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DBS unit: PH economy to contract 9.5% this year – The Manila Times manilatimes.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from manilatimes.net Daily Mail and Mail on Sunday newspapers.
Sun Life Philippines further slashed its Philippine economic growth estimate for this year after factoring in the lack of spending in the country, which it blamed on the impact of the coronavirus disease 2019 (Covid-19) pandemic. In a briefing on Thursday, Sun Life Philippines Chief Investments Officer Michael Enriquez said the life insurance company now forecast the countryâs gross domestic product (GDP) to shrink by 8.8 percent this year, worse than its earlier outlook of a 2- to 2.5-percent contraction. This latest projection implies a contraction of about 5.7 percent in the fourth quarter, he added. âI think this has been driven by the absence of spending, especially consumer spending,â Enriquez said, adding that this was hampered by the lockdowns imposed by the government to curb the spread of the coronavirus in the country.