Recovery of small businesses in Philippines - an uphill task

MANILA (Philippine Daily Inquirer/ANN): Gross Domestic Product has contracted in the Philippines during the fourth quarter of 2020, yielding a -9.5% contraction across the entire year. This is a vast change from last year’s growth, which saw four successive quarters of 5%+ growth.

According to the Philippines Statistics Authority (PSA), agricultural, forestry, and fishing recorded a -2.5% growth rate in Q4, whilst services and industry recorded a -8.4% and -9.9% growth rate respectively.