By Prince Golez
Malacañang on Tuesday said it was saddened by the 11.5 percent contraction of the Philippine economy.
According to the Philippine Statistics Authority, the country’s gross domestic product (GDP) shrank 11.5 percent in the third quarter from a contraction of 16.9 percent in the second quarter.
“Siyempro po yan ay malungkot pa ring balita. Pero yan ay improvement dun sa 16.9 na pagbaba ng ating ekonomiya nung second quarter,” Presidential Spokesperson Harry Roque said during a televised briefing.
Roque pointed out that the improvement from the previous quarter showed that the “worst is over.”
“Nagre-recover na po ang ating ekonomiya. Bahagyang umangat na ang ating ekonomiya. Nagpapatunay po na that the worst is over,” he added.
The official attributed the economic slowdown to the previous imposition of Modified Enhanced Community Quarantine in Metro Manila and other provinces in Calabarzon.