Philippines as attractive alternative destination for international students

The rise of alternative destinations: Thailand, Poland, and the Philippines

ICEF Monitor
monitor.icef.com
17 April 2024

A growing body of industry research shows that in 2024, international students are considering a wider range of destinations, motivated by such factors as ease of getting a visa, post-study work opportunities, and affordability.

Today, our focus is on three alternative destinations that have – relatively quietly – been attracting considerably more student interest than in the past.

These destinations are Thailand, Poland, and the Philippines, countries that are all attractive in terms of affordability as well as strengths unique to their location and education system.

Please note: Cost of living and study costs change fairly regularly, as do visa requirements. It’s important to check with individual institutions and government officials for the most current information in these respects.

THAILAND

Increased demand from China

According to Thailand’s Office of the Permanent Secretary, Ministry of Higher Education, Science, Research, and Innovation, more than 30,000 international students were enrolled in Thai universities in in 2022, up from 25,100 in 2019. Since 2009, foreign enrolments in Thai universities have grown by about 2,000 per year thanks largely to increased demand from China.

The number of Chinese students studying in Thailand has doubled within the past five years to over 20,000, and University World News reports that 60% of foreign students in Thailand (as well as Malaysia) are Chinese. Myanmar and Cambodia are the next largest senders of students to Thailand, but they sent less than 5,000 students each in 2022.

The affordability advantage

Thailand has a compelling competitive advantage in 2024: affordability.

Thailand is not only more affordable than the Big Four destinations of Australia, Canada, the UK, and US, but it is also less expensive – in terms of tuition and living costs – than the top Southeast Asian destinations of Malaysia and Singapore. Students need only to prove they have savings of US$360 when applying for a Thai student visa – an indication of just how affordable the country is to live and study in. (By contrast, students need savings of at least US$20,000 to cover tuition and living when applying for a visa for study in Australia, Canada, and US).

In terms of programme costs, bachelor’s degrees in Thailand range from about US$1,775 to $1,900 a semester, while master’s run from about US$2,320 to $2,500. Unipage.net provides the following table showing average tuition.

Students can live on a much smaller budget in Thailand than in many destinations. QS notes:

“Those on a tight student budget will be able to live on 650 baht (US$20) a day, covering food, transport and accommodation. For those looking to do some travelling and exploring while undertaking study in Thailand, you will likely need to budget around 1500 baht (US$46) per day.”

QS cautions, however, that living costs are higher in major cities like Bangkok.

Quality education offerings

Thailand isn’t just competitive on the basis of cost: it also has some very good universities and highly ranked programmes. For example, two Thai universities are ranked in the Top 100 in the QS Asia University Rankings 2024: Chulalongkorn University (#44) and Mahidol University (#51). Chiang Mai University also ranks highly at #102.

On the global QS 2024 rankings, these are the Thai universities in the top 1000:

• Chulalongkorn University: #211
• Mahidol University: #382
• Chiang Mai University: #571
• Thammasat University: #600
• Kasetsart University: #751-760
• Prince of Songkla University: #901-950
• Khon Kaen University: #901-950
• King Mongkut's University of Technology Thonburi: #951-1000

Beyond those overall rankings, the following chart shows that several Thai universities perform well in specific subject areas.

Overflow from students failing China’s ultra-competitive exams

Studying in Thailand is part of a larger trend of Chinese students choosing to study in Asia if they fail their very competitive postgraduate exams. University World News has reported that:

“Yangyang Study Abroad Private education consultancy surveys in China put the proportion of applicants who fail the postgraduate exam and then apply to universities in Asia at between 40% (estimated by the agency) and 66% (estimated by other lesser-known agencies)."

Transnational Education (TNE) is part of Thailand's plan to become a regional education hub

Over the past five years, TNE activity has been intense in Thailand, and the Thai government sees foreign partnerships and the establishment of branch campuses in Thailand to be a key means of attracting more international students from the region. The UK is particularly active in this regard in Thailand, and there now more than 120 active collaborative agreements between British and Thai universities.

Thousands of Thai students are abroad but high costs are dampening demand

At the same time as Thailand is attracting more inbound students, it is also sending out tens of thousands (more than 30,000 in 2022). However, agents are noticing more hesitancy this year among Thai students considering study abroad. Speaking during StudyTravel’s Alphe Asia conference in February 2024, Sethaphol Rutrakool, president of the Thai education consultancy TIECA, said:

 “I think that since the pandemic, the market in Thailand has recovered, but in 2024 it is not so good. Because of inflation, the costs of everything have gone up – the costs of    homestays,  tuition fees and everything while the purchasing power of the students and  parents is not fully back yet. So, I think it's kind of a tough situation right now. It's going [to]     slow down from what I've seen for the remainder of this year and maybe next year as well.”

POLAND

Over the course of the past decade, the number of international students in Poland has tripled and last year reached a record-high of over 100,000 according to the education magazine Perspektywy. A total of 102,200 international students were registered in the education ministry database for the 2022/23 academic year and about 9% of all students in Poland’s universities are now foreign.

Poland offers over 300 English-taught university programmes, an advantage that appeals to a large segment of international students.

Steep rise in Ukrainians

A key reason for the increase is a significant rise in the number of Ukrainian students, many of whom have left their country due to Russia’s invasion. Nearly 50,000 Ukrainians are studying in Poland and account for nearly half of all foreign students.

But as reported in NotesfromPoland.com, Poland is also attracting students from a wide range of other countries, including Belarus (12,000), Turkey (3,800), Zimbabwe (3,600), India (2,700), Azerbaijan (2,500), Uzbekistan (2,100), China (1,800), Kazakhstan (1,700), and Nigeria (1,600).

The presence of so many Zimbabweans is interesting – there are more Zimbabwean students in Poland than in Canada (1,425), the US (1,790), or Australia (1,665), despite these destinations’ more intense recruiting in Zimbabwe over the past couple of years.

