THE Philippines slipped into “technical recession” in the second quarter of 2020, contracting by 16.5 percent as the lockdown to stem the spread of the coronavirus disease 2019 (Covid-19) took its toll on industries and businesses, the Philippine Statistics Authority (PSA) reported on Thursday.
Jeepney drivers wearing face masks queue up to receive food aid from a concerned resident on a road a in Manila on August 6, 2020. The Philippines plunged into recession after its biggest quarterly contraction on record, data showed on August 6, as the economy reels from coronavirus lockdowns that have wrecked businesses and thrown millions out of work. / AFP / Lisa Marie David