{"id":274776,"date":"2020-11-10T05:05:56","date_gmt":"2020-11-10T10:05:56","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=274776"},"modified":"2020-11-10T05:05:56","modified_gmt":"2020-11-10T10:05:56","slug":"palace-says-worst-is-over-as-ph-economy-starts-to-recover","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/11\/10\/palace-says-worst-is-over-as-ph-economy-starts-to-recover\/","title":{"rendered":"Palace says \u2018worst is over\u2019 as PH economy starts to recover"},"content":{"rendered":"
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In a Palace press briefing, Presidential Spokesperson Harry Roque said the slump has started to ease after the gross domestic product (GDP) recorded an 11.5 percent in the third quarter from 16.9 in the second quarter. (Shutterstock photo)<\/figcaption><\/figure>\n

MANILA<\/strong>\u00a0\u2013 Malaca\u00f1ang on Monday said \u201cthe worst is over\u201d as the Philippine economy started to recover despite contracting by 11.5 percent in the third quarter.<\/p>\n

In a Palace press briefing, Presidential Spokesperson Harry Roque said the slump has started to ease after the gross domestic product (GDP) recorded an 11.5 percent in the third quarter from 16.9 in the second quarter.<\/p>\n

\u201cSiyempre po \u2018yan ay malungkot pa ring balita pero \u2018yan ay<\/em>\u00a0improvement\u00a0doon sa<\/em>\u00a016.5 sa pagbaba ng ekonomiya noong second quarter (Of course that is still sad news but that\u2019s an improvement from the 16.5 contraction of the economy in the second quarter),\u201d he said.<\/p>\n

He said the economy has started to improve after coronavirus-related lockdowns were eased.<\/p>\n

\u201cSo\u00a0nagre<\/em>-recover\u00a0na po ang ating ekonomiya<\/em>\u00a0from an all-time low of 16.9 I stand corrected, 16.9\u00a0pala ang<\/em>\u00a0contraction\u00a0ng ating ekonomiya, ngayon po naging<\/em>\u00a0negative 11.5 so\u00a0bahagyang umangat na po ang ating ekonomiya. Nagpapatunay po na<\/em>\u00a0the worst is over (So our economy is recovering from an all-time low of 16.9, I stand corrected, 16.9 contraction of the economy, now it is negative 11.5 percent so our economy has slightly improved. It proves the worst is over),\u201d he added.<\/p>\n

Roque said this figure was expected as a result of reverting to a stricter modified enhanced community quarantine (MECQ) in Metro Manila and Region 4-A (Calabarzon) last August.<\/p>\n

\u201cKaya naman po nangyari ito, kasi nga po nag<\/em>-MECQ\u00a0na naman tayo sa<\/em>\u00a0Metro Manila\u00a0at ilang mga probinsiya sa<\/em>\u00a0Calabarzon\u00a0at dito po nanggagaling talaga ang<\/em>\u00a060 percent\u00a0ng ating<\/em>\u00a0GDP (The reason why this happened is because we had to revert to MECQ in Metro Manila and some provinces in Calabarzon and this is where 60 percent of our GDP comes from),\u201d he said.<\/p>\n

While the Covid-19 threat still exists, Roque said the country is now more knowledgeable about ways to mitigate its spread.<\/p>\n

\u201cSo\u00a0ang mensahe po natin, nandiyan pa po si<\/em>\u00a0Covid,\u00a0pero alam na po natin kung paano maiiwasan si<\/em>\u00a0Covid.\u00a0Kinakailangan lang po talagang buksan ang ekonomiya, pero kinakailangan po<\/em>\u00a0mask,\u00a0hugas, iwas<\/em>\u00a0(So our message is, Covid still exists, but we know how to avoid contracting Covid. We really need to reopen the economy, but we also need to wear masks, wash hands, and observe physical distancing),\u201d he said.<\/p>\n

The Philippine Statistics Authority (PSA) earlier said the country\u2019s GDP slide eased from July to September from a contraction of 16.9 percent in the second quarter.<\/p>\n

Acting Socioeconomic Planning Secretary Karl Kendrick earlier said that the easing of the country\u2019s GDP slump \u201cindicates that the economy is on the mend.\u201d<\/p>\n

Chua said he is bullish about economic growth in the fourth quarter, citing easing restrictions on businesses and transportation while enhancing the minimum health standards.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0\u2013 Malaca\u00f1ang on Monday said \u201cthe worst is over\u201d as the Philippine economy started to recover despite contracting by 11.5 …<\/p>\n","protected":false},"author":44,"featured_media":45360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,16,95],"tags":[],"class_list":["post-274776","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news","category-news-ph","mauthors-azer-parrocha","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/274776","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=274776"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/274776\/revisions"}],"predecessor-version":[{"id":274778,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/274776\/revisions\/274778"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/45360"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=274776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=274776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=274776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}