Of the 100,000+ international students in 2022/23, Perspektywy magazine notes: “This reflects the huge amount of work done by Polish higher education in the last 19 years … when Poland joined the EU in 2004 it had only 8,800 foreign students … just 0.5% of all students at the time and the lowest relative figure in Europe.”

Affordability

Poland is an affordable destination compared to many in Europe. Study.eu provides the following illustrative chart showing tuition fees at several major Polish universities:

The Polish government says that international students can expect a cost of living of about €330 (US$350) a month, though living in cities can be more expensive. 

The fee for a student visa application is €80 (US$85). In terms of proof of funds, a student must show they have 776 PLN (US$190) plus tuition for each month of their stay in Poland plus enough for return travel back to their country. They must also show they can pay for accommodation.

12 unis in the Top 1,000

There are close to 400 state and private universities in Poland. Two Polish universities are in the top 500 in QS’s 2024 World University Rankings: University of Warsaw (#262) and Jagiellonian University (#304). Overall, these are the Polish universities in the top 1,000:

• University of Warsaw: #262
• Jagiellonian University: #304
• Warsaw University of Technology: #571
• Adam Mickiewicz University, Poznań: #731-740
• Poznan University of Life Sciences: #801-850
• Gdańsk University of Technology: #851-900
• AGH University of Krakow: #901-950
• Nicolaus Copernicus University: #901-950
• University of Wroclaw: #901-950
• Wroclaw University of Science and Technology: #901-950
• University of Gdańsk: #951-1000
• University of Lodz: #951-1000

PHILIPPINES

The Philippines is a crucial source of students for many destinations. It is now Canada’s third largest market behind only India and China, sending 48,870 students in 2023, 50% more than in 2022. It is Australia’s fourth largest market after China, India, and Nepal, with 48,300 students enrolled in 2024. Australia has been expanding its Filipino student population even faster than Canada has – the total for 2024 is up 194% over 2023 and represents a massive jump of 469% since 2019.

But the Philippines is also an attractive destination for a growing number of students, even though international students make up only 1% of the total student population. In 2022, the Philippines hosted 22,250 international students, 53% more than in 2021. As in Poland, international students have many English-taught programmes to consider in the Philippines.

STEM programmes draw the most students

Interestingly, the Philippines is enrolling most of its international students to STEM programmes. As you can see from the chart below, STEM students make up a larger proportion of the overall student population in the Philippines than they do in any other destination represented in the data.

Indian students’ growing interest in the Philippines

The Philippines’ international enrolment growth has been largely driven by Indian students. In 2022, these were the top five markets for universities in the Philippines:

India: 16,010

China: 4,460

Nigeria: 1,930

South Korea: 144

Thailand: 137

The Economic Times notes: “While traditional destinations like the UK, US, Australia and Canada remain popular [for Indian students], other countries like Uzbekistan, Philippines, Russia, Ireland, Kyrgyzstan and Kazakhstan are gaining interest.”

ApplyBoard points out that once a destination attracts a critical mass of Indian students, it tends to expand its international student population at an increasingly rapid rate:

“Once Indian students penetrate a market, history tells us that the market will skyrocket in popularity. Not just among Indian students, but all international students.

Take the UK for example, which hosted 18,000 Indian students in 2017. Today, the UK is projected to welcome over 100,000 new Indian international students next year, which will make India the UK’s number one source market.

We will be watching the Philippines closely to see if this spike in Indian interest is the catalyst of quick growth.”

Affordability

International students can expect to pay €500–€2,000 (US$530–$2,030) per year in tuition – making the Philippines one of the most affordable study abroad destinations in the world, especially considering that the cost of living ranges from €650–€1,000 per month (US$692–$1,065).

The visa application fee is US$100 plus $40 for a compulsory registration card. There is no set amount required for proof of financial means, but students must present evidence they can afford their course of study, accommodation, and living expenses while in the Philippines.

QS rankings

Five universities in the Philippines feature in QS’s 2024 World University Rankings:

• University of the Philippines: #404
• Ateneo de Manila University: #563
• De La Salle University: #681-690
• University of Santo Thomas: #801-850
• University of San Carlos: #1201-1400

The allure of alternative destinations

The costs of living and studying – plus hefty requirements for proving sufficient financial resources – are making it impossible for thousands of students to study in the leading English-speaking destinations. But strong demand for study abroad remains, and students are proving themselves quite willing to travel to emerging destinations to earn a foreign degree at a cost that won’t leave them (and their families) desperate for cash.

Thailand, Poland, and the Philippines are just three of the alternative destinations enrolling many more students than in the past on the basis of affordability. Other host countries that have attracted significantly more international students over the past few years include Mexico, the Netherlands, Russia, and Japan.

GMA-7 wins award at the New York Festivals TV & Film

GMA-7 takes home multiple wins at New York Festival TV and Film Awards 2024

Story by PEP team
14 April 2024

Media giant GMA Network wins big for the Philippines, bringing home a total of seven medals —including one World Gold medal—at the New York Festivals TV & Film (NYF) Awards 2024.

This marks the first time all the GMA-7 shortlisted entries won in their respective categories.

GMA-7 takes home multiple wins at New York Festival TV and Film Awards 2024

GOLD AND SILVER MEDALS FOR  The Atom Araullo Specials

At the virtual Storytellers Gala held on April 17 (Philippine time), multi-awarded GMA Public Affairs once again dominated the country’s winning entries with six medals.

The bi-monthly public affairs program The Atom Araullo Specials clinched a World Gold Medal again, this time for the powerful documentary "Batas Bata" (Child’s Game) in the Documentary: Social Justice category.

The episode showed Atom Araullo exploring the lives of minors entangled in the complex web of crime and conflict within the heart of Manila.

