Duterte s economic team sees slower growth in 2021, wider budget gap concerning
Updated May 18, 2021 7:31:00 PM
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Metro Manila (CNN Philippines, May 18) – President Rodrigo Duterte s economic managers tempered growth forecasts for the year amid the ongoing COVID-19 crisis.
The inter-agency Development Budget Coordination Committee (DBCC) on Tuesday said they only see the economy growing by 6-7% in 2021, slower than the original 6.5-7.5% target following a continued recession in the first three months of the year.
Local economic output shrank by 4.2% in January-March, marking the fifth straight quarter of contraction and suffering the biggest drop compared to its Southeast Asian neighbors. The last week of March saw a return to lockdowns in Metro Manila and nearby provinces, which are centers of business and trade.
Finance Secretary Carlos Dominguez was the highest paid member of the Duterte Cabinet last year, earning a total P4,943,153,.68 in 2020 or P301,389.76 more than what he took home a year before. Despite topping the Cabinet list, Dominguez still ranked 146th among the top earners in government led by
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2021-05-11 07:36:12 GMT2021-05-11 15:36:12(Beijing Time) Xinhua English
MANILA, May 11 (Xinhua) The Philippine economy shrank by 4.2 percent in the first quarter of 2021 as the Southeast Asian country grapples with lockdown restrictions due to COVID-19 pandemic, the Philippine Statistics Authority (PSA) said on Tuesday.
The main contributors to the decline were construction at -24.2 percent; other services, -38.0 percent; and real estate and ownership of dwellings, -13.2 percent, PSA Head Dennis Mapa said in an online briefing.
The 4.2 contraction in the first quarter followed the 8.3 percent decline in the fourth quarter of 2020.
Socioeconomic Planning Secretary Karl Kendrick Chua said that the latest economic performance shows the limit of economic recovery without major relaxation of our quarantine policy.
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Metro Manila (CNN Philippines, May 11) The Philippine economy declined anew in the first quarter of 2021 as quarantine restrictions and the lingering COVID-19 pandemic continue to hamper business and consumer activity.
National Statistician Dennis Mapa reported Tuesday an economic contraction of 4.2% for the period, milder than the 8.3% plunge recorded in the last three months of 2020 and steeper than the 0.7% drop from January to March last year.
The country’s recent economic performance is worse than the average -2.82% growth forecast resulting from a CNN Philippines poll among analysts, in line with expectations the economy will remain in recession albeit with a softer drop.