Philippine industries post 26.8% drop in Q2 revenue

Manila Bay in Manila, the Philippines, on Sept. 15, 2020. The shore of Manila Bay is being transformed into a tourist destination. (Xinhua/Rouelle Umali)

MANILA, Sept 18 (Philippine Inquirer/ANN) - At the height of the longest and most stringent COVID-19 lockdown in the region, the second-quarter revenues of major industries in the Philippines fell by 26.8 percent year-on-year, also slashing jobs and incomes as the economy contracted.

In a report on Thursday, the Philippine Statistics Authority said the biggest revenue drop during the second quarter was posted by the transportation, storage and communication sector, whose revenue slid by 44.7 percent.