Philippine economy to stay strong despite challenges, economist says
The Philippine economy is expected to remain stable this year despite challenges like political noise and global risks.
According to economist Michael Ricafort, former president Duterte's arrest has had little effect on the economy so far. He pointed out that the country's credit ratings remain strong, even with ongoing political tensions and geopolitical issues, like the China-Philippines dispute.
However, some factors that would affect the country's economy would be the stricter immigration rules, as these might affect some OFWs' remittances. He also explained it could potentially slow down global trade, investments, and job opportunities. Nevertheless, the overall impact would likely remain limited for now.
The economist also highlighted the risks posed by US President Donald Trump's protectionist policies, which could have a bigger effect on economic growth. These policies could affect global trade, especially with the Philippines.
Despite these challenges, Ricafort emphasized that as long as the country's business and economic fundamentals remain strong, the government's efforts to attract more investors should not be affected.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UAE Moments
17 hours ago
- UAE Moments
Domestic Helper-Turned-Tech CEO: Myrna Padilla's Story
Myrna Padilla, born in a small coastal village in the Philippines, once worked as a domestic helper in Asia to support her family. But today, she's the CEO of Mynd Consulting, a tech company she founded in Davao City—built on years of grit, heartbreak, and hope. A childhood shaped by poverty and survival Growing up in a bamboo hut by the sea, Myrna experienced hunger, bullying, and hard labor early in life. At just 10 years old, she was already diving for fish and selling seaweed to help feed her family. Despite being teased for her appearance, she learned to win people over with her personality, jokes, and songs—skills that would later help her navigate life far beyond her fishing village. From trafficking survivor to overseas worker As a teenager, Myrna was tricked by a recruiter who promised her a singing job in Japan. Instead, she ended up working unpaid in Manila as a domestic worker. Eventually, she escaped and found a support system that gave her a new start. Her journey led her to become an overseas Filipino worker (OFW), working as a helper in Singapore, Taiwan, and Hong Kong for nearly 20 years. The emotional pain of leaving her children behind was her greatest burden, but she pushed forward to give them an education—and succeeded. Her big break: A computer and a little boy In Hong Kong, Myrna worked for a kind family who entrusted her with caring for their son, Jonathan. That young boy taught her how to use a computer. What started as a way to keep an eye on him soon became a powerful tool that opened a new world of possibilities. She also founded the Mindanao Hong Kong Workers Federation, where she helped fellow OFWs and grew passionate about empowering women through community and technology. A dream fulfilled back home When her daughters graduated college, Myrna returned to the Philippines and launched Mynd Consulting, a small outsourcing company that began with just two staff and one old computer. Today, her business serves clients across the U.S. and Europe and provides local jobs—keeping Filipino families together. For Myrna, success isn't just about profit. It's about giving others the chance she never had. Every job she creates is one less Filipino forced to work overseas. Giving back through tech Myrna is also behind OFW Watch, a tech-driven advocacy network designed to combat human trafficking and protect migrant workers through digital tools and community volunteers. It's her way of using technology not just to build a business—but to save lives. From the shores of poverty to the frontlines of the tech industry, Myrna Padilla's story is a testament to resilience, courage, and the power of hope.
