STRONG SPENDING during the holidays, driven partly by remittances from overseas Filipino workers (OFW), should help drive economic growth faster than officially projected, economists said yesterday.
Augusto B. Santos, deputy director-general of the National Economic and Development Authority (NEDA), said in a phone interview that both remittances and spending may be stronger than usual “due to the economic recovery.”
University of Asia and the Pacific economist Cid L. Terosa concurred, noting that “holiday spending and OFW remittances… will help the economy achieve strong fourth quarter growth… and eventually push 2010 GDP [gross domestic product expansion]…to 7%.”
GDP grew by a faster-than-expected 7.9% in the first half, prompting NEDA officials to remark that economic expansion this year could surpass the official 5%-6% projection.
Central bank data show that growth of personal consumption expenditure accelerated to 5.14% in the first half from 4.29% last year, while OFW remittances rose 7.4% to $12.18 billion in the eight months to August. — JJAC, Businessworld
May –
Anti-Graft and Corruption Awareness Month
“Corruption drains the nation
and victimizes workers who build the nation.
Accountability now!”
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
May 1 – Labor Day
May 2 – World Freedom Day
May 12 – World Communication Day
May 15 – International Day of Families
May 16 – International Day of Living
Together in Peace
May 21 – World Day for Cultural Diversity
for Dialogue and Development
Monthly Observances:
The Month of the Ocean
Anti-Graft and Corruption Awareness Month
Volunteerism Month
Weekly Observances:
Week 2: Safe Motherhood Week
Daily Observances:
May 1: Labor Day
May 7: Health Worker’s Day
May 31: National Fisherfolks Day
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