Philippine Economy Talk

[madball]

BSP has already done its job of providing sufficient liquidity. Government's fiscal response on the other hand, is not only slow but also inadequate.
Seriously? Only P140 billion budget for Bayanihan 2? Are they even trying to revive growth?

[Monseratto]

Businesses that benefitted from OFW remittances already feeling the pain...

Coronavirus to cut remittances to Asia-Pacific by $54.3 billion: ADB | ABS-CBN News

Ayala Land, Robinsons Land posted lower profits in first semester - Manila Standard

[uls]

Businesses that benefitted from OFW remittances already feeling the pain...

Coronavirus to cut remittances to Asia-Pacific by $54.3 billion: ADB | ABS-CBN News

Ayala Land, Robinsons Land posted lower profits in first semester - Manila Standard

what other big ticket items do OFW dependents buy? automobiles

[dr. d]

don't mind the cars.
they buy tons of small-ticket items that, as a whole, affect the economy more than them cars.

[Monseratto]

Philippines Needs $31.8 Billion Recovery Plan, Lawmaker Says

“It’s consumption reduction that caused the contraction pretty much,” Quimbo said. “If we don’t address the loss of jobs and people don’t have money how do we recover? Government has to spend so that confidence comes back.”

But President Rodrigo Duterte’s economic managers prefer a combination of measures: a smaller 140-billion pesos spending bill and a proposal to cut corporate income taxes, while scaling back on incentives to businesses. The government must conserve its “fiscal stamina” to sustain its fight with the virus, Finance Secretary Carlos Dominguez said Saturday.

[uls]

don't mind the cars.
they buy tons of small-ticket items that, as a whole, affect the economy more than them cars.

yes of course

since mas malaki sa local wages ang natatanggap ng OFW dependents they can spend on discretionary items coz after basic needs are met they still have extra money

pero ngayon tipid mode

baka pati basics mahirapan i-meet

[uls]

Philippines Needs $31.8 Billion Recovery Plan, Lawmaker Says

“It’s consumption reduction that caused the contraction pretty much,” Quimbo said. “If we don’t address the loss of jobs and people don’t have money how do we recover? Government has to spend so that confidence comes back.”

But President Rodrigo Duterte’s economic managers prefer a combination of measures: a smaller 140-billion pesos spending bill and a proposal to cut corporate income taxes, while scaling back on incentives to businesses. The government must conserve its “fiscal stamina” to sustain its fight with the virus, Finance Secretary Carlos Dominguez said Saturday.

eto yun sinasabi ko kailangan gastusan ng gobyerno

the gov't has to subsidize small/medium businesses para di sila magsara at makadagdag sa number of unemployed

ano ang reason baket nagsasara mga negosyo ngayon?

kasi mahina benta pero kailangan parin magpasweldo

gaano katagal kaya ng mga negosyo yan diba?

so bigyan ng gobyerno ng pang sweldo para hindi magsara

in english -- the gov't should help businesses keep the lights on

[shadow]

eto yun sinasabi ko kailangan gastusan ng gobyerno

the gov't has to subsidize small/medium businesses para di sila magsara at makadagdag sa number of unemployed

ano ang reason baket nagsasara mga negosyo ngayon?

kasi mahina benta pero kailangan parin magpasweldo

gaano katagal kaya ng mga negosyo yan diba?

so bigyan ng gobyerno ng pang sweldo para hindi magsara

in english -- the gov't should help businesses keep the lights on

by how much and how long? And lahat ba ng SME kailangan bigyan?


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[uls]

as long as businesses haven't recovered yet

during ECQ diba meron SSS SBWS na 16,000 per employee (2 P8000 tranches)

parang ganun pero tuloy tuloy

imagine a business that's open daily pero ung kita kulang pa sa pang sweldo, bayad ng upa, bayad sa kuryente etc

sigurado mag decide ang may ari isara nalang

pero pag nakakatanggap siya ng pera galing sa gobyerno at least maiwasan ung pagsara

[uls]

ang lotech kasi ng gobyerno mag distribute ng SAP

cash wtf

just make everyone download gcash or paymaya doon ipasok ang SAP

stores... pati mga tindera sa palengke... will be forced to accept payment via apps

gov't should use this crisis as an opportunity to pull (more like force) the masses into digital payment

para di iwan ang Pinas

[akosijhay]

ang lotech kasi ng gobyerno mag distribute ng SAP

cash wtf

just make everyone download gcash or paymaya doon ipasok ang SAP

stores... pati mga tindera sa palengke... will be forced to accept payment via apps

gov't should use this crisis as an opportunity to pull (more like force) the masses into digital payment

para di iwan ang Pinas

Yung distribution ng SAP 2nd tranche dito sa area namin thru GCash na. Ang problema, may mga nakausap ako na ang cellphone ay de keypad pa (mostly mga construction workers, drivers, pahinante).

