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First-quarter growth was the lowest since 1998. It is likely growth falls even further in Q2 reflecting the full impact of the COVID-19 related lockdown, per ANZ Bank. USD/PHP trades at 50.5450.

Key quotes

“The Philippine economy contracted by 0.2% y/y (or -5.1 q/q) in the first quarter of 2020.” 

“Exports declined 3.0% y/y in Q1 (Q4: 0.3%), while imports fell even further by 9.0% (Q4: -0.7%) consistent with the hit to domestic demand.” 

“Growth in Q2 likely deteriorated further. Indeed, we are currently revisiting our 1.2% 2020 full-year growth forecast.”