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  December 23, 2011: NEDA to boost domestic demand

The National Economic and Development Authority (NEDA) has drawn up strategic measures that would further boost domestic demand.
Socio-economic Planning Secretary Cayetano Paderanga, Jr. said these near-term policy directions include sustaining domestic consumption, securing investments, and safeguarding price stability.
“We will continue with measures to accelerate fiscal spending and strengthen economic relations with fast-growing ASEAN economies as we diversify domestic and external trade,” Paderanga stressed.
In partnership with the local government units, Paderanga stressed the need to implement policies and programs like the introduction of innovative credit facilities, particularly for agriculture and fisheries sectors, through cooperatives, micro-small-medium enterprises and rural and thrift banks.
All these measures could significantly help spur more economic activities and create greater number of jobs for Filipinos to increase incomes and social welfare, he added.
In 2011, employment creation hit 1.2 million, consistent with the NEDA’s target of generating at least one million jobs a year.
Affected by the global economic slowdown which led to weak exports, the domestic economy posted a lower growth of 3.6 percent in the first three quarters of 2011 compared to the 8.2 percent growth in the same period in 2010.
Compared to the Asian neighbors such as China, Indonesia, Vietnam, Singapore and Malaysia, the 3.6 percent growth in the first nine months was on the lower range.
NEDA has also attributed the slowdown by the contraction in the construction sector, which was pulled down by lower government spending, given the process improvements and project reviews for public construction projects.
Total exports in the first three quarters declined by 3.7 percent due to slow pickup from the supply-chain disruptions caused by disasters in Japan, weaker demand from the major trading partners that are currently experiencing economics slowdown, and currency appreciation.

Source: Manila Bulletin - December 23, 2011

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