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
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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