Palace concerned over steep Q2 economic performance

August 6, 2020

Malacañang raised on Thursday concern over the decline of the country's economy following the imposition of a lockdown in most parts of the country during the second quarter of this year to contain the spread of coronavirus disease.

"While we understand that the decrease in our gross domestic product growth rate is a result of the enhanced community quarantine (ECQ)/modified enhanced community quarantine (MECQ), we are concerned by the steep drop which is much worse than what our government economists had expected," Presidential Spokesperson Harry Roque said in a statement.

According to the Philippine Statistics Authority, the Philippine gross domestic product contracted by 16.5 percent in the second quarter, bringing the first semester economic performance to an average of -9.0 percent.

Despite the recession, Roque noted that the Philippines is not the only nation facing this economic situation.

He said COVID-19 has also adversely impacted the economies of countries, such as Singapore, Indonesia, the United States, France, Spain, and Mexico.

The spokesman expressed optimism that the economy will recover soon as the administration came out with a recovery program, recalibrated its budger for next year, abd restarted the Build, Build, Build programs, subject to health and safety protocols, to create jobs.

Roque reiterated President Rodrigo Duterte's calls to Congress to  fast track the passage of Bayanihan II, or the Bayanihan to Recover As One, which would boost the second-semester offensive against COVID-19; and the Corporate Recovery and Tax Incentives for Enterprises or CREATE Act to help businesses recover and generate employment for our people. Celerina Monte/DMS