State statisticians on Monday lowered the official second quarter gross domestic product (GDP) contraction to -16.9 percent from the earlier -16.5 percent. Revisions to GDP figures, the PSA said, follow approved policy that is consistent with international standard practices. Moody’s Analytics, however, said that unlike Malaysia, domestic Covid-19 caseloads in the Philippines accelerated over the second quarter, necessitating the extension of conditional restrictions. Official third quarter GDP growth data is scheduled to be released by the PSA today, November 10. Diop noted that controlling the virus will be the key driver of economic recovery because it will boost consumer and business confidence, economic activities and support recovery of jobs.

Source: Manila Times November 09, 2020 16:30 UTC