Health worker administrates COVID-19 vaccine in Manila, Philippines (Photo: AFP/VNA)Hanoi (VNA) - The Philippine economy grew 11.8 percentyear-on-year in the second quarter this year, ending five straight quarters ofdecline in gross domestic product (GDP).
The administration of President Rodrigo Duterte attributed the growth, thestrongest since the fourth quarter of 1988, to its balancedefforts in tackling COVID-19 and boosting jobs and incomes.
The Philippine government in April revampedthe "enhanced community quarantine (ECQ)" imposed last year in themetro Manila area and other parts of the country, allowing the regions, whichaccount for 75 percent of the economy, to return to normal.
The Philippine economy had witnessed its longest decline since thesecond quarter of 2020 at a low of minus 17 percent, to minus 11.6 percent in the thirdquarter, minus 8.3 percent in the fourth quarter, and minus 3.9 percent in the firstquarter of 2021.
The country's unemployment rate in June was down to 7.7 percent,compared with a 17-percent jobless rate in April 2020, according to thePhilippine Statistics Authority (PSA).
A sharp increase in investments gives another clear indicator ofrecovery, given a 75.5-percent total investment growth and 94.9-percent surgein private investment, showed data from the country's central bank.
Foreign direct investment (FDI) net inflows intothe Philippines jumped 37.8 percent to 3.48 billion U.S. dollars for the firstfive months of 2021, compared with the same period last year./.
VNA
