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Wednesday, October 22, 2008

Philippines mulls pump priming fund for economy

The entire article can be found at malaya.
It seems that more and more countries are developing pump priming programs. It seems that the US probably already has slipped into recession. The stock markets today seem to be anticipating a global recession and much less demand for oil. The US dollar remains quite strong for reasons I really don't fathom. Apparently investors see it as a refuge. I would think that is like taking refuge by booking on the Titanic.

P100B gov’t-privateshield fund mulledPackage seen priming economy
BY IRMA ISIP
THE Philippine Chamber of Commerce and Industry (PCCI) yesterday pushed for the creation of a P100 billion fund to shield the country in case the United States slips into recession, a plan supported by President Arroyo.
In her keynote speech at the conclusion of the 34th Philippine Business Conference at the Manila Hotel, Arroyo said she welcomes the proposal where government and private banks would contribute P50 billion each to finance projects for "human capital formation" that would address basic services to the poor including education, health, agriculture and infrastructure.
"We hope the private banking sector will join in this," she said.

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