Philippine GDP shrinks 4.2% in Q1

The Philippine economy contracted by 4.2% in the first quarter of 2021, marking the fifth consecutive quarter of negative growth.

Metro Manila and other high-risk areas were under general community quarantine for most of the quarter before stricter enhanced community quarantine measures were implemented starting March 29 due to a surge in COVID-19 cases.

All three major industries -- agriculture, industry, and services -- contracted during this period with construction, other services, and real estate experiencing significant declines.