrial sectors.

Data from Work in Finland showed there are 878 job opportunities open for English-speaking professionals.

As of 2023, there were 12,770 Filipino workers employed across various sectors in Finland, mostly in the health, technology, service and industrial sectors.

“Finland is an equal society with exceptional work-life balance. Our high-quality companies offer vast opportunities for professional development and education,” Lindeman said.

To learn more about working and living conditions in Finland, Filipino talents can visit www.workinfinland.com.

PH to maintain lead in economic growth 2025

Philippines poised to be Southeast Asia’s second fastest-growing economy in 2025

Philippines maintains strong momentum as Southeast Asia’s economic powerhouse, overcoming global challenges with resilience and robust growth.

Daily Tribune
19 January 2025

The Philippines is set to maintain its position as one of Southeast Asia’s top-performing economies, with the World Bank forecasting a 6.1% GDP growth in 2025. This follows an estimated 5.9% growth in 2024, according to the recently released January 2025 Global Economic Prospects (GEP) report.

Outpacing Regional Peers

The country’s robust economic expansion places it as the second fastest-growing economy in Southeast Asia, trailing only Vietnam, which is expected to grow by 6.6% this year. The Philippines also outpaces its regional peers, including Cambodia (5.5%), Indonesia (5.1%), and Malaysia (4.5%). The World Bank’s projection aligns with the Philippine government’s growth target of 6–8% for 2025.

From January to September 2024, the Philippine economy recorded an average growth of 5.8%, driven by resilient domestic consumption, which the report credits to a strong labor market and relatively low inflation. These factors are expected to sustain momentum in 2025.

Sustained Regional Demand

The World Bank noted that growth across the East Asia and Pacific (EAP) region would be supported by solid domestic demand, despite global headwinds. The report states, “Private consumption is set to remain firm, supported by low inflation and robust labor market conditions that will bolster household incomes.”

However, risks remain for the Philippines and the region, including global trade tensions, weaker-than-expected growth in major economies like China, and climate-related disasters.

Looking Ahead

For 2026, the World Bank projects the Philippines to grow by 6%, maintaining its position as a regional leader in economic expansion. Vietnam is again forecast to take the lead with a 6.3% growth rate. Meanwhile, other economies in Southeast Asia, such as Cambodia (5.5%), Indonesia (5.1%), and Thailand (2.7%), are expected to trail behind.

Balancing Growth and Risks

Despite optimistic forecasts, the report highlights the need for continued vigilance against global and domestic risks. The Philippines, like other emerging economies, faces challenges such as trade policy uncertainties, the impacts of climate change, and geopolitical tensions that may dampen growth prospects.

The World Bank emphasized the importance of decisive policy actions to safeguard growth and maintain resilience. This includes investments in infrastructure, human capital development, and measures to strengthen financial stability.

As the Philippines continues to navigate the global economic landscape, its ability to sustain strong growth and address emerging challenges will be critical in ensuring long-term prosperity.

(Sources: World Bank Group Global Economic Prospects Report January 2025, GEP Jan 2025 GDP Growth Data)

Hollywood Films to be set in the Philippines

Donald Petrie to Direct a Hollywood Romcom Set in the Philippines

Paulina Singh
Preview 
16 January 2025

He's the director behind cult classics like “How to Lose a Guy in 10 Days” and "Miss Congeniality."

Hollywood is setting its sights on the Philippines for a new romantic comedy. On January 14 (U.S. time), American entertainment magazine Variety reported that director Donald Petrie has officially signed on to helm an upcoming film titled The Last Resort.

For the unacquainted, Donald is the director behind the films How to Lose a Guy in 10 Days  (2003) and Miss Congeniality (2000)—just some of the 2000's most-loved romantic comedies, no biggie!

Many details about the project remain under wraps. However, it was revealed that the film will feature a screenplay penned by Karen McCullah, the Philippine-born American writer behind cult favorites 10 Things I Hate About You (1999) and She’s the Man (2006).

According to the report, the film centers on a hotel executive tasked with scouting potential resort locations in the Philippines. Along the way, she becomes enchanted by the country’s picturesque landscapes and warm-hearted people, eventually crossing paths with Ben, described as “a charming expatriate charter pilot.”

Veteran casting director Sheila Jaffe, whose expansive portfolio includes Entourage (2004) and The Italian Job (2003), is set to lead the casting process, with casting expected to begin early this year.

The film will be produced by Filipino producer Ernesto “Bong” Sta. Maria Jr. and Hollywood-based Raja Collins.  Moreover, Filipino business magnate Manuel V. Pangilinan has also signed on as the film's executive producer. Needless to say, The Last Resort is shaping up to be a rom-com that Filipinos and international cinephiles can look forward to. 

PH to post strong growth in 2025

PH to deliver one of strongest growths in ASEAN

By Anna Leah Gonzales
Philippine News Agency

January 14, 2025

MANILA – The Philippine economy is expected to post one of the highest growths in the Association of Southeast Asian Nations (ASEAN) this year, the HSBC Global Private Banking and the Bank of America (BofA) said.

ECONOMIC GROWTH. High-rise buildings as seen from Torre de Manila on Tuesday (Jan. 14, 2025). HSBC Global Private Banking expects the Philippine economy to deliver one of the strongest growths in the Association of Southeast Asian Nations this year. (PNA photo by Yancy Lim)

In a report released on Tuesday, HSBC Global Private Banking and Wealth chief investment officer for Southeast Asia and India, James Cheo, said the Philippine economy is expected to deliver one of the strongest growths in the region this year.

Cheo said economic growth would be driven by robust domestic consumption, a thriving business process outsourcing (BPO) sector, and increasing investments in digital services.

Household consumption is also expected to return to the pre-pandemic growth rate, supported by easing inflation, a strong labor market, and increased infrastructure spending.

According to Cheo, the country’s strength in services exports, including information technology and BPO services, also provides a buffer against global trade uncertainties and tariff risks.

“Services exports and overseas remittances, which remain key economic pillars, will continue to contribute significantly to economic resilience and stability in the Philippines. Monetary and fiscal policies are aligned to support growth while managing risks," he said.

He noted that the Bangko Sentral ng Pilipinas would likely reduce the policy rate to 5 percent in the third quarter of this year as it cautiously navigates external risks, such as potential volatility in the peso and the US Federal Reserve’s easing cycle.

"On the fiscal side, the government’s infrastructure agenda remains a key growth driver, supported by revenue-enhancing measures," he said.

Cheo, meanwhile, said the peso is likely to face volatility from a stronger dollar but its high carry will be a buffer.

"We are bullish on the PHP and expect it to stay resilient at 59.8 against the USD by end-2025,” he said.

In a separate report, BofA revised upward its Philippine economic growth forecast to 5.9 percent this year from the earlier 5.5 percent projection.

In the ASEAN-6, the economic projection for the Philippines is the second highest, next to Vietnam's 6.8 percent economic growth forecast.

The ASEAN-6 consists of Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

According to BofA, the Philippines, which is domestic-oriented, is "less vulnerable" to the impact of the possible higher tariff that will be imposed by the United States.

BofA, meanwhile, said headline inflation is expected to remain within the government's 2 percent to 4 percent target. (PNA)