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Philippines: Expert sees slow economy but not crash

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October 13, 2008

Philippines: Expert sees slow economy but not crash
The Philippine economy may slow down amid the global financial crisis but there is no chance of a crash, AFP quoted an official as saying Sunday.

Augusto Santos, deputy director general of the National Economic Development Authority (NEDA), appealed for calm as he predicted workers could still get their bonuses this Christmas.

"There is really no cause for panic," Santos said on local ANC television. "The moment that the people panic, that will make the situation worse."

"We will still have positive economic growth. It will contract but it will not go negative," he said.

He said the government was working on a contingency plan for overseas-based Filipino workers who may be affected by the global financial crisis.

The local economy has for years relied on the country's estimated eight-million workers abroad sending money home.

Last week, economic experts said the Philippine economic growth would likely fall to 4.3 percent this year and 4.2 percent in 2009.

The Philippine economy however grew 7.2 percent last year, the highest in 30 years, the government said.

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