The Philippine economy will grow at a faster pace of 4.5 percent next year, the International Monetary Fund said Tuesday, revising its earlier forecast of 4 percent in terms of the gross national product for 2011.
“Higher growth is very possible. It can be achieved,” IMF head of mission Vivek Arora said in a briefing at the Bangko Sentral ng Pilipinas headquarters.
“The near-term economic outlook is favorable, and the staff team projects growth to be 6 percent in 2010 and 4.5 percent in 2011,” Arora said.
“Inflation is expected to remain comfortably within the target range this year and next, and the balance of payments to remain in surplus,” he added.
Arora noted the Philippines emerged relatively unscathed from the global economic downturn, having posted actual growth averaging 1.1 percent in 2009, or better than the preliminary report showing that the economy grew by only 0.9 percent.
The Philippines this year is on track towards growth, given that the economy grew at a faster-than-expected pace of 7.3 percent in the first quarter.
The government earlier said that the economy would likely expand within a range of 7 percent to 8 percent in GDP terms.
“When all the reforms shall have been in place and its effects become clearer, we will be in a better position to judge whether the reforms achieved [the] purpose,” Arora said. —VS, GMANews.TV
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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