The documentary also assessed the Philippines’ existing legal framework—including how it adequately addresses the unique challenges faced by these young individuals.

A second The Atom Araullo Specials documentary, "Hingang Malalim" (One Deep Breath), earned a Silver Medal under the Documentary: Human Concerns category.

The episode featured the life of the Badjao people who make a living out of diving for pearls in Mindanao.

THREE MEDALS FOR I-WITNESS

GMA Public Affairs’ flagship documentary program I-Witness earned three medals this year.

"Bawat Barya" (The Price of Dreams), also a documentary by Araullo, won a Silver medal in the Documentary: Social Issues category.

It featured the story of two young boys who search for coins in a dirty water channel for a living.

Winning Bronze medals each were Howie Severino’s documentary "Boat to School" and Mav Gonzales’ documentary "Sisid sa Putik" (Rise from the Mud).

"Boat to School," which won under the Documentary: Heroes category, showed the plight of the students, who had to traverse the sea using a boat just to go to their school in Liaonan, Siargao.

It also told the story of how one resident took it upon herself to gather children in her small home to teach them what she could with the little knowledge she had.

Meanwhile, "Sisid sa Putik" took home the Bronze medal in the Documentary: Community Portraits category.

Mav’s documentary featured the old tradition of Agusan Del Norte residents diving into the waters to get mud that will be used to plant frog grass.

BRONZE FOR BLACK RIDER

Arriving on the global stage for the first time was GMA Public Affairs’ action-packed drama series Black Rider, which won a Bronze medal in the Entertainment Program: Drama category.

Bannered by Prime-Time Action Hero Ruru Madrid, Black Rider weaves together elements of heroism, revenge, justice, and family drama in a compelling narrative on a cinematic scale.

Rounding off the accolades of GMA Network this year was GMA Integrated News’ "Sundo: A GMA Integrated News Documentary," which won a Bronze Medal in the News Program: News Documentary/Special category.

This marks a significant milestone as this is the first news documentary under GMA Integrated News 360.

"Sundo" chronicles the war between Hamas and Israel as told through the lenses of GMA Integrated News’ veteran journalists Raffy Tima and JP Soriano and video journalist Kim Sorra.

GMA Integrated News was the first Philippine news organization to deliver live and exclusive reports straight from the Middle East in the Israel-Hamas conflict at that time.

The New York Festivals TV & Film Awards recognizes content in all lengths and forms from over 50 countries.

GMA Network was the only local broadcast company to make this year’s shortlisted entries.

3 PH cities cleanest in Southeast Asia

Three PH cities among least polluted regional cities in Southeast Asia

Story by Zacarian Sarao 
Inquirer.net
17 April 2024

MANILA, Philippines — Three cities in the Philippines were among the least air polluted cities in Southeast Asia, a 2023 international report on air quality showed.

The Swiss air-monitoring company IQAir’s 2023 World Air Quality Report provides a global review of air quality, citing PM2.5 air quality data from 7,812 cities spanning 134 countries, regions, and territories for 2023.

              Three PH cities among least polluted regional cities in Southeast Asia | Inquirer                        

PM2.5 concentration describes the amount of fine particulate aerosol particles up to 2.5 microns in diameter and is used as the standard air quality indicator for the World Air Quality Report. Measured in μg/m3, PM2. 5 is one of six major air pollutants commonly used in the classification of air quality.

According to the study, Calamba City in Laguna ranked sixth in the entire Southeast Asia for having the safest air quality in the country, with an 8.2 micrograms per cubic meter (μg/m³) average of PM2.5.

This makes Calamba City the least air polluted city in the country.

Carmona City in Cavite also landed on the list with 8.9 μg/m³ average PM2.5, while Balanga City in Bataan ranked 11th with 9.2 μg/m³ average PM2.5.

Still, all three cities still did not meet the prescribed annual average PM2.5 concentration of 5 or less.

Meanwhile, Mamuju, Indonesia led Southeast Asia with the lowest average PM2.5 at only 3.7 μg/m³, followed by Kupang, Indonesia with 4.6 μg/m³ and Bongawan, Malaysia with 6.7 μg/m³.

The most air polluted cities in the region, on the other hand, was South Tangerang, Indonesia with 71.7 μg/m³, followed by Tay Ho, Vietnam with 61.5 μg/m³ and Tangerang, Indonesia with 54.1 μg/m³.

PH ranks 79th globally

Meanwhile, of the 134 countries and territories worldwide, the Philippines ranked 79th based on average PM2.5 concentration and 8th out of nine countries in Southeast Asia.

The country’s 13.5 μg/m³ average PM2.5 was 10 percent lower than the recorded 14.9 μg/m³ in 2022.

This, however, is also still almost triple the prescribed annual average PM2.5 concentration.

Meanwhile, Bangladesh led the ranking with the highest average PM2.5 concentration at 79.9 μg/m³, followed by Pakistan with 73.7 μg/m³ and India with 54.4 μg/m³.

Only seven countries, on the other hand, met the prescribed annual average PM2.5 of 5 μg/m³, namely, Australia, Estonia, Finland, Grenada, Iceland, Mauritius and New Zealand.

Three territories also recorded safe levels of PM2.5 concentration, specifically, Puerto Rico, Bermuda and French Polynesia.

French Polynesia had the cleanest air quality with only 3.2 μg/m³, followed by Mauritius at 3.5 μg/m³ and Iceland with 4 μg/m³.

Rizal artist wins International Prize for the Arts in Venice

Self-taught Filipino artist to get International Prize Phoenix for the Arts

Inquirer.net
17 April 2024

A 27-year-old self-taught artist from Teresa, Rizal, has been chosen to receive the prestigious first-edition International Prize Phoenix for the Arts in Venice, Italy. He will be the first-ever Filipino to be presented with the award.

