Global Financial Crisis – Philippines

1 million families to get money before polls Malacañang will legitimize massive campaign funding for the administration party that would even use contributions from state financial institutions with the plan to infuse P7 billion more until next year for cash transfer programs of President Arroyo or the so-called Pantawid Pamilyang Pilipino Program (4P).

SPACE occupied by retailers in Metro Maila shopping malls grew on the strength of non-traditional tenants, according to a property research firm.

The government has provided jobs for more than 300,000 unemployed Filipinos from January to August of this year under the Comprehensive Livelihood and Emergency Employment Program (CLEEP), the National Anti-Poverty Commission (NAPC) reported Monday.

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.

THE Philippines’ flag carrier said it would cut its workforce and flight capacity abroad to cope with the global economic slowdown.

MANILA, Philippines – The Philippine economy escaped from the threat of recession as it grew 1.5 percent in the second quarter – beating most market estimates – as the government’s stimulus package boosted spending in infrastructure and social services during the period, officials said yesterday.

MANILA, Philippines – Encouraged by signs of improvement in the US and global financial markets, business sentiment turned bullish in the third quarter of this year.

MANILA, Philippines – Corporate layoffs due to the global financial crisis has abated with some firms even rehiring the displaced workers, the People Management Association of the Philippines (PMAP) said yesterday.

MANILA – Employees of local carrier Philippine Airlines expressed fear that they could be the next casualties as the local airline struggle with its finances.

MANILA, Philippines – More adult Filipinos remain optimistic that their lives will improve in the next 12 months, a survey by the Social Weather Stations (SWS) revealed yesterday.

Consulting firm says more to be brought back AFTER CUTTING 500 jobs earlier in the year, global management consulting, technology services and outsourcing firm Accenture has started rehiring personnel.

Latest flash indicators point to a modest Philippine economic recovery from the global financial crisis that started in October last year, the National Statistical Coordination Board said yesterday.

THE government has raised its programmed spending next year by P35 billion to bankroll the stimulus package of the Arroyo administration and keep the economy from sliding into recession.

MANILA, Philippines – The Philippine Coconut Authority (PCA) is expecting lower exports of coconut oil this year in the aftermath of the global economic crisis.

THE World Bank said it will financially support the Philippines’ second economic stimulus package for next year.

PHILIPPINE retailers on Thursday declared that the “worst is over” for them since they expect moderate growth this year and a possible recovery next year, citing strong overseas Filipino workers’ (OFWs) remittances and growth in the business process out­sourcing (BPO) and tourism sectors.

THE Philippines will back out of its commitment to Asean Free Trade Area (AFTA) partners to bring down trade barriers for domestic rice and sugar by next year.

The global economic crisis is posing new challenges for the world’s 100 million migrant workers. They may face reduced employment and migration opportunities, worsening living and working conditions and increasing xenophobia. Although no massive return of migrant workers has been observed so far, the crisis is having repercussions on their earnings and the remittances they…

Many predicted a grim future for the export-dependent Philippines as the global slump hit world trade, but recent data suggest it could avoid recession, as the government remains defiant.

100,000 workers displaced since October THE AVERAGE compensation of a worker in the manufacturing sector slightly grew by 0.8 percent in the first quarter, despite thousands of jobs reportedly lost at the height of the global financial crisis, according to the National Statistical Coordination Board (NSCB).

EMPLOYMENT in Philippine industries has been declining since the second half of last year as earnings continued to fall, the National Statistical Coordination Board (NSCB) said.

The National Economic and Development Authority (NEDA) has forecast a “bigger” funding gap next year as it is set to propose a fresh P200-billion stimulus package to accelerate economic growth.

MANILA, Philippines – The Senate will focus on bills that will help Filipinos be more resilient in the face of the global recession as it opens the third regular session of the 14th Congress on Monday.

MANILA, Philippines – The government is preparing a second economic stimulus package next year to ensure continuation of President Arroyo’s pump-priming program, a Cabinet official said.

THE Department of Budget and Management (DBM) is considering a second-stimulus package that would be incorporated in the 2010 national budget to ensure President Arroyo’s pump priming program is sustained.

MANILA, Philippines – Businesses should continue to pursue innovation even when the economy is bad, according to the head of the government’s Intellectual Property Office (IPO).

MANILA – The Philippines is seen to perform better in the second half of the year, especially after posting a positive growth during the worst of the global downturn.

MANILA, Philippines – With recent forecasts of major world economies moving out of recession and the revised outlook on the US economy, the Philippine government has become even more confident the country would avoid a recession this year.

HSBC warned of asset bubbles developing in the Philippines and other Asian countries due to excess money borne out of interest rate cuts and the current economic slowdown.

MANILA, Philippines – While the global crisis is reducing consumption across nations and social classes, causing massive unemployment and constricting the world economy to a precarious extent, other sectors are cashing in on some of its unexpected beneficial effects.