Pero kaya naman ma in-cash kahit de keypad ang cellphone. Pipila lang sila sa mga remittance center which according to them, 1 to 2 hours na pila since madaming pinoy ang hindi marunong gumamit ng Gcash/Paymaya at mas prefer nila na ma in-cash yung SAP.

[uls]

yes of course the masses prefer cash so kailangan sila pilitin gumamit ng digital and this crisis is the perfect opportunity

ung parang "kung gusto niyo ng SAP, eto gawin niyo... kung ayaw sorry"

you force the masses into the 21st century

diba sabi madami pinoy "unbanked"



now is the time to get them banked kahit gcash/paymaya account lang

di pwede forever dinosaur na colorum

[shadow]

as long as businesses haven't recovered yet

during ECQ diba meron SSS SBWS na 16,000 per employee (2 P8000 tranches)

parang ganun pero tuloy tuloy

imagine a business that's open daily pero ung kita kulang pa sa pang sweldo, bayad ng upa, bayad sa kuryente etc

sigurado mag decide ang may ari isara nalang

pero pag nakakatanggap siya ng pera galing sa gobyerno at least maiwasan ung pagsara

So how much per businesses? Saan nila i-bases yun amount na ibibigay?


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[baludoy]

^ matagal na lumapit iyong kaibigan ko na may hostel sa dof (sbws program) and sa dole and ang sabi wala daw silang pera na.

puro press release lang ang foofoo

[uls]

So how much per businesses? Saan nila i-bases yun amount na ibibigay?


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SSS has info naman on companies -- size ng business, number of employees

during ECQ companies that applied for SBWS and qualified... bawat empleyado nakatanggap ng P16,000 in 2 tranches

meron na sistema in place

all they have to do is continue it

--

all i'm saying is the gov't has to spend a lot of money during this crisis

the private sector is tapped out... wala na... di na pwede umasa sa mga taipan...

trilyon ang kailangan hindi bilyon

wala ibang entity sa Pinas na may kakayahan gumastos ng trilyon kundi ang gobyerno

[Monseratto]

Sukli lang ilalabas for economy recovery...

IBON Foundation: Gov’t’s ‘incompetent, slow’ COVID response to blame for economic collapse – Bilyonaryo

“As it is, the economic managers are only willing to support a P140 billion Bayanihan 2 package which is barely 0.7% of the gross domestic product…The government refuses to give any more financial assistance to poor households. Instead they keep on harping about creditworthiness and their ever more irrelevant Build, Build, Build infrastructure offensive,” IBON Foundation said.

The think tank said around 14 million Filipinos were unemployed April. Adding the underemployed or those with jobs but not at work would bring the number of Filipinos that are jobless and with lower incomes to as much as 27 million, it said.

“At the rate we’re going and with such a tepid government response, it may take the economy two years or more to even just get back to where it was before the pandemic. That was not even a good place to begin with,” IBON Foundation said.

[Wh1stl3r]

^
Similar opinion from another economist.

[ANALYSIS] End of growth: How the pandemic ruined PH economy beyond recognition

For some reason the economic managers, led by Finance Secretary Carlos Dominguez III, are being overly, unreasonably stingy. Using a boxing analogy, Secretary Dominguez claimed during a joint briefing on August 6 that the country must “conserve” resources for the upcoming “rounds” of economic recovery.

But this fiscal conservatism is grossly misplaced. It will put us in more trouble.

The more businesses we allow to die and the more workers we allow to be laid off, the longer it will take for our economy to bounce back.

It’s bad enough that the Duterte government failed to contain the virus early on. It’s worse that government officials, safe and secure in their own lifeboats, are unwilling to throw life preservers out to all the Filipinos who’ve been cast into the sea.

[uls]

i was asking where the stimulus is

looks like they're still discussing it

and while they're discussing, many businesses that are still open are running on vapor...

good luck Philippines

[shadow]

Akala ko ko ₱990B ang stimulus package na budget nila?


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[uls]

in other words the Bangko Sentral has done its part

now it's the government's turn