PH economy in recession as Q2 GDP plunges 16.5%
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.
First-quarter GDP decline revised to -0.7 percent
Government number-crunchers revised further downward the gross domestic product (GDP) data for the first quarter 2020, indicating that the economy was in worse shape than earlier reported.