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
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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