By: Ben O. de Vera - Reporter / @bendeveraINQ
Published: August 27,2020 - 02:28 PM
Full Article: PH economy seen slow to recover from pandemic’s impact
Snippets: The Philippines may have survived the worst impact of the COVID-19 pandemic but recovery seems slower than how its peers fare as infections remain high, UK-based think tanks said on Wednesday.
“The economy is likely past the worst. But things have been slow to bounce back. Manufacturing volumes were still down around 20 percent year-on-year at the end of the [second] quarter. In contrast, manufacturing output returned to growth in June in several regional economies,” London-based Capital Economics said in a report.
“Meanwhile, the government has failed to contain the virus and daily new infections are the highest in the region outside of India. Reflecting this, Google mobility data show that while the movement of people started to recover in June, activity remains very depressed and is recovering much slower than elsewhere,” Capital Economics added.
To recall, the government put back Metro Manila and four surrounding provinces—which accounted for half of economic output—under a stricter modified enhanced community quarantine on Aug. 4-18 as health care workers had sought a “time-out” following a surge in COVID-19 cases in these areas when the economy gradually opened up.
Three-fourths of the economic activity were resumed in June as the longest and most stringent COVID-19 lockdown in the region pushed the country into a recession in the first half, contracting by an average of 9 percent from January to June.