MANILA, Philippines (UPDATE) – The local economy expanded by 6.5% in the third quarter from a year ago, below market expectations and slower than the growth in the first half, data from the economic planning agency showed.
Gross domestic product (GDP) growth for the July to September period was below the revised 8.2% and 7.8% jumps recorded in the second and first quarters, respectively. It was also lower than the 6.8% estimate in a previous Reuters poll of economists.
The third-quarter figure brought the average GDP growth for the first 9 months to 7.5%, well above the full-year government target of 5% to 6%.
Meanwhile, GDP contracted by a seasonally adjusted 0.5% in the third quarter.
The National Economic Development Authority (NEDA) said third-quarter economic growth was expected to lose some strength as effects of government pump-priming and election spending faded.
Despite this, NEDA chief Cayetano Paderanga expects the economy could exceed the 2010 forecast this year.
The Bangko Sentral ng Pilipinas (BSP) said it may keep its policy rate steady at a record low of 4% even with sustained economic growth.
Interest rates have remained unchanged for the 12th straight central bank policy meeting on November 18, and these are likely to stay the same going into 2011 due to benign inflation outlook.
The Philippines is one of few Asian countries not to have raised interest rates yet since the global financial crisis. – With a report from Reuters
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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