Philippine economy to bounce back in 2010

January 4, 2010

Now that the holidays are over, its time to get back in the game and take a look at what lies ahead in the year 2010. With the combination of the various tragedies, calamities and atrocities that have taken place in the Philippines last year, Filipinos approach the New Year with either open arms and a sigh of relief, or fear and skepticism.

In the economic aspect at least, Filipinos can look forward to a year that seems to bring promising improvements. According to National Economic Development Authority (NEDA) Director Dennis Arroyo, the country is heading for rebound by 2010 even assuming that the global recession lingers, with election-related spending mainly feeding growth.

According to Arroyo, some of the undertakings expected to bear fruit in 2010 include the following:

Completion of infrastructure projects constructed starting 2007, particularly the North Luzon Expressway, Subic-Clark-Tarlac Expressway and new Metro Rail Transits (MRTs).
Benefits of the FIELDS project of the Department of Agriculture meant to improve agricultural productivity. (FIELDS stands for Fertilizer, Irrigation and other rural infrastructure, education and extension work, Loans, Dryers and other post-harvest facilities, and Seeds)
A boom in several industries such as offshoring and outsourcing, real estate, tourism, mining, renewable energy and retirement estates.
An increase in demand for overseas Filipino workers (OFWs) due to demographics of the aging population around the world like Canada, Korea, Japan, Singapore and the United States.

As per Philippines economic forecasts it has also been predicted that in 2010 imports would go up and would range within 12 -14 percent.

Entrepreneurs Accounting Academy wishes everyone a Happy and prosperous New Year! With the holidays over, we’re back in business with our training and seminar offers. EAA will be holding a Budgeting and Forecasting Seminar, which is a course aimed at delegates who are, or soon will be, actively involved in budgeting and who want to understand how to make this management tool work to best effect in their organization. What better way to start than year than by planning and managing your resources? Click here to sign up or know more about this highly informative and interactive seminar.