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.
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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September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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