Archive for April 2011

Budget deficit, 2001 to 2011

April 2, 2011

Budget deficit (revenues lower than expenditures) from 2001 to 2005 averaged P 178.3 B per year or -4.1 percent of GDP. From 2006-2010, it averaged P 150.8 B per year or -2.0 percent of GDP.

Deficit was nearly under control in 2006 to 2008 with an average of only -0.7 percent of GDP. But with the global financial turmoil in 2009 and the approach of the May 2010 elections, the government resumed its high spending, high deficit policy.

Projected deficit this year is PhP 300 B or around -3.2 percent of GDP. Targeted to go down to only -2.0 percent of GDP by 2013.

Foreign reserves, Feb. 2011

April 1, 2011

Foreign reserves, Feb. 2011 (unless specified).

1. China, 2,847.3 (Dec. 2010). 

2. Saudi Arabia, 460.4 (Jan. 2011).

3. Russia, 450.8 Jan.

4. Taiwan, 390.7

5. Brazil , 306.0,

6. S. Korea, 297.7

7. India, 276.6

8. HK, 272.7

9. Sing. 230.9

10. Thailand, 169.7 Jan. 

11. Mexico, 123.1 Jan.

12. Malaysia, 106.5 Jan.

13. Indonesia, 96.3

14. Poland, 98.9

15. Turkey, 82.9 Jan.

16. Israel, 73.7

17. Philippines, 57.0

 

source: The Economist, March 31st 2011,


OFWs, some interesting data

April 1, 2011

Most literatures say that there are between 8 to 10 million overseas Filipino workers (OFWs) around the world. Based on the recent data by the National Statistics Office (NSO), that data is wrong. NSO’s Survey on Overseas Filipinos (SOF), conducted in October 2010 and the result was released yesterday showed the following:

* Total number of OFWs in 2009 was 1.9 M (not 8-10 M), and 47.2 percent of them were women.

* Main destination of male OFWs were: Saudi Arabia (28.5%), UAE (13.1%), Qatar (8.1%) and Japan (6.0%).

* Main destination of female OFWs were: UAE (17.9%), Saudi Arabia (13.7%),  Hong Kong (11.1%), and Singapore (7.8%).

* Total remittances in 2009 were P138.5 billion and average remittance per person was P83,000.  A year before that, 2008, total remittances were P141.9 billion and average remittance was the same at P83,000 per person.