Sign up | Log in



Philippines revises 2008 GDP forecast down to 4.4-4.9%

Related Stories

September 25, 2008
Philippines: Trade deficit shoots up more than 200% in Jan-July 2008

September 15, 2008
Philippines: Inflation to stall historic growth

September 6, 2008
Philippine inflation seen cooling  after hitting 17-year high

September 5, 2008
Philippines: Central bank to shift policy as inflation peaks

September 4, 2008
Philippines to raise $1.5bn to boost reserves

August 29, 2008
Philippines inflation seen to accelerate in August

August 26, 2008
Philippines: Govt seeks $31bn for 2009 budget

August 22, 2008
Philippines growth to stay below 5.2% in Q2

August 20, 2008
Philippines’ July budget deficit soars

August 19, 2008
Philippines slashes growth forecast on inflation worries

August 11, 2008
Philippines’ central bank sees measures bear fruit


October 2, 2008

Philippines revises 2008 GDP forecast down to 4.4-4.9%

The Philippines has revised its 2008 economic growth forecast to a range of 4.4 percent to 4.9 percent because of the global credit crisis, official said, bringing its expectations into line with financial markets, reported Reuters.

 It had previously forecast 2008 growth in a range of 5.5 percent to 6.4 percent.

Economic Planning Secretary Ralph Recto said in a statement on Tuesday night that 2009 growth would be between 4.1 percent and 5.1 percent, down from a previous 6.1 percent to 7.1 percent.

Recto said he expected the U.S. Congress to pass a bailout plan to help revive financial markets, although that would not prevent the U.S. economy from going into a recession.

"The Philippines, along with the rest of the world, will not be spared," he said.

"We are confident that our country will weather the storm. We have to downscale though our growth targets for 2008 and 2009."

Other officials said Recto's estimates were "medium-case scenarios".

Under a worst case scenario, GDP growth could slide to 3.8 percent to 4.3 percent in 2008 and to 3 percent to 4 percent in 2009, Finance Undersecretary Gil Beltran said.

He told Reuters on Wednesday that the 2008 budget deficit could balloon to 100 billion pesos ($2.12 billion) under a worst case scenario, from the current estimate of 75 billion pesos.

For 2009, the deficit was estimated to reach 60 billion pesos or 90 billion pesos in a worst-case scenario, Beltran said.

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2017 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand