The Development Budget Coordination Committee (DBCC) has maintained its growth forecast for the Philippine economy this year to 6% to 7% amid the country’s declining number of COVID-19 cases and gradual reopening of the economy, but raised its projection for exports and services sector.
DBCC kept its forecast last May that the gross domestic product will return to pre-COVID-19 growth levels by growing at 7% to 9% 2022, and by 6% to 7% in 2023 and 2024.
In a statement, DBCC said it is optimistic the country’s GDP could return to pre-pandemic levels as early as 2022 once several government actions are implemented. These include the release of P665.72 billion to fund the government’s COVID-19 response and to mitigate losses of low-income households, small businesses, and other vulnerable sectors.
To support its outlook, DBCC emphasized its support for managing risks and continuing the gradual and safe reopening of the economy, subject to the strictest compliance with minimum public health standards.
Source: PortCalls Asia
August 02, 2021
