Inquirer
GDP to contract by up to 4% in 2020
The Philippine economy is projected to contract by 3.5 to 4 percent in 2020, marking the fastest decline in 35 years due to the COVID-19 pandemic.
Finance Secretary Carlos Dominguez III stated that the country is prepared for a significant economic rebound in 2021.
Dominguez highlighted that the Duterte administration's prior tax reforms and prudent borrowing provided the necessary fiscal space to address the health and economic crises.
He emphasized the importance of maintaining financial reserves to manage potential future waves of the pandemic.
Government officials plan to finance the COVID-19 response through domestic commercial borrowings and foreign loans during the recession.
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The Philippines has officially entered a recession, marking the first economic downturn since 1998.
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The International Monetary Fund (IMF) has revised its economic outlook for the Philippines, now projecting a 3.6 percent contraction in the country's gross domestic product (GDP) for 2020.
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Malacañang described President Rodrigo Duterte's first four years in office as "great," citing the country's economic performance prior to the COVID-19 pandemic.
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The Philippine government is aiming to raise P436 billion or approximately $8.72 billion in foreign loans for its COVID-19 response and economic recovery efforts.
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Former President Gloria Macapagal-Arroyo urged the Duterte administration to tip the balance of its COVID-19 response towards economic concerns after implementing a prolonged lockdown.
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