The Philippine Statistics Authority (PSA) reported an 11.8% year-on-year (YoY) growth in the Gross Domestic Product (GDP) for the second quarter of 2021. This is the highest quarterly GDP growth registered since 1988, but comes after the record low 17% contraction in the second quarter of 2020. Moreover, quarter-onquarter (QoQ) comparison reveals a contraction of 1.3% (Figure 1) in the second quarter of 2021 from the first quarter.
