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PIA Press Release
2008/11/27

Reduce growth rate to affect poverty incidence, say experts

by Prix D Banzon

Davao City (27 November) -- With the reduced projection of economic growth rate announced by the government, there would be an increase in poverty incidence of the country.

Economic professor Edmundo Prantilla said with the growth rate being reduced, it follows that the incidence of poverty will go up.

He said the global recession will affect the country and the employment of Overseas Filipino Workers resulting to lesser remittances next year even as he said that our economy now is still resilient compared to other countries.

"But because we are part of the global economies we just don't know the effect and its magnitude," he said.

When this happen, the government must pump prime the economy by fielding money for projects like infrastructure to keep the economy going.

He said the global recession will most likely affect the manufacturing industry where most of the OFWs are employed.

He said despite the lowering of oil prices and in worst case scenario would result to closure of businesses (in manufacturing) there will be lesser production of oil and still the price of oil would be sold at higher price.

He cited that the worst crisis was in 1930s where not many of them knew how to handle the situation but with the leaders of develop countries as well as other developing nations already on the know, this things will be properly addressed.

"They know how to deal with this," he said.

Davao City Investment and Promotion head Engr. Roberto Teo said they are into "tightening of belt" next year because of the global recession.

He said this could be felt next year due to the decrease in the export although he said that the Business Process Outsourcing (BPO) is not affected and they could only hope that these US based companies would not require them to operate in their country and not go outsource.

"The national government must put in money in infrastructure to pump prime the economy," he said.

He also said that Davao City will continue to pump prime the city's economy by providing funds to infrastructure.

Teo also said that they expect less visitors here and that if the Japanese tourists come three times in a year they might cut it down to only once a year.

The DCIPC he said will continue with their advocacy for the public to be prudent in their spending. (PIA) [top]

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