MANILA, Philippines (Xinhua) — The Asian Development Bank (ADB) forecasts that the Philippine economy will slow to 1 percent this year as damages wrought by typhoons Ketsana and Parma dampen consumption.
The latest ADB forecast, which was issued Tuesday, is lower than the 1.6 percent growth forecast it presented in September. But ADB maintained its 3.3 percent GDP forecast for 2010.
ADB Chief Economist Jong-Wha Lee said in a press briefing that the ADB didn’t expect the Philippine economy to post an actual GDP growth of 0.7 percent in the first nine months of the year.
The performance of the Philippine economy in the first three quarters was “worse than we expected,” Lee said.
“The external environment was not very good to the Philippine economy (and) unemployment is high (which had a) negative impact on (domestic) demand. The typhoons also dampened growth,” he said.
While the ADB revised its growth projection for the Philippines downward, the bank was more bullish when it came to the GDP growth prospects of emerging economies in the East Asian region.
The ADB said that the 14 economies of emerging East Asian region will collectively grow by 4.2 percent this year and by 6.8 percent in 2010. That is higher than the September forecast of 3.6 percent and 6.5 percent, respectively.
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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