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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October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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