Presidential Communications Operations Office



  PIA Bldg, Visayas Ave, Diliman, Quezon City, Philippines
  Tuesday, 22 October 2019 News Before 1 Feb 2012. Click for Latest
Web PIA  
 
home
 
about
 
fotos
 
info
 
links
 
ncrr01carr02r03calmimr05r06r07r08r09r10r11r12r13
 << October 2019 >> 
S M T W T F S
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31
Special News Editions:
English.Tagalog.Cebuano
Ilocano.Waray.Hiligaynon
Pangasinan.Other
PIA Specials:
NEW! Cabinet Officials
Jobs.Slides.Specials.Ads. Events.ASEAN.Multimedia
Visitors since 15 Feb 2011:
PIA News Archive:
English.Tagalog.Cebuano
Waray.Hiligaynon.Ilocano
Pangasinan.All
PIA Archive News Reader

PIA Press Release
2009/06/17

Remittance, ERP to help boost RP economy this year - BSP

Manila (17 June) -- Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. believes the domestic economy can withstand the global slowdown and continue to post growth this year.

This even after the government further revised downward its 2009 growth target while the International Monetary Fund (IMF) now see a one percent contraction for the Philippines economy this year.

"The government is still forecasting positive growth this year, albeit slower than previous forecast," he said.

Last week, the inter-agency Development Budget Coordination Committee (DBCC) again slashed the government's 2009 growth target to 0.8-1.8 percent from the 3.1-4.1 percent previously in line with the global developments.

Economic managers said they remain positive on the domestic economy's output, as measured by gross domestic product (GDP) this year but they expect the impact of the global economic meltdown to be larger particularly on consumption and investments.

The economy grew by a mere 0.4 percent in the first quarter this year against year-ago's 3.9 percent after domestic consumption declined on back of lower spending particulary by beneficiaries of Overseas Filipino Workers (OFWs) despite the continued strong remittance inflows.

Economic managers, however, noted larger portion of the remittances went to savings.

A BSP survey in the second quarter this year showed that consumers remain bullish on their buying intentions in the rest of the year, thus, monetary officials said this will boost spending and bouy up the economy.

"As reported, consumption and investments, which slowed significantly in Q1, are expected to recover in the next quarters, supported by steady remittances, the full impact of the ERP (economic resiliency plan), and improvement in market confidence as more news/data are released that the worst in global contraction may be over," Tetangco added.

The central bank project a flat growth for remittances this year as some OFWs lose jobs because of the global slowdown but monetary officials believe that remittances will post a positive growth this year on back of continued higher demand for OFWs.

Tetangco said they have not revised their remittance forecast for this year but "this will be reviewed shortly."

In end-April this year, remittances posted a 2.6 percent growth after inflows for the four-month period aggregated to US$ 5.5 billion from year-ago's US$ 5.36 billion. (PIA) [top]

|«  prev  next  »|
DAILY NEWS LIST:
»Davao-Uijeongbu to sign LOI for sisterhood agreement
»SM intensifies sanitation program, foot bath in mall entrances
»SM turns over 21st school building and their first in Davao City
»DSWD launches Moral Renewal Action Plan
»Business park to soon rise in Carmen, Davao Norte
»42nd Araw ng Davao Norte fetes shared responsibility
»Farmers expect better income with RUBBER Project
»Davao dad bats for Lake Venado temporary closure
»ARMM grade-schoolers get boost with AusAID, USAID reading program
»Cebuano News: Rebelding NPA nga mibalik sa sabakan sa kagamhanan gitaga-an ug panginabuhi-an
|«  prev  next  »|

Philippine Official Gazette | Office of the President | Presidential Communications Operations Office
For comments and feedback, please email PIA Newsdesk
Copyright © 2005 Philippine Information Agency
PIA Building, Visayas Avenue, Diliman, Quezon City 1101 Philippines