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
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
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