THE Philippine economy took a big hit from the coronavirus disease (Covid-19) pandemic and the Taal Volcano eruption, as gross domestic product (GDP)...
THE Philippine economy took a big hit from the coronavirus disease pandemic and the Taal Volcano eruption, as gross domestic product growth fell into negative territory to -0.2 percent in the first quarter of 2020.
Chua said this decline is “respectable” compared to the impact of the 1998 Asian financial crisis and 2009 global financial crisis. Under an ECQ, public transportation systems are suspended, businesses except those engaged in essential goods and services are closed, and the people, except essential workers and frontliners, are mandated to stay home. Only one person per household is allowed to go out for a supply run.
To restart the economy, government is ramping up testing for the virus through the establishment of mega swabbing centers and quarantine facilities as well as the accreditation of more testing laboratories nationwide. Earlier, the National Economic and Development Authority under Chua’s predecessor Ernesto Pernia predicted a full-year GDP growth of as low as -0.6 percent to 4.3 percent for 2020 while the Bangko Sentral ng Pilipinas saw growth at between -0.1 percent and zero.
The PSA said the main contributors to the decline were: manufacturing; transportation and storage; and accommodation and food service activities.
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