Koreans are the top tourists in PH

South Korea takes top spot in Philippine tourist arrivals! See who else made the list

Visitor arrivals jump 21.27% in Q1 2024, as tourism agency ramps up campaign

Jay Hilotin, Senior Assistant Editor and 

Infographics by Vijith Pulikkal, Assistant Product Manager
Gulf News
23 April 2024

Manila: Tourism has made a huge comeback in the Philippines with 1.7 million arrivals in the first three months of 2024, official data revealed.

The 21.3-per cent rise in arrival numbers in the first quarter this year – from 1.29 million in the same period in 2023 – could help the country hit targets enough to match pre-pandemic levels before 2024 is out.

The Department of Tourism is ramping up its tourism campaign with the global travel trade, covering more cities around the world, including the Middle East, alongside a whole-of-nation drive to boost Halal tourism.

Top 5, by country of residence

In terms of country of origin, South Korean tourists topped the list of arrivals with 458,619, or 27.59 per cent of the total, up from 26.02 per cent in the same period last year.

The luxury cruise ship 'Norwegian Jewel' calls the Port of Currimao (top photo), in northern Philippines, after spending a day in the capital Manila.

The luxury cruise ship 'Norwegian Jewel' calls the Port of Currimao (top photo), in northern Philippines, after spending a day in the capital Manila.

The US came second with 264,690 tourist arrivals, equivalent to a 15.92 per cent share of total arrivals – and 4.36 per cent higher than the first quarter of 2023.

On the third spot is China, with 109,568, accounting for 6.59 per cent of tourist arrivals and 149.9 per cent jump from 43,833 in the first quarter of 2023.

Japan took the fourth spot with 109,347 arrivals from January to March 2024, or 6.34 per cent of total arrivals during the period, a 63.21 per cent increase from the first quarter of 2023 with 64,547.

Australia took the fifth spot with 67,634 arrivals, or 4.07 per cent of the total. This, however, represented a 3.75 per cent drop from 70,266 in the first quarter of 2023.

Affordable, diverse

The Philippines, known for its affordability and diverse offerings, anticipates a surge in regional arrivals due to its proximity and robust transport connections.

A cruise ship near the central resort island of Boracay, Philippines. Image Credit: Carlos Celdran | FB

Fitch Solutions unit BMI forecasts a return to pre-pandemic foreign visitor levels, estimating arrivals to reach 8.21 million by the end of 2024. The Department of Tourism is aiming for a more modest target of 7.7 million tourist arrivals this year.

In 2023, the Philippines welcomed over 5.45 million foreign visitors, surpassing BMI's projection of 4.9 million for 2023 and DOT's own target.

The tourism sector's complete recovery is expected to get an added boost from a rise in arrivals from key markets in Asia, Europe, and the US and Canada. 

SB19 to the world

Filipino boy band SB19 on taking the sounds of P-pop to the world

Ahead of their Dubai concert, group says the genre is defined by emotional attachment between artists and fans

The National (UAE)

Saeed Saeed
23 April 2024

What is Pinoy pop? Is it simply a Filipino version of the turbocharged electro sounds of Korean-pop dominating arenas from Abu Dhabi and Riyadh to Australia? Or is there something deeper to the burgeoning genre, staking its claim as the next big sound coming from Asia?

Ask scene leaders SB19, and the reply is that the boy band define their craft by the emotional response to the songs rather than the way it sounds.

“I don't think there is any real difference between Pinoy Pop, K-pop and pop music in general,” Pablo (full name Pablo Nase) tells The National, ahead of the group's show at The Agenda on Wednesday. “But I think that it has a personal and emotional quality to it because we travel the world and play to many Filipinos.

“They know, even more than us, what it means to be away from home and missing your family. So when we perform these universal songs, some of them happy and others sad, they connect because they relate to us.”

Josh, full name Josh Cullen, remembers a particular exchange with a fan during the band's last visit to Dubai in 2022.

“Her name was Chantel and she told us why, at that time, she was in Dubai for seven months and hearing our music made her feel less lonely and more safe,” he says. “This kind of conversation leaves a big mark in my heart because you are inspiring fans and they inspire us with their words as well. So it is a win-win situation.”

It also means that every SB19 show has the cathartic quality of a family reunion. The Dubai concert is the beginning of the final leg of their Pagtatag! World Tour, which has visited the North America and Canada and is scheduled to conclude in the Philippines in May.

During that time some members worked on solo projects, with Justin (Justin De Dios) releasing debut solo single Surreal in February. Stell, real name Stellvester Ajero, was the winning coach on last year’s season of the Filipino version of television talent quest The Voice Generation.

