Economy strongly recovered in Q2
NEDA Chief Chua claims PH economy has strongly recovered in Q2
MANILA – Socioeconomic Planning Secretary Dr. Karl Kendric Chua today said the Philippine economy has fully recovered in Q2.
“The robust performance is driven by more than just base effects. It is the result of a better balance between addressing COVID-19 and the need to restore jobs and incomes of the people,” said Secretary Chua, the youngest member of the official family.
He added the country’s economic recovery accelerated in the Q2 to 11.8 percent from
-17 in the same period in 1986.
“This is the highest GDP growth recorded since the fourth quarter of 1988,” Secretary Chua said.
However, Secretary Chua said all sectors in the production side expanded except for agriculture where the latest quarter showed a contraction of 0.1 percent due to the decline in pork production.
He reported the industry sector grew by 20.8 percent, and services by 9.6 as the country carefully managed the COVID-19 risks better and eased quarantine restrictions.
Public construction expanded by 49.7 percent thereby continuing the previous quarter’s growth of 25.3 percent.
He reported that household spending grew positive at 7.2 percent “as millions regained their jobs and income sources during the first half of 2021.”
Secretary Chua said almost all sectors recovered despite the imposition of the ECQ and MECQ last April and May 2021. He added this is a clear indication that managing risks, and not closing large segments of the economy makes a better chance of improving both the economy and health conditions.
It was also reported most industries and services operated as public transportation remained available. With the increase in economy activity, more Filipinos regained their jobs and income.
“The reimposition of ECQ in high-risk areas, including NCR from August 6 to 20, is our proactive response to address the spread of the more contagious Delta variant and preclude the return of more lockdowns down the road,” he added.
He called on unvaccinated NCR-Plus residents to take the opportunity to receive the needed jabs. (Melo M. Acuña)