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PIA Press Release
2009/06/04

NEDA says RP survives global recession

Manila (4 June) -- With expected upsurge in consumer spending and the various efforts to generate more jobs, the country is clearly headed for a rebound, a ranking National Economic and Development Authority official said Wednesday.

"What we started to see is real good evidence that the worst is over," NEDA Deputy Director General Rolly Tongpalan said, "we have reason to believe that a recession is not a likely scenario in our case." With a modest 0.4 percent gross domestic product (GDP) growth and the gross national product (GNP) 4.4 percent growth from January to March this year, Tongpalan said the country is doing well in contrast with most Asian economies.

After the first quarter report, Tongpalan said the Philippine stock market immediately surged and the country's April and May economic performance fared better due to heightened consumer spending and investments. (PIA-MMIO) [top]

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