Philippines seen to recover in 2021
MANILA – With the economic impact of COVID-19 pandemic this year, Finance Asst. Secretary Antonio Joselito G. Lambino II said they estimate the country can “bounce back” at 7.1 to 8.1% growth next year.
Asked if the government can afford to settle its financial obligations years from now, Asst. Secretary Lambino said even international organizations have higher estimates in terms of the country’s growth next year.
He said the Philippines will definitely be hit by economic contraction this year and they believe it would be from 2 to 3.4% of GDP.
“Some international organizations have a lower estimate, some have a higher estimate” Asst. Secretary Lambino said as he referred to the Asian Development Bank’s figure of 3.7% which was released late Thursday morning.
He recalled the Philippines was in a very good condition before the onset of the COVID-19 pandemic. The current debt-to-GDP ratio is at 39.6% and will be maintained within the 50% range.
“We do not want the debt-to-GDP to exceed 50 percent,” he said as that will put the Philippines in the middle of our peer countries,” Lambino said. The deficit would not exceed of 9% he concluded. (Melo M. Acuña)
DoF Asst. Secretary Antonio Joselito G. Lambino II (File Photo/Melo M. Acuna)