UAE Moments
17 hours ago
- UAE Moments
Bagong Salta? Here's Your Survival Kit for OFW Life
Adjusting to life as an overseas Filipino worker (OFW) can feel like diving into the deep end—especially when you're fresh off the plane. Whether you're headed to the UAE, Singapore, or beyond, this article gives you clear steps and must-have items to survive—and succeed—in your new home. Know Before You Go: Pre‑Departure Checks Before you leave the Philippines, tick off these essentials to avoid headaches later: Valid Documents: Make sure your passport, work visa, employment contract, and medical clearances are all up to date. Emergency Contacts List: Jot down your embassy's hotline, your employer's HR number, and trusted Philippine contacts. Cash Reserve: Bring small bills of the local currency (and some extra pesos) for immediate expenses—taxi fare, SIM card top‑ups, snacks. Basic Language Phrases: Learn simple greetings, directions, and emergency words in your host country's language. A little effort goes a long way. Your OFW Starter Kit: What to Pack Life abroad demands more than just clothes. Here's your minimum gear for those first critical weeks: Universal Charger & Power Bank: Plugs differ by country; stay powered up. First‑Aid Kit: Include band‑aids, pain relievers, antiseptic, and prescribed medicines. Reusable Water Bottle: Save money and stay hydrated on the go. Portable Wi‑Fi or Local SIM: Reliable data connection helps you find housing, navigate apps, and video‑call home. Money Moves: Managing Finances Smartly Getting your money routine right from day one means less stress and more savings: Open a Local Bank Account Fast: Ask HR or fellow OFWs for the easiest branch to use. Track Every Peso: Use a simple app or notebook to record daily spending—commute, meals, bills. Build an Emergency Fund: Aim to save one week's salary before remitting or investing. Compare Remittance Services: Small fee differences add up—shop around for the best rates. Health & Well‑Being: Staying Fit Abroad Physical and mental health can make or break your OFW experience: Register with Local Health Provider: Know your nearest clinic or hospital before you need it. Schedule Weekly Check‑Ins: Video‑chat with family or join OFW online groups to beat homesickness. Move Daily: Even a 15‑minute walk or quick home workout relieves stress and boosts energy. Building Your Support Network You don't have to go it alone. A solid community is your lifeline: Join OFW Communities: Facebook groups, Telegram channels, or Filipino associations help with tips on housing, jobs, and culture. Find a 'Buddy' System: Pair up with a fellow newcomer or senior OFW for shared transport, meal prep, or moral support. Stay Connected: Regular group chats or virtual meet‑ups keep you grounded and motivated. Mastering Workplace Know‑How Understanding local work culture and legal rights ensures a fair and safe job: Read Your Contract Thoroughly: Know your work hours, rest days, salary, and termination rules. Keep Copies of Everything: Store both digital scans and physical copies of IDs, contracts, and payslips. Know Your Rights: Research labor laws in your host country—many have dedicated helplines for migrant workers. Embrace Your New Home Thriving abroad isn't just about survival, it's about enjoying your experience: Respect Local Customs: From greetings to dress codes, fitting in fosters respect and trust. Try Local Cuisine (Safely): Choose busy, well‑rated stalls to avoid food‑related illnesses. Explore Smartly: Weekend day‑trips or cultural classes help you learn and unwind without breaking the bank. Life as a 'bagong salta' in another country comes with challenges, but with the right preparation and positive attitude, you can turn every hurdle into an opportunity. Pack smart, budget wisely, take care of your health, and lean on your fellow Filipinos—you've got this! Welcome to your new chapter abroad.
