Japan’s announcement of a second-quarter growth bolsters the Philippine government’s projection that the local economy will be spared from a recession for the rest of this year.
“That’s good news. The US is expected to be out of recession and now the Japanese,” Gary Olivar, presidential economic spokesman, said Tuesday. “These are major partners [of the Philippines], and you know China is also dynamic. That’s why [former Socioeconomic Planning] Secretary [Ralph] Recto said recently that we’re not in a danger of recession anymore so this is an additional proof that we can totally escape recession.”
When asked if the Palace expects better economic environment later this year, he said: “Maybe in the third or fourth quarter. I think we are projecting growth this year of 2 [percent] to 3 percent in the low side . . .”
Out of the doldrums
Earlier Monday, Japan announced that it finally recovered from recession after posting positive growth in the second quarter. Japan followed Germany and France in posting growth after massive government spending resuscitated the ailing global economy.
Japan’s economy, the second largest in the world, grew by 0.9 percent from April to June, after contracting for four previous quarters. The country’s gross domestic product (GDP) grew at an annualized pace of 3.7 percent in the second quarter, having shrunk 3.1 percent in the first quarter and by 3.5 percent in the fourth quarter of 2008.
GDP, a key economic indicator, is the total cost of all goods and services produced in the country in a year.
Japan plunged into recession in the second quarter of 2008 after a severe global downturn crushed demand for its cars, electronics and other consumer goods.
Weak demand for its major exports appear to be over after it posted a 6.3-percent increase in exports from April to June—the first increase in five quarters.
Experts said they expected the Japanese economy to keep growing through the rest of 2009. –Angelo S. Samonte, Reporter, Manila Times
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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