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Metro Manila (CNN Philippines, November 10) – The Philippine economy contracted another 11.5% in the third quarter, as the COVID-19 crisis continues to hold back consumer spending and business activity.
The Philippine Statistics Authority said existing quarantine rules got in the way of an economic rebound. However, the July-September drop was less than the record contraction of 16.9% in the second quarter.
Last year, the economy expanded 6.3%.
The economy has suffered the biggest hit due to the COVID-19 pandemic, which has forced the country to impose strict closures and cut off local and international tourism to prevent new infections.
Metro Manila, the country’s main economic hub, returned to a two-week lockdown in August to curb infections. The stay-at-home rules have been further relaxed since then.
A CNN Philippines poll of nine economists last week pointed to an average estimate of -9%, confirming expectations that the Philippines will remain in recession but at a calmer pace.
Since then, the Interagency Task Force for the Management of Emerging Infectious Diseases has relaxed quarantine rules and allowed more industries to return to full capacity. More travelers have also been allowed to ride public transport, and the government has adopted a separate seat policy instead of one meter distance while on board trains, buses and jeepneys.
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