Omicron threatens PH growth prospects for 2022

The Omicron variant is threatening the Philippines' economic growth prospects for 2022, with UK think tank Pantheon Macroeconomics and ING Bank both expressing concerns.

Pantheon Macroeconomics kept its GDP forecast at 4.5%, far below the government's target of 7% to 9%, citing a potential slowdown in private consumption due to rising infections.

ING Bank's Nicholas Mapa noted that consumers are prioritizing vaccinations over spending, and election-related restrictions could further dampen economic activity.