CDNTopStories The Philippines may have survived the worst impact of the COVID-19 pandemic but recovery seems slower than how its peers fare as infections remain high, UK-based think tanks said on Wednesday. Read more: CDNDigital
“The economy is likely past the worst. But things have been slow to bounce back. Manufacturing volumes were still down around 20 percent year-on-year at the end of the [second] quarter. In contrast, manufacturing output returned to growth in June in several regional economies,” London-based Capital Economics said in a report.
To recall, the government put back Metro Manila and four surrounding provinces—which accounted for half of economic output—under a stricter modified enhanced community quarantine on Aug. 4-18 as health care workers had sought a “time-out” following a surge in COVID-19 cases in these areas when the economy gradually opened up.
Separately, UK-based Oxford Economics also on Wednesday noted that in the Philippines and India, “broad lockdowns have constrained exports.” During the entire second quarter, the Philippines’ merchandise exports plunged by 30 percent, Oxford Economics added.
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