April 4, 2020 — The Philippines’ economic growth will slow significantly this year due to an escalating coronavirus cases, which has disrupted business operations resulting to hundreds of thousands of job losses, the Asian Development Bank in a report release on Friday.
But, the Manila-based lender forecasted a strong rebound next year, with expansionary fiscal and monetary policies partly offsetting slower domestic demand and disruptions in tourism, trade, and manufacturing in its annual flagship economic publication, ADB Outlook 2020.
“This unprecedented and extraordinary public health emergency brought about by the COVID-19 pandemic will substantially slow down economic growth this year, with most of the contraction in the economy occurring in the second quarter,” Kelly Bird, AND country director for the Philippines.
“We are anticipating a bounce back starting in the second half of this year, supported by the government’s stimulus spending and easier monetary policies.”
The ADB projected the Philippines’ gross domestic product (GDP) to grow at only 2.0% in 2020 following an “enhanced community quarantine” imposed by the government in March to stop the spread of the novel coronavirus disease (COVID-19) in the country. Last year, the GDP grew at 5.9 percent but it has been sliding since 2016.
Philippine economic managers have set growth targets of 6.5 percent to 7.5 percent before the corona virus spread across the world in the first quarter.
But ADB said it expects a strong recovery to 6.5% GDP growth in 2021, assuming that COVID-19 infections in the country are curbed by June this year.
Our Privacy Commitment
TV5 Network Inc. values and respects your right to privacy. We are committed to safeguarding your personal data in compliance with Republic Act No. 10173 or the Data Privacy Act of 2012 and its Implementing Rules and Regulations.
Why do we collect your personal information (as applicable)?
We collect and maintain basic information about you as users of TV5 sites for the following purposes:
Where do we get your personal information?
There are several ways we collect your personal information.
Information that you personally provided.
Most of the personal information we have are those that you have provided us when you:
Information we collect during your engagement with us
We also collect information as you use our products and services, like:
Information we collect from other sources
We also collect your personal information through other activities such as our market research initiatives, when you visit and use our websites and mobile apps, and from our subsidiaries, affiliates, and third-party business partners to whom you have given consent to share your information to us.
When do we disclose personal information?
There are circumstances when we are required to share some of the information you have provided us. In these cases, we ensure that your personal information will be disclosed on a confidential manner, through secure channels that is in compliance with the Data Privacy Act and other privacy laws.
In some instances, we may be required to disclose your personal information to our agents, subsidiaries, affiliates, business partners and other third-party agencies and service providers as part of our regular business operations and for the provision of our programs and services. This means we might share your information with:
How we protect your personal information
We also put in effect the following safeguards:
TV5 will not collect, use, or disclose your personal information for any purpose other than those identified in this Commitment, your Service Agreement or our Terms of Service, and any other purpose that you may have given your consent for.
For greater clarity, unless you provide specific consent, we shall not:
What are your choices?
You are given certain rights in relation to your personal data under the Data Privacy Act. We would like to ensure that we have your consent to continue to collect, use, and disclose your personal information for the purposes that we have identified. We want you to know that you do have choices and can object or withdraw your consent and/or edit your consent preferences at any time.
If you wish to have access to your personal information in our records; or you think that such personal information we have of you is incomplete, not up-to-date, or otherwise inaccurate, you may get in touch with our Data Privacy Officer through the contact details provided below. In some instances, we may request for supporting documents or proof before we effect any requested changes to your personal information.
Data Protection Officer
TV5 Network Inc.
Reliance corner Sheridan Streets
What happens when there are changes in our Policy?
You will always be provided notice if these changes are significant and, if we are required by law, we will ensure to obtain your updated consent.