While countries worldwide are taking “extraordinary” and “bold” steps to confront the global economic crisis and the recession that grips the biggest economies, President Arroyo and Congress have agreed to resort merely on enacting a national budget for 2009 that did not consider the meltdown.
What’s in store for the Philippines in the next few months? Let’s see from an economic briefing provided by Albay Gov. Joey Salceda to President Arroyo. The briefing paper and presentation are dated Nov. 12, 2008, and I’m publishing both documents here so anyone interested may take a look and analyze them.
In his introduction to his briefing paper, Salceda said:
Contrary to most impression, developing economies particularly Asia will principally bear the brunt of the economic slowdown cum financial crunch. Their stock markets are starting to indicate that grim prospect.
Below are the presentation and paper: