MANILA, Philippines — Malacañang on Thursday expressed optimism that the Philippine economy will bounce back strongly after it shrank for the first time in 22 years. ADVERTISEMENTAccording to the Philippine Statistics Authority, the last time that GDP shrank was in the fourth quarter of 1998. Nonetheless, the Palace official is confident that the economy is off to a “very strong rebound” behind the Build Build Build program. “We expect a very strong rebound courtesy of the Build Build Build program of the government, and number one, very prudent fiscal policy as well as prudent monetary policy. This means, we’re using public spending as a tool for economic recovery and we’re also using money supply as a tool also for economic recovery,” he said.

Source: Philippine Daily Inquirer May 07, 2020 07:41 UTC