Global Financial Crisis – Philippines

At the onset of the global financial crisis, 42-year-old Rosita Vergara lost her job along with some 300 workers in an export-processing zone in Calamba, Laguna.

Support for regional recovery needed — ADB ASIAN policymakers should come up with policies that support the region’s economic recovery, and make governments more responsive and resilient to future crises, Asian Development Bank (ADB) President Haruhiko Kuroda said yesterday.

Employment has shown signs of recovering from the global downturn, particularly in emerging Asian and Latin American economies, but the global outlook remains worrying given what the International Labor Organization (ILO) sees as a protracted “labor market recession”.

As P-Noy’s economic team starts the process of crafting the medium-term development plan, new wrinkles on an already jagged economic terrain have emerged: the US economy is slowing and foreign direct investments (FDIs) in the Philippines is falling. As pundits used to say: when the US sneezes, the rest of the world catches cold; the…

WHILE it is true that the Philippine economy did not contract amid the global economic crisis and the onslaught of Tyhoon Ondoy and Pepeng in 2009, four regions, including the National Capital Region (NCR), experienced a contraction in gross regional domestic product (GRDP) due to the crisis and the typhoons.

No amount of money can buy the joy that a toy can bring to a child. This was the view expressed Thursday by the local distributor of Barbie dolls and other high-end toys who also said that the toy market in the country continues to flourish despite the hard times. Myrna Yao, Richwell Trading Corp.…

FRANCHISERS and their prospective investors should tread carefully as the global economic recovery remains fragile and consumers have become harder to please.

In the past week alone, the New York Stock Exchange dropped 300 points. Markets in both Europe and Asia were in retreat. In our own market, the expected post-inauguration bounce did not happen. On the day after an orderly transfer of power happened, three days of gains were wiped out in one session at the…

MANILA, Philippines – Outgoing Finance Secretary Margarito Teves said the economy could have performed better and trimmed fiscal deficit were it not for the impact of the global financial crisis.

Paid sick leave plays a crucial role especially in times of crises where many workers fear dismissal and discrimination when reporting sick. A new ILO study shows that paid sick leave is not only affordable but pays off in terms of health and economic gains for employers, workers and the economy at large. ILO Online…

MORE Filipino and foreign investors participated in the local bourse last year amid the financial crisis that clobbered global stock markets, the Philippine Stock Exchange (PSE) said in a statement yesterday.

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is keeping a close watch on the fringe benefits and bonuses of institutions supervised by the central bank following the highly publicized outrage of American taxpayers on the exorbitant bonuses paid to key officers of bankrupt American International Group (AIG) over a year ago.

Despite the higher growth rates forecast for the region, the Manila-based Asian Development Bank (ADB) reminded developing member-countries (DMCs) like the Philippines of the importance of fiscal prudence after the global economic crisis.

Pushing Philippines Towards Equitable Progress Welcome Remarks for TUCP By TUCP General Secretary Ernesto F. Herrera DOLE Undersecretary Baldoz, JILAF Executive Director-General Takahashi, Labor Attache Jono, JILAF friends, Participants, Guests —

After contracting 4.5 percent, the operating income of local banks and financial institutions grew 7.1 percent last year to P315.7 billion, Bangko Sentral ng Pilipinas (BSP) data released recently showed.

Clark Freeport Zone and the Metro Clark Area benefited from the sound economic programs of the Philippine government despite the financial crisis last year as the state-owned firm bucked the odds and turned the crisis into investment and development opportunities.

MANILA, Philippines – The country’s imports climbed 27.6 percent in February from a year earlier, slowing from January’s seven-year high growth of 31 percent, mainly due to lower purchases of oil and oil products, the National Statistics Office (NSO) reported yesterday.

SLOWLY but surely the Philippines is emerging from the worst global economic crisis in decades. A fresh whiff of good news came from the Bangko Sentral ng Pilipinas (BSP).

From the introduction of R. Torres, IILS Director: This Policy Brief shows that the benefits from adopting and pursuing fiscal measures in support of jobs are significant. Such measures are crucial for reducing the lag between the incipient economic rebound and job creation. Indeed, a premature exit from such measures would weaken the economic recovery,…

MANILA, Philippines – The government should maintain the fiscal and monetary stimulus program implemented since last year until private sector investments are strong enough to support economic growth, the World Bank (WB) said yesterday.

MANILA, Philippines – The government is set to source half of the P100-billion economic stimulus package this year from government-owned and controlled corporations (GOCCs) as well as government financial institutions (GFIs), Finance Secretary Margarito Teves said the other day.

MANILA, Philippines – Output of the country’s manufacturing sector went up by a double-digit growth in January compared to the year-ago level, the National Statistics Office (NSO) reported yesterday.

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MANILA, Philippines – The government is spending P100 billion this year to pump prime the economy that was battered by the full impact of the global economic crisis last year, Finance Secretary Margarito Teves said yesterday.

THE government has earmarked P100 billion for stimulus spending this year, only about a third of what it spent last year, as it struggles to trim its fiscal deficit estimated at P293 billion.

Quality employment key to poverty alleviation, UN official says 22 March 2010 –Decent employment opportunities are essential for countries to achieve economic growth and alleviate poverty, the head of United Nations Development Programme (UNDP) said today, stressing the need to create more and better jobs each year.

MANILA, Philippines – The economic crisis affecting the country is almost over, the Department of Labor and Employment (DOLE) reported yesterday.

THE Philippine central bank on Thursday tightened its rediscounting facility in a move seen as a prelude to an increase in its key interest rates.

EXPORTERS are bracing for a quicker recovery than earlier expected, with demand returning to pre-crisis levels in the first month of the year. Sergio Ortiz Luis, Philippine Exporters Confederation Inc. president, on Wednesday said they expect revenues to match pre-crisis levels by the end of this year.

MANILA, Philippines – The timing of the implementation of an exit strategy from an accommodative policy stance emerged as one of the major risks that could derail the recovery of the country’s domestic economy from a major slump last year, a top official of the Bangko Sentral ng Pilipinas (BSP) said yesterday.