Department of Trade and Industry (DTI) Secretary Ramon Lopez said Friday that the 9.5 percent contraction in gross domestic product (GDP) for the year 2020 just shows how badly the Philippine economy was impacted by the COVID-19 pandemic.
“Ang ibig sabihin po nito ay naging mas maliit ang pinaka-output at equivalent din po ito sa income ng ating economiya versus the previous year, 2019,” Lopez said during Friday’s Laging Handa press briefing.
“Alam naman natin na ‘yung pandemic at lockdown ay nangyari noong 2020, kaya po ine-expect na natin na talagang babagal ‘yung takbo ng ekonomiya ng kabuuang 2020,” he said.
“Mas mahirap po ang kita, mas mahirap ang kabuhayan ng 2020 versus 2019. ‘Yun ang pinaka-ibig sabihin po noon,” he bluntly said of the country’s GDP performance.
Lopez said the tourism and retail industries were among those hardest hit by the pandemic-triggered lockdown last year. Parts of the country were placed under enhanced community quarantine (ECQ) in March 2020.
But the DTI boss considers it a “bright spot” that the country’s GDP has actually been improving, and this is evident when the figures are viewed on a quarter by quarter basis.
“Malaki po talaga ang binagsak doon pa lang sa 2nd quarter. Kung naalala ninyo, nag-minus 16.9 percent. Noong 3rd quarter, minus 11.5 percent. Lumiit na ang pagka-decline. At nung 4th quarter, minus 8.3 percent.”
“Quarter on quarter nakikita natin ‘yung slight improvement. Pero kung titignan ‘yung buong taon, ‘yung minus 8.3 percent ng 4th quarter hindi enough ‘yan para mabawi ‘yung pagbaba ng ekonomiya kaya naging minus 9.5 percent ang total year,” Lopez said. (Ellson A. Quismorio)