Philippine economy sees 10.6% growth in 2nd quarter GDP

MANILA (Philippine Daily Inquirer/ANN): The Philippine economy may have exited recession in the second quarter with a likely year-on-year growth rate of 10.6 per cent—coming from a very low base last year, when tough lockdowns started—but it may take until the fourth quarter of 2022 to return to prepandemic productivity level.

This is according to Emilio Neri Jr., lead economist at Bank of the Philippine Islands, who sees full-year growth this year coming in at 5.1 per cent, down from the bank’s original forecast of 6.3 per cent due to the momentum disruption caused by the return to enhanced community quarantine from March 29 to April 11.