Watch more in iWant or TFC.tv MANILA - The Philippines will "do everything" to avoid an economic recession due to the COVID-19 crisis, central bank governor Benjamin Diokno said Sunday.
"We’ll try to avoid it as much as possible. You know, we have 84 quarters of continuous growth since the Asian financial crisis. I think the Philippines is resilient enough. I think, if we do the right thing, we can avoid a recession." Diokno said that while GDP for the current quarter could remain positive at around 3 percent, it is forecast to go negative in the 2nd and 3rd quarters, before picking up in the 4th quarter."Food prices are fairly stable. Plus, with the price freeze, I think we’re very comfortable with the inflation at the moment," he said."We’re okay. We still have long ways to go. I don’t expect this to last. This is temporary.
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