Palace confident PH economy will bounce back from COVID-19

Malacañang is confident that the Philippine economy will recover from the effects of COVID-19 due to the government's proactive and hands-on approach.

Cabinet Secretary Karlo Nograles stated that the government is monitoring not only the virus but also its impact on behavior and the economy.

Despite potential global economic impacts from COVID-19, the Philippines aims to achieve its 2020 growth target of 6.5 percent, as the effects are usually short-lived.

Nograles highlighted the Philippine economy's resilience, citing robust domestic demand and production, evidenced by accelerating GDP growth in late 2019.

The country achieved a 5.9-percent GDP growth in 2019 despite global trade wars and geopolitical tensions, boosted by infrastructure spending.

Both the industry and services sectors contributed significantly to economic growth, and the labor market showed improvement with a record-low unemployment rate and new jobs created.

Poverty incidence also reached a record-low in 2018, with a significant number of people lifted out of poverty.

Nograles expressed optimism for a strong recovery, noting that mitigating measures and low mortality rates are expected to prevent significant harm to productivity.

The Philippines is expected to sustain its growth trajectory and meet its GDP growth target because it is less dependent on the global economy compared to its neighbors.