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Philippine remittances hit all-time high in 2023
MANILA, Feb. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached an "all-time high" of 37.2 billion U.S. dollars in 2023, 3 percent higher than the 36.1 billion dollars recorded in 2022, the Philippine central bank said on Thursday. "The robust inward remittances reflected the rise in the deployment of overseas Filipino workers due to the continuous increase in demand for foreign workers in host.....»»
Philippine remittances rise by 2.9 pct in November
MANILA, Jan. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3 billion U.S. dollars in November 2023, 2.9 percent higher than the 2.9 billion dollars recorded in November 2022, the Philippine central bank said Monday. The Bangko Sentral ng Pilipinas (BSP) said the cumulative personal remittances grew by 2.9 percent to 33.6 billion dollars in the first 11 months of 2023 from 32.6 billion dolla.....»»
Philippine remittances rise by 2.9 pct in November
MANILA, Jan. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3 billion U.S. dollars in November 2023, 2.9 percent higher than the 2.9 billion dollars recorded in November 2022, the Philippine central bank said Monday. The Bangko Sentral ng Pilipinas (BSP) said the cumulative personal remittances grew by 2.9 percent to 33.6 billion dollars in the first 11 months of 2023 from 32.6 billion dolla.....»»
Remittances reach P2.78B, rise by 2.9%
PAMPANGA – Cash remittances coursed through banks increased in May following the growth in receipts from workers abroad. Data from Bangko Sentral ng Pilipinas showed on Monday that overseas Filipino remittances reached $2.78 billion in May 2023, higher by 2.9 percent than the $2.70 billion registered in the same month last year. "The expansion in cash remittances in May 2023 was due to the growth in receipts from land- and sea-based workers," BSP said in a statement. Consequently, personal remittances for the first five months of the year grew by 3.1 percent to $14.46 billion, from $14.02 billion posted in the comparable period in 2022. On a year-to-date basis, cash remittances reached $12.98 billion, 3.1 percent higher than the year-ago level of $12.59 billion. "The growth in cash remittances from the United States, Singapore, and Saudi Arabia contributed mainly to the increase in remittances in the first five months of 2023," BSP said. "Meanwhile, in terms of country sources, the U.S. posted the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia, and Japan," BSP added. In an emailed commentary, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the continued growth in the year-on-year overseas Filipino remittances growth might have to do with increased OFW remittances sent back home in May 2023 in time to finance holiday-related spending continued since the Holy Week in April 2023. "More people travel to go back to their respective hometowns in the provinces for vacations, also during the school break (June to July), spend for gatherings/reunions, as well as finance vacations locally or overseas," Ricafort said. He added that relatively higher inflation also required sending more overseas Filipino remittances to families and dependents in the Philippines. Ricafort said further reopening the economy towards greater normalcy also led to increased spending with some pent-up demand or even some revenge spending by OFW families and dependents locally that are partly financed by increased sending OFW remittances. The post Remittances reach P2.78B, rise by 2.9% appeared first on Daily Tribune......»»
Philippine remittances rise by 3.8 pct in April
MANILA, June 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 2.77 billion U.S. dollars in April 2023, 3.8 percent higher than the 2.67 billion dollars recorded in April 2022, the Philippine central bank said on Thursday. The Bangko Sentral ng Pilipinas (BSP) attributed the increase in remittances in April to higher remittances sent by land-based and sea-based Filipino workers. The BSP.....»»
Personal remittances rise to $2.97B in March
CEBU – Personal remittances from Overseas Filipinos rose by 3.0 percent year-on-year due to higher remittances sent by workers abroad, the Bangko Sentral ng Pilipinas reported on Monday. Data from BSP showed that the personal remittances increased to $2.97 billion in March 2023 from $2.89 billion recorded in the same month last year. For the first quarter this year, personal remittances rose by 3.0 percent to $8.91 billion from $8.65 billion recorded in the comparable period in 2022. Of the personal remittances from OFs, cash remittances coursed through banks rose 3.0 percent to $2.67 billion in March 2023 from $2.59 billion in the comparable month a year ago. The expansion in cash remittances in March 2023 was due to the growth in receipts from land- and sea-based workers. For the first quarter this year, cash remittances coursed through banks amounted to US$8.00 billion, higher by 3.0 percent than the year-ago level of $7.77 billion. The growth in cash remittances from the United States, Singapore, Saudi Arabia, and the United Arab Emirates contributed mainly to the increase in remittances in the first quarter of 2023. Meanwhile, the US posted the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia, and Japan. "The sustained growth in personal remittances from OFs reflects the continued strength of the Philippine economy and the resilience of the OFW sector," said BSP Governor Felipe Medalla. "The BSP will continue to support the OFW sector by providing them with access to affordable and convenient remittance services," Medalla added. The post Personal remittances rise to $2.97B in March appeared first on Daily Tribune......»»
