Crisis obstructing huge part of Europe is affecting the country but its effects are cushioned by the very strong domestic economy brought about by many factors, the Bangko Sentral ng Pilipinas (BSP) said.
Assistant governor for monetary stability sector Cyd Tuaño Amador said the Philippines’ good trade, remittances, balance of payments and even inflation figures are enough to cushion the impact of the European crisis, particularly in Portugal, Ireland, Greece and Spain or Pigs.
“What matters most is our domestic sources are solid because private consumption and public investments are growing so steadily. No need to worry for Filipinos,” Amador told The Daily Tribune.
She said remittances alone are enough indication that the Philippines is not severely affected because it only shows the job opportunities of Filipinos abroad remain unhampered. Remittances of Filipinos sent from various countries reached $2 billion for July 2012 alone, according to the BSP data.
The very effect of high dollar remittances from Filipinos abroad is seen on the very strong peso, according to Amador.
Peso opened at 41.73-$1 yesterday at the Philippine Dealing System.
The range is well within the peso average for the past several weeks.
Another sector that helps the Philippines very consistently, according to her, is the business process outsourcing (BPO) sector.
As of Sept. 15, the association of BPO firms in the Philippines said the sector now employs more than 600,000.
Amador said the experiences in many European countries have never happened here, particularly in job losses and debt-to-gross domestic product (GDP) ratio.
She said in Greece alone, the debt to GDP ratio now 50 percent. The Philippines only has 24 percent debt-to-GDP.
“You don’t see people here queuing in line looking for work. There, it’s a common scenario because life is so hard,” she said.
The crisis, now affecting 16 European countries, started when many nations defaulted in loan payments.
The defaults occurred after the loans they obtained were not used in investing in public infrastructure but in paying social security and pensions of retirees. –Ed Velasco, Daily Tribune
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
