BIS regional representative sees RP growth in second semester

MANILA, Philippines - An acclaimed economist of the Bank for International Settlements (BIS) is optimistic that the Philippine economy will make a strong recovery in the second semester of 2009.

Dr. Eli Remolona, BIS chief representative for the Asia and Pacific region explained that the Philippines was never in a prolonged state of economic downturn.

“Hopefully, the economy is in the upside of economic downturn,” Remolona said.

The BIS is composed of central banks worldwide, including the Bangko Sentral ng Pilipinas (BSP). It sets international standards for monetary policy as well as banking standards.

Asia is leading the world in recovering from the global credit crisis, which started in the United States. However, the global economy is still believed with the bottomline of the economic disaster although it is generally believed to start its upward march next year.

Remolona is in the Philippines to receive an award extended by the Bank of the Philippine Islands (BPI) to recognize Filipinos gaining extraordinary achievements.

He is considered to be the most prominent Filipino economist in the international monetary and financial policy circles.

The Philippine economy grew last year but recorded an unexpected 0.4 percent growth in the first quarter of 2009. It is widely believed to grow by a little over one percent in the second quarter.

The national government’s forecast growth for the whole of 2009 was placed at 0.8 to 1.8 percent. Government economic planners said that revisions may be made anew depending on the second quarter and first semester performance.

Majority of Philippine growth forecasts range from one to 1.5 percent this year, and from two to three percent in 2010.

Other awardees of the BPInoy program are Anita Magsaysay-Ho in the field of international visual arts, and Cristeta Pasia-Comerford, outstanding achievements I the culinary arts.

Ho is often described as the “Female Amorsolo” and is recognized in both domestic and international circles. Pasia-Comerford is the executive chef of the White House, the only female and the only Asian to hold the post in US history.      – Ted Torres