The government is closely watching the current economic situation and is ready to revise its growth projections again if “hard numbers” come up, the National Economic and Development Authority said.
Neda deputy director general Rolando Tungpalan issued the statement following new forecasts made by international groups about the possibility of a zero growth or even contraction in the Philippine gross domestic product this year.
The Economist Intelligence Unit sees the Philippine economy contracting 0.6 percent in 2009, before posting a growth of 1.6 percent next year.
“The global recession will not leave the Philippines unscathed. We expect the economy to shrink for the first time in 10 years, with real GDP down by 0.6 percent, as exports of goods and services decline by 8 percent owing to weaker global demand,” the London-based think tank said in its latest forecast.
“Gross fixed capital investment will contract for the first time since 2005 as inflows of foreign investment dry up and local companies find it harder to raise capital on international markets.”
The EIU said weaker external demand and domestic investment would lead to higher unemployment and constrain consumption growth. Furthermore, inflows of remittances that support consumption will weaken as the slowdown in the US, the source of one-half of remittances to the Philippines, reduces the amount of money that overseas workers can repatriate.
Meanwhile, the International Monetary Fund said the Philippines would post a zero growth this year, reflecting the prospect of a significant contraction in exports and imports.
Tungpalan said the Development Budget Coordinating Committee and the economic managers were closely monitoring global economic developments, including indicators from global partners such as the IMF. These promoted the committee to prescribe economic policies that support positive Philippine economic growth amid turbulent global economy, he said. –Roderick T. dela Cruz, Manila Standard Today
World Day for Safety and Health at Work
“Safety and health at work every day!”
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 Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos
Monthly Observances:
March – Women’s Role in History Month
April – Month of Planet Earth
Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
Last Week of April – World Immunization Week
Daily Observances:
Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work
