Review of crisis' effect on local economy sought

Cebu fifth district Rep. Ramon “Red” Durano has filed a resolution calling for closer look at the adverse effect of the global economic turmoil purportedly to lessen its impact on the Philippine economy.

In his House Resolution No. 0876, Durano also calls on the House committee on economic affairs, trade and industry as well as banks financial intermediaries to look into the effects of the global recession on the country’s economy.

“These challenges and difficulties posed by the economic turmoil requires of the government a concerted effort and courses of action to temper the impact on the domestic economy and stem the bleakness projected of 2009,” the resolution reads.

During the last quarter of 2008, Durano said the global turmoil triggered by the recession of the United States market has started unleashing its negative upshots both in the local and national arena.

Since October, nearly 3,000 workers in the Mactan Economic Processing Zone and 600 in Mandaue City have reportedly lost their jobs.

Durano suggested to stakeholders to recommend “courses of action” in order to minimize negative effects on the economic growth.

In its reports to the Regional Development Council, the National Economic Development Authority (NEDA) said that business in the region was not rosy in the third quarter of 2008 as majority of the business sectors including agriculture, construction, manufacturing, tourism, among others suffered economic slow down.

NEDA regional director Marlene Rodriguez said the inflation rate hit another record high at 21.3 percent, as prices of commodities continued to soar in the third quarter of 2008. — Garry B. Lao/WAB   (THE FREEMAN)