The Philippines is unlikely to continue strong economic growth in the third quarter following renewed mobility curbs and as the target of achieving herd immunity appears uncertain.
In a report, London-based Oxford Economics said economic momentum for ASEAN 6 – Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam – has further slowed.
This is amid the spread of the more transmissible COVID Delta variant, which led to spikes in new cases, prompting governments to reimpose lockdowns that halted economic activities anew.
For the Philippines, the strictest community quarantine status was implemented for the third time last month, starting in Metro Manila and nearby economic hubs, and spreading to other regions.
The Philippine economy recovered with an 11.8 percent expansion in the second quarter due largely to base effects. In the same period last year, the Philippine economy slumped by 11.5 percent.