World Bank Economist for the Philippines Rong Qian recently reported that “the Philippine economy has contracted by 9 percent as of June 2020,” coming from a record 16.5 percent fall in its GDP during the second quarter of 2020. It is the third biggest plunge across developing East Asia and the Pacific countries. The World Bank says that our heavy reliance on global trade, tourism and OFW remittances could lead to the Philippines’ “uneven and volatile” path to economic recovery, despite a cycle of repeated strict lockdowns and reopenings.

Poverty incidence

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