This March 27, 2020 file photo shows a virtually empty Ayala Avenue in Makati City. The Philippines' financial district had been like a virtual ghost town after the government put Luzon under enhanced community quarantine on March 17 to contain the spread of the coronavirus disease 2019 (Covid-19) in the country. The lockdown and the severe economic restrictions it resulted led to a deep contraction in domestic output in the first half of the year. (Photo by J. Gerard Seguia)
Moody’s Investors Service trimmed its growth estimate for the Philippine economy this year after taking into account the deep recession in the first half and its less-than-robust outlook for the rest of 2020.