Socioeconomic Planning Sec. Ralph Recto confirms that the Philippines is still in a better position compared to its Asian neighbors as the world faces the worst financial crisis in decades. This is through the country’s Domestic Product (GDP) which slowed down last year from a 7.2 percent growth in 2007 to only 4.6 percent growth in2008.
However the continuing world financial crisis does not make the country immune as risks and challenges faces the country which includes further export contraction, lay-offs in export industries considered the most affected sector, return of laid off overseas Filipino workers leading to a slowdown in remittances, insufficient revenue collection, weaker exchange rate, tighter credit markets and climate change shifts cropping season. (PIA/FCR)
