Sound macroeconomic fundamentals continue to support PH economic recovery – BSP
The stable macroeconomic fundamentals in the Philippines are assisting the country’s efforts to economic recovery post-pandemic, said Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno.
During a virtual fireside chat, Diokno cited that the country’s 11.8% second-quarter growth is evidence that the economy has begun its recovery process.
Diokno said that “manageable inflation, a stable banking sector, and robust external payments position,” will support economic recovery and help keep the industrial effects of the pandemic temporary.
The BSP governor added that the country’s US$108.05 billion worth of gross international reserves (GIR), steady income from the business process outsourcing (BPO) industry, and recovery of exports and foreign direct investments (FDI) will be enough to support the peso.
Based on the latest data, the government is now projecting an increase of 4% to 5 % in the economy this year, accelerating to somewhere between 7% to 9% in 2022.
Diokno concluded that the government is “keen on building a new Philippine economy that is safer, stronger, more technologically advanced, and more inclusive.”
