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.
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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