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
June 2025
Philippine Environment Month!
“Action for Nature, for the Future!”
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 #TakePicturesVideosturesVideos
Monthly Observances:
1 Jun – World Day of Parents
5 Jun – World Environment Day
7 Jun – World Food Safety Day
8 Jun – World Oceans Day
12 Jun – World Day Against Child Labour
15 Jun – World Elder Abuse Awareness Day
16 Jun – International Day of Family Remittances
17 Jun – World Day to Combat Desertification and Drought
20 Jun – World Refugee Day
25 Jun – Day of the Seafarer
27 Jun – Micro-, Small and Medium-sized Enterprises Day
Daily Observances:
June 6: Migrant Workers Day
June 19: Filipino Youth Day
June 25: Day of the Filipino Seafarer
