A jeepney driver wearing a face mask and a placard that reads “Sir/Ma’am, asking for help, we are jeepney drivers” receives alms from a motorist on an unidentified road in Manila on Aug. 6, 2020, when the government announced that the country has plunged into a recession after the economy contracted by 16.5 percent in the second quarter. AFP PHOTO
The interagency Development Budget Coordination Committee (DBCC) on Thursday further trimmed its economic growth forecast for this year to -5.5 percent from its earlier -2 to -3.4-percent range to take into account the worsening impact of the coronavirus crisis on tourism, trade and remittances.