MANILA, Philippines – Two of three of the most important income drivers of the Philippine economy remain relatively unaffected by the global economic crisis—an indicator that the country is well-positioned to weather the storm.

According to economist Dr. Emilio Antonio, the export sector has so far been the only one to feel the brunt of the financial meltdown, while other pillars of the economy remain relatively robust.

In particular, remittances from overseas Filipino workers and earnings of business process outsourcing firms are still strong, he said, addressing yesterday’s Global Financial Crisis Policy Forum in Makati City.

Antonio, who is president of the Center for Research and Communication Foundation, believes that the sharp decline in the country’s exports is not due to the slowdown in demand from the country’s major trading partners.

Instead, he said, the slowdown started “way before” the onset of the global crisis. This suggests that the main cause is the issue of competitiveness, rather than weak demand.

Antonio’s findings were part of a study that included an analysis of the impact of the global financial crisis on priority sectors (agribusiness, mining, BPO, electronics and tourism), the various administrative regions of the country, as well as the so-called Subic-Clark-Batangas corridor.

The initiative was commissioned at the request of the Department of Trade and Industry.

According to Antonio, the Philippines is in a better position to weather the economic troubles compared to previous crises due to important strengths in the overall macroeconomic picture.

These include the absence of a serious current account deficit (a situation where the economy as a whole buys more from, than what it sells to, overseas trading partners), the relatively healthy cash position of the country, and the favorable outlook of lenders and investors toward the Philippine economy.

Nonetheless, the economist cautioned against complacency on the part of local policymakers, urging them to forge ahead with the economic stimulus package being pushed by the administration of President Macapagal-Arroyo.

“The resiliency plan speaks of a budget of P330 billion primarily meant to make sure that expenditures are on items that would have high impact on growth of output and jobs for poor families,” he said.