John Paul Francisco Sto. Domingo, known as Juan El Pintor, said in a  post on his Facebook page that Dr. Salvatore Russo, one of the curators of the reputable event, sent him an invitation to receive the prize along with other artist awardees during the awards ceremony at the Scuola Grande di San Teodoro in Venice on June 12.

“It’s such an incredible honor to be recognized for my passion and dedication to art. I couldn’t be more grateful for this opportunity! Thank you to everyone who has supported me along this creative journey,” Sto. Domingo wrote in his post.

Inspiration for the masterpiece

Sto. Domingo’s nominated artwork, “LuzViMinda,” showcases the diversity of the Philippine landscape and culture through striking geometric shapes, contrasting colors, and intricate patterns to stir emotions.

“At the center of the painting, we can see the iconic image of three women who bring our country on the pedestal. They’re the faces of this country who transform, inspire, and influence not only the Filipino people but also the world. Indeed, they are the epitome of the ‘Filipinos of the Future,’” Sto. Domingo expounded.

Sto. Domingo added that the works of Hernando R. Ocampo, a Filipino national artist, and Pablo Picasso, a renowned cubism artist, highly inspired his masterpiece.

Further, Sto. Domingo expressed that his family, himself, and the people who believe in him also inspire him to continue making outstanding artworks.

“My inspiration for doing [the] artwork is, of course, my family, myself, and all the people [who] believe in my talent because I believe that nothing can go wrong in expressing yourself and art can change the world,” Sto. Domingo said.

Colorful journey to success

Sto. Domingo told the Inquirer that he has been doing artworks since he was 13 and started receiving recognition during the COVID-19 pandemic when people began to buy his works.

He has been invited to local and international art exhibitions and has exhibited his paintings at the International Art Festival 2023 in Busan, South Korea, and the Philippine-Vietnamese Art Exhibit 2022 at Resorts World, Manila.

As a self-taught artist, Sto. Domingo mentioned that most of his knowledge and experiences came from other artists.

Sto. Domingo also shared that what he mainly needs now is financial help, as art materials are expensive.

“Art materials are quite expensive. Without my collectors, I will not be able to continuously create masterpieces,” Sto Domingo said.

Message for the Filipino art community

Sto. Domingo advised aspiring Filipino artists to continue pursuing art and practicing daily to hone their skills and talent. He also reiterated that they should believe in themselves, be humble, and always thank the Lord.

“It is such an honor to receive the award as the first Filipino recipient. I want to say to the Filipino artist community that this award is not just a representation of myself but the whole Filipino artist community. As the saying goes, ‘Success for One, Success for All.’ This award is for all of us Filipinos,” Sto. Domingo expressed.

—BRITNEY MARIE R. USABAL (INTERN)

Indonesia and Philippines lead green investments in SEA

Indonesia and the Philippines contributed bulk of US$6.3 billion green investment hike in Southeast Asia

But it is Singapore and Vietnam which have made the most progress in reaching climate goals over the past year, as the region grapples to meet US$1.5 trillion required to achieve 2030 emissions targets.

By Hannah Alcoseba Fernandez
Ecobusiness.com
17 April 2024

Indonesia and the Philippines contributed most of the US$6.3 billion in green investments made in Southeast Asia over the last year, according to a study released on Monday by consultant Bain & Company and Singapore state investor Temasek.

The ongoing construction of  a wastewater treatment facility which is just part of Manila Water’s Three-River System Masterplan. Image: Manila Water 

The 2023 outlay was a 20 per cent increase on 2022, due to the rise in investments in solar and wind projects as well as spend on renewables-powered data centres. 

Despite making sizeable increases in green investments, the Philippines and Indonesia lagged in terms of how their national targets cascaded down to policies and businesses, according to the report’s index, which provides a snapshot of how each country is progressing towards their decarbonisation targets relative to their peers.

The Philippines is the only country in the region which has yet to announce a net zero goal, although it has pledged to the United Nations that it will reduce harmful greenhouse gases by 75 per cent by 2030.

Indonesia, Southeast Asia’s largest economy, is currently pursuing a 2060 target for emissions neutrality, but has been struggling to receive favourable funding terms from foreign financiers to phase out coal power.

Singapore and Vietnam were not able to lock in large-scale renewable energy deals unlike in previous years, but remain regional leaders in terms of national targets that are sufficiently aligned with the Paris climate accord, which aims to cap global warming at 1.5°C above pre-industrial levels. 

The Philippines and Indonesia make up most of the US$6.3 billion in private investments towards decarbonisation goals in 2023. Malaysia and Laos have made the most significant increases in climate-friendly investments compared to 2022, at 326 per cent and 126 per cent, respectively. Image: Southeast Asia Green Economy 2024 report

“While we do see relative differences in the progress different countries in the region are making, each one is moving forward in different ways. The idea of the index was to try to be transparent around what more needs to be done to be able to close the gap to move faster,” said Dale Hardcastle, director of global sustainability centre, Bain & Company. 

Indonesia raised US$1.6 billion, mostly for a polyethylene terephthalate (PET) plastic recycling facility in Java. The Philippines attracted investments worth US$1.5 billion, almost half of which will go on the construction of a wastewater treatment facility across the municipalities of Marikina, San Juan River, Pasig, and Laguna.

Malaysia made the most significant increase in climate-friendly investments compared to last year, with US$530 million spent on data centres in Johor and Kulai to be powered by solar, while a large-scale project to unlock Laos’ renewable potential is being carried out by foreign investors.

Vietnam invested less than US$1 billion, as it awaited direction from its Power Development Plan 8 (PDP8), an ambitious masterplan currently being finalised to detail how it would reach its committment to net-zero emissions by 2050.

Singapore made no large solar deals of more than US$100 million. Its total green investment last year was US$900B, almost half of which included data centers of SingTel that rely on clean energy power. 

