Manila Bulletin
Moody’s lowers PH economic growth forecast
Global debt watcher Moody's Investors Service has lowered its 2020 growth forecast for the Philippines to 5.4 percent due to the impact of the COVID-19 pandemic and the Luzon lockdown.
This revised projection is a decrease from the previous 6.1 percent forecast and falls below the government's target of 6.5 to 7.5 percent.
Disruptions to production and supply chains are expected until June this year, potentially leading to a global recession if prolonged.
The government has readied a ₱27.1 billion stimulus package to counter the economic slowdown, with the tourism sector receiving ₱14 billion.
Additionally, the government is negotiating for $1 billion in loans to combat COVID-19.
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Fitch Solutions has downgraded the Philippines' 2020 GDP growth forecast to 4% due to the economic impact of the COVID-19 pandemic.
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Capital Economics forecasts the Philippines' economic growth to slow to 4.5 percent in 2020 due to restrictions on travel to and from Metro Manila to curb the COVID-19 outbreak.
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The National Economic and Development Authority (NEDA) forecasts the Philippine economy could contract by as much as 0.6% in 2020 due to the fallout from the COVID-19 pandemic.
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The Bangko Sentral ng Pilipinas (BSP) is prepared to utilize all available policy tools to support economic growth amidst the coronavirus outbreak.
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The Bangko Sentral ng Pilipinas (BSP) now forecasts a U-shaped economic recovery, expecting the impact of Covid-19 to last until the second half of 2020, with a rebound anticipated by 2021.
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