News » S&P raises PH GDP outlook to 5%, warns threat of possible ‘Omicron’ surge

S&P raises PH GDP outlook to 5%, warns threat of possible ‘Omicron’ surge

S&P Global Ratings upgraded its economic growth forecast for the Philippines from 4.3% to five percent this year, following the country’s strong 7.1% expansion in the third quarter.

In a statement, S&P said that the economic growth in the Philippines has surprised them “on the upside.” 

The credit rating agency’s new prediction now meets the government’s expectation of a four to five per cent economic growth at year-end.

In addition, the debt watcher stated that the emergence of the new Omicron COVID-19 variant may trigger more mobility controls and lockdowns in the Asia Pacific (APAC) region. 

S&P noted that APAC’s previous pandemic policies have put it “on a weaker recovery path than the rest of the world.”

The Philippines itself could be affected by this new variant as it is still slow in vaccinating its citizens. Only 32.9% of the country’s population has been fully vaccinated against the virus as of November 29.

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