{"id":268402,"date":"2020-09-11T08:27:29","date_gmt":"2020-09-11T12:27:29","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=268402"},"modified":"2020-09-11T08:27:29","modified_gmt":"2020-09-11T12:27:29","slug":"ph-power-consumption-seen-to-decline-by-5-9-in-near-term-fitch","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/09\/11\/ph-power-consumption-seen-to-decline-by-5-9-in-near-term-fitch\/","title":{"rendered":"PH power consumption seen to decline by 5.9% in near-term: Fitch"},"content":{"rendered":"
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It added that the country\u2019s long and strict lockdown measures have led to a substantial slowdown in economic activity. (Pixabay photo)<\/figcaption><\/figure>\n

MANILA<\/strong>\u00a0\u2013 Power consumption in the country in the near-term will decline as the economy struggles with the coronavirus disease 2019 (Covid-19) pandemic, a Fitch Solutions outlook report said.<\/p>\n

\u201cWe have turned more bearish on our near-term outlook for Philippines\u2019 power and renewable sector, due to ongoing impacts from the Covid-19 pandemic. We now expect power consumption to contract by 5.9 percent,\u201d Fitch Solutions said in a report released Friday.<\/p>\n

It added that the country\u2019s long and strict lockdown measures have led to a substantial slowdown in economic activity.<\/p>\n

For this year, the group\u2019s Country Risk team expected the Philippines\u2019 gross domestic product to contract by 9.1 percent.<\/p>\n

\u201cWe expect the recession to weigh heavily on power demand and generation extension, and have further revised our forecasts for 2020 sharply this quarter,\u201d the report noted.<\/p>\n

It also mentioned that there will be continued headwinds to power capacity growth over the near to medium term such as channeling away funds from infrastructure projects towards other immediate concerns like supporting the labor market and households through handouts and wage subsidies.<\/p>\n

Likewise, failure to contain the Covid-19 will likely impact the country\u2019s inability to attract foreign direct investments, it added.<\/p>\n

However, Fitch Solutions remains optimistic about the country\u2019s power demand over the longer term that will need stronger capacity growth.<\/p>\n

\u201cWe believe that President Duterte will likely pivot back to his infrastructure strategy and \u2018Build Build Build\u2019 campaign after the situation improves, which will provide the necessary support for the power sector,\u201d Fitch Solutions said.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0\u2013 Power consumption in the country in the near-term will decline as the economy struggles with the coronavirus disease 2019 …<\/p>\n","protected":false},"author":44,"featured_media":129693,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-268402","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-kris-crismundo","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/268402","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=268402"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/268402\/revisions"}],"predecessor-version":[{"id":268403,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/268402\/revisions\/268403"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/129693"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=268402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=268402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=268402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}