Philippine Economic Growth

I am a Filipino and i am pretty much aware on what is happening in our economy nowadays. It's been long since we are in a worst economy but this time, it seems there's a good news on the economic situation. Here's a report from Bloomberg.

Philippine economic growth accelerated for the first time in five quarters as the government boosted spending and remittances rose, staving off the effects of a global financial crisis.

Gross domestic product expanded 4.6 percent in the third quarter from a year earlier, the National Statistical Coordination Board said in Manila today. That compares with a revised 4.4 percent gain in the second quarter, and the 4.4 percent median forecast of 15 economists surveyed by Bloomberg.

President Gloria Arroyo is building more roads, bridges and airports to create jobs and bolster an economy poised to slow for the first time in three years, abandoning a plan to end a decade of budget deficits this year. Remittances from the more than 8 million Filipinos abroad, or about a tenth of the population, are sustaining consumer spending as exports wane.

“The Philippines’ economy is still consumption driven, powered by flows from overseas Filipinos,” said Ildemarc Bautista, an economist at Metropolitan Bank & Trust Co. in Manila. “The full effect of the crisis will be felt in 2009. What we have to avoid is too much of a gloomy forecast for next year that might spook people into saving too much.”

The Philippine government this month lowered its 2008 growth target a fifth time to a range of 4.1 percent to 4.8 percent and said expansion may slow to an eight-year low next year. The Southeast Asian economy grew 7.2 percent last year, the fastest pace in three decades.

Read Full Article Here

AddThis Social Bookmark Button

Britney Spears Wins German Prize for "Stunning Comeback"

US pop singer Britney Spears will pick up a top German media prize Thursday in recognition of her "comeback from an absolute low point" in her career, organisers said.

Spears, 26, will collect the Bambi statuette for Best International Pop Star, and perform a song from her new album, at a gala ceremony hosted by the Hubert Burda Media group, which has given out the gongs since 1948.

"Britney Spears is back," Burda said in a statement. "Radiant and better than ever, the erstwhile teenie idol has reclaimed her throne."

Patricia Rieke, editor-in-chief of Burda celebrity magazine Bunte, called Spears a role model for young women around the world for bouncing back from a string of public humiliations.

"Her stunning comeback from an absolute low point impressed all of us," Rieke told reporters.

Spears will collect her prize in the southern German town of Offenburg a day before she is to appear on the much-watched Star Academy reality television show in France.

AddThis Social Bookmark Button