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
Nov 16 – International Day for Tolerance
“No more toleration of corruption!”
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
#Report Corruption #SearchPosts #TakePicturesVideos
November
Nov 2 – Intl Day to End Impunity for
Crimes Against Journalists
Nov 9 – World Science Day for Peace
and Development
Nov 16 – International Day for Tolerance
Nov 19 – World Toilet Day
Nov 20 – World Children’s Day
Nov 25 – Intl Day for the Elimination of
Violence Against Women
Monthly Observances:
Homes Safety Month
Filipino Values Month
National Rice Awareness Month
National Consciousness Month
for Punctuality and Civility
Environmental Awareness Month
National Children’s Month
Organic Agriculture Month
Weekly Observances:
Nov 19-25: Global Warming and
Climate Change Consciousness Week
Nov 23-29: National Girls’ Week
Population and Development Week
Nov 25 – Dec 12: Social Welfare Week
18-Day Campaign to End
Violence against Women
Week 2: Week 3: Drug Abuse Prevention
and Control Week
Last Week: Safety and Accident
Prevention Week
Daily Observances:
Last Saturday: Career Executive Service
Day
Nov 19: National Child Health Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
