Malacañang on Wednesday said that the plunge in the country’s exports was a reflection of the slide in the global economy being experienced in Europe, particularly Greece, and even Japan in Asia.
“If you look at the figures released by NEDA or NSCB yesterday [Tuesday], what was negative was the exports. It is a reflection of the slowdown in the global economy experienced, for instance, in Europe, in Greece, Japan. Our exports of semiconductors are strong with respect to Japan [but they weakened] because of the incident in Japan… the earthquake . . . the nuclear meltdown… the nuclear facility [that was endangered by the quake]. So it [the plummeting of the exports] is primarily an effect of the downturn in the global economy,” spokesman Edwin Lacierda said during a Palace press briefing.
NEDA is the National Economic and Development Authority and NSCB, the National Statistical Cordination Board.
Lacierda said that public construction had increased by nine points as of October this year and “we expect a lot of spending by next year.”
Next year would be “a challenge for us but we will try our best,” he added.
Lacierda dismissed calls for total revamp of the country’s economic team.
“We have not experienced the same pitfall of European companies. Our banking system is strong and stable. More projects will be up for bidding next year,” he said in ruling out the full shakedown.
Acording to Lacierda, the government has plenty of money and soon may release the promised additional P10,000 Christmas bonus to state workers.
“We are very prudent. Spending will go up. Economic managers are very prudent, we have not failed on debts for our country. We are handling the situation very well. Domestically we are doing well,” he said.
The future looks less rosy for members of the minority bloc in the House of Representatives, who also on Wednesday warned of increased crime rate amid declining economic growth and rising poverty.
Deputy Minority Leader Danilo Suarez of Quezon and Assistant Minority Leader Milagros Magsaysay cited the latest findings of NEDA, NSCB, World Bank and Social Weather Stations.
Based on the latest quarterly report of the NSCB, the economy grew only by 3.2 percent in the third quarter, below second quarter’s 3.4 percent and the 4 percent predicted growth.
Also the statistical board lowered the Philippines’ projected growth to 3.6 percent from 4.5 percent for 2011.
The country’s gross domestic product—the total value of goods and services produced in a country in a eyar — is down to 3.2 percent from 7.3 percent last year, according to NEDA.
The World Bank has also lowered its predicted growth forecast for the Philippines in 2011 from 5 percent to 4.2 percent.
SWS has pegged hunger incidence at 21.5 percent in September from 15.1 percent.
“This [poor growth picture] is a wake-up call to the economic team of the President to get their heads together and come up with solution. With unemployment, poverty and hunger, crimes will increase,” Suarez said during a press conference.
The Arroyo blame game is over, according to the House minority bloc. –Jaime Pilapil and Llanesca T. Panti, Manila Times
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