The economic numbers for 2020 are out and they are not good. We are in the worst economic recession since 1947. When GDP numbers are released people always say “Nakakain ba yan?” Well, the question now really is “may nakakakain ka pa nga ba?”
Roque said the government had put together a “phased and adaptive economic recovery program” called PH-Progreso or the Philippine Program for Recovery with Equity and Solidarity, to cushion the Covid-19 pandemic’s effect on business and livelihood.
The Philippine economy plunged 16.5 percent in the second quarter, the worst drop since democracy was restored in 1986 as lockdowns caused by the Covid-19 pandemic took a heavy toll on businesses.
The United Nations Economic and Social Commission for Asia and the Pacific (Unescap) expects the Philippine economy to grow by just 0.6 percent this year due to the effects of the coronavirus pandemic.
The Duterte government now expects the Philippine economy to contract by 2 to 3.4 percent this year, with the Covid-19 pandemic estimated to slash gross domestic product by a whopping P2 trillion.