HSBC Private Banking revised downward its estimate for Philippine economic performance this year as it highlighted the impact of the government-imposed coronavirus disease 2019 (Covid-19) pandemic-related lockdowns on consumption and investments.

“The economy will face the deepest downturn in 30 years. Currently, we project Philippines GDP (gross domestic product) to contract by 3.9 percent this year,” Cheuk Wan Fan, HSBC Private Banking managing director and chief market strategist for Asia, said in a virtual briefing held on Tuesday.