The Philippines slipped into another economic downturn in 2011. Adverse global trends are a factor with the world economy three years into what is going to be a protracted global depression. More significant however is the absence of bold domestic economic policy initiatives that tackle the country’s internal weaknesses and, in so doing, also reduce its vulnerability to external shocks.

The past year gives at least three insights to inform economic policy-making not just in 2012 but in the coming period of great challenges for Philippine growth and real development.

The recent United States (US) credit rating downgrade is just the latest sign that the global crisis which erupted in 2008 has not been resolved and will continue for years to come. The Philippine government and its economic managers are unfortunately oblivious to this reality in their medium-term planning and budgeting for 2012 which undermines the country’s prospects for development.

MANILA (July 19) — Sen. Mar Roxas is raising hell about the alleged collusion between the Arroyo government and the pharmaceutical industry to delay if not derail the implementation of Republic Act 9502, or the “Universally Accessible Cheaper and Quality Medicines Act of 2008,” which was signed on June 6, 2008. Among the provisions the multinational pharmaceutical companies are reportedly blocking is the setting of the maximum retail price for 22 essential medicines. To sweeten the deal between the Arroyo government and pharmaceutical firms, Pfizer allegedly offered five million “sulit” discount cards to President Arroyo for distribution to indigent patients around the country. (Remember the distribution of PhilHealth cards in 2004?)

Teens and college students looking for a summer job might have a tougher time landing a gig this year compared to summers past, according to a recent survey.

Nearly half (46%) of hourly hiring managers with responsibility to recruit summer employees will not be recruiting this year, according to a February survey of more than 1,000 hiring managers commissioned by hourly job Web site SnagAJob.com.  To compound the problem, teens and young adults can anticipate far fewer openings among businesses with available positions.

In the last four months, 2.6 million jobs have disappeared from the American economy. About half the people who held those jobs also lost their health insurance.

But a job loss doesn't have to mean a loss of insurance coverage, too. A provision in the recently passed economic stimulus bill makes health insurance significantly more affordable for the involuntarily unemployed. The federal government will now subsidize premiums for insurance plans purchased under the terms of a law called"COBRA."

Bosses at Scotland's only crude oil refinery have started a shutdown after claiming an impending strike will compromise safety.

Ineos said the Grangemouth refinery could shut for "at least a month", and warned of major fuel shortages.

About 1,200 members of the Unite union are to strike on 27 and 28 April in a dispute over pensions.

Scottish ministers urged both sides to try to resolve the dispute, instead of "trading commentary" in the...

A delayed scheme to deal with complaints against estate agents will start in October, according to the Office of Fair Trading...

A record level of spending has provided a rest from dull economic predictions but has also fanned fears of high interest rates...

A former government pensions adviser has warned that hundreds of thousands of people who have invested in private pension funds have lost out...

Boeing should get a second chance to bid for a $35bn US Air Force contract, a US government agency has said.

The Government...