Central Luzon GDP drop in 2020 steepest among regions —PSA

The Central Luzon region posted the biggest drop in terms of gross domestic product in 2020, according to data released by the Philippine Statistics Authority (PSA) on Thursday.

Central Luzon's GDP contracted by 13.9% last year, worse than the 9.6% national contraction.  

This was followed by Calabarzon with -10.5%, the National Capital Region (NCR) with -10.1%, Central Visayas, and Cagayan Valley with -9.9%, Western Visayas with -9.7%.

Local economies with smallest drops were recorded in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) with -1.9%, Soccsksargen with -4.3%, Zamboanga Peninsula and Northern Mindanao with -5.2%, and Caraga with -7.2%.

PSA data show that the Philippine economy contracted by 9.6% in 2020, resulting in an economic loss of P1.58 trillion.

The NCR Plus bubble -- Metro Manila Cavite, Laguna, Rizal, and Bulacan -- has been placed under the modified enhanced community quarantine (MECQ) from April 12 until May 14.

This quarantine classification is one notch looser than the ECQ which was imposed in the bubble starting March 29. It was set to last only until April 4, but was extended for another week until April 11.

The two-week ECQ is expected to shave off P30 billion or P2.1 billion a day in household incomes, resulting in 252,000 job losses, and add 102,000 more poor individuals for the entire duration.

Earlier, the National Economic and Development Authority (NEDA) admitted that the country will continue to see a negative GDP in the first quarter of 2021. —LBG, GMA News