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
May –
Anti-Graft and Corruption Awareness Month
“Corruption drains the nation
and victimizes workers who build the nation.
Accountability now!”
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
May 1 – Labor Day
May 2 – World Freedom Day
May 12 – World Communication Day
May 15 – International Day of Families
May 16 – International Day of Living
Together in Peace
May 21 – World Day for Cultural Diversity
for Dialogue and Development
Monthly Observances:
The Month of the Ocean
Anti-Graft and Corruption Awareness Month
Volunteerism Month
Weekly Observances:
Week 2: Safe Motherhood Week
Daily Observances:
May 1: Labor Day
May 7: Health Worker’s Day
May 31: National Fisherfolks Day
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