NextGen Day

According to a senior Department of Finance (DOF) official, the execution of pandemic-related initiatives would be one of the drivers of analysts’ growth forecasts for the Philippines.

“Forecasters will be looking at the effectiveness of health measures in controlling the virus when adjusting their forecasts,” Finance Undersecretary Gil Beltran said in a Friday economic report.

“They’ll be keeping an eye on the daily infection rate, which has climbed to over 13,000, as well as the immunization rate, which has reached about 700,000 each day. In the next quarters, the success of health initiatives will influence the GDP (gross domestic product) outlook,” he added.

In the second quarter, economic growth increased to 11.8 percent, up from -3.9 percent the previous quarter.

The domestic economy’s five-quarter decline came to an end in the second quarter.

Given the impact of movement restrictions, especially in Metro Manila, which has experienced two enhanced community quarantines (ECQ) so far this year in response to an increase in coronavirus disease 2019 (Covid-19) cases, economic managers have revised their growth projections for this year to 4% to 5%.

The Department of Health (DOH) announced a new high of 17,231 new Covid-19 cases on Friday.

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