Philippine economy contracts for 1st time since 1998

The Philippine economy contracted by 0.2% in the first quarter of 2020, marking its first contraction since 1998.

This decline comes as a result of strict lockdown measures implemented to control the spread of the coronavirus pandemic.

Private economists predict an even deeper contraction in the second quarter due to the extended lockdowns.

Despite this, Malacañang expects a 'V-shaped' economic recovery in the third quarter.

Acting Socioeconomic Planning Secretary Karl Kendrick Chua acknowledged significant socio-economic risks and shocks during the first quarter.