Philippine economy registers strong growth after five quarters of decline
The Philippine economy grew 11.8 percent year-on-year in the second quarter this year, ending five straight quarters of decline in gross domestic product (GDP).
Health worker administrates COVID-19 vaccine in Manila, Philippines (Photo: AFP/VNA)
Hanoi (VNA) - The Philippine economy grew 11.8 percentyear-on-year in the second quarter this year, ending five straight quarters ofdecline in gross domestic product (GDP).
The administration of President Rodrigo Duterte attributed the growth, thestrongest since the fourth quarter of 1988, to its balancedefforts in tackling COVID-19 and boosting jobs and incomes.
The Philippine government in April revampedthe "enhanced community quarantine (ECQ)" imposed last year in themetro Manila area and other parts of the country, allowing the regions, whichaccount for 75 percent of the economy, to return to normal.
The Philippine economy had witnessed its longest decline since thesecond quarter of 2020 at a low of minus 17 percent, to minus 11.6 percent in the thirdquarter, minus 8.3 percent in the fourth quarter, and minus 3.9 percent in the firstquarter of 2021.
The country's unemployment rate in June was down to 7.7 percent,compared with a 17-percent jobless rate in April 2020, according to thePhilippine Statistics Authority (PSA).
A sharp increase in investments gives another clear indicator ofrecovery, given a 75.5-percent total investment growth and 94.9-percent surgein private investment, showed data from the country's central bank.
Foreign direct investment (FDI) net inflows intothe Philippines jumped 37.8 percent to 3.48 billion U.S. dollars for the firstfive months of 2021, compared with the same period last year./.
The Philippines has emphasised the importance of maintaining navigation and overflight freedom in the East Sea, as well as the peaceful solution to disputes through international law.
The Philippine government on August 18 revised its economic growth projection for 2021 from 6-7 percent to 4-5 percent due to the re-imposition of lockdown in Metro Manila to curb the spread of COVID-19 in the country, Xinhua news agency reported.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
Health worker administrates COVID-19 vaccine in Manila, Philippines (Photo: AFP/VNA) 
