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Michael Gerard D. Enriquez, Sun Life Asset Management chief investment officer said the first-quarter gross domestic product (GDP) performance was “disappointing” as it contracted way below consensus.
The local economy sunk deeper into recession in January to March at minus 4.2 percent, worse than the consensus -3.2 percent and Sun Life Asset Management’s estimate -2.0 percent.
Enriquez said the worse than expected GDP was due to continued contraction in household spending at -4.8 percent as well as the private investments, falling -18 percent.
“This only suggests that the confidence in the economy on personal spending, mobility and forward capital deployment is still at the clutches of fear towards the pandemic,” Enriquez said in a virtual briefing.