PSA Cites Growth on PH Economy in Q1 of 2022
PSA – The Philippine Statistics Authority spoke on the economy of the Philippines in the first quarter of 2022.
The economy of the Philippines was greatly affected by the COVID-19 pandemic. It brought financial crisis not only to the country which already has existing debts prior to the pandemic but also to several Filipino households.
Amid the high cases of COVID-19 in the Philippines, several businesses had no choice but to close or limit their operations in the pursuit to fight the spread of the virus. Strict measures were implemented and businesses have to abide by them.
If not month-long, there were week-long strict measures implemented. Many businesses were not able to cope with the situation and incurred losses which left them with no choice but to temporarily or permanently close.
Amid the closure of businesses in the Philippines, the national government also did borrowings to fund the response to the pandemic. The government also borrowed money for the procurement of vaccines.
Based on a report on ABS-CBN News, in the first quarter of 2021, there was a negative 3.8% growth rate in the Philippines’ gross domestic product (GDP). Meanwhile, the GDP’s growth rate went fast in the 4th quarter of the same year at 7.8%.
According to the report, in the first quarter of 2022, the GDP of the Philippines grew 8.3% as per the Philippine Statistics Authority (PSA). Socioeconomic Planning Secretary Karl Kendrick Chua expressed that the growth is due to the improved healthcare capacity in the country and the boosted vaccination efforts.
Chua further stressed that the easing of the measures implemented in the country also contributed to the growth of the Philippine economy. Most areas in the nation now including Metro Manila are under the loosest measure Alert Level 1. The government is confident that it is transferring a good economy to the next administration.
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