BSP: Remittances Rise by 3.5% to USD3.1-B in Jan 2023
Overseas Filipino workers (OFWs) continue to play a significant role in the Philippines’ economy as personal remittances from OFWs reached US$3.07 billion in January 2023. This figure is 3.5 percent higher than the USD2.97 billion recorded in the same month last year, indicating a positive growth trend, according to a report by the Bangko Sentral […].....»»
Rise in OFW remittances slows to 3.5% in January
Personal remittances from overseas Filipino workers grew by only 3.5 percent to $3.07 billion in January from $2.97 billion in the same period last year, according to the Bangko Sentral ng Pilipinas......»»
Remittances grow at slower 2.7 Percent pace in January
Personal remittances from overseas Filipino workers (OFWs) grew by only 2.7 percent to $3.15 billion in January from $3.07 billion in the same month last year, according to the Bangko Sentral ng Pilipinas (BSP)......»»
Philippines remittances grow 3.1 pct in October
MANILA, Dec. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.33 billion U.S. dollars in October, 3.1 percent higher than that in October 2022, the Philippine central bank said on Friday. "This resulted in total personal remittances rising by 2.9 percent to 30.57 billion dollars in the first 10 months of 2023 from 29.72 billion dollars recorded in the comparable period in 2022," the Bangko S.....»»
Philippines remittances grow 3.1 pct in October
MANILA, Dec. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.33 billion U.S. dollars in October, 3.1 percent higher than that in October 2022, the Philippine central bank said on Friday. "This resulted in total personal remittances rising by 2.9 percent to 30.57 billion dollars in the first 10 months of 2023 from 29.72 billion dollars recorded in the comparable period in 2022," the Bangko S.....»»
Philippine remittances grow by 2.6 pct in September
MANILA, Nov. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.23 billion U.S. dollars in September, 2.6 percent higher than the 3.15 billion dollars recorded a year earlier, the Philippine central bank said on Wednesday. The Bangko Sentral ng Pilipinas (BSP) said the remittances from January to September this year grew by 2.8 percent to 27.24 billion dollars from 26.49 billion dollars record.....»»
Beauty philosophy that surpasses time
Beauty, as it has evolved, goes beyond looks -- it discerns and does good. And for practicing such a philosophy, the Filipino brand Human Nature proves both timeliness and timelessness as it marks 15 years in the industry. Through a stylized gallery at Odd Cafe in Makati, the homegrown brand showcased its flagship beauty innovations, its newest limited-edition line and its recently launched breakthrough face care products. A new generation of influencers who embody the brand’s vision and are passionate about collaborating with authentic and purpose-driven brands graced the event. “Fifteen years ago, we started with a dream of introducing the promise of beauty that is kind to the skin, local communities and planet. Today, we are the pioneer local brand in the country to come up with a full range of natural and clean beauty and personal care innovations made by Filipinos for Filipinos. We are where we are today because of our fellow Filipinos who believe in us. So, in this milestone event, it’s you whom we celebrate!” Human Nature founder and president Anna Meloto-Wilk said. In celebration of its 15th-year milestone, Human Nature launched its thoughtfully made, limited edition design that embodies everything we believe in — the depth and diversity of the Filipina’s beauty that glows from within. Its design takes inspiration from the art style of Cubism, expressing women’s beauty in a multi-dimensional way through a play of elements. The brand also introduced its newest face care innovations for day-to-night natural glow. Start with the power hydrator Hyaluronic Acid Gel Day Moisturizer (P249.75) then give skin instant hydration on the go with the Hyaluronic Face Mist (P250). Lock in with Ceramide Skin-Renewing Night Cream (P299.75) moisture as you sleep and wake up with your dream skin. The Sunflower Beauty Oil with Bakuchiol (P299.75) will surely give that youthful glow from an expertly crafted concoction of new skincare superstar Bakuchiol. The well-loved Sunflower Beauty Oil is known to bring 25 beauty miracles. Get radiance beyond compare with Vitamin C + Hya Calamansi Radiance Serum (P495), which boasts of plant-based vitamin C and locally sourced calamansi. “Human Nature takes pride in crafting world-class local products that are all at least 95 percent natural, effective and free from harmful chemicals – allowing you to enjoy nurturing glow from head to toe. But there’s more to this glow than what meets the eye, just as how we believe that beauty is more than skin-deep,” Human Nature co-founder Camille Meloto-Rodriguez noted. Core advocacies Each product is expertly formulated by Filipino scientists and are 100 percent manufactured locally. Whenever possible, the brand uses locally grown ingredients no matter the cost to help homeland and local farmers thrive (Pro-Philippines). Going beyond profit, the brand dreams for the working poor to rise out of poverty and help create a new middle class. From day one, rank-and-file employees receive a living wage and stable employment through a no-firing policy. Putting people first is a sound business policy because not only does it increase productivity through trained and loyal employees, but it also