Despite reports of massive job loss and businesses closing down, Department of Trade and Industry (DTI) Secretary Ramon Lopez disclosed that Philippines' economy is now actually starting to recover from the impacts of the coronavirus pandemic.
During the President's talk to the nation Wednesday night, March 24, Lopez reported the data signifying that the country's economy is starting to improve.
"Kung titingnan natin the economy is performing very fast bago ang pandemic pero nakita natin the economy is starting to recover (If we look at it, the economy is performing very fast before the pandemic but we can also see that it is now starting to recover)," Lopez said.
The secretary cited the gradual improvement of the country's gross domestic product (GDP) as among the signs of economic recovery.
It grew from -16.5 percent to -11.4 percent to -8.3 percent during the last quarter of 2020, according to Lopez.
"Another sign na nagre-recover tayo, yung unemployment rate ay paunti-unti nang bumaba. Ibig sabihin marami na ang nakabalik sa trabaho at from 17.7 percent ay naging 8.7 percnt na lang (Another sign indicating that we are recovering is the decline in unemployment rate. This means that many were able to go back to work and from 17.7 percent it declined to 8.7 percent)," Lopez said.
The DTI chief also cited the growth in the manufacturing sector which improved from 31.6 percent at the height of the pandemic last year to 52.5 percent.