Sunday, February 5, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Economy & Trade

GDP to contract 2.2% this year with ECQ extension

Julito G. RadabyJulito G. Rada
April 24, 2020, 9:30 pm
in Economy & Trade
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

The Philippine economy will likely decline 2.2 percent this year after President Rodrigo Duterte decided to extend the enhanced community quarantine in major areas in Luzon by another 15 days, or until May 15, an economist from the local unit of Dutch financial giant ING Bank said Friday.

“The extension of the lockdown coupled with the loss of remittance support and a meager fiscal response all but scuttles any hope for growth in the second quarter. This development forces us to drop down our expectations for growth this year with full-year 2020 GDP hitting a worst-case scenario level of -2.2 percent,” ING Bank Manila senior economist Nicholas Antonio Mapa said in a message to Manila Standard.

“Economic data reported recently and in the coming weeks will show further symptoms of the impending economic malaise ahead. Brace for economic impact,” Mapa said.

Mapa said he was “awaiting an increase in fiscal spending to match the almost four-week extension to the original ECQ.”

Bangko Sentral ng Pilipinas Deputy Governor Francisco Dakila earlier said remittances would likely decline this year by 0.2 to 0.8 percentage points because of the pandemic.

ADVERTISEMENT

Money sent home by Filipinos working overseas rose 4.1 percent in 2019 to an all-time high of $30.133 billion from $28.94 billion in 2018.

The original month-long enhanced community quarantine in Luzon was supposed to end on April 12, but the government decided to extend it to April 30. Following a meeting with the Inter-Agency Task Force, President Rodrigo Duterte extended for the second time the quarantine period until May 15 in the National Capital Region, Calabarzon, Central Luzon and a few provinces in Luzon where there are high number of infections.

The move aimed to effectively contain the spread of the disease that already claimed the lives of hundreds of individuals in the country.

Meanwhile, the Management Association of the Philippines urged businesses to take advantage of the extended ECQ to prepare and set up health protocols in the workplace.

“Business should take advantage of the extended period to work on their health protocols in preparation for the eventual lifting of the lockdown, which hopefully will happen sooner or later,” MAP president Francisco Lim said.

“This is essential as there will be a new normal in the workplace until a vaccine and cure are out in the market, which will take months or even years to happen,” Lim said.

Lim said he was supporting the extension of ECQ in Metro Manila to prevent the spread of the virus. “It is a necessary evil. We need it for the country to do massive testing at the grassroots level and better prepare our healthcare system,” Lim said. With Jenniffer B. Austria

Tags: Bangko Sentral ng Pilipinasenhanced community quarantineGDPgross domestic productING BankPhilippine economy
ADVERTISEMENT
Julito G. Rada

Julito G. Rada

Related Posts

BSP expected to increase rate by 25 bps to match Fed action

byJulito G. Rada
February 2, 2023, 7:55 pm
0
8
Policy rate kept at 2% in MB’s last meeting this year

The Bangko Sentral ng Pilipinas may be compelled to match the latest 25-basis-point hike in interest rate by the US...

Read more

National gov’t debt slightly fell to P13.42 billion in December

byJulito G. Rada
February 2, 2023, 7:00 pm
0
8
Revenue collection up 16.6% in November

The government’s total outstanding debt declined to P13.42 trillion as of end-December 2022 from P13.644 trillion in November, thanks to...

Read more

PH, Cambodia eye rice supply deal

byOthel V. Campos
February 2, 2023, 6:55 pm
0
8
Binance’s Changpeng Zhao, the undisputed king of crypto

By Othel V. Campos The Philippines is studying a rice supply deal with Cambodia under an open trade system, according...

Read more

HK economy shrank 3.5% on exports plunge, COVID impact

byAFP
February 2, 2023, 6:45 pm
0
8
Banaag assumes post as Bright Kindle director

HONG KONG, China—Hong Kong’s economy shrank by 3.5 percent in 2022, with exports plunging and the city’s worst-ever coronavirus outbreak...

Read more

Manufacturing index sustained growth in January

byOthel V. Campos
February 1, 2023, 6:55 pm
0
8
Manufacturing index sustained growth in January

The manufacturing industry’s purchasing managers index rose to 53.5 percent in January from 53.1 percent in December 2022, according to...

Read more

PEZA-approved investments grew 83% to P6.4b in January

byOthel V. Campos
February 1, 2023, 6:50 pm
0
8
PEZA expects major investment projects to  seek registration in Q1

Investment pledges approved by the Philippine Economic Zone Authority climbed 83.69 percent in January to P6.39 billion from P3.48 billion...

Read more

Print Edition

View More

Recent Posts

  • Coach Tiu: Dubai tourney good experience for Strong Group
  • Amazon Sets a New Record for Most Renewable Energy Purchased by a Single Company
  • Kaspersky Threat Intelligence enhances its threat data feeds, threat analysis, brand protection capabilities
  • Check out Tommy Hilfiger’s February 6 store launch on Shopee
  • Nine missing after fishing boat capsizes in South Korea
  • Endangered monarch butterflies face perilous storm
  • Pelicans down Lakers as James moves 36 points from NBA scoring record
  • Can Beyonce finally take home the top Grammy?

Advertisement

Latest News

Endangered monarch butterflies face perilous storm

byAFP
February 5, 2023, 11:30 am
0
8
Endangered monarch butterflies face perilous storm

As devastating storms pounded California, nature lovers feared for endangered monarch butterflies that winter there as part of a seemingly magical...

Read more

Pelicans down Lakers as James moves 36 points from NBA scoring record

byAFP
February 5, 2023, 11:00 am
0
8
Pelicans down Lakers as James moves 36 points from NBA scoring record

The New Orleans Pelicans snapped a 10-game losing streak with a 131-121 victory over the Los Angeles Lakers on Saturday,...

Read more

Can Beyonce finally take home the top Grammy?

byAFP
February 5, 2023, 10:00 am
0
8
Can Beyonce finally take home the top Grammy?

As music's elite gather in Los Angeles for the Grammy awards on Sunday, one question is playing on loop: Will...

Read more

As pandemic fades, Guatemalan motorcyclists resume religious pilgrimage

byAFP
February 5, 2023, 9:30 am
0
8
As pandemic fades, Guatemalan motorcyclists resume religious pilgrimage

Thousands of motorcyclists on Saturday roared 140 miles across Guatemala in a rolling procession to venerate a religious crucifix, the...

Read more

‘Consensus’ with Zelensky that Western arms do not hit Russia: Scholz

byAFP
February 5, 2023, 9:00 am
0
8
‘Reconsider weapon export policy’; NATO to SoKor: Step up for Ukraine

Ukraine's President Volodymyr Zelensky agrees that weapons supplied by the West will not be used to attack Russian territory, Germany's...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App