Growth boost seen via spending, policy

Officials told a briefing in Makati that the local economy would not be spared from the global downturn, but claimed the Philippines would be able to cope due to robust domestic consumption, to be triggered by lower commodity prices and higher state expenditures.

“The recession in our trading partners has hit our exports sector hard … the good news is inflation rate is also dropping steeply …. Easing inflation in turn boosts private consumption,” Socioeconomic Planning Secretary Ralph G. Recto said.

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