Philippines’ weak January trade point to weaker GDP this year, says ING

A staff member wearing a face mask cleans the tableware inside a multi-purpose bubble pod at a hotel in Manila, the Philippines on Jan. 5,2021. The hotel will open the multi-purpose bubble pods to guests in an effort to protect them from COVID-19 infection. (Xinhua/Rouelle Umali)

KUALA LUMPUR, March 12 (The Star/ANN) – The contraction of Philippine’s trade in January 2021 indicates the economy of this Asean country will continue to stay weak amid current recession, according to a report by ING.

Oxford Economics has projected the Philippine economy to grow by 8% this year, after contracting by a record 9.5 percent last year.