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The Philippine economy may contract by 8 percent in the second quarter of 2020 due to containment measures against COVID-19, according to Moody’s Analytics.

The Philippines’ gross domestic product (GDP) will likely shrink by 5.7-6.7 percent in the second quarter of 2020, much higher than the 0.2 percent contraction in the first quarter, according to Governor of the Bangko Sentral ng Pilipnas (BSP) Benjamin Diokno.

The Philippine economy is projected to contract 1.9 percent this year due to the economic fallout triggered by natural disasters and COVID-19, the World Bank said in an updated report released on June 9.

A bill has been introduced in the Philippines’ parliament, aiming at taxing big tech firms such as Facebook, Google and Youtube, Netflix and Spotify, to raise funds for the COVID-19 fight.

The Philippines’ GDP shrunk 0.2 percent in the first three months of 2020, recording the first contraction since the fourth quarter of 1998, announced the Philippine Statistics Authority (PSA) on May 7.

The Philippine economy is likely to experience the first annual contraction in more than two decades this year due to the COVID-19 pandemic before it pulls back up for a U-shaped recovery in 2021.

The Philippine Department of Tourism said tourism is booming in the country with more than 8 million visitors in 2019.

After two quarters of deceleration, the Philippine economy expanded 6.2 percent in the third quarter of 2019, according to the Philippine Statistics Authority (PSA).

The International Monetary Fund (IMF) has further slashed its economic growth forecast for the Philippines for 2019 and 2020 to 5.7 percent and 6.2 percent, respectively, as the economy slowed down in the second quarter and external environment worsens.

The Philippines’ GDP growth rate for the fourth quarter of 2018 was edged up 6.3 percent from the same period last year, higher than the previous prediction of 6.1 percent, the Philippine Statistics Authority said on April 4.

The Philippines’s economy is poised to grow at 6.4 percent in 2019 and 6.5 percent in 2020-2021 amid lingering global and local uncertainties, according to a report released by the World Bank (WB) on April 1.

The Philippines on March 13 lowered its GDP growth target for this year to 6-7 percent, instead of 7-8 percent, citing the impact of a delay in the approval from the legislature for this year's budget.

The Philippine economy grew 6.1 percent in the fourth quarter of 2018, bringing 2018’s economic growth to 6.2 percent.

The Philippines registered a high level of economic growth in 2017 and 2018, according to Secretary of Department of Budget and Management Benjamin Diokno.

The Philippine economic growth slowed to 6.1 percent in the third quarter of 2018 – the slowest pace in three years.

The Asian Development Bank (ADB) on September 19 announced that it had approved a 300 million USD loan to support the Philippine government's effort to expand financial services across the country, especially among entrepreneurs, small businesses, farmers, workers, and individuals, including women and vulnerable households.

The Philippine economy slowed in the second quarter to 6 percent from the 6.6 percent recorded in the first quarter, the lowest growth since the third quarter of 2015.

The Philippines' total external trade in goods in May reached 15.22 billion USD, up 5.1 percent from 14.48 billion USD recorded in the same month last year, according to the Philippine Statistics Authority (PSA).

The Philippines is planning to issue 1 billion USD worth of Samurai bonds this year, Secretary of Finance Carlos Dominguez said on June 19.

The Philippine economy grew by 6.8 percent in the first quarter of 2018, faster than the growth recorded in the same quarter of 2017, the Philippine Statistics Authority (PSA) reported on May 10.