Duterte s economic team sees slower growth in 2021 cnnphilippines.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnnphilippines.com Daily Mail and Mail on Sunday newspapers.
Published May 14, 2021, 2:07 PM
The country’s recovery is not out of the woods just yet as risks posed by the coronavirus continue to threaten recent gains, the Department of Finance (DOF) said.
In its latest economic bulletin on Friday, May 14, the DOF said that the pace of economic contraction in the first three-months of the year had softened compared with the previous-quarter, an indication of recovery.
However, the DOF is not yet ready to call that the Philippines is nearing the end of the coronavirus crisis.
“The economy grew by 0.26 percent in the first quarter from last year’s final quarter, indicating recovery. Recovery, however, continues to be threatened by risks posed by the virus,” the DOF said.
PHL economy will struggle to recover — Fitch Solutions bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
Central Luzon eyes quick, sustained economic recovery
Philippine Information Agency
13 May 2021, 18:38 GMT+10
CITY OF SAN FERNANDO, Pampanga, May 13 (PIA) Central Luzon is eyeing a quick and sustained economic recovery to cope up with the losses brought by the COVID-19 pandemic.
National Economic and Development Authority (NEDA) OIC-Regional Director Agustin Mendoza underscored the need for a V-shaped rebound as Central Luzon s economy posted a highest contraction of -13.9 percent among other regions in terms of growth rate for 2019-2020. It is exceedingly necessary to reinforce our policies and interventions to ensure that the economy will not drop and shall be able to cascade to all the windfalls of robust and lasting recovery, he said.
Published May 13, 2021, 7:20 AM
The Duterte administration will revisit its medium-term macroeconomic targets and fiscal program next week following a worse-than-expected economic performance in the first-quarter.
In a media advisory released by the Department of Budget and Management (DBM), it said the inter-agency Development Budget Coordination Committee (DBCC) will hold its 179th meeting on Tuesday, May 18, 2021.
The DBCC, which the DBM chairs, will release “revised” medium-term macroeconomic assumptions and fiscal program after the meeting, the advisory stated.
The inter-agency body, which sets the macroeconomic targets of the country, is made up of the DBM, Department of Finance (DOF), and the National Economic and Development Authority (NEDA).