Covid-19 Update

As we have learned from previous newsletters, sadly the Philippines is one of the countries most affected by the Corona virus. Today, however, there is reason to take a deep breath of relief. The Philippines is certainly not out of the woods (yet) – that will still take a considerable amount of time. However, the Covid-19 case statistics, the continuous lowering of Covid-19 (quarantine) regulatory restrictions and latest promising economic growth figures are clear signs of turning point.

In terms of COVID-19 infections, following the all-time highs of single day recorded new cases (26,303) on 11 September 2021 and death cases (423) on 30 October 2021, the country currently records the lowest numbers since March/April this year. As of 19 November 2021, the daily tally shows 1,484 new recorded cases (total 2,823,210) and 277 deaths (total 46,698).

Economically, the Philippines recorded a GDP growth of 7.1 percentin the last quarter (compared to -11.6 in the same quarter last year). Bringing the Philippines from one of the lowest GDP growths in Southeast Asia in 2020 (at -9.6 %) to one of the highest in the region through the quarters in 2021 – currently averaging on a year-to-date bases of 4,9 percent of GDP growth. The main drivers of the growth are, amongst others, the rebounding service and constructions sectors.

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Covid-19 Update

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