Palace praises PH as a $1 trillion economy by 2033
MANILA — Malacañang on Monday hailed a recent study that the Philippines is set to become one of Asia’s trillion-dollar economies in the next decade.
According to the IHS Markit report released last month, the Philippines is set to enjoy “rapid growth in 2022” driven by private consumption and public investment in infrastructure.
“It’s certainly very good news,” said acting presidential spokesman Karlo Nograles.
“If you recall, our economics team remains optimistic that our COVID-19 pandemic team will not derail the Philippine vision to end poverty by 2040,” he said. during a televised press briefing.
The Philippine economy grew 5.6% faster than expected in 2021 as looser COVID-19 restrictions propelled the recovery, with GDP growing 7.7% in the fourth quarter, said the Philippine Statistics Authority in January 2022.
GDP growth in 2021 is also above the 5-5.5% target set by the Development and Budget Coordination Committee in December.
Economic managers expect growth of 7-9% this year.
The recovery follows the country’s worst economic contraction after the war in 2020, which was also the worst contraction for a major ASEAN economy that year. Economists have blamed the 2020 contraction on what has been described as the world’s strictest and longest COVID-19 lockdown, which shuttered businesses and severely limited mobility.
The Confederation of Employers of the Philippines (ECOP) has urged the national government to further ease health restrictions to allow businesses to cater to more customers and hire more workers as the country strives to bolster its battered economy. the COVID-19 pandemic.
“Kami medyo sumasama ang loob namin kapag sinasabi na hindi pa handa,” ECOP president Sergio Ortiz-Luis Jr. told PTV.
(We’re a little sad when the government says we’re not ready to ease restrictions yet.)
“Hindi namin alam ano pa ang pinaghahandaan. Madali sabihin yun nung mga hindi nawalan ng trabaho, hindi nawawalan ng pera,” he said.
(We don’t know what else they’re up to. It’s easy to say that only if you haven’t lost your job and haven’t lost any money.)
The head of ECOP stressed that employers are also hopeful that the tourism industry will reopen further, as it is one of the main job generators in the country.
“Medyo huling huli na tayo sa ating mga kapitbahay,” he said.
(We lag behind our regional peers.)
Last month, a preliminary study by the Asian Development Bank said the Philippines lags behind its peers in returning to pre-pandemic economic growth rates.