Global Financial Crisis – Philippines

MANILA, Philippines – A survey conducted by the Bangko Sentral ng Pilipinas (BSP) showed that more and more companies are looking at hiring additional employees after rationalizing their workforce during the height of the global economic meltdown.

MANILA, Philippines – The International Monetary Fund (IMF) has stressed the importance for monetary authorities to maintain their accommodative policy stance and avoid premature exit to ensure sustained economic recovery.

MANILA, Philippines – The local ICT industry is getting out of the doldrums this year, according to market research firm IDC, which is quoting huge numbers — $3.14 billion and $3.81 billion — for total IT and telecommunication market spendings, respectively, by the end of 2010.

PHILIPPINE exports in December rose at its fastest pace in nearly four years, but the full-year figure was the worst contraction on record.

MANILA, Philippines – Crisis-hit firms that retain or hire more workers may not be eligible for tax perks this year after all as the Board of Investments (BoI) has reversed an earlier policy decision.

MANILA, Philippines – Battered by the global financial turmoil and typhoons Ondoy and Pepeng, the Philippine economy, as measured by gross domestic product (GDP), grew by 0.9 percent last year, the slowest pace in 11 years, the National Statistical Coordination Board (NSCB) reported yesterday.

MANILA, Philippines—The number of jobless worldwide reached nearly 212 million in 2009 following an unprecedented increase of 34 million compared to 2007, on the eve of the global crisis, the International Labor Organization (ILO) said in its annual Global Employment Trends report.

The global unemployment is likely to remain high in 2010 as the number of jobless worldwide reached nearly 212 million in 2009 during the peak of the global financial crisis, according to the Global Employment Trends report of the International Labor Organization (ILO) on Tuesday.

Trade Secretary Peter Favila said Monday he expects the export sector to begin rehiring the workers it laid off last year after ending a 13-month slump in November.

MANILA, Philippines – The forthcoming elections and a global recovery from the financial crisis are supporting the growing optimisn among Filipino businessmen of a modest economic rebound this year, a survey conducted by Dun and Bradstreet Philippines Inc. showed.

MANILA, Philippines – The government will continue to spend on vulnerable sectors and monitor developments related to the global financial crisis this year, the National Economic and Development Authority (NEDA) said.

MANILA, Philippines – The Philippines and other Southeast Asian (SEA) economies are recovering faster from the global economic crisis than the rest of Asia and the emerging markets, the Asian Development Bank (ADB) said in a study.

MANILA, Philippines–The economy, gauged using the leading economic indicators (LEI) index, continued to slide for the sixth consecutive quarter in October to December, according to the National Statistical Coordination Board.

CLARK FREEPORT, Philippines – Because of the sound economic agenda instituted by the administration of Clark Development Corp. president Benigno Ricafort and the support of the state-owned firm to the various crisis-affected firms, most Clark locators are able to recover from the economic meltdown.

CLARK FREEPORT: The worldwide financial stress may have taken its toll inside the Freeport, especially on the number of workers, which declined by close to 3,000—from 57,790 in December 2008 to 54,829 workers in April 2009.

MANILA, Philippines – Local businesses are more optimistic this year after the country avoided going into recession in 2009, an international consultancy group said.

FAITH, HOPE, CHARITY: When a buoyant majority of Filipinos polled recently said they awaited the New Year with optimism, I suspected that they were mostly expressing Hope.

MANILA, Philippines – American banking giant Citigroup sees the Bangko Sentral ng Pilipinas (BSP) implementing an exit strategy earlier than expected in light of 2010 election-related spending and the conversion of offshore inflows.

MANILA, Philippines – Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. believes that the Philippine economy was left relatively unscathed by the “financial crisis” that led to a global economic slump.

WHILE the country’s green energy initiatives began taking off in 2009, earlier reforms in the sector risked unraveling that year. As local oil companies failed to reflect the sudden fall in world crude prices, the clamor for a revision of the Downstream Oil Deregulation Act of 1998 gained steam.

MANILA, Philippines – A bill pending at the Senate is mandating the Department of Labor and Employment (DOLE) to conduct a five-year research on the viability of part-time employment as an alternative to retrenchment options for employers suffering business losses due to the global financial crisis.

DESPITE the anticipated economic recovery next year, the unemployment rate may still climb higher in developing countries like the Philippines, the Asian Development Bank (ADB) warned. In a report, the Manila-based lender said there was at least a one-quarter lag from the time the crisis decreased economic output and increased unemployment.

THE stock market rebounded from a global financial slowdown to end the year up 63 percent, making it one of the best-performing equities markets in Asia and positioning it for further growth in 2010.

WHILE other Asian emerging economies shrank, the Philippines managed to evade a recession in 2009 amid the worst global slump in decades. But early in the year, the prospects were dim, especially after the government released the first-quarter growth results.

MANILA, Philippines – Almost all firms located in the economic zones operated by the Philippine Economic Zone Authority (PEZA) that closed shop because of the global financial crisis have already resumed operations and has even started hiring new employees, the government reported.

DESPITE low interest rates, Philippine banks have remained liquid yet cautious in extending loans to consumers and businesses since the collapse of Lehman Brothers in September 2008, resulting in a gradual slowdown of credit growth the following year.

MANILA, Philippines – The government will continue to inject into the economy billions in stimulus funds possibly until 2012 to ensure the country’s full economic recovery, Acting Socioeconomic Planning Secretary Augusto Santos said yesterday.

MANILA, Philippines – The government will continue to inject into the economy billions in stimulus funds possibly until 2012 to ensure the country’s full economic recovery, Acting Socioeconomic Planning Secretary Augusto Santos said yesterday.

MANILA , Philippines – The country’s real estate companies maintained strong sales throughout the year despite the effects of the economic crisis and recent typhoons, according to property consultancy firm CB Richard Ellis (CBRE).

MANILA, Philippines – Global investment bank Goldman Sachs said the Philippines performed better than most of the next 11 emerging economies (N-11) during the global crisis. “Within the N-11, Indonesia and the Philippines have positively surprised,” Goldman Sachs said in its latest Global Economics Paper.