Economy

Government acts to address rising unemployment

Published by rudy Date posted on March 19, 2009

MANILA, Philippines – Socioeconomic Planning Secretary Ralph Recto yesterday assured that the government would step up efforts to address the rising unemployment rate in the country.

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Economy remains sensitive to global downturn – BSP

Published by rudy Date posted on March 19, 2009

MANILA, Philippines – Despite its resilience, the Bangko Sentral ng Pilipinas (BSP) said the Philippine economy is still sensitive to a deeper and protracted global economic downturn requiring prompt and decisive policy action.

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ADB concerned over RP’s swelling budget deficit

Published by rudy Date posted on March 18, 2009

MANILA, Philippines – The Asian Development Bank (ADB) has expressed concern over the government’s swelling budget deficit.

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Consumer pessimism remains in first quarter

Published by rudy Date posted on March 13, 2009

FILIPINOS remain pessimistic in the first quarter as concerns over unemployment and low incomes outweighed the easing of inflation, according to a Bangko Sentral ng Pilipinas (BSP) survey.

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HSBC still positive on RP growth in 2009

Published by rudy Date posted on March 10, 2009

MANILA, Philippines – Despite the global credit crisis and its impact on most financial systems, the Hongkong and Shanghai Banking Corp. (HSBC) is still bullish over the growth prospects of the Philippine economy and its financial system.

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Barclays Capital says RP to grow 3% in 2009

Published by rudy Date posted on March 9, 2009

MANILA, Philippines – The economy, as measured by gross domestic product (GDP) may grow by just three percent this year from 4.6 percent in 2008, according to the latest study on the Philippines by Barclays Capital.

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UAP economist sees RP growing 3.8%-4.3% in 2009

Published by rudy Date posted on March 6, 2009

MANILA, Philippines – The Philippine economy, as measured by the gross domestic product (GDP), may grow between 3.8 percent and 4.3 percent this year, an economist from the University of Asia and the Pacific (UAP) told an economic forum yesterday.

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Government set to revise downward growth forecast for this year

Published by rudy Date posted on February 24, 2009

MANILA, Philippines – The government is set to revise downward the economic growth forecast for the year given the global economic recession, Socioeconomic Planning Secretary Ralph Recto said yesterday.

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Economic recovery to take 2 to 3 years

Published by rudy Date posted on February 19, 2009

Recovery from the current global financial crisis could even take longer than the 1997 Asian financial crisis, various international organization officials said Wednesday.

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IMF cuts RP growth forecast, warns of fiscal blowout

Published by rudy Date posted on February 19, 2009

THE Philippines is likely to incur a bigger budget deficit for this year than what the government has programmed due to weak revenue collection and high expenditures, the International Monetary Fund (IMF) said Wednesday.

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Gov’t think-tank sees ’09 growth at 4.3%

Published by rudy Date posted on February 19, 2009

The Philippine economy as measured by the gross domestic product (GDP) will grow 4.3 percent this year even if the global financial crisis worsens, a government development think-tank said.

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RP economy to slow sharply this year – IMF

Published by rudy Date posted on February 19, 2009

MANILA, Philippines – The country’s economic growth is set to slow sharply this year as the economy faces “strong head winds” from falling global demand and a drop in remittances from Filipinos working abroad, the International Monetary Fund (IMF) said yesterday.

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Finance: Govt to forfeit P20b in revenues from tax relief law

Published by rudy Date posted on February 16, 2009

The government will forego roughly P20 billion in potential revenues this year from the full-year implementation of the tax relief law, which increased the personal exemptions of taxpayers and waived the withholding tax on minimum wage earners.

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Economic managers stick to 3.7%-4.7% GDP growth target

Published by rudy Date posted on February 15, 2009

MANILA, Philippines – The country’s economic managers are sticking to the 3.7-4.7 percent growth target for the gross domestic product (GDP), saying the growth momentum would continue in 2009.

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RP growth seen at slower 2.5% in 2009

Published by rudy Date posted on February 14, 2009

MANILA, Philippines – Economists see the country’s growth slowing down to 2.5 percent this year, despite the surprisingly strong performance in 2008, weighed down by declining remittances that has consistently funded domestic consumption.