‘Shareholder activism’ lacking in Southeast Asia

While climate investments increased in 2023, Southeast Asia has an investment gap of US$1.493 trillion to fill by 2030 to reach its decarbonisation goals.

A key reason for this is a lack of shareholder activism pushing Southeast Asia’s corporates to decarbonise, Hardcastle said at Ecosperity, a climate conference held in Singapore.

“Our region lacks some of the shareholder activism that we see in other places that are taking action. Despite the growing pressure that anyone in the financial sector can attest to today, that is still not translating into the investment that we require,” he said.

In Europe and the United States, shareholders have pressured corporates to pivot towards sustainability. 

Shell faced a shareholder rebellion in January, as large investors including the United Kingdom’s biggest pension scheme prepared to back a climate activist resolution.

Twenty-seven investors that own about 5 per cent of the company agreed to back a resolution filed by the Amsterdam-based shareholder activist group Follow This that called for the oil and gas major to align its medium-term emissions reduction targets with the 2015 Paris agreement.

Follow This likewise sought a vote on ExxonMobil’s climate strategy at its annual shareholder meeting in May.

However, the investor group up dropped its petition for Exxon shareholders to vote on whether the company should set emissions reduction targets after the United States oil company legally challenged their plans.

IMF more bullish on Philippines growth outlook

IMF upgrades Philippines growth forecasts

Story by Keisha Ta-Asan
Philstar Global
17 April 2024

MANILA, Philippines — The International Monetary Fund (IMF) turned more bullish on its growth outlook for the Philippines in the next two years amid expectations of stronger consumer demand and investments.

Based on its April 2024 World Economic Outlook (WEO), the IMF slightly revised its gross domestic product (GDP) growth forecast for the Philippines to 6.2 percent this year.

“Real GDP growth for 2024 was revised slightly to 6.2 percent from the January WEO forecast of six percent, reflecting carryover from a better-than-expected outturn in the last quarter of 2023,” IMF resident representative Ragnar Gudmundsson said in an email to The STAR.

The latest IMF forecast would hit the government’s six to seven percent goal for this year, penned by economic managers through the Development Budget Coordination Committee. It would also be significantly higher than the 5.5 percent expansion in 2023.

The Philippines is expected to be the fastest growing economy in the region, exceeding Indonesia’s five percent, Malaysia’s 4.4 percent, Thailand’s 2.7 percent and Singapore’s 2.1 percent.

This year’s growth target is also higher than the 4.5 percent growth forecast for the entire Association of Southeast Asian Nations (ASEAN), a downgrade from the previous projection of 4.7 percent.

For 2025, the IMF sees the Philippine economy expanding by 6.2 percent, up from 6.1 percent previously. The Philippines would still be the fastest in the region that year.

“Over the medium term, structural reforms to close infrastructure and education gaps, attract greater FDI (foreign direct investment), and harness benefits from the digital economy should help realize a growth potential of about 6-6.5 percent,” Gudmundsson said.

“These reforms should be complemented by strengthening existing social protection schemes and addressing climate change through a more integrated strategy that includes a carbon pricing scheme,” he added.

The IMF also sees the global economy growing by 3.2 percent both in 2024 and 2025. The 2024 growth target was upgraded from 3.1 percent previously, but the 2025 GDP forecast was retained.

“Nevertheless, the projection for global growth in 2024 and 2025 is below the historical (2000–19) annual average of 3.8 percent, reflecting restrictive monetary policies and withdrawal of fiscal support, as well as low underlying productivity growth,” the IMF said.

Inflation in the Philippines is expected to average 3.6 percent this year before easing further to three percent in 2025. Both projections are lower than the six percent full-year inflation in 2023.

Gudmundsson said monthly headline inflation would gradually approach three percent in the second half of 2024, hitting the midpoint of the two to four percent target of the Bangko Sentral ng Pilipinas (BSP).

However, risks continue to cloud the outlook as a spike in food or fuel prices could lead to increased inflationary pressure for higher wage hikes and persistence in core inflation, he said.

“The BSP should maintain a sufficiently restrictive monetary policy stance until inflation fully returns to target. Scope for a gradual reduction in the policy rate could emerge later this year, provided that inflation expectations are firmly anchored and upside risks to the inflation outlook do not materialize,” he said.

Inflation accelerated to 3.7 percent in March from 3.4 percent in February, marking its second straight month of uptick. This prompted the BSP to keep borrowing costs elevated after it raised interest rates by 450 basis points from May 2022 to October 2023.

The BSP has emerged as the most aggressive central bank in the region after hiking interest rates by 350 basis points in 2022 and by another 100 basis points in 2023 to tame inflation.

Fil-Am Muay Thai fighter making waves in One Championship

‘It’s In Our Blood’ – How Warrior Roots Helped Filipino-American Phenom Sean Climaco Earn A ONE Championship Contract

Jay Furness
Onefc.com
16 April 2024

Sean Climaco is the latest United States-based striker with big dreams of making a name for himself in ONE Championship.

The 29-year-old will debut in a flyweight Muay Thai clash against Josue “Tuzo” Cruz at ONE Fight Night 22: Sundell vs. Diachkova on Prime Video, and he knows it’s a huge opportunity to take his career to the next level.

There was a point when Climaco thought he’d have to give up on his goal of becoming a professional athlete, but he’s now set to compete on the biggest platform of all – live in U.S. primetime on Friday, May 3.

Find out how the rising star overcame his doubts, won himself a contract with the world’s largest martial arts organization, and earned this chance to compete at Lumpinee Boxing Stadium in Bangkok, Thailand.

Growing Up On Bruce Lee

Climaco was born and raised in the city of Fremont in California’s Bay Area. His parents moved from the Philippines to the United States, where they found work and started their family.

It was a fairly normal childhood for the youngster, with iconic martial arts films playing a prominent role in his early interests.