creates a culture of empowerment and excellence (Pro-poor). The brand also takes care of the planet by creating natural, biodegradable product innovations that encourage users to #SwitchToGoodness for good. This commitment makes Human Nature the first brand in the Philippines with the widest range of plastic bottle-free formulations. As of September 2023, with the sustainability initiatives, Human Nature saved 37.2 tons of plastic waste from oceans and landfills. With every product, Human Nature seeks to advocate beauty that discards toxic trends; beauty that makes more meaningful, more compassionate and more sustainable choices; and beauty that inspires others to do the same. (Pro-environment). Human Nature stays committed to coming up with clean beauty innovations suitable for every Filipino’s needs. All in the hope of sustainably building a global company that will showcase the best of the Philippines and uplift people, especially the poor. As it moves forward, Human Nature will continue to advocate one goal: to be more than just beautiful, but kind. The post Beauty philosophy that surpasses time appeared first on Daily Tribune......»»
Beauty philosophythat surpasses time
Beauty, as it has evolved, goes beyond looks -- it discerns and does good. And for practicing such a philosophy, the Filipino brand Human Nature proves both timeliness and timelessness as it marks 15 years in the industry. Through a stylized gallery at Odd Cafe in Makati, the homegrown brand showcased its flagship beauty innovations, its newest limited-edition line and its recently launched breakthrough face care products. A new generation of influencers who embody the brand’s vision and are passionate about collaborating with authentic and purpose-driven brands graced the event. “Fifteen years ago, we started with a dream of introducing the promise of beauty that is kind to the skin, local communities and planet. Today, we are the pioneer local brand in the country to come up with a full range of natural and clean beauty and personal care innovations made by Filipinos for Filipinos. We are where we are today because of our fellow Filipinos who believe in us. So, in this milestone event, it’s you whom we celebrate!” Human Nature founder and president Anna Meloto-Wilk said. In celebration of its 15th-year milestone, Human Nature launched its thoughtfully made, limited edition design that embodies everything we believe in — the depth and diversity of the Filipina’s beauty that glows from within. Its design takes inspiration from the art style of Cubism, expressing women’s beauty in a multi-dimensional way through a play of elements. The brand also introduced its newest face care innovations for day-to-night natural glow. Start with the power hydrator Hyaluronic Acid Gel Day Moisturizer (P249.75) then give skin instant hydration on the go with the Hyaluronic Face Mist (P250). Lock in with Ceramide Skin-Renewing Night Cream (P299.75) moisture as you sleep and wake up with your dream skin. The Sunflower Beauty Oil with Bakuchiol (P299.75) will surely give that youthful glow from an expertly crafted concoction of new skincare superstar Bakuchiol. The well-loved Sunflower Beauty Oil is known to bring 25 beauty miracles. Get radiance beyond compare with Vitamin C + Hya Calamansi Radiance Serum (P495), which boasts of plant-based vitamin C and locally sourced calamansi. “Human Nature takes pride in crafting world-class local products that are all at least 95 percent natural, effective and free from harmful chemicals – allowing you to enjoy nurturing glow from head to toe. But there’s more to this glow than what meets the eye, just as how we believe that beauty is more than skin-deep,” Human Nature co-founder Camille Meloto-Rodriguez noted. Core advocacies Each product is expertly formulated by Filipino scientists and are 100 percent manufactured locally. Whenever possible, the brand uses locally grown ingredients no matter the cost to help homeland and local farmers thrive (Pro-Philippines). Going beyond profit, the brand dreams for the working poor to rise out of poverty and help create a new middle class. From day one, rank-and-file employees receive a living wage and stable employment through a no-firing policy. Putting people first is a sound business policy because not only does it increase productivity through trained and loyal employees, but it also creates a culture of empowerment and excellence (Pro-poor). The brand also takes care of the planet by creating natural, biodegradable product innovations that encourage users to #SwitchToGoodness for good. This commitment makes Human Nature the first brand in the Philippines with the widest range of plastic bottle-free formulations. As of September 2023, with the sustainability initiatives, Human Nature saved 37.2 tons of plastic waste from oceans and landfills. With every product, Human Nature seeks to advocate beauty that discards toxic trends; beauty that makes more meaningful, more compassionate and more sustainable choices; and beauty that inspires others to do the same. (Pro-environment). Human Nature stays committed to coming up with clean beauty innovations suitable for every Filipino’s needs. All in the hope of sustainably building a global company that will showcase the best of the Philippines and uplift people, especially the poor. As it moves forward, Human Nature will continue to advocate one goal: to be more than just beautiful, but kind. The post Beauty philosophythat surpasses time appeared first on Daily Tribune......»»
