Philippines entered into economic recession last August

The Philippines entered into recession last August wherein the country’s gross domestic product growth rate declined by 16% in the second quarter of 2020, which was the lowest recorded quarterly growth since 1981, according to the Philippine Statistics Authority.

This means the country incurred a hefty 680-billion-peso economic loss during the second quarter of 2020.

Last May, the Department of Labor and Employment also estimated that an alarming 10 million workers lost their jobs due to the economic crisis.

In the same month, around 2.5 million workers lost their jobs due to the lockdown or the enhanced community quarantine implemented last March 2020.

Prior to that, the statistics agency said the unemployment rate surged to a record 18% in April.

The national unemployment rate of the country eased in July when strict community quarantine measures were lifted. But the country has a long way to go to get back on its feet.

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