He confirms he will be back to defend his title on the programme later this year. “The most important advice I gave my team on the show is to not be afraid of expressing yourself,” he says. “You need to know who you are and be confident in showing your true colours.”

It's a lesson the band has learnt after six years in the spotlight. Formed in 2018 after the members individually participated in a talent contest held by ShowBT Philippines, a subsidiary of the South Korean K-pop company ShowBT, the group grew from performing corporate gigs to become the first Filipino act nominated in the Billboard Music Awards for Top Social Artist. They were also the first South-East Asian act to enter the top 10 of Billboard’s Social 50 charts.

SB19 also halted BTS’s record-breaking number one reign on Billboard's Trending Songs chart after their 2022 single Bazinga replaced Butter in the top slot. The group capitalised on the global spotlight afforded to Asian pop artists on the back of K-pop’s success, but Stell recalls having to adapt quickly to the rigours of touring.

Where before Pinoy pop artists would organically build their fan base at home before performing abroad, he says SB19 had a global fan base almost from the beginning. “I am very grateful and love visiting new countries, but touring is also very tiring for me and it can be really suffocating,” Stell says.

It is during these challenging times that the group rely on each other, Pablo notes. “It helps that we confide in each other. We have had some times where we have had to control our emotions and learn how to react to certain situations,” he says. “We try not to waste our energy on things that ultimately don’t matter.”

Sometimes, a little bit of healthy distance from each other also helps keep the SB19 ship afloat. “Taking time out helps when you have arguments,” Justin says. “While we always talk to each other, I believe time also heals.

“Whatever emotions we feel is really because we love what we do and we basically grew up together. And sometimes what works for a specific member in the group doesn't work for another, so you just have to be the bigger person and let it go.”

With the group set to release new single Moonlight in May, their first song since 2023 hit Gento, there is much more to come from SB19.

“It is a really exciting time and this new song will be this summer's jam,” Pablo says. “After the tour we will rest and then plan for the next stage. We have our whole year planned already and we will be preparing for something big for our fans.”

BBM in the middle of East Asia powershift

Opinion

Marcos drives East Asia’s power balance shift

Story by Segundo Eclar Romero
Inquirer.net
23 April 2024

The recently concluded summit between US President Joe Biden, Japanese Prime Minister Fumio Kishida, and Philippine President Marcos is a milestone in recasting the balance of power in maritime (North and Southeast) East Asia.

Reuters| www.sg.style.yahoo.com

This milestone further clarifies the political dynamics in the South China Sea, Taiwan, and the Senkaku Islands. A transformative shift has occurred over the past three years, reshaping the balance of power in maritime East Asia. This transformation stems from a confluence of bilateral, trilateral, and multilateral security arrangements, underscored by joint exercises and patrols across critical strategic hotspots like the South China Sea, Taiwan, and the Japanese Senkaku islands. These initiatives have galvanized credible military forces to counter Chinese aggression, backed by unprecedented commitments from the United States to uphold its mutual defense treaties with key allies like the Philippines and Japan.

However, it is the decisive action of Mr. Marcos that has emerged as a pivotal force driving this seismic shift. Far from being a passive participant, Mr. Marcos has boldly embraced a strategic realignment by welcoming American visiting forces and facilitating the establishment of nine military facilities across the Philippine archipelago, particularly in the northern regions bordering Taiwan and China. From the point of view of the Philippines, it is a shift in the policy of appeasement toward China under President Rodrigo Duterte to a policy of containment under Mr. Marcos. This proactive stance has served as a catalyst, igniting momentum toward a recalibration of power dynamics in the region.

There is no tentativeness in Mr. Marcos’ actions. Following a January 2022 deal, the Philippines last week received three sets of BrahMos supersonic cruise missiles—the first for the Philippines, and the first for India. The BrahMos fires two missiles traveling at 2.8 Mach within 10 seconds from various platforms—land, ships, aircraft, and submarines. Also in exasperating territorial conflict with China, India weighs in on the Philippine side.

By aligning the Philippines more closely with the United States and its allies, Marcos has injected a newfound assertiveness into regional security efforts, challenging China’s hegemonic ambitions. This shift has not gone unnoticed by Beijing, which has responded with heightened rhetoric and attempts to portray itself as a victim rather than an aggressor in regional tensions.

Mr. Marcos’ stance resonates not only with policymakers but also with public intellectuals and the Filipino populace. The priority he gives to national security interests aligns with the deep-seated public empathy for Filipino fishermen affected by Chinese encroachments in the West Philippine Sea.

