The global economy remains unpredictable, National Economic Development Authority (Neda) regional director Ma. Lourdes Lim speaking at the economic briefing conducted by government economic managers in Davo City said.
Lim said although the local economy remained resilient compared to other Asian countries, “we still see volatility in the economy this year compared to last year.”
The projected volatility has pushed the national government to tighten up on fiscal targets, she said.
Lim said recovery in crude oil prices in the world market might put some pressure on consumer prices mainly from increases in utility rates.
She also said that the changing climatic conditions such as the El Niño, the building up of fiscal deficits, accumulating public debt, and a stronger recovery of the country’s Asian neighbors would have a negative impact on the Philippines.
She said the Philippines was one of the few countries in the world that enjoyed consistent positive gross domestic product (GDP) quarterly growth rates in 2009 along with China and Vietnam despite the global crisis.
The positive growth can be attributed to the government’s timely implementation of accommodative monetary policy and fiscal stimulus packages, which included the infrastructure spending strategies of frontloading, and realigning from slow moving to fast moving projects, implementation of quick-disbursing projects, implementation of lower corporate tax rates and personal income tax exemptions, implementation of various strategic social programs under the Economic Resiliency Plan and the Comprehensive Livelihood and Emergency Employment Program which provided almost 500,000 jobs or livelihood assistance nationwide, Lim said.
The economic managers, including Lim, highlighted the 1.8 percent growth of the country’s GDP in the fourth quarter of 2009. They also reported the 3 percent growth of GDP during same rating period. This was mainly due to a 20.1 percent increase in net factor income from abroad, resulting to a strong inflow of remittances from overseas Filipinos.
Services sector led the economic growth followed by agriculture. –Daily Tribune
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!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
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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