Climaco recalled:

“Originally, my parents are from the Philippines, so I’m Filipino-American. I have a younger brother, Mark.

“When I was a child growing up, I really liked watching a lot of martial arts films, stuff related to fighting, like Bruce Lee and Rocky.

“Me and my brother were also pretty aggressive towards each other growing up, so we would play fight till we got in trouble.”

Finding The Right Outlet

Climaco and his younger brother’s inclination to fight was a common theme, but fortunately, their father knew a proper way to channel that aggression.

As an avid martial artist who didn’t have the same opportunities back home in the Philippines, he initially enrolled the young duo into MMA classes at American Kickboxing Academy to use their energy productively.

Looking back on his father’s nudge toward the gym, Climaco said:

“My dad actually was the one that really got me and my brother into it. He was doing karate and boxing when he was growing up, but it’s something he never got to do the way my brother and I are doing it now.

“We both started training together. I was 14 and he was 11. He’s gone on to be a pro MMA fighter, and I’m a pro Muay Thai fighter.”

Along with the actors he watched in movies, Climaco also saw Filipino legend Manny Pacquiao’s incredible success in boxing and took motivation from that.

In fact, it ignited Climaco’s warrior spirit – a part of his heritage that he believes is ingrained into his DNA:

“I idolized Bruce Lee and Rocky, and then, also being Filipino, Manny Pacquiao as I grew older watching him fight. But it wasn’t just those influences that got us into fighting. I think it’s in our blood too.

“The part of the Philippines my family is from is called Cebu [City], and people from that city of the Philippines are known as fighters and warriors.

“If you’re from that part of the Philippines, you’re considered to have a strong heart and fighting spirit.”

Finding His Purpose In Life

With an affinity for striking, Climaco stuck with his kickboxing and Muay Thai training throughout high school, but although he loved it, it wasn’t anything more than a hobby for a long time.

However, when he graduated and didn’t have any other goals in mind, he decided to dive into his passion under the guidance of coach Rudi Ott.

Climaco explained:

“I didn’t really have a direction after high school. I didn’t know what to do career-wise. Luckily, I had training still going on. I’m like, ‘Alright, I’ve been doing this long enough. Why not go as far as you can with it?’

“That’s when I started to compete more seriously, getting more fights, being more active, and from that point on, it took about another five years to finally decide it was time to turn pro.

“I dropped out of college, became a pro. Then I quit my full-time job and dedicated my whole self to fighting and teaching at the gym, finally living the fighter lifestyle.”

Of course, this career path is always a risk, with the chances of making it slim and the life of a fighter fraught with danger.

It almost came crashing down when a serious knee injury briefly derailed Climaco’s journey – but that’s when ONE came into view at just the right time:

“One of the biggest obstacles that I had overcome was getting back from tearing my ACL. When that happened, I didn’t really know where my career would go. I thought I was gonna end up stopping fighting. And who knew if my knee would ever be the same again?

“Luckily, I had this opportunity to compete in the Road to ONE. It just so happened to start at the same time as I was ready to fight again after doing my knee rehab.

“I won the Road to ONE tournament for the U.S. and now I’m in ONE, something that I didn’t even see after I tore my knee. I thought I was done.”

Reaching The Global Stage

The timing was impeccable for Climaco, as it offered him a much-needed lifeline in the sport.

The Fremont native was already a fan of ONE, but with the U.S. Muay Thai scene not offering many routes toward the big leagues, he thought it was out of reach.

Winning the Road to ONE tournament with a trio of knockout victories changed his life, and now, the Filipino-American can see a bright future in “the art of eight limbs”:

“I first heard of ONE in 2019. At that time, I was only a year into my pro career, and I thought, ‘Oh damn, that’s pretty cool that they’re doing Muay Thai in the MMA gloves.

“I wasn’t really sure how I would eventually get in there because it looked like a lot of the guys, especially the male fighters, were all international. There weren’t really any American fighters, so I didn’t really see myself fighting in ONE until the Road to ONE, honestly.

“I’m just very fortunate that they had a Road to ONE tournament here in the U.S., and I’m grateful to Warriors Cup for including me in that tournament because I didn’t think I’d end up fighting on the highest level.”

With his debut now beckoning, Climaco is thrilled to be competing among the world’s most elite striking superstars.

The number of eyeballs tuning in on May 3 will be much higher than anything he’s experienced before, and “The One” is eager to deliver an impressive performance to prove he belongs.

He added:

“I’m really excited to test myself against the best in the world.”

“Of course, I’m training harder than ever, but that’s what you have to do when you get called to fight in one of the biggest organizations in the world.

“I’m just trying to get my feet wet and show the world who Sean ‘The One’ Climaco is.”

Manila to Vietnam Direct flights

Vietnam Airlines Launches Direct Flights to Manila

Story by Bea Faicol 
Spot.ph
16 April 2024

It's been a hot topic in travel-centric groups how daily expenses when traveling in other countries are almost the same price—if not cheaper—compared to our daily expenses in the Philippines. Take Vietnam, for example. There, a budget of P3,500 can cover your accommodation, activities, and food for a day.

If you'd rather go abroad and been meaning to visit North Vietnam (Hanoi) or South Vietnam (Ho Chi Minh City), here's a bit of good news: Vietnam Airlines will soon launch direct flights to those destinations  from Manila this June.

Vietnam Airlines to launch direct flights between Manila and Hanoi and Ho Chi Minh City:

Vietnam Airlines, Vietnam's flag carrier, announced on their Facebook page that they will soon have direct flights connecting Manila with Hanoi and Ho Chi Minh City starting June 17. Before this launch, Vietnam Airlines offered flights to Hanoi and Ho Chi Minh City, but with layovers.

