MANILA, Philippines – The Philippine economy, as measured by gross domestic product (GDP), is likely to grow by four percent this year or within the revised GDP forecast of 3.1 percent to 4.1 percent, a ranking National Economic and Development Authority (NEDA) official said yesterday.
In a briefing yesterday, Dennis Arroyo, director for policy and planning, said growth would come from the expected increase in domestic consumption and the strong demand in local tourism.
“We believe the four percent (GDP) growth is achievable,” Arroyo said.
Arroyo said that while the number of displaced overseas Filipino workers (OFWs) has increased to 6,405 as of end April from roughly 5,700 in March, there are other job openings available in other countries, particularly in the Middle Eastern region.
With this, he said there is no way remittances would contract.
“There’s no way remittances will contract. Hopefully, it would go beyond a zero percent growth,” Arroyo said.
The Bangko Sentral ng Plipinas (BSP) expects dollar remittances from OFWs to post a zero growth this year from 13.7 percent growth in 2008.
Remittances last year amounted $16.4 billion.
In terms of first quarter growth projections, Arroyo declined to provide any estimate but said that growth in the second, third and fourth quarters would be stronger than the growth in the first quarter.
Arroyo said election spending – expected to take off this year – would also help boost the economy.
Finance Undersecretary Gil Beltran has said that the national elections in 2010 are expected to boost the economic growth by 0.5 percent next year as consumers are expected to spend more.
Beltran said that next year’s elections are expected to boost certain industries such as the printing and publishing, media and the advertising industries. This, in turn, would help fuel consumer spending in 2010.
The Development Budget Coordination Committee (DBCC) expects the economy to grow anywhere from 4.3 percent to 4.7 percent in 2010 from this year’s revised economic growth projection of 3.1 percent to 4.1 percent. –Iris C. Gonzales, Philippine Star
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
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!
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Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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