Philippine economy grows 11.8% on-year in 2Q, exits recession

Filipinos queue to get Moderna Covid-19 vaccine in a school turned vaccination site that operates for 24 hours in Manila, Philippines,on Monday (Aug 9, 2021).- Reuters

MANILA: The Philippine economy exited a pandemic-induced recession with its fastest year-on-year growth in over three decades, but tighter COVID-19 curbs could hamper the recovery and boost expectations monetary policy will remain accommodative for the rest of 2021.

Gross domestic product (GDP) rose 11.8% in the June quarter from a COVID-driven slump a year earlier, posting the biggest year-on-year expansion since the fourth quarter of 1988, as domestic demand improved, the statistics agency said on Tuesday.