MANILA, Philippines – Socioeconomic Planning Secretary Ralph Recto is optimistic that dollar remittances from overseas Filipino workers (OFWs) and an improvement in the performance of the export industry would help the country achieve the government’s latest economic growth projection for 2009.
“Consumer spending will improve in the remaining part of the year,” Recto said when asked of the chances of meeting the government’s latest economic growth revision.
The Development Budget Coordination Committee (DBCC), the interagency group that sets the country’s economic assumptions, downscaled anew the country’s economic growth projection for 2009 to between 0.8 percent and 1.8 percent from the original target of between 3.1 percent and 4.1 percent on account of the larger impact of the global financial crisis.
Recto said the country would benefit from the continued inflows of dollar remittances from overseas Filipino workers who traditionally send money by June for the school opening and before December, ahead of the holiday season.
The National Economic and Development Authority (NEDA) chief said these factors would prevent the economy from slipping into a recession.
The revised economic growth projection would result in a larger budget deficit for 2009 of P250 billion from P199.2 billion.
Finance Secretary Margarito Teves said the government would borrow more to finance the larger deficit.
“Due to lower revenues, there will be an increase in borrowings. We are thinking of an increase in ODA (official development assistance),” Teves told reporters.
He also said that despite the adverse impact of the lower growth on revenue collection, the government would keep its level of spending to help us sustain modest economic growth.
In the first quarter of the year, the country’s gross domestic product (GDP) grew by only 0.4 percent. The economy shrank by a seasonally adjusted 2.3 percent from the last three months of 2008, its lowest level recorded for the past 20 years.
The 0.4 percent is significantly below the government’s first quarter growth projection of 1.8 percent to 2.8 percent and below the adjusted 3.9 percent GDP expansion recorded in the same period last year. –Iris C. Gonzales, Philippine Star
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!
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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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