Economy

MANILA, Philippines – The economy, as measured by the country’s gross domestic product (GDP), grew by a meager 0.8 percent in the third quarter of the year from 4.6 percent recorded a year ago and slower than the official forecast range for the period of 1.6 percent to 2.6 percent, the National Statistical Coordination Board…

MANILA, Philippines – The International Monetary Fund (IMF) adjusted upwards the country’s economic growth forecast for this year and next year despite the damages caused by tropical storm Ondoy and typhoon Pepeng.

MANILA, Philippines – The National Economic and Development Authority (NEDA) expects the economy to recover next year now that most of the major economies, including the United States have started registering positive growth again.

ANALYSIS The Philippines is one of the few economies that managed to grow despite a global recession, but poverty reduction remains a challenge for this developing Asian economy.

THE World Bank says the Philippine economy will grow by 1.4 percent this year despite the global economic crisis that pushed many countries into recession, but warns the destruction caused by three recent storms will push more than a million Filipinos into poverty.

MANILA, Philippines – The World Bank has upgraded its growth forecast for the Philippines this year, reversing an earlier estimate of a 0.3-percent contraction to an expansion of 1.4 percent, as it noted that an expected global economic recovery would further lift the inflow of remittances, boost exports and encourage consumer spending.

INVESTMENT BANK UBS has upgraded its growth outlook for the Philippines for 2010 alongside a modest global recovery and benign inflation prospects.

The Philippine economy is likely to grow at a slower pace in the third quarter, the National Economic and Development Authority (NEDA) said.

MANILA, Philippines – The World Bank said the Philippines would need to grow between six and seven percent on a sustained basis to help arrest its rising poverty incidence.

MANILA, Philippines – American banking giant Citigroup has scaled down its outlook on Philippine growth this year due to supply shocks caused by tropical storm Ondoy and typhoon Pepeng.

MANILA, Philippines – International lender World Bank (WB) is set to upgrade the country’s economic outlook and is now looking at a growth instead of a contraction after a strong recovery in the second quarter of the year.

MANILA, Philippines – Foreign businessmen said they will remain cautious in deciding to invest in the country next year.

MANILA, Philippines – Powerful storms that claimed nearly 1,000 lives in the Philippines have also taken a heavy toll on the nation’s economy, which is expected to take years to recover.

MANILA, Philippines – The economy may still hit the high end of the government’s 0.8 to 1.8 percent growth target this year despite the damage caused by the two typhoons that recently ravaged the country and the lingering impact of the global financial crisis, Socioeconomic Planning Secretary Augusto Santos said during the government’s midyear economic…

MANILA, Philippines–Local banking giant Metropolitan Bank and Trust Co. sees the economy expanding by 1.5 percent this year, aided by reconstruction efforts in the aftermath of Tropical Storm “Ondoy” and Typhoon “Pepeng.”

MANILA, Philippines – Moody’s Economy.com, the economic research and analysis arm of New York-based credit-rating firm Moody’s Investors Service, said the impact of tropical storm Ondoy (international name: Ketsana) and typhoon Pepeng (Parma) on the country’s domestic output is minimal.

THE Philippine economy is expected to recover right away from the devastation wrought by Tropical Storm “Ondoy” and Typhoon “Pepeng” in recent weeks.

From here to 2010: A view of the Philippine economy I. Perspective Ondoy and Pepeng devastated many sectors in our economy, aggravating the destruction already brought about by the global recession. The recession brought down the 7.2-percent growth rate of Philippine GDP in 2007 to 3.8 percent in 2008 and threatened to do even worse…

MANILA, Philippines – The Hongkong Shanghai Banking Corp. (HSBC) upgraded yesterday its 2009 and 2010 economic growth forecasts for the Philippines as Asian economies are set to lead global economic recovery.

Allowing for migrationboth within and between countrieshas the potential to increase peoples freedom and improve the lives of millions around the world, according to the 2009 Human Development Report.

THE National Economic and Development Authority (NEDA) said the two recent typhoons that hit the country could further dampen economic growth this year. Dennis Arroyo, NEDA-National Planning and Policy Staff director, told reporters that Philippine gross domestic product (GDP) growth may be cut by 0.2 percentage points to between 0.6 percent and 1.6 percent this…

MANILA, Philippines – The Philippines ranked 105th out of 182 countries in the human development index (HDI) that shows the country’s development and growth rate compared with those of other nations.

The Philippines has again fallen in ranking from the list of a United Nations Human Development Index (UN-HDi). The country fell below most of its Asian counterparts as it ranked 105 among 182 countries in the UN-HDi.

The immediate negative impact of tropical storm Ondoy on consumer and business confidence was hard to ignore, with all affected regions—including Metro Manila—accounting for more than 50 percent of the Philippine gross domestic product (GDP) and with recovery from the global crisis still quite weak, a New York-based think tank said in its latest market…

THE Philippines retained its 105th ranking among 182 countries in a development report released yesterday, placing it in the medium development bracket with a human development index of 0.751 based on 2007 data.

MANILA, Philippines – The Union Bank of Switzerland (UBS) has revised upward its 2009 economic growth forecast for the Philippines on the back of higher dollar remittances from overseas Filipino workers (OFWs) and a widening fiscal deficit which is expected to fuel economic activities in the remaining part of 2009.

MANILA, Philippines – The Metrobank Group and the University of Asia and the Pacific (UA&P) are expecting a 3.5-percent increase in remittances this year despite the global economic slowdown.

MANILA, Philippines – Business groups have expressed alarm over Malacañang’s plan to extend its declaration of a state of calamity for at least a year, with one calling it “an overkill.” The groups said the plan, if carried out, would spawn more problems like job losses and supply shortage.

THE Philippine economy may go through a ”slow recovery” in the third quarter, according to the National Statistical Coordination Board (NSCB), as its composite leading economic index (LEI) slid further into negative territory. Citing a moderate decline in its LEI, the agency said the indicator slipped to negative 0.425 in the third quarter from a…

THE Bangko Sentral ng Pilipinas (BSP) kept its interest rates steady on Thursday, as the International Monetary Fund (IMF) raised its economic growth forecast for the country until 2010. Citing the country’s sustained remittance growth and the slow recovery in exports, Dennis Botman, IMF Philippines resident representative, said the country is likely to post growth…