Palace upbeat worst is over, economy on way to recovery

MANILA, Philippines — Malacañang expressed confidence that the Philippine economy is on its way to recovery even though it contracted in the third quarter this year at a slower pace of 11.5 percent amid the ongoing COVID-19 health crisis.

Presidential spokesperson Harry Roque said this improved the record 16.9 percent contraction during the second quarter.

“So nagre-recover na po ang ating ekonomiya from an all-time low of [negative] 16.9 [percent], ngayon po naging negative 11.5 [percent]. Bahagyang umakyat na po ang ating ekonomiya, nagpapatunay na the worst is over,” Roque said in an online briefing.

(Our economy is recovering from an all-time low of [negative] 16.9 [percent]. Now we have negative 11.5 [percent]. The economy improved a bit, proof that the worst is over.)

Roque admitted that stricter community quarantine measures greatly affected the country’s economy.

“Kaya naman po nangyari ito kasi nag-MECQ [modified enhanced community quarantine] tayo sa Metro Manila at ilang mga probinsya sa Calabarzon at dito nanggagaling talaga ang 60 percent ng ating GDP [gross domestic product],” he said.

(This happened because we shifted to MECQ in Metro Manila and some Calabarzon provinces where 60 percent of our GDP rely.)

In August, Metro Manila, Rizal, Bulacan, Cavite, and Laguna were. reverted to MECQ after health workers asked for a time out. [ac]