RP economy to do better than others

Published by rudy Date posted on February 11, 2009

The Philippines is expected to sustain economic growth this year and outperform many of its Asian neighbors, according to a report by Moody’s Eco­nomy.com Inc.

In the report, Nikhilesh Bhatta­charyya, Moody’s Economy.com analyst, said the Philippines is projected to grow by 3.3 percent this year—down from 4.6 percent last year because of higher unemployment brought about by the global economic crisis.

“The Philippines, branded the sick man of Asia because of its relatively slow growth in recent years, will outperform many of its neighbors, with growth of 3.3 percent expected in 2009,” Bhattacharyya said.

The slow economic growth in Southeast Asian economies would not support the increase in labor force, leading to higher unemployment rates, he added.

The analyst suggested that the governments could help sustain employment with crackdowns on illegal immigrants and incentives for businesses. “The official figures are expected to hide rising underemployment as factories cut production, hurting workers’ hours as well as their salaries.”

For this year, Moody’s Economy.com expects Singapore, which is usually the most stable in the region, would be the worst hit among the Association of Southeast Asian Nations (Asean). It is a regional bloc of 10 countries that also includes the Philippines.

Singapore is projected to contract by 4.4 percent this year compared with a 1.2 percent expansion in 2008.

Thailand, which normally compared with the Philippines, would be hit hard—particularly its tourism industry—by political instability and the global downturn. “Continuing political problems and allegations regarding the treatment of refugees, along with a weak global economy, will dissuade tourists this year. The Thai economy is expected to contract this year as the much-needed fiscal stimulus is delayed.”

Indonesia is projected to grow by 3.9 percent, even with the holding of a presidential election this year.

By contrast, Malaysia’s anemic growth would border on recession in the first half of 2009, the report said. But given Malaysia’s flexible labor market, the unemployment rate will not rise markedly.

Moody’s Economy.com Inc. is a subsidiary of Moody’s Corp. and is engaged in economic research and analysis. Its commentary is independent and does not reflect the opinions of Moody’s Investors Service Inc., the credit ratings agency that is also a subsidiary of Moody’s Corp. –Maricel E. Burgonio, Reporter, Manila Times

July 2025

Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”

Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
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Accept National Unity Government (NUG)
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July


3 July – International Day of Cooperatives
3 Ju
ly – International Plastic Bag Free Day
 
5 July –
World Youth Skills Day 
7 July – Global Forgiveness Day
11 July – World Population Day 
17 July – World Day for
International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons 


Monthly Observances:

Schools Safety Month

Nutrition Month
National Disaster Consciousness Month

Weekly Observances:

Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week

 

Daily Observances:

First Saturday of July:
International Cooperative Day
in the Philippines

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