Duterterioration of the Philippine economy

Duterterioration of the Philippine economy

June 3, 2021

By IBON Foundation

Weak before the pandemic:

• Slowing growth since the start of the administration – 6.1% in 2019 the slowest in eight years
• Swelling government debt – Php5.9 trillion (June 2016) to Php7.8 trillion (January 2020)
• Failing agriculture – gross domestic product (GDP) share fell from 10.1% (2017) to 9.2% (2019); 1.4 million jobs lost between 2017 and 2019; slowest land distribution in 32 years (averaging just 3,400 hectares monthly); record trade deficit (Php7 billion in 2018)
• Failing manufacturing – growth falling at 8% (2017), 5.1% (2018), and 3.8% (2019)
• Poor job generation – just 477,000 annually in 2016-2019 compared to previous 815,000 (2010-2014) and 541,000 (2011-2015)

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