PSA revises data
The country’s economic contracted deeper than initial estimated in the second-quarter of the year, the Philippine Statistics Authority (PSA) announced.
Based on the latest PSA report, the local economy, as measured by its gross domestic product (GDP), declined by 16.9 percent in April to June this year, worse than the agency’s preliminary estimate of minus 16.5 percent.
Major contributors to the revision were real estate and ownership of dwellings from minus 20.1 percent to minus 29.7 percent as well as wholesale and retail trade; repair of motor vehicles from minus 13.1 percent to minus 13.9 percent.
Financial and insurance activities was also revised from 6.8 percent to 5.4 percent.
Meanwhile, net primary income from the rest of the world recorded upward revision from minus 22 percent to minus 21.7 percent, while gross national income posted downward revision from minus 17.0 percent to minus 17.3 percent.
The PSA is set to release the third-quarter economic figures today (November 10).
Meanwhile, the National Economic and Development Authority (NEDA) sees growth picking up in the current quarter after virus restrictions were eased, even as data due Tuesday is likely to show the economy continued to contract in the three months through September.
The government expects its move last month to loosen curbs on movement and reopen more businesses “will have a better impact” on output in the final three months of the year, Socioeconomic Economic Planning Secretary Karl Chua said Monday.
“The reality is that we will be living with the virus for some time,” Chua said at a virtual forum. Economic managers see lockdowns as a last resort to contain Southeast Asia’s second-worst coronavirus outbreak, he said.
The Philippines is set to release third-quarter GDP, with a 9.6 percent contraction expected, according to the median forecast in a Bloomberg survey of 20 economists. The government expects the economy to shrink as much as 6.6 percent this year.
Manila’s economy—which accounts for almost one-third of the country’s total output—is already 65 percent open, but further reopening is hampered by limited public transport, Chua said.
It won’t help to continue easing movement restrictions unless employees have a way to get to work, he added. (With Bloomberg)