The Philippines has resources for a “protracted” fight against the pandemic and its effects on the economy, which contracted by a record in the second quarter, according to Finance Secretary Carlos Dominguez.
The nation’s “unique fiscal and macroeconomic strengths” going into this year provide it with a “solid footing” to meet the pandemic’s economic challenge, Dominguez said in a statement.
“Government’s ability to sustain the fight depends on our fiscal stamina.” The Philippines plunged into a recession after shrinking 16.5% in the second quarter as consumer spending and jobs got hammered amid the lockdowns in Manila and other urban centers to contain the virus. The Philippines’ near-term growth outlook has continued to deteriorate amid the pandemic and lockdowns, Fitch Ratings Associate Director Sagarika Chandra said in a statement.Despite the latest lockdown, economic recovery in the third quarter will proceed at a “steady, yet moderate” pace after the gradual reopening of businesses since May, Dominguez said.
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