Businessmen see 3% growth in 2009

MANILA, Philippines — Business leaders said Friday that economic growth next year would slow to 3.0 percent amid the global financial crisis, which would mean more people out of work.

However, Sergio Ortiz-Luis, chairman of the Philippine Chamber of Commerce and Industry, did say that “growth will not go below 3.0 percent.”

The latest official gross domestic product growth projection for 2009 is 3.7 percent.

The economy expanded by 4.6 percent in the nine months to September 2008. Exports over the same period rose 4.0 percent.

Ortiz-Luis expects salary remittances by millions of Filipinos working overseas to remain strong, and some exports to rise despite the recession in developed countries…

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