Philippines sees fastest growth in 30 years even as COVID looms

The economy posted the biggest year-on-year expansion since the fourth quarter of 1988 as domestic demand improved.

The Philippine economy exited a pandemic-induced recession with its fastest year-on-year growth in more than three decades, but tighter COVID-19 curbs could hamper the recovery and boost expectations that monetary policy will remain accommodative for the rest of 2021. Gross domestic product (GDP) rose 11.8 percent in the quarter ending in June from a COVID-driven slump a year earlier, posting the biggest year-on-year expansion since the fourth quarter of 1988, as domestic demand improved, the statistics agency said on Tuesday. The economy returned to year-on-year growth after five consecutive quarters of contraction.