The Philippine economy shrinks by 16.5% in the 2nd quarter of 2020, joining the rest of the world in plunging into recession. Read:
(UPDATED) The Philippines' gross domestic product shrinks 16.5% in the 2nd quarter of 2020, the sharpest drop ever on record
Manufacturing at -21%Transportation and storage at -59.2%Among the major economic sectors, only agriculture, forestry, and fishing increased with 1.6% growth.Industry and services both decreased during the period by 22.9% and 15.8%, respectively.Household consumption and expenditure also fell by 15.5%.
Exports and imports fell by 37% and 40%, respectively.Government final consumption expenditure posted positive growth of 22.1%."Without doubt, the pandemic and its adverse economic impact are testing the economy like never before. But unlike past crises, the Philippines is now in a much stronger position to address the crisis," Acting Socioeconomic Planning Secretary Karl Chua said.
For the entire 2020, the government's economic team sees the economy contracting by 5.5%, deeper than the 2% to 3.4% contraction earlier projected.Chua said the new projection takes into account the stricter lockdown now in effect in Metro Manila and nearby provinces for two weeks.
To recover from the slump, the economic team is backing the Senate's proposed Bayanihan 2 law, as well as a revised infrastructure program, which would pour billions of pesos into health projects. Read more: Rappler »
Duterte vows to pay P930-M Red Cross debt after COVID-19 testing halted
'It will take time, but we will pay. We will look for the money,' says President Rodrigo Duterte
BBCWorld CBSNews cnnbrk FOXTV nytimesworld TIME we have the worst leaders
Election 2020: Trump fights virus-driven push for vote-by-mailPresident Donald Trump has launched a battle against mail-in voting in the 2020 elections, which health experts say is crucial to limiting the spread of coronavirus. maypag mo kirig ka
Virus lockdown for world’s smallest and rarest wild pigsPygmy hogs — the world's smallest and rarest wild pig — are under a virus lockdown.Not because of the coronavirus, but because of the...
Tennis: US Open winners face $850,000 pay cut as virus bites
Twitter says Trump campaign posts blocked over virus claim
BMW swings to first loss in a decade as virus hits salesBMW posts an operating loss of 666 million euros ($787.6 million) in April-June 2020, after selling around 25% fewer cars compared to the same period in 2019.
Gargling solution flies off Japan’s shelves after governor touts anti-virus effectJapanese drugstores were stripped bare of gargling solution by Wednesday, a day after the governor of the western prefecture of Osaka suggested it could help fight coronavirus, triggering panicked buying.