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Page 15 - கார்ல் கெஂட்‌ரிக் சுய News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Philippine Economy Shrinks for 5th Straight Quarter Amid Pandemic

Jojo Riñoza/BenarNews The Philippines’ gross domestic product shrank by 4.2 percent in the first three months of 2021 to extend a COVID-19-related recession to five quarters, government officials who oversee the economy said Tuesday. Their latest report on the economic outlook came the same day the Philippine health department announced that two Filipinos had tested positive for a highly infectious coronavirus variant, which was first detected in India, although the pair had no history of recent travel to that country. “It has been 15 months since COVID-19 hit us. Throughout this unprecedented crisis, the government’s priority has been the total health and welfare of the people,” Socio-Economic Planning Secretary Karl Kendrick Chua, Finance Secretary Carlos Dominguez and Budget and Management Secretary Wendel Avisado said in a joint statement.

Philippine factory output fell by more than 73 per cent in March

MANILA (Philippine Daily Inquirer/ANN): The country’s total manufacturing output slid by 73.4 percent year-on-year in March, the fastest drop in seven months, mainly due to the temporary closure of the only remaining oil refinery in the Philippines. The Philippine Statistics Authority’s (PSA) monthly integrated survey of selected industries for March, which was released on Friday, showed the volume of production index (VoPI) proxy for factory output posted the steepest decline since the 82.2 per cent in August 2020. National Statistician Dennis Mapa said the main contributor to March’s VoPI contraction was the 97.4-percent fall in the production of petroleum coke and refined oil products.

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