MANILA, Philippines – Australia and New Zealand Banking Group Ltd. (ANZ) has revised its 2014 economic growth outlook for the Philippines to 7.3 percent after the gross domestic product (GDP) zoomed by a better-than-expected 7.2 percent last year.
“Following the strong growth in 2013, we have bumped up our 2014 growth outlook to 7.3 percent from 6.9 percent,” Eugenia Fabon Victorino, ANZ economist for Asia and Pacific, said.
ANZ had earlier placed forecast a fourth quarter growth rate of 6.5 percent (downgraded from its previous 6.9 percent) and a full year growth of 6.9 percent (upgraded from its original 6.8 percent).
“We see sustained resurgence in the manufacturing sector in line with industrial production gaining momentum. Loan growth to the manufacturing sector has risen after stalling in the first quarter of 2013,” said Victorino.
She added they expect that the reconstruction efforts after Super Typhoon Haiyan (Yolanda) would support economic activity throughout 2014.
Also, the Bangko Sentral ng Pilipinas (BSP) is expected to start tightening policy rates in the second semester of the year.
“We see both the policy overnight borrowing rate and the special deposit accounts (SDA) rate to steady at 3.5 percent and two percent, respectively, through the first half of 2014,” the bank economist said.
The policy tightening cycle serves as a pre-emptive move ahead to a lower inflation target range of two to four percent for the policy period 2015-2016. The bank expects interest rates to amount to a total of 50 basis points higher by the end of the year. –Ted P. Torres (The Philippine Star)
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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