Monthly Archives: October 2009

Recession ruled out; higher growth seen in 2010 MANILA, Philippines – Saying it had underestimated the Philippines’ productivity potential, the International Monetary Fund raised its economic projection for the country to a growth of 1 percent this year, a turnaround from the earlier forecast of a 1-percent contraction.

The Senate has ratified the final version of the Pre-Need Code which seeks to protect plan holders and ensure the viability of an industry that has been weakened by a recent spate of bankruptcies and failures.

MORE than a million state workers may now receive the remaining half of their 13th-month pay following the government’s release of P11 billion for those affected by tropical storm Ondoy, an official said yesterday.

Floodwaters have barely subsided in the eastern part of the metropolis and nearby localities but a garbage crisis already waits around the corner.

MANILA, Philippines – In an effort to help overseas Filipino workers (OFWs) and their families cope with the after effects of “Ondoy,” the Overseas Workers Welfare Administration (OWWA) is now extending interest-free calamity loans.

MANILA, Philippines – Amid growing concerns on global climate change, the Department of Energy (DOE) is eyeing to make renewable energy sources account for the biggest share in the country’s power generation mix.

MANILA, Philippines – The country’s external debt as of end-June declined to $51.8 billion from $52.2 billion recorded in March on the back of repayments by the public and private sector, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

Those who complained that the government did not act fast enough to the floods due to Ondoy are either being captious or deliberately unfair. It’s odious to make comparisons but by most of the standards of disaster management, the National Disaster Coordinating Council (NDCC) performed creditably.

A man who admitted killing his 59-year-old employer voluntarily surrendered last Tuesday night to policemen assigned to the Plaza Miranda Police Community Precinct last Tuesday night in Quiapo, Manila carrying the head of his victim.

Access to credit among small businesses are largely associated with the level of development of rural banks in their area since most of the country’s small and medium enterprises (SMEs), mostly located in the provinces, rely on the services of banks nearest to them.

CEBU, Philippines – Soon solo parents in Cebu City and their children can already avail of a package of benefits from the city government.

MANILA, Philippines – A law that will provide the regulatory framework for real estate investment trusts (REITS) is expected to be signed by the end of the year, allowing the Philippines to take a significant step in recognizing the importance of real estate as an alternative investment instrument.

ISTANBUL, Turkey (AP) – Likely losses from the financial crisis in the three years to 2010 have been reduced by $600 billion to $3.4 trillion as the world economy grows faster than previously expected, the International Monetary Fund said Wednesday.       

MANILA, Philippines – Amid growing concerns on global climate change, the Department of Energy (DOE) is eyeing to make renewable energy sources account for the biggest share in the country’s power generation mix.

WASHINGTON – The Global Fund to Fight AIDS, Tuberculosis and Malaria (GFATM) said it has suspended all five of its grants to the Tropical Disease Foundation (TDF) in the Philippines because of misuse of funds.

MANILA, Philippines – Mall owners can collect parking fees from motorists using their premises without violating the law, the Supreme Court (SC) has ruled.