[Philippine News] Philippine President Rodrigo Duterte delivered his last State of the Union address in his term on Monday, during which he mentioned the economic results achieved by his government before the spread of the new coronavirus, but these successes were partially or co

[Philippine News] Philippine President Rodrigo Duterte delivered his last State of the Nation address on Monday, during which he mentioned the economic results achieved by his government before the spread of the new coronavirus epidemic, but some or all of these successes have been lost after the pandemic. Disappeared.

Duterte on Monday thanked Congress and revenue-generating government agencies for their tax collection efforts and tax reform measures implemented under his leadership.

He added: “With the efforts of Congress and revenue-generating government agencies, our tax reform has enabled our economy to continue to grow from the third quarter of 2016 to the fourth quarter of 2019, making the Philippines the fastest growing economy in Asia. One, until the pandemic surged and broke out. "

Philippine Statistics Authority data shows that the Philippine economy grew by 7.5% in the third quarter of 2016 and 6.6% in the fourth quarter; in the first quarter of 2017, it grew by 6.5% and in the second quarter. %, growth of 6.1% in the third quarter, and 6.4% in the fourth quarter; growth in the first quarter of 2018 was 5.9%, growth of 5.6% in the second quarter, growth of 6.3% in the third quarter, and growth of 6.6% in the fourth quarter.

However, in 2019, the country’s economic growth slowed down, reaching 5.9% in the first quarter, 5.6% in the second quarter, 6.2% in the third quarter, and 6.6% in the fourth quarter.

The Philippines failed to meet its economic growth targets in 2018 and 2019 and fell to a record low in 2020.

After the outbreak of the new crown pneumonia epidemic, the country’s economy experienced five consecutive quarters of decline for the first time, from -0.7% in the first quarter of 2020, -17.0% in the second quarter, -11.6% in the third quarter, -8.3% in the fourth quarter and -4.2% in the first quarter of 2020.

In the same speech, Duterte noted that before the pandemic, the Philippines' debt-to-gross domestic product ratio, income and credit rating were all at record highs.

According to 2020 data, the country’s debt-to-GDP ratio is 54.5%, up from 39.6% in 2019 and the highest level since 2006.

In terms of credit ratings, the Philippines has always maintained an investment-grade status, but due to a slight increase in credit risks due to the impact of the COVID-19 epidemic, Fitch Ratings lowered its credit rating outlook for the Philippines to "negative".