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‘GRIM’ reminder of crisis

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By Joel Guinto
INQUIRER.net
First Posted 12:25:00 03/24/2009

STO. TOMAS, Pangasinan – (UPDATE) President Gloria Macapagal-Arroyo has set up a monitoring system to make sure that the Philippines would not slip into recession like two-thirds of the world.

“We are watching closely to make sure that the global recession will not become a Philippine recession,” the President said in Filipino in an interview here after announcing the formation of the Global Recession Impact Monitor (GRIM).

“Kailangan ituloy natin focus sa bansa kung paano makalikha ng trabaho at panatlilihin ang presyo ng bilihin [We have to focus on the nation to create jobs and keep the prices of basic goods steady],” she said.

Labor Secretary Marianito Roque said that based on his department’s monitoring, the Philippines was doing “better than expected” in terms of numbers of jobs lost.

He said 41,000 Filipino workers have been displaced since November, when the global recession hit, of which 5,700 are overseas workers while the rest are domestic employees.

Roque said he did not expect more job losses due to the crisis, adding garment exports to the United States were slowly starting to resume.

“The remedies of the Western economies are starting to kick in… So if it happens and the consumer demand increases, it will be good for us,” he said.

Bimonthly biweekly monitoring, neda makes the presentations but more important than that bec econ numbers come out once a month namn but u do have weekly news from US, bloomberg we all know whats happnening

Socioeconomic Planning Secretary Ralph Recto said his department monitors economic news from abroad, especially the United States, the country’s biggest trading partner.

View article as posted on INQUIRER.net

Written by joelguinto

TueUTC2009-03-24T14:03:38+00:00UTC03bUTCTue, 24 Mar 2009 14:03:38 +0000 22, 2006 at 12:45 pm03

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