MANILA — The Philippine economy grew 11.8%, year-on-year, in the second quarter, marking the end of a pandemic-induced recession that spanned 15 months.
The April to June rebound, announced by the Philippine Statistics Authority on Tuesday, comes on the back of a low base. In the same period last year, gross domestic product shrank by a record 17.0%, as the government fought the first wave of COVID-19 infections with strict lockdown measures under “enhanced community quarantine.”
Similar quarantine rules were imposed again in Metro Manila — home to around 13 million people — for two weeks, beginning Aug. 6, to contain the spread of the more virulent delta variant, which has pushed daily infections to multimonth highs. The latest lockdown, which has curtailed mobility and business activity, will likely hurt the economy’s third quarter performance.
The Philippines, which has had the second-worst COVID-19 outbreak in Southeast Asia, after Indonesia, has recorded 1.67 million cases as of Monday, with daily infections in the last five days averaging over 9,000, a level last seen in April.
Ahead of the 2022 elections, President Rodrigo Duterte’s economic team is targeting 6% to 7% growth this year to reverse a record 9.6% contraction in 2020. The Asian Development Bank, however, forecasts a more modest recovery, with 4.5% growth in 2021.