The COVID-19 pandemic ended a 21-year growth streak in the Philippine economy as strict lockdown measures aimed at containing the coronavirus outbreak brought economic activity to a near standstill. 

Shortly after Q1 GDP data was released in early May, Research Head Leo Uy asked Geoffrey Ducanes, an Associate Professor at the Ateneo de Manila University Department of Economics, and Sarah Lynne Salvador Daway-Ducanes, an Associate Professor at the University of the Philippines School of Economics, to break down the data to see how the first two weeks of lockdown affected the Philippine economy.

After parsing the numbers, they also shared their outlook for the second quarter and beyond. Both agree that it’s going to be a long, tough road to recovery: Q2 is probably going to be worse than Q1, as the numbers will reflect the brunt of the lockdown. 

Recorded remotely on May 14. Produced by Nina M. Diaz, Paolo L. Lopez, and Sam L. Marcelo.