Economy

THE Philippine economic outlook is getting direr by the month. Last week the International Monetary Fund (IMF) issued the worst forecast yet for the country.

MANILA, Philippines–True to form, economists can’t agree on the likely shape of the recovery from the current global economic downturn precipitated by the US financial meltdown. The most pessimistic see an L-shaped trend, implying that the world economy will be lingering at the bottom for a long time. The more sanguine see just a year…

MANILA, Philippines (Xinhua) – The government is gearing up for a “rebound mode” following upbeat indicators in the global economy, officials said yesterday.

Despite the global financial crisis, more Filipinos are still hopeful that their personal quality of life will improve within a year, results of a nationwide survey released on Monday revealed.

MANILA, Philippines – More adult Filipinos are expecting their personal quality of life to improve in the next 12 months, the latest survey by the Social Weather Stations (SWS) showed.

MANILA, Philippines — Despite the global economic slowdown, the country can expect relatively brighter prospects this year in terms of economic growth and opportunities, according to a senior economist at the University of Asia and the Pacific.

The country’s slowing economy was more the result of “deep seated problems” rather than what the government has been insisting as the effects of the global financial crisis, Center for Research and Communication Foundation (CRC) president Dr. Emilio Antonio said.

MANILA, Philippines – Malacañang disputed the International Monetary Fund’s (IMF) zero growth forecast for the Philippines this year for being too conservative and not reflective of the prevailing economic indicators.

Citibank said it is seeing more opportunities in corporate and consumer banking in the Philippines despite the downscaled forecast in the country’s economic growth.

The International Monetary Fund (IMF) predicted that the Philippine economy would post flat growth this year, resulting from a contraction in remittances.

The economic slowdown in the Philippines has started to bottom out and growth will pick up in the third quarter of the year as the impact of the world financial crisis on the country subsides, Economic Planning Secretary Ralph Recto said yesterday.

THE Bangko Sentral ng Pilipinas (BSP) said it is seeing early signs of economic growth as the US, the Philippines’ major export market, showed slower contraction in the housing and manufacturing sectors.

MANILA, Philippines — The Philippine economy grew at a slower pace of 5.2 percent in the first quarter from a year earlier due to weak exports and rising food and energy prices, government data showed on Thursday.

Europe’s top aid official yesterday admonished developing Asian countries such as the Philippines to improve governance and not to rely on foreign support, saying not one country has been able to rise from poverty through financial help alone.

Fitch Ratings has cut its economic growth forecast for the Philippines to just 0.5 percent this year from a January forecast of 2.5 percent, reflecting shrinking consumption on the back of falling remittances and rising unemployment.

MANILA, Philippines – Economic authorities are downscaling the country’s economic growth target for this year to as low as 3.1 percent as a result of shrinking exports.

MANILA, Philippines – Senators will prioritize economic bills and those seeking to amend the Comprehensive Agrarian Reform Program (CARP) and the Energy Power Industry Reform Act (EPIRA) when Congress resumes session today.

MANILA, Philippines – Filipinos remained optimistic in the face of recession and job displacements, according to a recent survey.

MANILA, Philippines – Economic growth in the Philippines is expected to further slow to 1.9 percent this year, marking its worst performance since the Asian financial crisis more than a decade ago, the World Bank said yesterday.

Officials also eye cutsin economic targets   The World Bank on Tuesday downgraded the country’s economic growth this year to 1.9 percent because of weak remittances from overseas Filipino workers (OFWs) that could dampen consumer spending.

FEW funds will be available for spending on infrastructure and social services as the debt service costs of the private and public sectors are likely to rise on a weaker exchange rate and inadequate credit for productive purposes, the Bangko Sentral ng Pilipinas (BSP) warned Thursday.

The run-up to the G-20 meeting has been interesting and colorful. President Lula Da Silva of Brazil declared that “this crisis was caused by the irrational behavior of white people with blue eyes, who before the crisis appeared to know everything and now demonstrate that they know nothing.”

MANILA, Philippines — The Asian Development Bank said the Philippines would feel the pinch of the global crisis and growth would decelerate this year, but noted that the country would be in a much better position than most of its neighbors to cushion the impact of the turmoil.

RP not alone, as bank halves Asia forecasts The Asian Development Bank (ADB) on Tuesday further slashed the country’s economic growth forecast this year, because of weak consumer spending and investment caused by the global financial crisis.

THE Asian Development Bank has lowered its growth forecast for the Philippines to 2.5 percent from 4.7 percent this year as the global economy continues to deteriorate.

I MENTIONED LAST WEEK how various East Asian scholars, in a recent forum in Tokyo, affirmed the need for East Asia to rethink and rework the export-driven growth model that had propelled the region’s economies in recent decades.

A sharp contraction in Philippine exports caused by the global financial crisis could dampen economic growth this year, according to the United Nations Economic and Social Survey of Asia and the Pacific (Unescap).

MANILA, Philippines — The Philippine economy will grow by no more than 3.0 percent this year as it faces the “triple threats” of renewed fuel and food price spikes and the worsening effects of the global financial crisis, according to a United Nations report.

MANILA, Philippines — The Philippine economy’s ability to avoid the contagion of the global economic crisis has been eroded by its dependence on exports, but income remittances from overseas Filipino workers (OFWs) may mitigate this, according to a United Nations report.

The country’s economic managers are pinning their hopes on the Subic Bay Freeport zones and Clark Economic zones to keep Central Luzon’s economy humming amid a global economic slowdown.