Displaying all posts for Economy

Pinoys need half-a-million pesos to stay in middle class

By Darwin G. Amojelar A FILIPINO household has to earn close to half a million pesos this year to remain in the middleclass, according to the National Statistical Coordinating Board (NSCB).Romulo Virola, NSCB secretary-general, said the country’s middle class is likely to have shrunk in light of the global financial Read more »

Pinoy remittances up 3%

Dollar remittances from overseas Filipinos grew by a mere 2.7 per cent in the first quarter of the year amid the global financial crisis, the government said Friday. The growth rate was down from 24 per cent in the same January-March period in 2008, the central bank said. Read more »

Pinoys saving more, spending less on clothes, vacation—survey

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By Judith Balea – As economic uncertainties raise concerns about job security, more Filipinos are opting to fatten their bank accounts or fill up their savings jars with any spare cash they have, a recent survey found.

Reverse brain drain? Filipino execs return home amid crisis

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By Judith Balea – As job opportunities dry up in the US and the rest of the western world due to the brutal financial crisis, some Filipino executives, who left early on for greener pastures, are returning home in search of work.

Nissan retrenches, adopts 5-day workweek

By Dino Ray Directo III The Philippine unit of Japan’s Nissan Motor is trimming its labor force by 15 percent and has adopted a five-day workweek as part of a global cost-cutting program.

Corruption, weak judiciary hamper RP economic freedom: US think tank

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The Philippine economy is “not so free” because of pervasive corruption, a weak judicial system, restricted foreign investment, and a limited regulatory environment.