Economic situation of the Philippines
An economy is a place of manufacture, distribution and trade, as well as the consumption of goods and services of various agents.
The Philippine economy is said to be less prosperous especially in the case of our country and the rest of the world. In this case our economy will drop by 2% if it is not completed within a month.
Many small macros and micro bussiness are at a disadvantage and could shut down the ever increasing number of victims of the COVID-19 pandemic in our country. Because they cannot export their products the labor force is weakened.
According to Presidential Spokesperson Atty. Harry Roque, had it not been for the country's excellent economic performance before the COVID-19 strike, the country would probably have been worse today.
This is in line with the growth of Domestic Product Growth or GDP growth of 6.7 to 6.8 percent per annum as well as high foreign direct investments, Roque said.
In addition, he said the reduced poverty incidence was a record low and was down 16.6%. Roque said that everyone was affected by the COVID-19 plague.