Strong Q1 growth to boost PH to its pre-pandemic levels
The solid first-quarter growth of the Philippines could boost the economy back to its pre-pandemic levels by mid-year, said Bangko Sentral ng Pilipinas (BSP).
BSP Managing Director Zeno Ronald Abenoja said the strong growth in the first quarter — which reached 8.3% — is likely to be sustained with the further reopening of the economy from strict COVID quarantine and lockdown protocols.
According to BSP Managing Director Zeno Ronald Abenoja, the strong growth in the first quarter — which reached 8.3% — is likely to be sustained with the further reopening of the economy from strict COVID quarantine and lockdown protocols.
He added that the eventual reopening of the global economy as restrictions continue to ease and the labor market conditions improve further are seen to bolster domestic recovery through increased exports and remittances.
Meanwhile, BSP Governor Benjamin Diokno said recovery “came sooner than expected” in the Philippines due to its massive reforms and strong macroeconomic fundamentals.
However, Diokno also stressed the need to work together to overcome current and emerging challenges, including the impact of Russia’s ongoing invasion of Ukraine.
“Now more than ever, we must put a premium on stronger international cooperation to achieve our vision of a green, resilient, and inclusive global economy,” the BSP chief said.
