BSP's policy boost on PH growth seen until 2022

Different monetary policies’ held much importance in helping the domestic economy stay afloat from the pandemic is expected to still be sustained until 2022, as an economist projects a vulnerable third quarter following the reimplementation of the Enhanced Community Quarantine in Metro Manila amongst the threat of a more transmissible Delta variant of the COVID 19 strain. The domestic economy posted a decade-high 11.8-percent growth, as measured by the GDP during the second quarter of this year, as it posted an improvement from  the -3.9 percent in the previous quarter and the -16.9 percent a year ago. According to Nicholas Mapa, a senior economist at ING Bank Manila, he said the economic growth from April to June of this year was affected by the Enhanced Community Quarantine (ECQ), the strictest quarantine classification that was implemented from March 29 to April 11 to address the surge in COVID-19 cases. He further added, “The economic recovery will likely face a similar setback in 3Q (third quarter) as mobility restrictions returned in August with the country now facing a surge in Covid-19 infections due to the Delta variant.”

 

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