The Manila-Hanoi flights will have three flights weekly, on Tuesdays, Thursdays, and Saturdays, with flight numbers VN 646 going to Hanoi and VN 647 going to Manila, using the Airbus A321 for both routes. The flights to Hanoi are scheduled from 05:20 a.m. to 07:30 a.m., while the flights going back are from 00:05 a.m. to 04:20 a.m.

The Manila-Ho Chi Minh City flights will have four flights weekly, on Mondays, Wednesdays, Fridays, and Sundays, with flight numbers VN 648 going to Ho Chi Minh City and VN 649 going back to Manila, using the Airbus A321 for both routes. The flights to Ho Chi Minh City are scheduled from 05:20 a.m. to 07:30 a.m., while the flights going back are from 00:50 a.m. to 04:20 a.m.

Vietnam Airlines promo for the Manila to Ho Chi Minh City and Hanoi flights:

In preparation for the launch, Vietnam Airlines has a promo where you can get roundtrip tickets with a starting price of VND 3,549,000 or P8,026. The purchase period is until June 23 while the travel or flight period starts on June 17 until 23.

There's a separate promo for the opening month, with a travel period until July 17. You can get a Manila-Hanoi roundtrip flight for USD 208 or P11847.16, while a Manila-Ho Chi Minh City roundtrip ticket has a starting price of USD 174 or P9,910.61.

For more information, check out Vietnam Airlines' Facebook page.

Philippines is groomed for top investment destination

The Philippines is open for business

Story by Ma. Aurora Geotina-Garcia 
Philstar Global 
16 April 2024

"The Philippines is open for business.”

These were the parting words of Secretary Frederick Go of the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) during the First General Membership Meeting of Share PHIL on January 26, 2024.

(supplied from internet images)

Following the “whole of government approach,” the OSAPIEA was created through Executive Order 49 to ensure effective integration, coordination and implementation of the various investment and economic policies and programs of the government. Speaking on the theme of “Driving Sustainable Economic Development,” Secretary Go shared the various initiatives and priorities of the government to make the Philippines a top investment destination.

Boosting the Philippine stock market

With respect to the development of the capital market which is aligned with SharePHIL’s advocacies, the key objectives are: to reduce friction costs, improve liquidity and enhance ease of doing business. In line with these objectives, major reforms have been instituted such as the shortening of the settlement cycle from T+3 to T+2, shortening of the IPO processing to strictly adhere to the 45-day timeline for processing registration statements, simplifying the IPO application documentary requirements and implementing short selling, 27 years after this was first proposed.

To further support the growth of the capital market, ongoing reforms include the reduction of sales tax from 0.6 percent to 0.1 percent, standardization of the withholding tax on dividends to 10 percent through proposed House Bill 9277, allowing the 15-minute after hours trading at VWAP through proposed amendments in the trading rules and guidelines and encouraging more IPOs and listings as the country has one of the fewest listings in the Asian market.

Unlocking growth and potential investment opportunities

The three key pillars of the drive to promote investments are: ease of doing business, simplifying processes and adopting a whole of nation approach. After 29 years, the BOT law was amended in December 2023 to revitalize PPPs and encourage unsolicited proposals while giving the original proponent the right to match comparative proposals and encouraging joint ventures as a PPP modality.

The ongoing review of the CREATE and TRAIN Laws aims to restore certainty, protect investments and simplify incentives. Changes include restoring the powers of Investment Promotions Agencies (IPAs) such as the BOI and PEZA, simplification of VAT rules and clarifying sunset provisions.

The Philippines has taken steps to improve its business environment by implementing several regulations and laws. EO 18 creates a “Green Lane for Strategic Investments” to streamline approval processes and enhance ease of doing business. EO 32 aims to expedite permitting for telecom infrastructure, expanding connectivity and creating jobs. The Ease of Paying Taxes Law simplifies tax administration, strengthens taxpayer rights and introduces reforms like taxpayer classification and enhanced refund processing. These measures aim to create a more conducive environment for businesses and boost economic growth.

(supplied from internet images)

Priority industries

Secretary Go identified five priority sectors: semiconductors and microelectronics, mining, agriculture, pharmaceuticals and steel. In the semiconductor industry, he aims to enhance assembly, testing and packaging while introducing higher value processes like design.

He also emphasized the significance of promoting nickel and copper mining to accelerate exploration and follow Indonesia’s example in downstream processing.

For agriculture, he highlighted the need to boost production and improve logistical chains for food security. He also stressed the need to lower healthcare costs through the pharmaceutical sector and the importance of the steel industry for growth.

Investment performance to date

Though some of the recent reforms are still in their nascent stage, these are good signals to the global investing community that the country is serious in its efforts to create a conducive investment climate for economic prosperity.

Signs of improving investor sentiment is the performance of the Philippine stock market, measured by the Philippine Stock Exchange Index (PSEi). The PSEi reached an intraday-high of 7,070.72 on April 2, 2024, the highest in 52-weeks, though it has pulled back to 6,745.46 on April 5, 2024.

In a report dated March 25, 2024, HSBC Global Research is optimistic about the Philippines’ ability to attract foreign direct investments (FDIs) in the coming years. According to HSBC, the country has implemented reforms since 2018 that have improved the business climate, making it more attractive to investors. As a result, the government is optimistic that the Philippines can become a premier investment destination for foreign businesses in Asia and achieve its goal of becoming the second top destination for FDI in Southeast Asia by the end of 2028.

A recent US Investment Mission last March headed by Secretary of Commerce Gina Raimondo, announced investment commitments of over US $1 billion in high impact industries prioritized by the government such as renewable energy, electric vehicles, digitization and communication.

The Department of Trade and Industry (DTI) reported that 46 projects valued at $14.2 billion are in various stages of preparation and implementation, representing 20 percent of the pledges made by foreign investors. Additionally, the DTI approved P1.4 trillion worth of investments in the first quarter of 2024 through the Green Lane program, bringing the total number of projects under this program to 59 since 2023, with an aggregate value of P1.9 trillion. Most of these projects involve renewable energy.