Neither estafa nor qualified theft (2)
In Balerta v. People, the Court found that juridical possession as an element of the crime of estafa by misappropriation was not present because the accused was a cash custodian with no independent right or title to the funds received: In the case at bench, there is no question that the petitioner was handling the funds lent by Care Philippines to BABMPC. However, she held the funds on behalf of BABMPC. She had mere physical or material possession over the funds but held no independent right or title, which she could set up against BARMPC. The petitioner was nothing more than a mere cash custodian. Hence, the Court finds that juridical possession of the funds as an element of the crime of estafa by misappropriation is absent in the instant case. In Reside v. People, the Court came to a similar conclusion and held that the accused, a school principal tasked to receive tuition fees and forward these to the school, did not have juridical possession over the funds received. In the case at bench, it cannot be gainsaid that the petitioner, in addition to her duties as principal, was authorized to receive or collect matriculation fees from the parents and/or students enrolled in TGWSI. Per a verbal agreement with De Dios, the petitioner shall forward all payments received together with the remittance voucher slips to the school. As it happens, the money merely passes into the petitioner’s hands, and her custody is only until the same is remitted to the school. Consequently, as principal and temporary cash custodian of TGWSI, the petitioner acquires only physical or material possession over the unremitted funds. Thus, being a mere custodian of the unremitted tuition fees and not, in any manner, an agent who could have asserted a right against TGWSI over the same, the petitioner had only acquired material and not juridical possession of such funds and, consequently, cannot be convicted of the crime of estafa as charged. The prosecution alleged that petitioner Medina was responsible for collecting remittances from the Department of Education, accepting premium payments from PPSTA members, and depositing these payments in PPSTA’s bank account, as instructed by the PPSTA Treasurer. The record is bereft of any allegation or proof that petitioner Medina had any independent right or title to these funds that she could set up against PPSTA. Contrary to the findings of the CA, petitioner Medina was not a “trustee” of the PPSTA members’ payments, as she received these sums as an employee of, and on behalf of, her employer. Consequently, petitioner Medina only had material and not juridical possession of these funds, and she cannot be convicted for estafa under Article 315 (b) (l) of the Revised Penal Code or RPC. Second, jurisprudence holds that a conviction for simple or qualified theft (in lieu of estafa) is possible if all the elements of theft are alleged in the information. However, the evidence on record needs to be more sufficient to convict petitioner Medina of theft, whether simple or qualified. Simple theft is committed when the following elements concur: (1) taking of personal property; (2) that the said property belongs to another; (3) that the said taking be done with intent to gain; (4) that it be done without the owner’s consent; (5) that it be accomplished without the use of violence or intimidation against persons, nor of force upon things; and (6) that it be done with grave abuse of confidence. Theft becomes qualified when committed with grave abuse of confidence, among other qualifying circumstances enumerated in Article 310 of RPC. (To be continued) The post Neither estafa nor qualified theft (2) appeared first on Daily Tribune......»»
