Economy

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…

Recession ruled out; higher growth seen in 2010 MANILA, Philippines – Saying it had underestimated the Philippines’ productivity potential, the International Monetary Fund raised its economic projection for the country to a growth of 1 percent this year, a turnaround from the earlier forecast of a 1-percent contraction.

The economy may grow slightly slower than forecast this year after storm Ondoy caused flooding and damaged homes and crops, Economic Planning Secretary Augusto Santos said yesterday.

The Philippine economic growth target may be cut this year because of the impact of tropical storm Ondoy and may dampen the Christmas season, experts said Tuesday. Augusto Santos said the economy, as measured by gross domestic product (GDP), may be reduced between 0.7 percent and 1.7 percent this year. He is the acting Socioeconomic…

STANDARD and Poor’s (S&P) said Philippine economic growth will hit the high-end of the government’s target range for this year and next year. Despite this, the credit rating agency said the Bangko Sentral ng Pilipinas (BSP) would hold onto current interest rate settings amid expectations of weak exports until 2010.

MANILA, Philippines – Director for national planning and policy Dennis M. Arroyo of the National Economic and Development Authority (NEDA) will talk on “How the 2009 Medium Term Economic and Development Plan Can Help the Philippines Weather the Global Economic Crisis” before the Chamber of Real Estate and Builders’ Associations Inc. (CREBA) at noon today.

MANILA, Philippines – The Asian Development Bank (ADB) has trimmed down its growth forecast for the Philippines this year to 1.6 percent from an earlier estimate of 2.5 percent due to a sluggish economic performance in the first semester.

MANILA,Philippines – The Asian Development Bank has scaled down its growth forecasts for the Philippines and the rest of Southeast Asia for this year and the next, saying the impact of the global economic downturn on the region was worse than it initially expected.

The Asian Development Bank (ADB) on Tuesday downgraded its economic forecast for the Philippines this year, adding that it expected modest growth next year on the assumption of peaceful elections and a smooth transition in government.

Economic growth in the Philippines is expected to pick up in the second half of 2009 on the back of higher consumer spending, an official of the National Economic and Development Authority said.

THE SLIGHTLY POSITIVE GDP growth our economy achieved in the second quarter was primarily the result of government’s extraordinary efforts to spend our way out of the global economic downturn.

GOLDMAN Sachs said the Philippine economy would grow faster than its previous forecast because of stable remittances, substantial monetary stimulus and a manageable fiscal deficit. In a research note, the US investment bank said monetary policy would remain stable until the second half of next year, during which it expects the Bangko Sentral ng Pilipinas…

BUSINESS groups have called on the two chambers of Congress to immediately enact key economic legislation, before most lawmakers shift their focus to their individual bids for the upcoming 2010 elections.

MANILA, Philippines – Local and foreign businessmen are pushing for the passage of 10 bills to boost economy.

MUCH HAS BEEN SAID ABOUT how little GNP (gross national product) or GDP (gross domestic product) really tells us—and yet GNP/GDP remains the most widely used measure for assessing the performance of economies around the world. GNP measures production by a country’s nationals wherever they are (whether within or outside the country), while GDP measures…

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) said there are already signs of economic recovery, indicating that demand for Philippine exports would soon pick up.

GOOD NEWS: THE ECONOMY APPEARED to show overall improvement in the second quarter, bucking recessionary trends worldwide. The second-quarter growth figures released last week indicate that we have managed to avert a recession, meaning, we were able to avoid having two quarters of successive contraction of the economy. The data show a rebound in the…

THE economy rebounded in the second quarter from its slowest growth in a decade, boosted by government spending and adding to signs Asian nations are recovering from the global recession.

MANILA, Philippines – An acclaimed economist of the Bank for International Settlements (BIS) is optimistic that the Philippine economy will make a strong recovery in the second semester of 2009.

MANILA, Philippines – The Philippine economy is expected to expand anywhere between one percent and 1.5 percent this year, according to the latest forecast of international credit rating agency Standard & Poor’s (S&P).

MANILA, Philippines – The economy may grow anywhere from 2.6 percent to 3.6 percent in 2010, the Development Budget Coordination Committee (DBCC) said yesterday.

MANILA, Philippines – With several sectors of the economy bouncing back after a brief slump over the past several months, the National Economic and Development Authority (NEDA) has boldly stated that the Philippines will not slip into a recession this year.

MANILA, Philippines – A top economist has forecast Philippine economic growth to expand by as much as four percent this year and a further six percent in 2010, powered by higher remittances, consumer spending and infrastructure projects ahead of the national elections next year.

Did you play True or False as a kid? The State-of-the-Nation Address reminded me of this game.

President Arroyo cannot take full credit for the performance of the country’s economy as was her boast at yesterday’s State of the Nation Address (Sona) because of factors that affect economic growth that is beyond the government’s control, UP School of Economics professor Benjamin Diokno said yesterday.

Business leaders lauded President Gloria Arroyo’s “straightforward” State of the Nation Address (SONA) in which she bragged about the various accomplishments of the government, especially in the economy, under her watch, as well as hit back at critics.

MANILA, Philippines – President Arroyo came out swinging yesterday at her critics in her last State of the Nation Address (SONA), defending her style of governance and vowing to continue to “fight” for the welfare of ordinary Filipinos and the economy up to the last day of her term in June 2010.

MANILA, Philippines – Senators criticized President Arroyo yesterday for delivering a State of the Nation Address (SONA) that painted a picture of a prosperous Philippines, which they said was far from reality.

MANILA, Philippines – Speaker Prospero Nograles, a known ally of President Arroyo, said the SONA of the chief executive was “tough but accurate and full of substance.”

MANILA, Philippines – Defense Secretary Gilbert “Gibo” Teodoro outlined his roadmap for the country’s sustained economic growth anchored on lasting peace specifically in southern Philippines.