Trade Secretary Ramon Lopez is hopeful the economic growth could reach or even surpass its pre-pandemic level by 2022, when it could grow 6 to 7 percent.
Lopez said full-year GDP could hit 5 to 5.5 percent for the year
Lopez’ prognosis for 2021 touches the high side of the target set by the Development Budget Coordination Committee (DBCC) of 4 to 5 percent.
The average growth as of the third quarter is 4.9 percent.
“If we reach 6 to 7 percent growth next year (2022), we would be back and surpass pre-pandemic levels,” Lopez said.
This is within the 7 to 9 percent broad range set as target by the DBCC.
In 2019, GDP expanded to 5.9 percent.
“We expect to sustain the recovery that started early this year and I believe the fourth quarter will even be stronger as we actually allowed more reopening of sectors and deescalation of community quarantine levels in October this year,” Lopez said in a message to reporters.
Lopez echoed Planning Secretary Karl Chua’s previous pronouncement that pre-pandemic growth rate could happen as early as the first quarter of 2022.
Lopez said driving the growth are the double-digit increases s in foreign direct investments (FDI) and improving exports.
The $5.56-billion FDI in the first seven months represented a 43.7 percent increase from same period last year. and even higher than pre-pandemic growth of 30.2 percent. Exports growth likewise posted double-digit growth rate of 17.97 percent for the first three quarters, compared to same period last year. Its even higher than pre-pandemic 2019 figure for same period by 4.6 percent.
“These are certainly encouraging sustained improvements for the country, counting even the pandemic period,” Lopez said.
“These are certainly encouraging sustained improvements for the country, counting even the pandemic period. With continuing major economic reforms and the Build build build infrastructure development priorities of the Duterte administration, we shall further strengthen the economic fundamentals of the country towards a more comfortable life and prosperity for the Filipinos,” Lopez said.
