Though The Philippine economy improved in the second quarter, it still is facing speed bumps


The Philippine economy surged at its quickest rate in more than three decades in the second quarter. Still, on Tuesday, an official warned of “speed bumps” as coronavirus restrictions were tightened to address rising infections.
According to the statistics office, after five quarters of contraction, the economy grew by 11.8 percent year over year. A resurgence in construction activity and consumer spending drove the gain, which was the most since the last three months of 1988.
However, it was up from a 17% drop in the same period last year, when the country was engulfed in its first catastrophic shutdown, resulting in millions of jobs.
“The strong performance is due to more than just base effects; it is the consequence of a better balance between tackling Covid-19 and the need to restore people’s jobs and earnings,” Socioeconomic Planning Secretary Karl Chua said at a press conference. According to the figures, the second quarter, which coincided with another lockdown in April, was down 1.3 percent from the first three months of the year.
Chua also said that the current two-week lockdown in the national capital region – which accounts for a third of the economy – and other places aimed at curbing the spread of the hyper-contagious Delta type could dash prospects for “continued good growth.”


Please enter your comment!
Please enter your name here

Enable Google Transliteration.(To type in English, press Ctrl+g)