Seeking financial aid: Residents queueing for emergency cash assistance from the government in Navotas, Metro Manila. — Reuters
The country plunged into recession after its biggest quarterly contraction on record, data showed, as the economy reels from coronavirus lockdowns that have wrecked businesses and thrown millions out of work.
Gross domestic product shrank 16.5% on-year in the second quarter, the Philippine Statistics Authority said yesterday, when the country endured one of the world’s longest stay-at-home orders to slow the spread of the virus.It followed a revised 0.7% contraction in the first three months of the year and marked the biggest reduction in economic activity since records began in 1981 during the Ferdinand Marcos dictatorship. It is the country’s first recession in three decades.
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