December 12, 2024: Net FDI down, Trade Deficit widens under the Administration of the Bangag
Some more Bad News on the Economic Front, first is that the Net Foreign Direct Investments (FDI) to the Philippines for the Month of September 2024 went down to Usd 368 million, down over 36% compared to the same Month last Year of September 2023 which was at Usd 577 million.
This is is also the single Month lowest FDI since April 2020 which was at Usd 314 million. And remember that at that time in 2020, the Philippines was at the height of the Corona Virus Disease 2019 (Covid-19) Pandemic which was the Reason why it went down so low.
Meanwhile, the Trade Deficit of the Philippines (meaning the amount of Imports minus the amount of Exports) continue to grow for the Month of October 2024 to Usd 5.8 billion, which is much higher compared to the same Month in October 2023 which was only at Usd 4.2 billion.
This was higher than the Usd 5.1 billion a Month earlier in September 2024. Imports rose Usd 11.96 billion which is 11.2% higher than the Usd 10.76 billion in October 2023. Exports on the other Hand went down to only Usd 6.16 billion compared to the Usd 6.52 billion in October 2023.
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December 8, 2024: Philippines struggles to meet Tourism Targets while Thailand already has 31 million Visitors
The Research Organization "BMI Research" recently downgraded their Forecast of International Tourist Arrivals to the Philippines for the Year 2024 from their previous 6.6 milion to only 6 million. This after the latest Data showed only 4.5 million such Tourists arrived in the Country from January to October of 2024.
Note the Philippine Governments Target is at 7.7 million, but with only two Months left in the Year and with a shortfall of 3.2 million, it is unlikely that the Philippines will hit the Target as it only averaged 450,000 International Arrivals per Month.
Meanwhile, while the Philippines is struggling to attract 6-7 million Foreign Tourists, Thailand announced that 31 million such Tourists have already arrived in their Country from January to November of 2024, generating Usd 42 billion in Revenue.
That's an average of 2.8 million International Arrivals per Month generating Usd 3.8 million in Revenue. Thailand ultimately set their Target at 36 million Foreign Tourists for the entire Year of 2024. Chinese tourists made up the largest number of Foreign Arrivals at over 6 million, followed by those from Malaysia, India, South Korea, and Russia.
So while the Administration of Bong Bong Marcos (BBM) continues to distract Filipinos with various other Issues, the Country’s Tourism Industry is failing and Thailand is once again pulling away farther from the Philippines in Terms of Tourist Arrivals and generated Income ...
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