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.
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Philippine Economy Is Becoming Less Dependent On Remittances From Overseas Filipinos – NEDA
Filipino migrant workers contribute significantly to the Philippines economy through their remittances.
China Dislodges Japan As Largest Economy
Japan’s nominal gross domestic product (GDP) which is not adjusted for price and seasonal variations, was worth US $1.286 trillion dollars in the second quarter of the year (April-June), as compared to China with US $1.335 trillion dollars of the same quarter.