COVID-Hit Philippine Economy Drops 4.2 Percent
The Philippine economy shrank by more than expected in the first quarter of 2021, supporting views that the central bank will keep interest rates at a record-low at a policy meeting on Wednesday.Gross domestic product (GDP) fell 4.2 percent in the March quarter from a year earlier, the statistics agency said on Tuesday, marking the fifth straight quarter of declines amid pandemic-induced lockdowns. Economists had expected the GDP to contract three percent after slumping 8.3 percent y