The Philippine economy likely continued to contract in the third quarter of the year but at a slower rate compared to the steep decline in the second quarter, analysts polled by The Manila Times said. Official third quarter economic growth data is scheduled to be released by the Philippine Statistics Authority (PSA) on Nov. 11, 2020. HSBC, however, noted that local mobility data is still among the weakest in the region and the Covid-19 quarantine restrictions will likely continue to curtail private consumption and fixed investment. Tantiangco said improvements were seen in the economy compared to the previous quarter due to the eased quarantine restrictions that has allowed more economic activities. Ateneo de Manila University professor Alvin Ang said the economy likely shrank by 7.1 percent “taking into consideration the gradual reopening of the economy.”

Source: Manila Times November 08, 2020 16:28 UTC