{"id":259332,"date":"2020-06-25T06:13:28","date_gmt":"2020-06-25T10:13:28","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=259332"},"modified":"2020-06-25T06:13:28","modified_gmt":"2020-06-25T10:13:28","slug":"palace-expects-ph-growth-back-to-6-in-2021","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/06\/25\/palace-expects-ph-growth-back-to-6-in-2021\/","title":{"rendered":"Palace expects PH growth back to 6% in 2021"},"content":{"rendered":"

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FILE: The Makati CBD skyline bordered by Ayala Avenue, Manila Philippines. (Photo<\/a>: DerekBBB\/Flickr<\/a>, CC BY-NC 2.0<\/a>)<\/figcaption><\/figure>\n

MANILA<\/strong>\u00a0\u2013 Malaca\u00f1ang is optimistic that the Philippine economy would expand at a faster pace and return to 6 percent growth trajectory in 2021 despite the crisis brought about by the coronavirus disease 2019 (Covid-19) pandemic in the country this year.<\/p>\n

In a virtual presser aired on state-run PTV-4 on Thursday, Presidential Spokesperson Harry Roque acknowledged that the Philippines suffered its first economic recession since 1998 due to the Covid-19 health crisis.<\/p>\n

Roque, nevertheless, remained confident that the country would experience a faster economic recovery.<\/p>\n

\u201cThe economic troubles will continue\u00a0pero inaasahan po natin dito sa Pilipinas ang masiglang pagbalik sa<\/em>\u00a0normal (but we expect that everything will be back to normal in the Philippines).\u00a0At inaasahan po natin na matapos itong taon na ito ay babalik po tayo sa<\/em>\u00a0six percent growth\u00a0na naman<\/em>\u00a0(We expect that after this year, we will enjoy six percent growth anew),\u201d he said.<\/p>\n

In May, the Bangko Sentral ng Pilipinas admitted that the Philippines suffered its first economic contraction in 22 years due to unexpected shocks, including the Covid-19 outbreak.<\/p>\n

The Philippine Statistics Authority has reported that the country\u2019s gross domestic product (GDP) declined 0.2 percent from January to March this year.<\/p>\n

The International Monetary Fund (IMF), in its World Economic Outlook June 2020 Update released on Wednesday, has further downgraded its economic outlook for the Philippines.<\/p>\n

The IMF projected a 3.6-percent contraction in the country\u2019s GDP this year, a sharp reversal from its baseline 6.3-percent growth forecast given last year and the 0.6 percent growth outlook in April.<\/p>\n

It, nevertheless, expected that the Philippine economy will revert to 6.8 percent growth in 2021.<\/p>\n

Roque said the reopening of more industries in the country following the relaxation of quarantine restrictions would help reboot the economy.<\/p>\n

\u201cAlam naman po natin na ang karanasan ay hindi lang po dito sa Pilipinas<\/em>\u00a0(The experience of [economic shutdown is also happening in other countries], not only in the Philippines),\u201d he said. \u201cNagbu-bukas naman na po tayo ng ekonomiya dito<\/em>\u00a0(We are nevertheless reopening our economy).\u201d<\/p>\n

From 2012 to 2016, the Philippines\u2019 average economic growth is 6.6 percent. The country posted 6 percent growth in 2019.<\/p>\n

President Rodrigo Duterte first placed the entire Luzon under enhanced community quarantine (ECQ), the most stringent community quarantine, in March this year to stop the Covid-19 pandemic in the country.<\/p>\n

Duterte eventually eased the quarantine restrictions and placed only Cebu City under ECQ until June 30.<\/p>\n

Roque noted that the Philippines has so far borrowed around USD5.758 billion from multilateral foreign lenders to boost the country\u2019s war chest against Covid-19.<\/p>\n","protected":false},"excerpt":{"rendered":"

  MANILA\u00a0\u2013 Malaca\u00f1ang is optimistic that the Philippine economy would expand at a faster pace and return to 6 percent …<\/p>\n","protected":false},"author":44,"featured_media":242976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-259332","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-ruth-abbey-gita-carlos","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/259332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=259332"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/259332\/revisions"}],"predecessor-version":[{"id":259333,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/259332\/revisions\/259333"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/242976"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=259332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=259332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=259332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}