- CNTV English - CCTV News

Homepage > News > Biz >

Impact of U.S. downgrade on Philippine economy

08-08-2011 11:20 BJT

MANILA, Aug. 8 (Xinhua) -- Government officials here both from the present and past administrations have expressed grave concern over the impact of the credit rating downgrade in the United States on the Philippine economy.

Noted economist Benjamin Diokno described the impact of the downgrade on the local and global economy as "serious," adding that in the Philippines, it would result in lower exports, slower inflow of remittances from overseas Filipino workers, and reduced foreign direct investments (FDIs).

Diokno, currently an economics professor at the University of the Philippines, served as budget secretary during the administration of former President Joseph Estrada.

Over the weekend, Standard and Poor's (S&P) downgraded the U.S. credit rating from triple A to double A-plus, a move that economic analysts described as an unprecedented blow to the world's largest economy and could trigger another world recession worse than the one in 2008-2009.

S&P cut the AAA rating that it had given to the United States since l941 over concerns about the U.S. government's budget deficit and rising debt problem.

According to Diokno, in a "volatile and uncertain world economy," even the public private partnership (PPP) program, the centerpiece of the economic policy of the administration of President Benigno Aquino III, would suffer from the U.S. downgrade fallout.

Editor:Wang Xiaomei |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program