However, China’s strategy extends beyond the waters of the West Philippine Sea, infiltrating the very fabric of Filipino society. Following China’s reported interventions in other countries (e.g., Australia, the United States, Taiwan, European Union), evidence suggests a concerted effort to subvert democratic processes, with attempts to influence the outcome of the upcoming presidential elections in 2028. The candidacy of Sara Duterte, who arguably shares her father’s pro-China stance, serves as a possible focal point for these efforts. The enrollment of almost 500 Chinese students in a college in Tuguegarao raises security eyebrows, on top of the infiltration of Chinese nationals as auxiliaries into the Philippine Coast Guard.

China’s infiltration goes beyond mere political maneuvering, permeating through porous archipelagic borders and societal structures. Through various channels—students, tourists, scholarly exchanges, and infrastructure projects—China seeks to embed itself within Philippine society, molding public opinion and influencing electoral outcomes to its advantage.

In this volatile landscape, the burden falls on Filipino institutions and intellectuals to provide clarity and guidance. The foreign affairs and military bureaucracies are thrust into the spotlight, tasked with shaping Philippine policy toward China across multiple administrations. Likewise, public intellectuals must engage in informed discourse, offering evidence-based analysis to empower the populace and inform the government’s decision-making.

Amidst the geopolitical maneuvering, conflating the conflict between nations with the relationships between the Filipino and Chinese peoples must be avoided. The internal dynamics of China under the CCP dictatorship, marked by economic challenges and societal discontent is not unfamiliar to Filipinos who lived through Marcos Sr.’s authoritarian rule.

As the 2025 and 2028 elections loom closer, the Philippines stands at a critical juncture, where the trajectory of its relationship with China will be shaped for generations to come. It is incumbent upon Filipino institutions, civil society, and individuals to navigate these treacherous waters with foresight and fortitude, ensuring that national interests are safeguarded while fostering people-to-people understanding and cooperation.

doyromero@gmail.com

Korean travelling youth headed to the Philippines

Korean youth driving demand for Philippines flights

Story by Elijah Felice Rosales
Philstar Global
22 April 2024

MANILA, Philippines — South Korea’s flag carrier expects to fly about 1.7 million passengers to and from the Philippines this year, optimistic that tourism demand will be sustained by the traveling youth.

Korean Air corporate communications manager Kenneth Lee told The STAR that the airline flew more than 1.7 million travelers between the Philippines and South Korea in 2023.

Lee said the airline projects to serve around the same number of passengers this year, banking on the recovering demand for air travel from both Filipinos and South Koreans.

Korean Air currently sells at least 2,800 seats every day for flights between the Philippines and South Korea. At this rate, the airline is exceeding its daily sales prior to the COVID-19 pandemic.

According to Lee, the bulk of the demand for trips to the Philippines to the South Korean youth who head to islands for water activities. This demographic likes to go off the beaten tracks, exploring destinations that require them to travel outside the radar of urban centers.

Lee added that these travelers typically stay in the Philippines for an average of three months to the benefit of communities where they choose to live.

Lee said the pandemic failed to diminish the Filipinos’ love for Seoul as the Korean Embassy is processing some 1,300 applications for visas per day.

However, Filipinos explore Seoul mostly on packaged tours, as they stay in the city for a shorter period compared to their South Korean counterparts in the Philippines.

Korean Air operates in the Philippine market through hubs in Manila and Cebu. The airline offers 21 flights a week, three trips per day, between Manila and Incheon using an Airbus A330 and Boeing 777.

South Korea’s flag carrier also runs once a day flights between Cebu and Incheon utilizing a 777-200.

Meanwhile, Korean Air’s budget unit Asiana Airlines connects Clark and Incheon four times a week, on Mondays, Thursdays, Fridays and Sundays.

Based on latest data, Korean Air corners at least 25 percent of the market for flights between the Philippines and South Korea, sharing the remainder of the demand with Philippine carriers.

Korean Air serves the Southeast Asian region through its joint venture with Delta Air, one of the leading operators in the US, splitting the costs and revenue from the operations.

SEA as top growth market

Southeast Asia seen as a top growth market

Story by Alden M. Monzon
Inquirer.net
22 April 2024

MANILA, Philippines — Asia-Pacific business leaders expect that most growth in the region this year will be in Southeast Asia, which includes the Philippines, highlighting the potential for global growth for small- and medium-sized enterprises (SMEs) in this part of the globe.

This is according to a survey by the American multinational FedEx Corp., done in partnership with Forbes Insights, which involved a poll of 250 business leaders in the region, including founders and C-suite executives.

