The Philippine economy is on a downward trajectory. The main culprit: the COVID-19 pandemic which has also affected over 120 countries.
In 1998, the economy declined by 0.5% due to the Asian financial crisis and the El Niño dry spell. The drought brought down agriculture by 7%. This year, the economy contracted by 0.2% in the first quarter, the first time in more than two decades. The turnout was somehow affected by the Taal Volcano eruption in January. Agriculture slid by 0.4%.
For the second quarter, the situation could be worse as the government imposed a lockdown in mid-March. There are possible ill effects caused by the drought in Mindanao and Typhoon Ambo.