PH GDP growth in ’22 may not reach 7%, says ING

Philippine GDP growth in 2022 may not reach the government's target of 7 percent, according to ING Bank senior economist Nicholas Mapa.

Mapa predicts a slower growth rate of 5.3 percent due to the surge in Omicron cases.

Despite this, financial sector regulators led by the Bangko Sentral ng Pilipinas (BSP) remain optimistic about the economy regaining pre-pandemic levels barring any complications with COVID-19.

The Financial Stability Coordination Council (FSCC), consisting of various government agencies including BSP and DOF, reported a 5.6 percent GDP growth in 2021 which surpassed the target range of 5 to 5.5 percent.

BSP Governor Benjamin Diokno stated that while there was a strong turnaround from the previous year's contraction, it may take until the fourth quarter of 2023 for lost incomes from the pandemic to be recovered.