The National Economic and Development Authority (NEDA) is set to release the first quarter report on the Gross Domestic Product (GDP) growth of the Philippines.
Due to economic blows from the Taal eruption to the drop of tourist arrivals amid the COVID-19 outbreak in other countries and the imposition of community quarantine in the country, NEDA is expecting a decline in the value of products and services made during the first quarter.
“I’m hopeful that they would have growth above zero but I’m not sure to what extent because as early as January, Taal Volcano 50% of our GDP,” NEDA Acting Secretary Karl Chua said.
Chua expressed optimism the Philippine economy may rebound by June as the country is among the most prepared economies in the region with a six percent average growth. The successful implementation of the general community quarantine in some areas starting May 1 might help determine how the economy will move in the following months.
Chua added that public safety remains a priority in case the government decides to reopen the economy.
Meanwhile, Chua advised a coordination between the Department of Social Welfare and Development (DSWD) and Department of the Interior and Local Government (DILG) on the seamless distribution of relief. He added that lessons from the first tranche of distribution will be considered in the second wave. – Report from Naomi Tiburcio
