Manila, Philippines June 1, 2009- The Philippines is apparently heeding towards recession. Its economy has seen the slowest growth of just 0.4% because of global crisis.
Reports reveal 0.4% gross domestic product or GDP in the last three months. This rate is lower compared to that 2.9% GDP in the last three months of 2008. The country's economy had seen its lowest back in the last three months of 1998 when it plunged 2.4% amid Asian financial crisis.
Romulo Virola, senior official of the Philippines economic planning ministry cites historic declines in manufacturing and trade as the culprits behind the Philippines' economic hiccup. The official also said “The Philippine economy is now teetering into recession" saying the country's GDP fell 2.3 percent from January-March 2009.
Economic Planning Secretary Ralph Recto contradicts this idea and insists that he is not expecting recession. Instead, Recto stated “There might be a need to readjust our growth projections for the year”. The Economic Planning Secretary refused to give exact figures.
Recto said "The most pressing challenge for me is the prospect of a reduction in remittance flows by the country's nine million overseas workforce.
Cash flows from overseas workers accounts for up to 10 percent of the country's GDP and are considered the main driver in consumption-led economy.
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