Who do you think will bring change to the Philippines?

[cottonmouth]

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It ain't all bad news after all...

Quote:

RP economy to grow amid world recession
Economist sees GDP growth of 4.5% in 2008

Agence France-Presse
First Posted 16:11:00 11/11/2008


MANILA, Philippines -- The Philippine economy will slow down due to the worldwide recession but it will still grow, with some sectors even showing surprising strength, an economist forecast Tuesday.

Victor Abola, program director of the School of Economics of the University of Asia and the Pacific, projected gross domestic product growth in 2008 at 4.5 percent with 4.0-percent growth next year.

This will be a sharp slowdown from the 7.2-percent growth posted last year but will be far better than the minimal or even negative growth projected for developed countries, Abola said.

The likely effects of the world financial crisis on the Philippines will be a decline or even withdrawal of foreign investments in the stock market.

Philippine financial institutions are not too exposed to the financial turmoil and those that have been affected have already made this public, Abola added.

"We won't have a credit crunch as banks have plenty of money," he forecast.

The mining and tourism sectors, which have been rallying in recent years, will suffer a decline as foreigners and investors stay home, said Abola.

Philippine exports will suffer as their main markets -- the developed countries -- undergo an economic downturn.

However, the business process outsourcing sector -- made up of call centers and other backroom operations -- could see a resurgence with the Philippines grabbing 20 percent of total demand from the present level of about 10 percent.

India, which has about 50 percent of the world market, is becoming too expensive and is experiencing a shortage in manpower even as more foreign companies seek to outsource operations to save money, Abola said.

The construction sector could also see a boom as the cost of building materials falls and the government resorts to infrastructure spending to jumpstart the economy, he added.

The eight million Filipinos working overseas will likely not see too many job losses due to the recession in developed countries but their remittances will increase in value as the local currency depreciates, he said.

The remittances of these Filipinos are a major pillar supporting the economy.

Inflation will likely rise to an average 9.6 percent this year but will slow to 5.5 percent in 2009, Abola said, adding that a recession in the United States might end by the third quarter of 2009 and this would lift the Philippine economy.

But he warned that the Philippine government should stop defending the local currency and be careful about deficit spending.

He said revenue collections were still not rising despite plans to increase spending.

Domestic demand can make up for lower export-led growth, Abola said, adding that "the government has to have a policy that encourages people to invest and spend."

[journeyman]

The Filipino people will bring change in this country..

That's what exactly the Filipino people did in 1986 EDSA peoples power revolution. But look! all that has changed are the faces of people sitting in Malacañang Palace.

[grovestreet]

ang kahinanglan e-change kay ang atoang environment. kay ang human behavior is environmentally determined. hehe.

[rambutan]

a leader that will change the government system.
u'll feel the change..

[blackheart_999]

ang pangutana mn pud kinsa pa mn ang tarong nga lider ron if naa mn gani kay nihit na jud kaayo.
ang tawo jud dali ra masilaw sa power ug kuwarta, maong ang prinispyo most of the time ma usab
tungod sa selfishness sa tawo (pilipino). this wat i mean here nga dapat KITA it's US ang makabag o
sa sistema sa sa atong gobyerno para mo lambo ta. when i say US apil na katong mga lider karon
ug katong deserving maging lider. it's US(not united states hehe) kita mga pinoy.
to name a leader, you cannot really say kinsa, actually i voted for glo, but see? utro pud nga
corrupt! nindot ta kay economist, economista diay pra maka kuwarta sa gobyerno, look Ramos,
wala jud laing nahibaw an, suroy2x lng, grabe pud ang kurakot ani di lng pa obvious kay kamao,
si ERAP may kina brightan nila, everybody knows him naman.
maayo unta kng mag apply for a place in the government naa pud resume! hehe. tan awa na lng na
ang atong presidential candidates, kataw anan kaayo, pati gani katong tiguwang nga pobre
nag file pud intawon kay ka kita mn xa unsa ka babaw ang style sa election sa pilipins,basta sikat
ug kwartahan daog, anybody can join.ang practice sa democracy ky na sobra an lng

EVERYBODY KNOWS WHO IS GRINGO HONASAN, TAN AWA LNG KNG UNSA KARON, MURAG DILI TA KA
FEEL NGA NAG FIGHT XA UNSAY IDEOLOHIYA ANI NILA SA UNA. NA APIL GANI NA SA MOST WANTED B4 UG NAA PAY PATONG SA ULO TUNGOD KAY WLA GANAHI SA SISTEMA SA GOBYERNO.
LOOK TRILLANES,MURAG WLA NAKO KA DUNGOG ANI, BUT STILL I HOPE NGA EXAMPLE NILA DUHA
MAKAPADYON FIGHT TO CHANGE THE SYSTEM,NAGLISOD NI CLA KAY GAMAY RA KAAYO CLA.

[psyd_1]

lisud na kaau isalig usahay sa mga naglingkud sa gobyerno karun.. halos tanan na lusot mabuhat nila.. nalutsan gani tong ZTE scandal na mejo perteng inita ato..

[rambutan]

@ blackheart999
relax,, u might want to minimize ur all-caps text..
haven't u read the forum rules?

ur opinion will still be accepted anyway..

reminder lang po

[blackheart_999]

hehe...cnxa bradix, anyway uppercase ra na xa just to emphasize, not to show emotion mn. kapoy na type balik, kana na lng hehe. may tag gi italic na lng diay na nako.

[AntitaniC]

ambot lang kaha... kung dili si god... kanang naay powers gamai... para pato-o jud mga pinoy niya.. hehe

[ezekiel]

As election for president is coming this 2010, who do you think will be the best bet for a candidate to run for president?Post your comments guys!

as simple as buying HAPEE TOOTHPASTE instead of colgate you can somehow contribute to local economy..., and hey don't rely so much of leaders they cant save the Philippines