There is no doubt that the country is moving in the right direction. The challenge is to keep the momentum and be resolute in increasing the Philippines’ attractiveness as an investment destination. We must build on our strong growth outlook and tell the world that “the Philippines is open for business.”

***

The author Ma. Aurora “Boots” Geotina-Garcia is the chairperson of SharePHIL and founding chairperson and president of the Philippine Women’s Economic Network (Phil WEN). She is president of Mageo Consulting Inc., a company providing corporate finance advisory services. To learn more about SharePHIL, visit https://bit.ly/m/sharephil

Nicole Scherzinger clinched best actress in a musical

Nicole Scherzinger’s ‘Sunset Boulevard’ sweeps board at Olivier awards

Story by BANG Showbiz 
15 April 2024

‘Sunset Boulevard’ starring Nicole Scherzinger swept the board at this year’s Olivier awards.

The musical took home seven trophies at Sunday’s (14.04.24) ceremony at the Royal Albert Hall, London, with former Pussycat Dolls singer Nicole, 45, winning best actor in a musical and Jamie Lloyd being handed best director for the production.

Its technical team was also recognised with best lighting design for Jack Knowles, musical supervision going to Alan Williams and best sound design being handed to Adam Fisher.

Jamie said at the event Nicole had given a “performance for the ages” and said he expected the production to take Broadway by storm when it transfers to New York later this year.

‘Succession’ actress Sarah Snook, 36, took home best actress for the 26 roles she played in ‘The Picture of Dorian Gray’, which was her West End debut.

She said about learning her lines while breast-feeding her baby at night: “Why am I doing a 60,000-word monologue with an eight-month-old baby?”

James Graham’s football drama ‘Dear England’ took home two awards – best new play and best actor in a supporting role for Will Close.

Will dedicated his award to “all the single mums in council houses” and said his mother’s encouragement was the reason he continued in theatre.

Mark Gatiss, 57, picked up a best actor for his turn in ‘The Motive and the Cue’ – and he also slammed today’s theatre industry for being closed off to ordinary actors.

He said “as a working-class man who went to comprehensive school, all the routes that took me here have virtually vanished”.

‘Operation Mincemeat’ about a World War Two plot to dupe the Nazis took home best new musical, while Amy Trigg took home a best actress gong in a supporting role in a musical category for her performance as Agnes in ‘The Little Big Things’.

Arlene Phillips, 80, won best choreography with James Cousins for ‘Guys and Dolls’ and there was a posthumous recognition for ‘Drop the Dead Donkey’ star Haydn Gwynne, who died aged 66 in October.

Complete list of winners

Noël Coward award for best new entertainment or comedy play

‘Stranger Things: The First Shadow’ by Kate Trefry at the Phoenix theatre

Best family show

‘Dinosaur World Live’ by Derek Bond at Regent’s Park Open Air theatre

Gillian Lynne award for best theatre choreographer

Arlene Phillips with James Cousins for ‘Guys and Dolls’ at the Bridge theatre

Best costume design

Marg Horwell for ‘The Picture of Dorian Gray’ at the Theatre Royal Haymarket

Best revival

‘Vanya’ by Anton Chekhov, adapted by Simon Stephens at the Duke of York’s theatre

Best musical revival

‘Sunset Boulevard’, music by Andrew Lloyd Webber, lyrics and book by Don Black and Christopher Hampton at the Savoy theatre

Best sound design

Adam Fisher for ‘Sunset Boulevard’ at the Savoy theatre

Outstanding musical contribution

Alan Williams for musical supervision and musical direction for ‘Sunset Boulevard’ at the Savoy theatre

Best actor in a supporting role

Will Close for ‘Dear England’ at the National theatre – Olivier and Prince Edward theatre

Best actress in a supporting role

Haydn Gwynne for ‘When Winston Went to War With the Wireless’ at the Donmar Warehouse

Best set design

Miriam Buether for set design and 59 Productions for video design for ‘Stranger Things: The First Shadow’ at the Phoenix theatre

Best lighting design

Jack Knowles for ‘Sunset Boulevard’ at the Savoy theatre

Best actress in a supporting role in a musical

Amy Trigg for ‘The Little Big Things’ at @sohoplace

Best actor in a supporting role in a musical

Jak Malone for ‘Operation Mincemeat’ at the Fortune theatre

Best new opera production

‘Innocence’ by the Royal Opera at the Royal Opera House

Outstanding achievement in opera

Antonio Pappano for his role as Musical Director of the Royal Opera House

Best actor in a musical

Tom Francis for ‘Sunset Boulevard’ at the Savoy theatre

Best actress in a musical

Nicole Scherzinger for ‘Sunset Boulevard’ at the Savoy theatre

Best new dance production

‘La Ruta’ by Gabriela Carrizo, part of Nederlands Dans theater – NDT 1 at Sadler’s Wells

Outstanding achievement in dance

Isabela Coracy for her performance in ‘NINA: By Whatever Means’, part of Ballet Black: Pioneers at the Barbican theatre

Outstanding achievement in affiliate theatre

‘Sleepova’ by Matilda Feyişayo at the Bush theatre

Sir Peter Hall award for best director

Jamie Lloyd for ‘Sunset Boulevard’ at the Savoy theatre

Best actress

Sarah Snook for ‘The Picture of Dorian Gray’ at the Theatre Royal Haymarket

Best actor

Mark Gatiss for ‘The Motive and the Cue’ at the National theatre – Lyttelton and Noël Coward theatre

Best new play

‘Dear England’ by James Graham at the National theatre – Olivier and Prince Edward theatre

Best new musical

‘Operation Mincemeat’, music, lyrics and book by David Cumming, Felix Hagan, Natasha Hodgson and Zoë Roberts at the Fortune theatre