Duterte: PH economy is ‘sinking deeper and deeper’February 2, 2021
MANILA — The Philippine economy is “sinking deeper and deeper,” President Rodrigo Duterte said during a televised public address late Monday evening.
“We are sinking deeper and deeper,” the president admitted for the first time.
The country, he said, is losing P2 billion every day.
“Every day, we are losing P2 billion worth of money,” Duterte said. That amount should have gone to the workers if “the economy is running.”
The president acknowledged the economy is in “bad shape” like the rest of the world’s economy.
Among the Southeast Asian countries, according to the Asian Development Bank, the Philippines has the worst economic performance in 2020.
He assured that his administration is doing its best to keep the country “afloat” without elaborating.
Secretary Karl Chua, the acting National Economic Development Authority (NEDA) chief, has different numbers.
Chua said the country is losing P700 million daily in wages and other income as Metro Manila and other regions remain under General Community Quarantine (GCQ).
He admitted the economy is off on “slow start” in 2021.
The Philippines has the world’s longest lockdown since the start of the pandemic. (The Sun Monitor)