The Philippine economy is expected to register a substantial 15 percent growth in the second quarter, largely due to low base effects, but also owing to a tailored approach in restrictions following a second wave of COVID-19, a foreign think tank said.
In its latest economic monitor, UK-based Pantheon Macroeconomics said gross domestic product growth for the second quarter is likely at 15 percent, a huge turnaround from the record 16.9 percent contraction in the same period last year.
This is despite restrictions being reimposed at the beginning of the quarter in efforts to arrest the renewed surge in COVID-19.
Pantheon senior Asia economist Miguel Chanco said expectations for a bad second quarter turned out to be fairly benign even amid the situation.
While Metro Manila and nearby provinces returned to the same quarantine classification as last year, adjustments were made and the economy avoided a complete halt.