Respondents were asked to select the regions where they see the most growth potential in the next 12 months.

About two-thirds or 68 percent of respondents picked Southeast Asia, followed by Europe, which was chosen by 45 percent.

Meanwhile, North and South America was selected by 45 percent, while the grouping of India, the Middle East, Eurasia, and Africa was cited by 33 percent.

Maribeth Espinosa, managing director of FedEx Express Philippines, said in a statement the survey presents valuable insights and opportunities for businesses in the Philippines to better serve their customers and tap into new markets.

In the same survey, issues on government customs requirements, tariffs, and customs clearance were cited as the biggest barrier to cross-border business as cited by half of the respondents.

Marketing, as well as gaining visibility into global markets and finding customers, on the other hand, was cited by 45 percent.

The third challenge, as cited by 42 percent, is finding partners and suppliers in global markets. INQ

Billions worth of projects approved

Over P600 billion projects approved in 4 months – BOI

Story by Louella Desiderio
Phulstar Global
22 April 2024

MANILA, Philippines — Investments approved by the Board of Investments (BOI) have reached more than P600 billion in the first four months of the year.

In a press briefing, BOI director Sandra Marie Recolizado said P607.22 billion worth of investments have been approved by the investment promotion agency for the January to April 17 period this year.

Compared with the P527.24 billion worth of investment approvals in the January to April period last year, she said the total investments approved so far for this year increased by 15 percent.

She said this year’s approved investments are for 117 projects and are mostly from domestic investors.

In particular, P494.37 billion of the total approved investments for this year are from domestic sources.

Trade Secretary and BOI chairman Alfredo Pascual said it is important to have local firms invest within the country as they also play a role in encouraging foreign firms to consider the Philippines for their business expansion.

“What we really want to encourage in the Philippines is for domestic investors to commit their capital to projects in the Philippines rather than bringing out the money, their capital outside the Philippines,” he said.

He said foreign investors are looking at whether local firms are investing within the country.

In terms of sectors, Recolizado said the majority of the approved projects this year are in renewable energy.

“The biggest project that we have approved is the Ahunan power project,” she said, noting the project was cleared by the BOI just last week.

Located in Laguna, Ahunan Power Inc.’s  hydropower resource and pumped storage hydroelectric power project has a project cost of P296.98 billion.

Ahunan Power is a wholly owned subsidiary of tycoon Enrique Razon Jr.’s Prime Infrastructure Capital Inc.

Recolizado said the second largest project approved by the BOI is the P83.70 billion wind energy project of Ivisan Windkraft Corp., which is 75 percent Singaporean-owned.

Ivisan Windkraft’s wind energy project will be located offshore of Cavite.

Manila tops Global Index in Residential Price

Manila Tops Global Index in Prime Residential Price Increase

Story by the SPOT.ph team
21 April 2024

Manila has topped a global listing again. But whether or not it should be cause for jubilation depends on who's looking. 

The capital has emerged at the top of the Knight Frank Prime Global Cities Index on prime residential prices, reflecting strong growth of the real property market driven by strong demand. 

The listing, which covers 45 real property markets from around the world, showed that Manila logged a growth rate of 26.3 percent year-on-year by the end of 2023. This price growth rate eclipsed other powerhouse cities such as Dubai, a far second at 15.1%, and Mumbai, which recorded a 10% increase. 

Manila’s prime residential price growth is an improvement from its performance in the third quarter of 2023, where it logged a 21.2% increase. This development had also landed Manila at the top spot of the global index in the same quarter. 

Of the 45 global markets covered, Manila was the one that recorded a growth rate above 20%. Other cities in the top 10 are Shanghai, with a growth of 8.6%, Los Angeles at 8.2%, Vancouver at 7.2 percent, Christchurch at 6.8%, Miami at 6.6%, Madrid at 6.4% and Seoul at 6.2 percent.

The average annual price increase was at 3.7% across the 45 markets on the list, the "strongest growth recorded since Q3 2022," the report said. 

"The biggest impact of the rate tightening cycle in the past 12-months has been on sales volumes, which have fallen in most markets by around 10% to 20%. While prices did initially fall as rates rose in 2022, as supply has been squeezed prices have ticked up. Rate cuts in the second half of 2024 will add further impetus to the market," said Liam Bailey, Knight Frank’s global head of research. 

What does it all mean? 

Manila’s standing is a reflection of the country’s strong economic performance, which has spurred housing demand in the capital. The report said the growth of residential prices in Manila was on the back of "rising housing demand, with agents reporting a surge in requirements from expatriates returning to manage local businesses."