Gulf Today
2 days ago
- Gulf Today
China-UAE relations continue to open new horizons for development
Staff Reporter, Gulf Today The China Pavilion at Expo Dubai hosted the China-Arab Media Salon, coinciding with the official inauguration of the Middle East Communication centre of Hainan Media Group, which has chosen Dubai as its regional hub. The event aimed to highlight the role of media in deepening the strategic partnership between China and Arab countries—particularly the UAE, which enjoys strong economic, social, and trade ties with China, ties that media has significantly helped foster. Xian Yi, Deputy Consul General of Consulate General of the People's Republic of China in Dubai, emphasized that as the Belt and Road Initiative (BRI) advances, China-UAE relations continue to open new horizons for development. He noted Hainan's pivotal role in this collaboration, describing the new centre as a milestone in strengthening the friendly ties between the two nations. He also highlighted the importance of deepening media cooperation and cultural exchanges, expressing hope that the centre will serve as a vital bridge fostering mutual understanding and people-to-people friendship between China and the UAE. Shahab Shayan, Regional Director, Asia Pacific at Dubai Department of Economy and Tourism, stressed that China remains one of Dubai's top source markets. He noted that the direct air routes between Dubai and Hainan have significantly facilitated cultural, tourism, and trade exchanges. He added that the new media centre will become a platform for bilateral cultural dialogue and content collaboration, predicting deeper future cooperation in tourism, business, and investment under the BRI framework. Wang Lie, Deputy director of Hainan Broadcast station, stated that the group is committed to fostering a more open China that creates broader development opportunities for the world. He called for innovative efforts to deepen cooperation, enhance mutual understanding, and promote intercultural learning. Hainan Media Group, he said, will invest fully in developing the centre to meet the expectations of both Chinese and Arab audiences, using its media capabilities to bridge cultural differences and facilitate meaningful bilateral communication across various fields. During the inauguration, Hainan Media Group signed a cooperation agreement with China Arab TV. The initial phase of the collaboration focuses on showcasing Hainan's Free Trade Port achievements in institutional innovation, industrial openness, trade facilitation, and cooperation with the UAE. The partnership includes programme exchange and joint content production targeting audiences in 22 Arab countries, aiming to strengthen regional understanding of the Free Trade Port's development and to contribute new 'touchpoints' in China-Arab friendship and shared future narratives. The event concluded with a dialogue session featuring Chinese and Arab media figures, including Wang Lie, Deputy director of Hainan Broadcast Station; Mohamed Beiji, Deputy Editor-in-Chief of China Arab TV; Prof. Amer Fakhoury, Professor of International Law at the American University in the Emirates; and Prof. Mohamad AlNaeb, President of Strategia centre for Studies. The discussion focused on mechanisms for enhancing media cooperation, leveraging the development experiences of both the UAE and China, and showcasing success stories in the media to deepen bilateral partnership. Dr. Amer Fakhoury emphasized that the UAE is not only a major commercial and financial hub in the Gulf and the Middle East, but also a vital partner along the Belt and Road. He pointed out the alignment between Hainan's strategy of continuous openness and the UAE's development vision, stressing the media's responsibility in telling the evolving story of China-UAE friendship. He called for enhanced cooperation in producing high-quality media content that resonates with both Chinese and Arab audiences. Prof. Mohamad AlNaeb noted that the BRI, initiated by President Xi Jinping, offers a roadmap for stable and sustainable cooperation between China and the UAE. He highlighted the similar regional dynamics of Hainan and Dubai, both positioned as high-quality development zones. He suggested practical cooperation in sectors such as trade, investment, green economy, and tourism, with media playing a key role in building stronger connections between the two peoples. Since 2023, delegations from Hainan Province have paid frequent visits to the UAE, bolstering industrial cooperation in energy, digital economy, healthcare, tourism, and beyond. Investment collaboration between Hainan and Arab countries continues to expand, with bilateral trade in goods growing at an annual average of over 30% in the past three years. In 2024 alone, trade volume is expected to exceed 24 billion yuan. Notably, direct flights now connect Haikou with both Abu Dhabi and Dubai, forming an 'aerial Silk Road.' Coupled with visa-free travel policies, these routes have significantly boosted tourism flows from the Arab world to Hainan. Agricultural and environmental cooperation has also flourished, exemplified by the successful cultivation of 25,000 date palm seedlings donated by the UAE, now thriving in Wenchang. Meanwhile, Hainan's local produce such as Danzhou eggplants and Sanya okra have made their way onto Middle Eastern tables, marking a symbolic leap from 'seed to supply chain.' Beyond trade, port partnerships between Yangpu Port and Abu Dhabi Port have been established, laying the foundation for deeper cooperation in emerging areas like digital commerce and maritime finance. This reflects a transition from 'hard connectivity' in infrastructure to 'soft connectivity' across institutions and industries—advancing the vision of a shared free trade network between Hainan and the Arab world.
