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Philippines says annual Q3 GDP growth likely negative

Published 09/29/2020, 11:01 AM
Updated 09/29/2020, 11:10 AM
© Reuters.

MANILA, Sept 29 (Reuters) - The Philippines' economic output
likely contracted in the third quarter versus a year ago as
strict coronavirus lockdowns continue to dampen consumption and
investment, an economic planning agency official said on
Tuesday.
A reinstatement of strict quarantine measures in and around
the capital in August weighed on the economy, contributing to a
third straight quarter of negative growth, Economic planning
undersecretary Rosemarie Edillon told a news conference. But
gross domestic product (GDP) likely expanded compared with the
second quarter, she said.
The Philippine central bank will meet on Thursday to set key
rates, with economists expecting no change in the monetary
policy after a total of 175 basis point cuts this year.

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