This means overseas Filipino workers were funnelling money they had earned overseas to buy property back home as they begin new businesses locally.

But for locals in the market for a new home, this would mean higher prices of houses and condominium units. If you're on the lookout for new digs, you have to make sure you have enough saved up. 

The Prime Global Cities Index (PGCI) is a "valuation-based index" which looks at movements in prime residential prices across 45 cities using research data. 

Puerto Princesa's march to progress

Puerto Princesa’s rapid rise to progress

Story by Marielle Jo Medina
Inquirer.net
21 April 2024

The city of Puerto Princesa in the province of Palawan is a highly urbanized and independent city that has its own legislative district. Located about 306 nautical miles from Manila or 55 minutes by commercial plane, the city’s airport and seaport are among the important transport links in the Mimaropa Region.

Taken from: pfacasylum.blogspot.com

Puerto Princesa is known for its booming tourism and untapped natural resources. As one of the greenest and largest cities in the Philippines, the local government is proactively taking steps so that the city will realize its economic potential.

According to preliminary data released by the city’s tourism department, tourist arrivals in Puerto Princesa reached nearly 529,000 in 2023. This figure is 76 percent higher compared to the 300,000 tourists in 2022. The tourism department said these statistics account for visitors who spent at least one night in Puerto Princesa, excluding transient tourists from cruise ships or those just passing through.

Prime investment hub

Puerto Princesa City is on a consistent and robust urban development track. As a top destination in the Mimaropa region, it is a prime investment hub particularly for the tourism and hospitality industries. It has also attracted ventures related to real estate development, for those who seek to reside or expand businesses in the paradise island of Palawan.

The Puerto Princesa local government is continuously improving its infrastructure to stimulate economic development. Plans are underway to revitalize and improve its central business district by constructing new commercial buildings to attract investments in its growing business processing outsourcing industry.

According to the IT and Business Process Association of the Philippines (IBPAP), Puerto Princesa is one of the locations touted to be high potential areas for transformation into “digital cities” by 2025.

In December 2023, the Philippine Economic Zone Authority (Peza) said that it is targeting to open a 26,000-hectare Iwahig mega economic zone at the prison complex in Puerto Princesa within the term of President Marcos.

Peza officials have earlier expressed their wish to turn this economic hub in Palawan into a publicly owned economic zone, focusing mainly on developing it as a manufacturing hub. Peza Director General Tereso Panga said that the planned mega economic zone would be ideal to host the production line of automotive vehicles, including electric vehicles. The goal is to transform the penal colony into a self-sustaining community, complete with its own power and water sources.

Iconic destinations

Puerto Princesa is home to some of the most iconic tourist destinations in the country such as the Underground River National Park, Tubbataha National Marine Park, and the resort town of El Nido. The development of key destinations such as Honda Bay, Tagbarungis Eco-Park, Tagkawayan Beach, and the Acacia & Heritage Parks is also in the pipeline of the local government.

In October 2022, the local government of Puerto Princesa City said it is eyeing about P300 billion worth of new investments from its latest push to get investors to set up their businesses in the city, which include a new safari park.

Puerto Princesa Mayor Lucilo Bayron highlighted the P200-billion investment from the more than 1,000-ha Sta. Lucia Environmental Estate, which is being positioned to become an ecotourism park and a major environmental hub.

There are also plans to upgrade the city’s fishport and improve the fishing sector in the city, which Bayron said would result in thousands of new jobs not just for the locals, but also for people from other places in the country who wish to work there.

According to data from the local government, commercial fishery in the port contributed 62 percent of the city’s annual fish production, with about 19,246 metric tons of fish directly shipped to Metro Manila and other provinces.

Businesses that could benefit from the development of the fishing sector in Puerto Princesa include fish processing, ice plant, refrigeration facilities, canneries, and wholesale and retail stores.

Emerging MICE sector

The local government of Puerto Princesa is also bent on developing Meetings, Incentives, Conferences, and Exhibitions (MICE) tourism.

Puerto Princesa tourism chief Demetrio Alvior Jr. said MICE tourism brings substantial economic benefits through corporate spending on venues, accommodations, dining and transportation, exceeding leisure travel expenses.

He said the city hosted about 800 MICE events in 2023, attracting nearly 70,000 visitors.

But the city is faced with capacity limitation and can only currently accommodate a maximum of 1,000 individuals, according to Alvior. To address this, the city government has plans to build convention centers to increase visitor capacity and stimulate more flights to Puerto Princesa, ultimately enhancing the city’s tourism infrastructure and its ability to host larger events and more tourists.

