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Friday, January 30, 2009 |
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500,000 Pinoys
to lose jobs |
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Infra spending to ease demand woes–Citigroup |
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By Maricel E. Burgonio,
Reporter
Nearly half-a-million Filipinos
could lose their jobs, according to Citigroup.
In a report, the US
financial services giant said Philippine gross domestic product
(GDP) is projected to grow 3 percent this year and recover to 4.6
percent next year. A proxy for a country’s economic output, GDP
measures the amount of goods and services produced locally.
Based on its estimate, Citigroup
said a 1-percent drop in real GDP can raise the jobless rate by 1.4
percent or equivalent to about 470,000 workers. Last year, the
Philippine economy grew 4.6 percent. Its estimated Philippine GDP
growth of 3 percent for this year means the global crisis would
shave 1.6 percent off domestic economic expansion, resulting in
a higher number of lost jobs.
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Story>>
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O T H E R R E P O R T S
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Economic growth of
4.6% in 4th quarter of 2008 respectable
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After a record economic growth in
2007, the Philippine economy slowed down last year because of the
global financial crisis—but the rate was still better than
expected.
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Full
Story>>
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Resado faces raps
before Ombudsman
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THE House Committee on Dangerous
Drugs recommended on Thursday the filing of criminal charges against
the Department of Justice (DOJ) state prosecutor who dismissed the
drug charges against the “Alabang Boys,” ..
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Full
Story>>
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Obama savors
stimulus win but fights loom
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WASHINGTON, D.C.: Handing US
President Barack Obama his first big win, the divided US House of
Representatives approved a huge stimulus bill he touted as vital to
saving the US economy from collapse.
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Full
Story>>
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Wen and Putin
blame ‘blind pursuit of profit’ for global crisis
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DAVOS, Switzerland: Chinese and
Russian leaders Wen Jiabao and Vladimir Putin hit out at US
capitalist excesses for sparking the economic crisis as the Davos
political and business summit made a gloomy start.
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Story>>
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World Bank will
still fund local projects
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The World Bank will continue to
support projects in the Philippines despite its blacklisting of a
number of local companies for corruption.
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Full
Story>>
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EXCLUSIVE
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Indonesian
‘ulamas’ hopeful about Obama
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Given his experience living in
Indonesia, newly installed US President Barack Obama could bridge
the gap between Muslims and Christians, two religious leaders said
Thursday.
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Story>>
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Lakas-Kampi merger
makes ‘powerhouse’
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President Gloria Arroyo took an
apparently decisive step on Thursday for the merger of the two major
parties in the administration alliance by creating a committee that
will oversee the tie-up.
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Full
Story>>
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PLDT denies buying
‘Star’
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Philippine Long Distance
Telephone Co. (PLDT) on Thursday denied reports that it has bought
one of the country’s biggest newspaper groups.
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Story>>
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