Republik der Philippinen Botschaft und Ständige Vertretung bei den Internationalen Organisationen in Wien		Repúbliká ng Pilipinas Pásuguán at Pamalagiang Kinatawán sa mga Pangdáigdigang Kalipunán sa Vienna
PRESS RELEASE 01-09		09 March 2009

Austrian Business Weekly Cites the Philippines’
Economic Resilience Amidst Global Recession

A recent article in Wirtschaftsblatt, a Vienna-based business weekly, singled out the Philippine economy’s resilience in the face of a global economic downturn, the Philippine Embassy in Vienna reported to the Department.

In an interview with Mr. Rainer Fuchsluger, manager of Thomson Reuters in Manila, the influential newspaper identified the Philippines as one of the Southeast Asian economies which are relatively spared from the current crisis, citing its solid economic fundamentals and vibrant domestic consumption levels. He pointed out that a region-wide economic malaise with the magnitude of the Asian crisis appears remote at this time.

Mr. Fuchsluger credited the Philippine government for "timely fiscal and monetary measures" that were taken early enough and that have insulated the economy from the onslaught of the crisis. However, he made a cautionary note that the economy might start to feel the impact of the global recession by the second quarter of this year.

Moreover, the Thomson Reuters manager said that in the case of the Philippines, "private consumption supports almost three-fourths of the economy", distinguishing it from other economies in the region with strong external trade orientation that make them sensitive to fluctuations in global demand. Mr. Fuchsluger believed that such level of domestic activity, partly driven by remittances of overseas foreign workers, appears likely to be sustained.

The Wirtschaftsblatt referred to a report of the US State Department that the Philippines has resources of copper, gold, nickel and other minerals in the total value of up to US$ 840 billion, approximately the level of Brazil. Responding to this, Mr. Fuchsluger highlighted the vast potentials awaiting foreign investors in energy and raw materials sectors in the Philippines and the region as a whole.

Mr. Fuchsluger affirmed Thomson Reuters’ decision to relocate a section of its global services in Philippines, citing Manila’s "high-growth rate and the attractive work environment where many international companies, including the company’s main clients, have relocated."

Mr. Fuchsluger stated his company’s plan to emphasize in its business information services opportunities in the emerging metals markets, in addition to its traditional focus on capital and bond markets.