by Czeriza Valencia (The Philippine Star), 15 May 2021
MANILA, Philippines — While there are signs that the economy is on the mend, recovery continues to be threatened by restrictions enforced to control the spread of COVID-19, the Department of Finance (DOF) said yesterday.
In an economic bulletin, Finance Undersecretary and chief economist Gil Beltran said the 0.26 percent quarter-on-quarter growth in the first quarter from last year’s final quarter indicates recovery amid a still challenging environment.
“Recovery, however, continues to be threatened by risks posed by the virus. This health issue should be effectively addressed and it is encouraging that the much-needed vaccines have started arriving,” said Beltran.
The economy contracted by 4.2 percent in the first quarter, marking the fifth straight quarter of decline and which was worse than the 0.7 percent contraction in the same quarter last year.
This, however, was less than the contraction of 8.26 percent in the last quarter of 2020.
From the expenditure side, double-digit declines were seen in household consumption and capital formation as the prolonged lockdown suppressed business activity and reined in consumption.
This was only tempered by growth in government spending on infrastructure and other programs meant to provide stimulus to the economy.
On the supply side, all three major sectors – industrial, agriculture and services – registered declines.
The manufacturing subsector managed to eke out a positive growth of 0.5 percent after four quarters of contraction.
Stronger growths were seen in financial services and information and technology as more people turn to digital channels for work and personal needs.
The NCR Plus bubble — composed of National Capital Region (NCR), Bulacan, Cavite, Laguna, and Rizal provinces — transitions to a more lenient community quarantine status today (May 15) as the number of confirmed infections have breached the one million mark in the country.
These areas, among the economic powerhouses of the country, were forced into strict quarantine for more than a month, putting millions out of work and forcing businesses to again scale back operations.
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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