Source: Inquirer Archives, Philippine News Agency

March's PH balance of payments on surplus

BOP swings to $1.17 billion surplus in March

Story by Keisha Ta-Asan
Philstar Global
20 April 2024

MANILA, Philippines — The country’s balance of payments (BOP) position reverted to a $1.17-billion surplus in March from a $196-million deficit in February, data from the Bangko Sentral ng Pilipinas (BSP) showed.

“The BOP surplus in March reflected inflows arising mainly from the national government’s net foreign currency deposits with the BSP and net income from the BSP’s investments abroad,” the central bank said.

However, the surplus in March was 7.4 percent smaller than the $1.27 billion recorded in the same month in 2023.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the lower BOP position compared to last year was due to the continued trade deficits in the past months and some payment of foreign debts.

The BOP is the difference in total values between payments into and out of the country over a period.

A surplus means more foreign exchange flowed into the country from exports, remittances from overseas Filipinos, business process outsourcing earnings and tourism receipts than what flowed out to pay for the importation of more goods, services and capital.

For the first quarter, the country booked a BOP surplus of $238 million, falling by 93.1 percent from the $3.45 billion surplus recorded in the same quarter in 2023.

“Based on preliminary data, this cumulative BOP surplus reflected mainly the improvement in the balance of trade alongside the net inflows from personal remittances, net foreign borrowings by the NG, foreign direct investments and foreign portfolio investments,” the BSP said.

Latest data from the Philippine Statistics Authority showed the country’s trade deficit narrowed by six percent to $3.65 billion in February compared to last year’s $3.88 billion.

Likewise, personal remittances grew by three percent to $2.95 billion in February from $2.86 billion in the same month in 2023, of which cash remittances coursed through banks rose by three percent to $2.65 billion from $2.57 billion.

According to the BSP, the BOP surplus in the first quarter reflects a gross international reserve level of $104.1 billion as of end-March, up from $102 billion as of end-February.

The level is equivalent to around 7.7 months’ worth of imports of goods and services and payments of primary income. It is also about 5.9 times the country’s short- term external debt based on original maturity and 3.7 times based on residual maturity.

The buffer ensures availability of foreign exchange to meet balance of payments financing needs, such as for payment of imports and debt service in extreme conditions when there are no export earnings or foreign loans.

“For the coming months, the BOP data could improve partly due to proceeds of the national government’s foreign currency-denominated borrowings or debt from both commercial sources, as well as from official development assistance and other multilateral sources,” Ricafort said.

For 2024, the BSP raised its BOP projection to a surplus of $100 million but is expected to reverse to a $100-million deficit in 2025.

Is Trillion Dollar economy Attainable for PH?

Could the Philippines Really Become a Trillion-Dollar Economy in the Next Decade?

Story by Currie Cator
Esquire Philippines
19 April 2024

The World Economic Forum (WEF) is optimistic that the country could be a $2-trillion-dollar economy in the next 10 years—reaching the same level as mainland China, Japan, India, South Korea, Australia, Taiwan, and Indonesia. 

That’s on the condition, though, that the Philippines scores better investments in key sectors. 

Currently, the country’s economy is pegged at around $476 billion, the WEF said.

In its property market report, consulting firm Leechiu Property Consultants said the Philippines saw an 18-percent surge in foreign tourist arrivals in the first quarter of the year. This is the highest since 2019.

The demand for hotels, tourism, and leisure went up to 1.66 million, with travelers mostly coming from South Korea at 27.5 percent. 

Overall hotel performance is expected to bounce back by 2025, according to the report.

Leechiu also reported a growth in office take-up by a quarter in the first three months of 2024, the largest over the last four years.

It said the increase in demand was observed across all industries, "indicating a widespread and robust expansion." 

Office market transactions rose to 331,000 square meters (sqm) from the 264,000 sqm. in the same period last year.

The "sustained" take-up was attributed mainly to traditional companies or government agencies, as well as the IT-BPM (information technology and business processing management) industry. Philippine Offshore Gaming Operations (POGOs) also continued to take up space, accounting for about 55,000 sqm.

Another factor driving possible growth, according to Leechiu, is the shift of the country's residential market to the provinces. 

Real estate loans outside Metro Manila rose in recent months, whereas the capital is experiencing a slowdown in residential condominium sales.

As for capital values, delayed interest rate cuts have been causing fatigue in the economy.

But Leechiu said the market remains bullish, as the U.S. presidential elections this year may force the Federal Reserve to slash rates; though it may still depend on inflationary management.

