MANILA - The country's COVID-19 fight has brought collateral damage on the economy, the Department of Finance said Friday, as the country plunged into recession in the second quarter.
MANILA - The country's COVID-19 fight has brought collateral damage on the economy, the Department of Finance said Friday, as the country plunged into recession in the second quarter.
Consumption, industry and services posted declines for the period while transportation, hotels and restaurants were the worst-hit, the DOF said. "The ongoing COVID-19 [crisis]... inevitably made the economy a collateral damage. Such response was, nevertheless, a hedge against further complications," the statement said."Such capacity could tilt the odds in what is apparently a life-versus-livelihood dilemma and make it more of a life-and-livelihood dual outcome, but probably at a lesser scale than before under a “new normal” should there still be uncertainties about and risks posed by the virus," the DOF said.
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