The FINANCIAL - New tax measures before the 2022 elections unlikely

New tax measures before the 2022 elections unlikely

New tax measures before the 2022 elections unlikely

New tax measures in the Duterte administration are not coming before elections. Due to the pandemic, the government had obtained $9.8 billion worth of loans for recovery measures. The Department of Finance has been working on ways to make economic growth. This would make some trouble for lawmakers. The government is increasing the digital economy avenues and mining industry, which is very important for the country’s economy. The country needs a quick and lasting economic recovery. Mr. Salceda is saying that there is nothing wrong with a lot of taxes when the economy is struggling. The Philippines will recover soon, as promised because many Chinese companies are planning on relocating and investing in the Philippines.

What is the main goal of the country right now? To attract more and more investments there. It is a major factor for the economy to have different kinds of fields developed. Some sectors are already leading the way with a nice amount of benefits. The Philippians are having several kinds of sectors where they can try themselves and also help the economy to fall to place. If you are one of the Philipinian who is looking for a bright future, then you should know that there are several fast-moving industries in the country and all you need to do is invest in them or work in the companies that are connected to these companies. 

The Philippines is located in the Southeast vicinity of Asia. It is made up of 7 clusters of about 7000 islands. The Philippines has proven that they are having an excellent location for investment in various industries. 

Real estate

The Philippines ’ real estate market is rising because of the investments from both domestic and international players. Due to the booming urbanization and the development of the real estate schemes, there is assumed to be a result of USD XX billion by the end of this year. The real estate developers are experiencing the demand for properties in the country. The government is trying to develop infrastructure in order to make more incentives to do different kinds of houses. The opportunities are high and it is considered that one of the main fast-growing industries in the Philippines is the Real estate industry. The size and scale of the demands from the investors is the main driver for making residential and commercial properties. This will generate much more income then we think in the future. The Philippines are struggling right now, but the chances that this will too pass and the brighter times will come sooner then we estimate is another though everyone is having right now. More people are adopting urban lifestyles and this is the new way of developing the economy in the Philippines. 

Construction 

The department of Trade and Industry (DTI) has stated that the government is opening up for the construction industry for foreign investors with the ideas that will make the country’s economy better. More and more people are coming to the Philippines in order to join the biggest foreign exchange market which has been adopted by the government years ago. The Philippines are having the status of an emerging nation in the Asian countries. It has a growing number of people interested in trading currencies, so few there are already some BSP approved brokers that are closely monitoring the whole financial environment in order to activate the wide range of effective tactics for traders. They are also aiming to have proper kinds of guidelines in order to make it easier for beginner traders to find their path on the trading scene. Regulated brokers are always a wise choice because they will always make sure that they offer good quality of security to investments and trades for a great possible reach. In brief, BSP is also a financial advisor which allows maintaining the market liquidity. It also has the ability to enlarge loans, raise capital, and offer discounts to financial institutions that are trying to make things done in the country. 

Retailing

Due to the current inflation rate, the retail industry in the Philippines is thriving. The aggregate rate of purchases among consumers is still high. The ongoing attractiveness of the market in the Philippines is helping international brands and retailers to have a look at the country. Shopping in the Philippines is evolving. These growing numbers are promising the Philippines to be one of the most successful areas in the world's largest shopping centers. Consumers of all ages are trying to turn to online sources to know more about retail offerings. Businesses are starting to use digital marketing strategies in order to have a proper relationship with customers. The good customer service, the selling is becoming easier. It can be done via social media pages, blogs, emails, advertisements, creative content management. 

Generation Z is succeeding in digital technologies. The internet and social media surrounded them from the age of 3. They are the largest consumer group by now and are more popular among the generations. Consumers today are really paying attention to the advertisements. If there is any false advertisement then it is easier for them to recognize it. Targeting more ethically informed buyers with honest promotion is a key to success for the brands. 

Conclusion

There are different highly developed industries in the Philippines which are really helping the economy nowadays. In order to have a high quality of life people should join these businesses and companies to have less to worry about. In the landscape of finance, with financial technology everything is possible. Fintech is delivering reforms that are needed for the future. New challenges, times, and opportunities are asking for new solutions and ways of living. The Philippines will gain more and more investors and fintech practitioners. The economics will increase from its existing levels of nearly $280 billion to $680 billion by 2024. The Philippines has been one of the fastest-growing economies in Asia and in recent years it is growing rapidly because the Philippians are flexible and resourceful people and they are always finding ways of making everything work properly.

Author: Natalia Revishvili
About author: Natalia Revishvili is a professional financial content writer and editor with an extensive experience in technical analysis and the Forex market. Over the past few years, she has been successfully trading on Forex using the trends, support, resistance and technical formations. Now Natalia, apart from trading Forex for living and being technical analysts for financial websites, is a happy owner of two dogs traveling round the world.