MANILA, Philippines – An acclaimed economist of the Bank for International Settlements (BIS) is optimistic that the Philippine economy will make a strong recovery in the second semester of 2009.
Dr. Eli Remolona, BIS chief representative for the Asia and Pacific region explained that the Philippines was never in a prolonged state of economic downturn.
“Hopefully, the economy is in the upside of economic downturn,” Remolona said.
The BIS is composed of central banks worldwide, including the Bangko Sentral ng Pilipinas (BSP). It sets international standards for monetary policy as well as banking standards.
Asia is leading the world in recovering from the global credit crisis, which started in the United States. However, the global economy is still believed with the bottomline of the economic disaster although it is generally believed to start its upward march next year.
Remolona is in the Philippines to receive an award extended by the Bank of the Philippine Islands (BPI) to recognize Filipinos gaining extraordinary achievements.
He is considered to be the most prominent Filipino economist in the international monetary and financial policy circles.
The Philippine economy grew last year but recorded an unexpected 0.4 percent growth in the first quarter of 2009. It is widely believed to grow by a little over one percent in the second quarter.
The national government’s forecast growth for the whole of 2009 was placed at 0.8 to 1.8 percent. Government economic planners said that revisions may be made anew depending on the second quarter and first semester performance.
Majority of Philippine growth forecasts range from one to 1.5 percent this year, and from two to three percent in 2010.
Other awardees of the BPInoy program are Anita Magsaysay-Ho in the field of international visual arts, and Cristeta Pasia-Comerford, outstanding achievements I the culinary arts.
Ho is often described as the “Female Amorsolo” and is recognized in both domestic and international circles. Pasia-Comerford is the executive chef of the White House, the only female and the only Asian to hold the post in US history. -– Ted Torres, Philippine Star
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
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
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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