The Payapa at Masaganang Pamayanan Program (PAMANA) through the Department of Budget and Management has approved an additional ₱745.5 million to bolster peace and development activities throughout the country.
National Economic and Development Authority (NEDA) Director General, Arsenio Balisacan stressed that the impact of typhoon ‘Pablo’ on the domestic economy will be only minimal, at about 0.3 percent of GDP amounting to P32 billion.
The third quarter economic growth with gross national product (GDP) of 7.1 percent has surprised even those in government, a Palace official noted, saying that historically this period ‘is always the slowest’ in terms of output.
Based on the Philippine Export Development Plan (PEDP) 2011-2013, the country’s exports target is US$ 80.23 billion for 2012, and US$ 89.20 for 2013.
The Senate approved previous amendments to Anti Money Laundering Act (AMLA) in two tranches, SB 3009 which allows the Anti-Money Laundering Council (AMLC) to look into the bank accounts of suspected money launderers without notifying them and SB 3127 which criminalizes the terrorist financing.
The Department of Trade and Industry (DTI) have aligned the One Town One Product (OTOP) with the various industry clusters to develop innovative and globally competitive enterprises and make them contribute significantly to employment generation and inclusive growth to spur economic development in the country side.
The plan by the Philippine Postal Corporation (PhilPost) to add basic banking services to their Post Offices all over the country is a welcome development.
Leading global financial institutions like the Asian Development Bank (ADB), Standard &Poor and Credit Suisse and Bank of America-Merrill Lynch were unanimous in their appraisal on the state of Philippine economy for 2012.
Filipino households that depend on remittances from loved ones abroad are getting into the habit of saving, according to a recent Bangko Sentral ng Pilipinas (BSP) survey.
Filipino migrant workers contribute significantly to the Philippines economy through their remittances.