Economics and Christmas

Where is the Philippines in the economic standing of all countries in the world? Or maybe Asia?

"We like to stress the point that the Philippines had never entered the recession. Our economic performance though was a deceleration from the strong growth of 4.6 percent in the third quarter of 2008," he added.

Santos said the Philippine economy joined other economies with positive GDP growth in the third quarter.

These countries were China (8.9 percent), Vietnam (5.8 percent), Indonesia (4.2 percent), Singapore (0.6 percent), and South Korea (0.6 percent).

Countries which posted a contraction were Japan (-4.4 percent), Thailand (-2.8 percent), Hong Kong (-2.4 percent), and Malaysia (-1.2 percent).

Overseas Filipinos (OF) remittances boosted gross national product (GNP) growth to 3.5 percent in the third quarter.

Total OF remittances in dollar terms grew by 6.9 percent in the same quarter, which mainly caused the 26.0 percent growth in Net Factor Income from Abroad (NFIA).

The economy’s growth was supported by services (4 percent) and agriculture (1.6 percent). The industry sector still contracted (-4.4 percent), pulled down by manufacturing (-7.6 percent) and utilities (-2.2 percent).

Private consumption was modest at 4 percent while government consumption remained healthy, at 7.9 percent.

Capital formation slumped by 11.3 percent mainly on account of durable equipment (-5.7 percent) and the further drawing down of inventories.

Construction investments remained afloat at 1.7 percent, as the cushioning effect of the stimulus package continued.

External trade growth is improving yet still remains negative at -13.6 percent for total exports.

"Indeed, the global crisis is not over, but the worst is over. We have reasons to be more confident," Santos said.

source: http://www.gov.ph/index.php?option=com_content&task=view&id=2002336&Itemid=2


That is so positive and I want to believe it even if my own economy is so bad. Filipinos just do not appreciate some good things about our country. I hope there will come a time when Filipinos check their lifestyle before cursing the Philippine economy for all their woes.

I started with talks of economy because even if so many Filipinos are complaining of being poor, sometimes I just do not believe it when I see so many people in the malls go "shop till you drop". Simple Mathematics will show that if one shops then there is money to buy. Wherever the money is coming from there is money going around.

I am just an onlooker now. I feel happy when I see rich and poor Filipinos spending endlessly especially on Christmas. Everyone gets gifts, money and food is everywhere. Families have reunions. It feels so wonderful.

I hope every Filipino realizes that even if we are not as rich as other countries in the world, we are at par with happiness. Christmas for Filipinos started last September. Other countries start it later. One Filipino would have attended at least 3 Christmas parties aside from the Christmas Eve gathering. Aren't we the "chosen people", if that is the case?

Let us be positive. Even if we do not understand the economics language let us be joyful for the blessings.

Yes, I have to be joyful on this day.