PH economy seen to shrink 9.2% in 2020

The Philippine economy is likely to contract by 9.2 percent this year before rebounding in 2021, according to an asset management company.

“We continue to maintain our forecast [of around] -9 percent for this year. Just to give you a sense of what that means, the Philippine economy in 2019 was [worth] P19.3 trillion and we’re [going to] lose around P1.8 trillion [this year],” Phillip Hagedorn, chief investment officer of the Atram Group, said during a forum hosted by Maybank Philippines Inc. on Wednesday.