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RP shows signs of economic recovery: NSCB

MANILA - Along with the world's biggest economies, the Philippines has been showing "signs of recovery" from the global crisis, the National Statistical Coordination Board (NSCB) said on Wednesday. According to NSCB Secretary-General Romulo Virola, a number of the country's major economic indicators have started to show signs of recovery as early as February this year. He said the pace of remittance growth has picked up to 4.9% in February from flat growth rates of 0.1% and 0.8% in January an...

RP banks strong enough to withstand crisis' effects, Fitch says

Most Philippine banks are strong enough to withstand effects of the global downturn, international credit rating agency Fitch Ratings Ltd. said in a statement datelined Singapore. This explains why the New York and London-headquartered agency kept a stable outlook on most banks’ credit ratings, even with weak macroeconomic indicators, the agency added. “Banks’ loss absorption capacity would likely remain adequate and [their] financial strength largely intact," the ratings agency said. On th...

RP to grow 1.7% this year: research group

MANILA - Amid dreary forecasts made by various international and multilateral organizations, economic research group IDEA (Institute for Development and Econometric Analysts Inc.) is expecting the Philippines to escape recession this year with a 1.74% gross domestic product (GDP) growth. According to IDEA Chairman and University of the Philippines professor Cayetano Paderanga Jr., the economy is unlikely to enter into a recession as the United States, China, and other nations begin to show sign...

Listless RP repulses Kuwait

TIANJIN – Powerade Team Pilipinas failed to put up the game it desired in preparation for the quarterfinals, pulling off a so-so 85-71 win over lowly Kuwait in the final day of the 25th FIBA Asia Championship eliminations at the Tianjin Gym here yesterday. “I’m disappointed even if we won the game. I think of all the games we’ve played here, this is the worst in terms of energy level we put in. I don’t think we gave out our best,” said coach Yeng Guiao. “We’re preparing ourselves for our...

RP defies forecasts, may avoid recession

MANILA, Philippines - Many predicted a grim future for the export-dependent Philippines as the global slump hit world trade, but recent data suggest it could avoid recession as the government remains defiant. The Philippines has talked up its resilience, while bodies such as the World Bank (WB) and International Monetary Fund (IMF) see the country economy contracting this year. They cite an expected downturn in remittances from Filipinos working abroad and a continuing fall in overseas shipmen...