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NEWS UPDATES 6 October 2009

Swiss bank sees Phillipine GPD edging up

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Union Bank of Switzerland (UBS) raised its economic growth forecast for the Philippines despite the damage wrought by Typhoon Ondoy, reported the Manila Times.

In a report, Edward Teather, UBS economist said the bank revised its forecast for Philippine gross domestic product (GDP) to a 1.3-percent growth from an earlier estimate of 0.8 percent.

The new forecast is near the high end of the government’s target range of 0.8 percent to 1.8 percent. An indicator of economic performance, GDP is the amount of final goods and services produced in the country.

Teather said the revision is “less than we would have done in the absence of the storm Ondoy.”

“The human calamity caused by Ondoy could disturb the growth path of the economy.

However, while disrupted economic activity along with damage to corporate and household balance sheets are both human and economic negatives, the rebuilding effort—probably led by the public sector—could provide a temporary lift for economic growth in coming quarters,” he said.

Government estimates showed a 3-percent loss of the annual rice crop against its rice stocks equivalent to 8 percent to 10 percent of annual demand.


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