PH economy seen bouncing back from calamities

A+
A
A-

The government is confident that the economic impact of recent calamities that shut down the country’s financial centers this week, however minimal, can be recovered in the third quarter.

In a statement, Department of Finance’s (DOF) Chief Economist Gil S. Beltran said the agriculture sector likely took the brunt of the effects of tropical storm Maring and Typhoon Labuyo.

Despite this, Beltran said floods that hit Metro Manila and most parts of Luzon would have minimal impact on output for the third quarter.

“Losses from the two major typhoons that hit the country in the third quarter can be recovered,” Beltran said.

According to the Department of Agriculture, combined damage to agriculture by Typhoon “Labuyo” and the southwest monsoon—as enhanced by tropical storm “Maring”—amounted to P2.6 billion, equivalent to 0.09 percent of projected third-quarter gross domestic product (GDP).

Inquirer Viber

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

  • carlcid

    The delusional Proceso Alcala will now have an excuse for not hitting his much-hyped rice self-sufficiency objective. Just as he did in the past 3 years, we will once again hear him blame the weather for his failure.

To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94

editors' picks

advertisement

popular

advertisement

videos