GROSS domestic product (GDP) growth could hit 5.7% this year as strong influx of money from overseas Filipinos workers (OFWs) supports the consumption-driven Philippine economy, HSBC said in a research note released yesterday.
Remittances jump 7.6% in AugustRemittance growth on targetRemittances sustain uptrend in JulyRemittances seen as service sector growth driverRemittance growth slows in June
“The acceleration of remittances is much stronger than expected, underpinning robust demand for Filipino workers as well the resilient nature of OFWs and their professions,” the bank said.
Filipinos working abroad sent home $1.797 billion in August, up by 7.6% from the same month last year.
The increase was the biggest since November last year when remittances grew 10.6%.
Remittances totaled $13.733 billion in the eight months to August, 5.5% more than the $13.021 billion notched in the same period in 2011 — in line with the central bank’s 5% growth projection for the year.
The continued surge of remittances will fuel robust private consumption in the third quarter, HSBC said.
Coupled with healthy public spending, which will support infrastructure and investments, these gains could offset the sharp contraction of exports, it explained.
The government spent P126.885 billion in August, a 10.4% hike from the year before. This took the eight-month tally to P1.085 trillion, 14.5% more than the P947.244 billion spent in the same period in 2011. Exports, on the other hand, fell by 9% to $3.8 billion from $4.17 billion in August — the weakest performance in eight months.
“Growth, therefore, is expected to reach the government’s 5-6% target,” HSBC said.
The global banking giant also expects inflation to remain benign this year, settling at the “midrange of the 3-5% target” set by the Bangko Sentral ng Pilipinas.
But inflationary risks are on the upside, it warned, and the rise in prices of consumer goods will likely pick up in the first quarter of 2013 due to the anticipated economic recovery of China. — D. C. J. Jiao, Businesworld
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
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September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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