Capital Economics Asia economist Alex Holmes told the Inquirer last Friday that the London-based economic research firm projected the Philippines’ gross domestic product growth to slow to 4.7 percent year-on-year in the first quarter.
The Philippine economy was expected to recover by the fourth quarter, but by a mere 0.7-percent growth.Amid the enhanced community quarantines aimed at containing the spread of COVID-19 in the country, Holmes had said “consumption, the main driver of the economy, is set to slump.” Last week, the economic team unveiled a P27.1-billion fiscal support package for COVID-19 response, of which more than half will go to tourism-related projects and programs.
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