The government passed two financial stimulus bills last year which provided targeted relief to workers in certain sectors, although critics have called them insufficient.
But strict countrywide lockdowns instituted during the pandemic caused businesses to close and stranded informal workers from their sources of income. The Philippine economy had been on the rise before the COVID-19 pandemic, sustaining an average annual growth of 6.4 percent between 20.
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This happened despite the loosening of quarantine restrictions in the first quarter of 2021.Įnjoying this article? Click here to subscribe for full access. Digital portal of the STAR Group of Publications: Delivers the latest news and views, multimedia, analyses and in-depth reports on the Philippines, sports, business, entertainment, lifestyle and. A portal of daily newspapers covering Philippine news headlines, business, lifestyle, advertisement, sports and entertainment. The country’s GDP shrank by 4.2 percent in the first quarter of 2021, a more severe contraction than had been expected.
Get briefed on the story of the week, and developing stories to watch across the Asia-Pacific. Philippines orders shutdown of Maria Ressa’s news site Nobel prize winner pledges to keep her critical news site running, labels shutdown order ‘highly irregular.
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