Manila, Philippines-President Rodrigo Duterte’s Chief Economic Manager Rodrigo Duterte’s Chief Economic Manager COVID’s mass vaccination returned the economy to “quite good” growth in the second quarter, six to full year It has the potential to reach the 7% GDP target. I said on Wednesday (July 21st).

Treasury Secretary Carlos Dominguez III did not provide the figures in an interview on Bloomberg TV, but he said: It seems like a good sign for us last year. “

The government will report on the performance of gross domestic product (GDP) in the second quarter on August 10.

Socio-Economic Planning Secretary Karl Kendrick Chua previously had a low base in 2020, when the economy shrank by a record 16.9% year-on-year, and exceeded double digits or 10% from April to June. GDP growth was said to be “feasible” at the height of COVID lockdown.

The National Economic and Development Authority (Neda), in its latest report on employment status, states that the unemployment rate of 7.7% in May remains “relatively high” compared to most of the Philippines’ neighboring countries. “A large surge in COVID-19” and recorded an unemployment rate of 9.9% from April to May of this year.

Increasing mass vaccination will be the key to “allowing the economy to recover more work and income while reducing viral infections,” Neda said.

According to Dominguez, in addition to the 30 million COVID-19 vaccines that have arrived so far, another 70 million will be given in the third quarter and 55 million in the fourth quarter.

“It’s certainly enough to vaccinate 100 percent of our adult population. This is our primary way to fight a pandemic,” Dominges said.

He said possible future epidemics of infection, such as those occurring abroad due to the more contagious delta mutants, would be contained by local blockade.

Dominguez said the Philippines is expected to return to pre-pandemic economic production and growth by late 2022 or early 2023.

In a Wednesday report, debt watcher Moody’s Investors Service predicted real GDP growth in the Philippines at 5.8%, below the government’s target band.

Moody’s said the return to GDP growth, which reverses the worst post-war recession in 2020, with full-year output shrinking 9.6%, is “supported by improved consumer spending and investment highlighted by government financial support.” Said.

Dominguez said the recent depreciation of the peso, where the domestic currency exceeded $ 50: 1, is a sign of economic recovery.

“If you look at the entire pandemic period, [the Philippine peso] It was actually strengthened, “said Dominges.

“The recent decline in the value of the peso is expected as the economy opens and demand for the dollar increases as imports increase,” Dominguez said.

“It’s a natural reaction, and I think the market is responding appropriately to ongoing signals. The signals are essentially recovering along the way, which is an increase in the dollar’s demand for imports. Is reflected in. “He said.

TSB

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