The importance of cyber security
Cyberattacks are on the rise! In the past, we associated this terrifying incident with online banks and payment platforms. However, even government websites, not known as financial institutions, from which money may be stolen, or unauthorized payments are also targets. Last Sunday, 15 October, the website of the House of Representatives was vandalized before noon by a group calling itself “3MUSKETEERZ.” A face with a mocking meme with the phrases “You’ve been hacked” and “Have a nice day” appeared on the website. Below the face was the message, “Happy April Fullz Kahit October palang (even if it’s still)! Fix your website.” A few minutes later, the website went down and became inaccessible. Shortly after, the House of Representatives issued a statement assuring the public that the House had already taken action and coordinated with the government agencies concerned to deal with the matter. “While we work to restore the website fully, we ask for patience and understanding. We are committed to ensure the security and integrity of our digital platforms, and we will implement additional measures to prevent such incidents in the future,” the statement said. Relatedly, also recall that on 22 September, a system of the Philippine Health Insurance Corporation was similarly attacked, preventing access for a week. Reports stated the data breach affected employees’ workstations, application servers, and users’ data, including names, addresses, dates of birth, gender, phone numbers and PhilHealth identification numbers. On 31 August, the Department of Science and Technology’s OneExpert portal was also subjected to a cyberattack. In a statement on 13 October, the DoST assured the general public that the virtual assault compromised no personal data. In all the above instances, whether personal data or sensitive information were stolen, it causes alarm to us Filipinos. The call to government agencies and ordinary Filipinos to be vigilant and careful with our online information and accounts has become louder than ever. The same holds true for institutions and businesses, which, by the nature of their activities, are entrusted with and tasked to safeguard large amounts of personal information and are responsible for keeping this trust by whatever means appropriate. I now want to stress the importance of cyber security not just for individuals and juridical entities but for the entire nation holistically. Protection against cyber threats: In today’s digital age, cyber threats like hacking, data breaches, and identity theft are becoming more prevalent. Implementing robust cyber security measures helps protect us from these threats. Safeguarding sensitive information: Cyber security also helps protect sensitive information such as personal data, financial details and intellectual property. This is crucial for maintaining privacy and preventing unauthorized access or misuse of information. Maintaining trust, reputation, and credibility: Cyber security is essential for building trust with customers, clients, and partners. Organizations can maintain a positive reputation and avoid potential legal and financial consequences by committing to protecting their data and privacy. Compliance with regulations: Many industries have specific regulations and standards regarding data protection and privacy. Compliance with these regulations is not only important for avoiding penalties but also for ensuring ethical practices and responsible handling of data. Business continuity: Cyber attacks can disrupt operations, leading to financial losses, reputational damage, and even business closure. Implementing effective cyber security measures helps minimize these risks and ensures business continuity. Finally, I want to end by being deliberately redundant in stating that cyber security is crucial for protecting individuals, organizations, and society from the growing threat landscape in the digital world. Cyber attackers are on the prowl; we must be alert to the possibility of attack, ready even now to implement measures to effectively counter-act or prevent the same. The post The importance of cyber security appeared first on Daily Tribune......»»
Hackers ‘too good’ nowadays, businesses must strengthen security: expert
Threat actors are just waiting for the right timing to attack and harvest precious data. This was the warning of Palo Alto country manager Oscar Visaya in an exclusive interview on the sidelines of the VST-ECS CXO Tech Summit on Friday in Mactan, Cebu. “Threat actors nowadays are too good. They find the weakest link in the organizations. They find time and the right opportunity to enter to spread the virus,” he said. The cybersecurity expert said that with adversaries seeking to exploit vulnerabilities at every step of the application life cycle, it has become more crucial than ever for organizations to strengthen their security measures. “Right now, generative artificial intelligence is used to send effective phishing emails. And with AI, cyber threats can evolve. That is the reason we are asking all organizations to go along with the evolution to protect organizations. Legacy technology should be changed to the latest and safest one. This will put organizations to be at par with others. Cybersecurity is all about mindset as all dealings in the future will be digitalized and your organization will be left behind, then the future is not good for you,” said Visaya. On Monday, Senator Risa Hontiveros filed Senate Resolution 829, seeking to find out why three government institutions were penetrated by hackers, which led to the leaking of individuals’ personal information and raising doubts about the agency's capability to protect the data of citizens. “The breach of personal and sensitive information kept by government agencies endangers the safety and security of all Filipinos -- leaving us even more vulnerable to increasingly nefarious schemes involving text message spams, online scams, phishing, financial fraud, extortion, blackmail, and identity theft,” the resolution read. Last month, state insurer Philippine Health Insurance Corporation was reportedly attacked by Medusa Ransomware, compromising some members' personal and sensitive information such as addresses, and social security numbers, among others. A separate cyberattack targeted the Philippine Statistics Authority, which announced on 12 October that personal and sensitive data from its Community-Based Monitoring System had been accessed by "bad actors." Meanwhile, the website of the House of Representatives was also hacked last Sunday. Palo Alto Networks, a leader in the cybersecurity domain with a presence in the Philippines, introduced the CI/CD Security module to its Prisma Cloud platform. The CI/CD Security module is a groundbreaking addition to Prisma Cloud, as it offers seamless integration of software delivery pipeline security into organizations' cloud-native environments. Attacks on software supply chains are on the rise due to the prevalence of open-source usage and the complexity of software dependency, which makes securing the software supply chain difficult. In 2022, more than 7,300 malicious Open-Source Software packages were discovered across all major package manager registries. ra The post Hackers ‘too good’ nowadays, businesses must strengthen security: expert appeared first on Daily Tribune......»»
