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Duterte’s economic managers trim growth targets amid ECQ in Q2
President Duterte's economic managers have lowered the Philippines' 2021 economic growth target to 6-7% due to the threat of new COVID-19 variants and the recent stringent lockdown.
The economic team believes that the recovery of other countries with successful vaccination programs will boost the Philippines' exports.
Moving forward, localized quarantine restrictions will be implemented to gradually reopen the domestic economy and encourage consumption.
Socioeconomic Planning Secretary Karl Kendrick Chua stated that sporadic lockdowns may still occur until next year, but they will be risk-determined and limited to local or sectoral levels, avoiding large-scale lockdowns.
The 2022 growth outlook was also adjusted downwards to 7-9% from the previous target of 8-10%.
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The Development Budget Coordination Committee (DBCC) has lowered the Philippines' GDP growth target for 2021 from 6.5-7.5 percent to 6-7 percent due to stricter enhanced community quarantine (ECQ) in the NCR Plus bubble and the rise of COVID-19 variants.
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The Development Budget Coordination Committee (DBCC) will convene next week to reassess the country's economic and fiscal targets due to a significant economic downturn in the first quarter.
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