Cebu Experience
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Inflation fell to 7.1% in January 2009 down from 8% in December of 2008. There appears to be a continued trend of slowing inflation. The central bank of the Philippines, Bangko Sentral ng Philippines, seems to be signaling that it will again cut interest rates during its March 5th rate setting meeting. That is the same day that inflation figures for February will be released.
Intel Plant Closings
Intel has announced it will be closing several plants around the world in an effort to reduce 5000 more jobs. The Intel facility near Manila saw its work force cut from 3000 to 1800 in November of 2008.
Intel plans to close several facilities in light of slipping demand. The facility in the Philippines is one of the older plants. It is about 20 years old.
The US Federal Reserve Bank, also known as the Central Bank is having meetings Monday and Tuesday to decide how to react the worsening world economy and specifically the US economy. With negative growth for the last two quarters it is expected the Central Bank will cut its rate to .5% or the lowest rate since 1953.
Interest slows growth, so when growth is negative the general thought is that government policy should be developed that helps to stimulate growth. This will put more downward pressure on the dollar. Again, if it will rise or fall against a particular currency depends on how that currency is behaving in general. It could still rise against some currencies but it will push the value of the dollar lower. The dollar may stay strong against some currencies but this move will weaken the dollar.
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