OFW remittances up 3 percent to $3.1 billion in August
Dollars sent home by Filipinos abroad grew almost three percent to $3.1 billion in August, as overseas workers sent more money to their families back home amid the continued rise in commodity prices, according to the Bangko Sentral ng Pilipinas (BSP)......»»
Philippine remittances grow by 2.8 pct in August
MANILA, Oct. 16 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.10 billion U.S. dollars in August, 2.8 percent higher than the 3.02 billion dollars recorded in August last year, the Philippine central bank said on Monday. The Bangko Sentral ng Pilipinas (BSP) said the remittances from January to August grew by 2.9 percent to 24.01 billion dollars from 23.34 billion dollars recorded during the.....»»
Phl economy still strongest this year — RCBC
The Philippine economy will remain among Asia’s strongest in the fourth quarter despite a possible higher interest rate because of strong consumer demand for certain products and services and more employed Filipinos, the chief economist of Rizal Commercial Banking Corporation said Saturday. “This growth forecast is still among the fastest in the region because our economy is doing well,” RCBC’s Michael Ricafort said. The World Bank recently downgraded this year’s Philippine economic growth to 5.6 percent from 6 percent due to inflation risks, apart from lower government spending and weaker demand for exports. However, it is still higher than China’s 5.1 percent, Indonesia’s 4.9 percent, and Malaysia’s 4.3 percent growth forecast. Ricafort said the Bangko Sentral ng Pilipinas (BSP) might raise its policy rate this year to slow inflation to 4 percent by year-end after it accelerated again to 6.1 percent last month. “The BSP is working to bring down prices of goods and services. As an unintended consequence, the economy could slow down. Borrowing costs for business owners also increase and consumer demand weakens,” he said. Ricafort said global oil prices have started falling which could discourage the central bank from raising its rate drastically. “Global oil prices have declined to $82 to $83 per barrel from a peak of $95 per barrel last month or since the war between oil-rich countries Russia and Ukraine began,” the economist said. He also expected a downtrend in rice prices starting this month as he said local farmers have begun collecting fresh harvests. “Inflation quickened last month mainly from higher prices of rice which accounted for nearly 9 percent of the inflation basket and grew 17 percent year-on-year,” Ricafort said. While a higher interest rate aims to slow consumption, Ricafort said the continued flow of remittances from overseas Filipino workers, or at least 3 percent growth yearly will still support substantial levels of consumer spending, especially during the Christmas season. “That is more than $40 billion a year. That’s the fourth largest in the world after India, China and Mexico,” the economist said. He added more Filipinos or 800,000 could earn from business process outsourcing or BPO this year as the industry’s revenue could rise from $32.5 billion to $59 billion based on data from the Contact Center Association of the Philippines. Another growth area is tourism, which Ricafort said saw 4 million foreign visitors last month, nearing the 4.8 million full-year target of the government. He added higher productivity among Filipinos is also expected as the country’s unemployment rate declined to 4.4 percent in August from 4.8 percent in July, based on data from the Philippine Statistics Authority. Moving forward, Ricafort said the government must improve science and technology education for higher quality jobs and increase spending on infrastructure amid the full reopening of most economies. “We are now fully reopened. Students are also back in schools which encourages putting up food businesses. Labor market in the US also improved which will affect export trade,” he said. Ricafort added the government could continue distributing financial and other assistance to farmers to control inflation. He believed the inflation rate will approach 3 percent next year, close to the ideal 2 percent for healthier economic growth. The post Phl economy still strongest this year — RCBC appeared first on Daily Tribune......»»