Philippines shows signs of recovery – DOF

The government should continue the calibrated easing of lockdown measures to further spur the recovery of the trade sector and ultimately the entire economy, the Department of Finance said.

Finance Undersecretary Gil Beltran shared the economy continued to show signs of recovery amid easing quarantine measures as shown by the country’s trade numbers in October.

He said merchandise trade declined by only 13 percent on-year in October, an improvement from the dramatic 60 percent plunge in April, when Luzon and different parts of the country were placed under tighter mobility restrictions.

Beltran also said the country’s exports followed the same trend. Exports nosedived by nearly 50 percent in April, but managed to contract by only 2.2 percent in October.

Imports in October also bounced back as it dropped by 20 percent on-year, coming from a disappointing 65 percent contraction in April.

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