BY GENALYN KABILING
The “worst is over” as the local economy started to recover from the impact of the coronavirus pandemic, Malacañang declared Tuesday.
According to Presidential spokesman Harry Roque, the economic slump has began to ease after the gross domestic product (GDP) recorded an 11.5 percent contraction in the third quarter of the year, from 16.9 percent in the previous quarter.
“Siyempre po ‘ yan ay malungkot pa ring balita pero ‘yan ay improvement doon sa 16.5 sa pagbaba ng ekonomiya noong second quarter,” he said during a televised press briefing.
“So nagre-recover na po ang ating ekonomiya from an all-time low of 16.9 i stand corrected, 16.9 pala ang contraction ng ating ekonomiya, ngayon po naging negative 11.5 so bahagyang umangat na po ang ating ekonomiya . nagpapatunay po na the worst is over,” he added.
The country’s GDP continued to shrink in the months of July to September this year but at a slower pace as quarantine restrictions have been loosened in recent months.
The Philippine Statistics Authorities reported that construction, real estate and manufacturing contributed the least to the GDP. Financial and insurance activities, public administration and defense, compulsory social activities as well as agriculture, forestry and fishing, on the other hand, posted positive growth.
Roque admitted that the economy was affected after strict lockdowns were imposed to curb the spread of COVID-19. He recalled that Metro Manila and nearby provinces, where 60 percent of the economy is based, were reverted to the stricter modified enhanced community quarantine last August following a timeout plea from the medical community.
