Manila, Jan. 16 -- The Philippines is still facing challenges this year that may hamper economic growth due to the pandemic but the "worst is over" in 2020, the country's top trade official said.
In an interview with CNBC Asia on Friday, Department of Trade and Industry (DTI) Secretary Ramon Lopez said the economic recovery has begun since the reopening of economic activities due to relaxed quarantine measures amid the coronavirus disease 2019 (Covid-19) health crisis.
"We are still facing risk but I would also say that the worst is over. 2020 was really the height of the lockdown and we saw the economy really dropping. But ever since, we have seen signs of recovery from GDP (gross domestic product) to unemployment rates," Lopez said.
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