Boracay closure dents Philippine’s economic numbers
PHOTO: Wikipedia
The Philippine’s economy has slowed in Q2 2018, this year’s second quarter, and fell well short of predictions. Some are blaming policy decisions including the shutdown of tourist magnet Boracay Island.
The quarter’s 6% expansion was the weakest in three years and ends a run of 10 consecutive quarters where growth was at least 6.5%.
AFP reports that Economic Planning Secretary Ernesto Pernia admits.. “The slowdown is partly due to policy decisions undertaken that are expected to promote sustainable and resilient development. I refer to the temporary closure of Boracay”
Boracay island was closed down in April for an enforced six-month make-over and clean up on the orders of President Rodrigo Détente. Months earlier he had described the island as a “cesspool”.
Despite the lower-than-expected figures The Philippines remains one of the best-performing economies in Asia behind Vietnam’s 6.8% and China’s 6.7% for the quarter.
Pernia said the closure of Boracay, which the government says draws two million tourists each year and pumps roughly US$1 billion into the economy.
