The government had projected GDP to decline by 2-3.4 percent in 2020, even as some private sector economists and most multilateral institutions estimated a bigger contraction for the entire year and even a double-digit drop in the second quarter.
The Philippine Statistics Authority’s latest Missi report showed that the volume of production index —a proxy for nationwide factory output—slid 59.8 percent year-on-year in April, a 20-year low. Exports and imports also dropped at their fastest pace in April—the first full month of the enhanced community quarantine imposed in Luzon and other parts of the country with high COVID-19 cases since mid-March.
As the COVID-19 lockdown eased, the Philippines’ purchasing managers’ index improved to 49.7 in June, still a year-on-year contraction but the highest reading in four months, London-based global information provider IHS Markit Ltd. said also on Wednesday.A PMI below the neutral 50-mark reflected a decline in manufacturing activities, which the Philippines recorded since March when the ECQ was first implemented.
bendeveraINQ Panalo na po kasi tayo sa UP..ganun po yun
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