Malacañang on Tuesday said the Philippine economy showed signs of recovery following the smaller contraction in the third quarter of this year amid the COVID-19 pandemic.
Data released by the Philippine Statistics Authority (PSA) indicated that the gross domestic product (GDP) contracted by 11.5% in the third quarter, which according to presidential spokesperson Harry Roque was an improvement from the record 16.9% contraction in the second quarter.
“Nagre-recover na po ang ating ekonomiya. From an all-time low of [negative] 16.9 ay ngayon po naging negative 11.5. Bahagyang umangat na po ang ating ekonomiya. Nagpapatunay po that the worst is over,” Roque said at a news conference.
Roque shared the observation of Acting Socioeconomic Planning Secretary Karl Kendrick Chua who attributed the double-digit contraction for the July to September period to the return of stringent quarantine measures in the country’s economic centers—National Capital Region, adjacent provinces, and Cebu City.
The Cabinet recently approved measures to further open up the economy in the fourth quarter, subject to enforcing the minimum health standards and enhancing the PDITR (Prevent, Detect, Isolate, Treat, Reintegrate) strategy.
“Kinakailangan na po talagang buksan ang ekonomiya pero kinakailangan po mask, hugas, iwas,” Roque said.
The government government expects the economy to grow between 6.5% and 7.5% in 2021.—AOL, GMA News
This article Palace on Q3 GDP data: Economy on path to recovery was originally published in GMA News Online.