The Philippine gross domestic product (GDP) is at -8.3% in the 4th quarter of 2020 due to the effect of the Coronavirus Disease 2019 (COVID-19) pandemic to the market as reported by the Philippine Statistics Authority (PSA).
The current GDP has increased compared to the 2nd quarter’s -16.9% and the 3rd quarter’s -11.4%.
According to Socioeconomic Planning Acting Secretary Karl Kendrick Chua, the economy still grew from the past quarter due to the impact of the resumption of more public transportation. It is proof that the country’s economy will be resilient despite the pandemic and the continuous quarantine restrictions.
Chua reiterated the need for the balance between the response to the health crisis and the problem of unemployment, poverty, and hunger.
The country will achieve an upper middle income status by 2022 with the help of the passage of a strengthened stimulus package, reduced number of COVID-19 cases, and increased consumer confidence. Report from Naomi Tiburcio
