by Lawrence Agcaoili – The Philippine Star, 30 Aug 2021
MANILA, Philippines — The Philippines remains a laggard in the Association of Southeast Asian Nations (ASEAN) in terms of real gross domestic product (GDP) growth despite the strong double-digit expansion in the second quarter of the year, according to the DBS Bank Ltd. of Singapore.
In a report, DBS said most member countries of the ASEAN including the Philippines are grappling with the highly contagious COVID-19 variant, prompting strict mobility restrictions.
“Real GDP levels, however, are still largely below pre-pandemic levels (2019 end of period). The Philippines remains the regional laggard,” it said.
Real GDP measures a country’s total economic output, adjusted for price changes.
The Philippines exited the pandemic-induced recession after booking a GDP growth of 11.8 percent in the second quarter.
However, DBS said the Philippines’ economic growth in the second quarter was due in part to favorable base effects. The Philippines shrank by a record 17 percent in the second quarter of last year as the government imposed the longest and strictest lockdown in the world when Luzon was placed under enhanced community quarantine in mid-March last year.
DBS said unemployment rates in ASEAN remain above pre-pandemic levels and is most elevated in the Philippines.
“A prolonged pandemic raises the risk of long-term labor market scarring,” the bank said.
June 2025
Philippine Environment Month!
“Action for Nature, for the Future!”
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
Monthly Observances:
1 Jun – World Day of Parents
5 Jun – World Environment Day
7 Jun – World Food Safety Day
8 Jun – World Oceans Day
12 Jun – World Day Against
Child Labour
15 Jun – World Elder Abuse Awareness Day
16 Jun – International Day of Family Remittances
17 Jun – World Day to Combat Desertification and Drought
20 Jun – World Refugee Day
25 Jun – Day of the Seafarer
27 Jun – Micro-, Small and Medium-sized Enterprises Day
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