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Manila may slash economic forecasts as outlook worsens

Published by rudy Date posted on February 13, 2009

THE Philippines may cut its forecasts for this year’s exports and inflation as the global recession deepens, forcing the government to increase spending and threatening to widen the budget deficit, an official said yesterday.

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Moody’s affirms positive outlook on RP

Published by rudy Date posted on February 13, 2009

MANILA, Philippines – Moody’s Investors Service affirmed yesterday its positive outlook on the Philippines’ credit ratings, retaining the country on its path towards a possible upgrade in the actual ratings.

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RP outside scope of global recession – GMA

Published by rudy Date posted on February 12, 2009

ANGELES CITY, Philippines — President Arroyo said yesterday she is convinced that the country, despite the exports slowdown and rising layoffs, remains outside the scope of the global recession.

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RP economy to do better than others

Published by rudy Date posted on February 11, 2009

The Philippines is expected to sustain economic growth this year and outperform many of its Asian neighbors, according to a report by Moody’s Eco­nomy.com Inc.

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NEDA downplays bleak IMF, S&P forecasts

Published by rudy Date posted on February 9, 2009

MANILA, Philippines — The National Economic and Development Authority (NEDA) has downplayed the bleak economic forecasts made by the International Monetary Fund (IMF) and US-based rating agency Standard and Poor’s for the Philippines.

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S&P downscales RP growth projection in 2009 to only 2.2%

Published by rudy Date posted on February 6, 2009

Standard & Poors (S&P) has downscaled its growth projection for the Philippines in 2009 from the original forecast of 3.3 percent to only 2.2 percent.

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International Monetary Fund cuts RP growth forecast to 2.25%

Published by rudy Date posted on February 5, 2009

The International Monetary Fund (IMF) downscaled again its 2009 economic growth projections for the Philippines from its 3.5-percent estimate in November last year to only 2.25 percent.

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More Pinoys expect better life in 2009 – SWS

Published by rudy Date posted on February 3, 2009

MANILA, Philippines — A recent survey conducted by the Social Weather Stations (SWS) showed that more Filipinos expect their quality of life to improve in the next 12 months despite the global economic crisis.

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UBS maintains RP growth forecast at 1.8%

Published by rudy Date posted on February 2, 2009

The Union Bank of Switzerland (UBS) is keeping its bleak economic growth projection for the Philippines this year despite what it termed as a surprising gross domestic product (GDP) growth last year.

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Private consumption to boost growth – BSP

Published by rudy Date posted on February 2, 2009

Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. ruled out the possibility of an economic recession, expressing optimism that private consumption would continue to support economic growth.

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Economist sees RP growing by 4.1%

Published by rudy Date posted on February 1, 2009

The economy is likely to grow by 4.1 percent this year or within the government’s gross domestic product (GDP) growth forecast for the year of 3.7 percent to 4.7 percent, an economist from the University of Asia and the Pacific (UA&P) said yesterday.

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UA&P economist expects RP to grow by 4.1%

Published by rudy Date posted on January 31, 2009

The economy is likely to grow by 4.1 percent this year or within the government’s gross domestic product (GDP) growth forecast for the year of 3.7 percent to 4.7 percent, an economist from the University of Asia and the Pacific (UA&P) said yesterday.

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International Monetary Fund further cuts growth forecast

Published by rudy Date posted on January 30, 2009

THE International Monetary Fund (IMF) said it has downgraded its growth projection for the world economy for this year as the financial markets remain under stress despite the policy measures introduced to provide additional capital and reduce credit risks.

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4th quarter posts stronger growth, surprises analysts

Published by rudy Date posted on January 30, 2009

ECONOMIC growth beat expectations in the fourth quarter as higher remittances helped sustain consumer spending.

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Rising unemployment a big threat to economy

Published by rudy Date posted on January 30, 2009

Rising unemployment would be a political nightmare for the Arroyo administration this year, posing a greater threat than potential external account weakness amid slowing exports.

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