Bad News Inevitable for Philippine Economy

Thursday, March 26, 2009

I don't want to sound too bad in telling you about this but there is a big possibility that the economy of the country is going down and this is expected by Malacanang. This has been the predicament of the administration because of the global financial crisis. However, Press Secretary Cerge Remonde said that the palace is generally happy because the Philippines is one of the only 2 countries that had positive growth rate.

In the report from the International Monetary Fund (IMF), there will be a 2.25 gross domestic product cut to the economic growth rating of the Philippines because of the low remittances by OFW's and low earnings of the country in the export industry.

Together with this, Remonde said that there will be a huge study that will be done by the palace administration about unemployment insurance that was recently suggested by NEDA Director-General Ralph Recto. I on the other hand would not recommend this because it would jeopardize the current unstable funding of institutions both in the government and private sector. They better think of another way. (photo by AP)


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