Philippines' economy to remain in recession in Q1

The Philippines' chief economist predicts the economy will remain in recession during the first quarter of 2021 due to slow economic reopening and strict quarantine measures.

Acting Socioeconomic Planning Secretary Karl Kendrick Chua noted that Metro Manila and nearby areas are still under general community quarantine, limiting economic productivity.

Chua warned that GDP may only show year-on-year growth in the second quarter, extending the recession for five consecutive quarters since early 2020.

Presidential spox Harry Roque mentioned that two regions might revert to stricter quarantines due to rising infections from new coronavirus variants.