Philippine Economy dives to its lowest level since 1946

Coronavirus pandemic shrank the Philippine economy to its worst contraction since World War II, with gross domestic product (GDP) falling by 9.5% in 2020

Among the three major economic sectors, agriculture contracted by a minuscule 0.02%, while the services and industry dipped by 5.5% and 4% Source: Philippine Information Agency

Highlights

• Philippine's full-year GDP slumps 9.5%, worst on record
• Malacanang says more cities and provinces in the country may be placed under stricter community quarantine in February
• U.S. under the Biden Administration, affirms its commitment to the Philippines.