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.
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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