"Long-term view [is] still positive as Philippines continues to be one of the fastest growing countries in the world at 5.9 [percent]," the report said.

The country's inflation rate rose to 3.7 percent in March due to higher food prices and transportation costs.

In 2023, the Philippines recorded a full-year gross domestic product (GDP) growth rate of 5.6 percent, falling short of its six to eight-percent target.

PH banks make it to Forbes' List

Nine Philippine Banks Make It to Forbes' Best in the World List

Story by Micah Avry Guiao 
Spot.ph
19 April 2024

Forbes’ annual list of World's Best Banks is challenging us to rethink what makes a good bank great. While nine Philippine banks make it to the prestigious list, the chosen ones are not the usual institutional giants one would expect.

Philippine National Bank was named the best Philipine bank for 2024; in last year's list, they took second place. Meanwhile, Union Bank and Maya Bank take second and third place, respectively.

Notably, almost all of the digital banks in the Philippines earned a spot on the list. As defined by the Bangko Sentral ng Pilipinas, "digital banks offer financial products and services that are processed end-to-end through a digital platform or electronic channel with minimal or no reliance on physical touchpoints."

Forbes offered a likely explanation as to why we're seeing a rise in digital banking: "Faced with a confluence of shifting factors–including tech advancements, generative AI, high interest rates, increased institutional oversight, and evolving customer expectations–banks are being called on to adjust their business and operating models."

Last year's leader, CIMB Bank, was not even part of the list at all. Similarly, two of the biggest banks in the country, BDO Unibank and Bank of the Philippine Islands (BPI), were also absent.

Philippine banks on World’s Best Banks by Forbes

Here are the Philippine banks included in the 2024 World's Best Banks by Forbes:

1. Philippine National Bank
2. Union Bank
3. Maya Bank
4. OFBank
5. UnionDigital Bank
6. UNO
7. GoTyme Bank
8. Landbank
9. Metropolitan Bank & Trust

Forbes partnered with Statistica to ask more than 49,000 participants to evaluate banks where they currently have a checking or savings account, rating each on five criteria: trustworthiness, terms and conditions (such as fees and rates), customer service (wait times and helpfulness of employees), digital services (ease of using the website and app), and quality of financial advice.

S&P bullish on Philippine economic growth

S&P raises Philippine outlook for 2026

Inquirer.net
19 April 2024

MANILA, Philippines — S&P Global Ratings slightly improved its growth outlook on the Philippines for 2026 on expectations of resurgent consumption as inflation is projected to soften beyond 2024.

The global debt watcher now forecasts the country’s gross domestic product (GDP) to expand 6.5 percent in 2026, a tad higher than its prior projection of 6.4 percent.

If realized, economic growth in 2026 would match the lower end of the Marcos administration’s target of 6.5- to 8-percent expansion for that year. While the adjustment was “minimal,” S&P expects more benign inflation to power up consumption.

“Beyond 2024, the easing inflation will help household consumption recover and likely lower interest rates towards year-end will gradually do the same for investment, helping overall growth to normalize,” Vincent Conti, senior economist at S&P, said.

READ: March inflation higher at 3.7% but still within gov’t target range

But for now, S&P expects the economy to face headwinds brought by stubbornly high inflation and expensive borrowing costs.

The Bangko Sentral ng Pilipinas (BSP) has so far kept its key rate unchanged at 6.5 percent, the tightest in nearly 17 years. What’s prompting the central bank to stay hawkish is a persistently high inflation that may breach the BSP’s 2- to 4-percent target anew.

Philippines among top country for expat in 2023

Philippines among best countries for living and working abroad in 2023—survey

Story by Yoniel Acebuche
Philstar Life
18 April 2024

The Philippines was among the top countries for expats in 2023, according to a recent survey on living and working abroad.

In the latest Expat Insider survey, the country placed eighth in the list of best places for expats when it comes to "the ease of settling in and getting started abroad" as well as personal finances, work, and quality of life in general.

In case you didn't know, an expat or expatriate is "an individual living and/or working in a country other than their country of citizenship, often temporarily and for work reasons." They can also be someone who "has relinquished citizenship in their home country to become a citizen of another."

Around 12,000 expats based in 172 countries and territories participated in the survey. Mexico, Spain, Panama, Malaysia, and Taiwan topped the list, followed by Thailand, Costa Rica, the Philippines, Bahrain, and Portugal, respectively.

According to the survey, Mexico's top performance didn't come as a surprise as the country has consistently been part of the Top 5 since its first edition in 2014. It has also consistently ranked among the best in the Ease of Settling In Index for ten years due to local friendliness, finding friends, easy-to-get-use culture, affordable housing and accommodation, as well as personal career opportunities such as fair pay, work-life balance, and quality of life.

Expats also said that they "feel at home and happy in Spain," making it the second best country worldwide for them. They also found Panama, which placed third on the list, an easy destination to settle in.

Conde Nast Traveler, in a report on the same survey, said that the Philippines made it to the list likely because of its proximity to some of the world's most beautiful islands and affordability.

"We suspect being near some of the world's most beautiful islands probably makes expats pretty happy," the digital travel site said. "The country ranked third in the survey's 'Personal Finance' index, with people reporting an enviable cost of living and affordable housing."

The Expat Insider 2023 survey was conducted by InterNations, an expat networking community with more than 5 million members.

The latest edition assigned ratings to more than 50 aspects of expat life, including the ease of settling in, work-life balance, cost of living, healthcare quality, and friendliness of the local population.

PBBM is one of the "Most Influential People of 2024"

Marcos among TIME’s ‘100 Most Influential People of 2024’

By Darryl John Esguerra
Philippine News Agency
April 18, 2024

MANILA – President Ferdinand R. Marcos Jr. has been included in TIME magazine's "100 Most Influential People of 2024."

TIME recognized Marcos’ leadership, citing how his administration steadied the post-coronavirus pandemic economy and how his presidency “elevated the Philippines on the world stage.”

The President’s stance against China’s aggression in the West Philippine Sea was also cited.

“Bongbong has stood steadfast against Chinese aggression in the disputed South China Sea and bolstered his nation’s alliance with the U.S. in the face of ‘rising tensions in our region and the world,’ as he said last May,” read Marcos' short profile as written by TIME correspondent Charlie Campbell.

Marcos is listed in the Leaders category, along with Yulia Navalnaya, widow of Russian opposition leader Alexei Navalny; Poland Prime Minister Donald Tusk; Taiwan President-elect Willian Lai; Argentina President Javier Milei; Qatar Prime Minister, Sheikh Mohammed bin Adbulrahman bin Jassim Al Thani; World Bank Group President Ajay Banga; Italian Prime Minister Giorgia Meloni and Chinese Premier Li Qiang; among others.

Other Philippine leaders who were featured in the list in previous years were Marcos’ predecessors Rodrigo Duterte in 2017 and Benigno Aquino III in 2013. (PNA)

Sultan Kudarat State University shines at Malaysia awards

Sultan Kudarat prof, grad student shine at Malaysia awards

Story by Antonio G. Papa Ph.D
Manila Times
18 April 2024

SULTAN Kudarat State University (SKSU) grabbed the spotlight during the 2nd International Organization of Educators and Researchers (IOER) International Pinnacle Awards and 2nd International Conference on Business and STEM Education (ICBSTEME) held at Verdant Hill Hotel in Kuala Lumpur, Malaysia.

SKSU Assistant Professor Jenevieve Lumbu-an said Prof. Abraham Accad, also a graduate student of the institution, was awarded during the twin events on March 30 and 31 as the Most Exemplary Civil Technology Expert and Researcher for his groundbreaking work in using technology to enhance education.

Graduate student Rebecca Eviota, a public school principal taking graduate studies at SKSU, was awarded the Most Exemplary School Principal and Outstanding Educator in Indigenous People Education for her visionary leadership, promotion of inclusive education and dedication to IP students' achievement.

"As a member of the Menubu Mandaya Indigenous cultural community and IP educator, I must not remain an observer; instead, I must step up to be a catalyst for change. I am grateful to Sultan Kudarat State University for allowing me to step up on an international platform and become a contributor to advancing IP Education in our community," Eviota said.

The paper of SKSU faculty members Teresa Hallegado and Alicia Manondog, "Implementation of New Normal Learning Modalities and Academic Performance of Gen Z Learners Across Senior High Schools in South Cotabato," was hailed the Best Abstract in Education and Teaching for the 2nd ICBSTEME.

"The pioneering paper in education has received recognition for its exceptional quality and innovative ideas. Their work holds promise for revolutionizing the field, providing educators with invaluable knowledge and solutions to tackle contemporary educational challenges," Lumbu-an said.

The IOER International Pinnacle Awards recognized exceptional individuals and the collaborative power of educators and researchers around the globe. By honoring those who have devoted their careers to improving education, the ceremony emphasized teamwork, groundbreaking thinking, and constant learning in shaping the future of education.

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.