NextGen Day

Even as the economy continues to exhibit green shoots of recovery, Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas (BSP) stated that economic growth is mainly dependent on government health-related initiatives and public participation.

Diokno stated that economic recovery is dependent on the speed with which vaccinations are implemented, the development of the healthcare system’s capability, and citizens’ willingness to following the health protocol in his address at the virtual Regional Macroeconomic Conference series on Tuesday, September 28, 2021.

These steps, according to Diokno, would enable the nation to restore its economy and restart more economic activity in a safe manner.

“While the epidemic’s difficulties will likely persist for some time, we are optimistic that by the second part of next year, we will be back to where we were before the pandemic.” “Now, more than ever, everyone of us must walk together and keep an eye on each other’s backs to ensure that no one is left behind on this ongoing trip,” he added.

The recovery of the economy in the second quarter of this year, which increased by 11.8 percent as measured by gross domestic product, is one of the good economic trends mentioned by Diokno (GDP).

Domestic production in the second quarter of this year halted a five-quarter decline that began in the first quarter of 2020 and was a significant improvement over the decades-low -17 percent recorded in the second quarter of last year.

Diokno also mentioned the decrease in the unemployment rate, increased consumer and corporate confidence, credit rating affirmations, and increases in FDIs, remittance inflows, and foreign currency reserves.

According to the latest central bank data, gross international reserves (GIR) increased to USD107.96 billion at the end of August, inflows from overseas Filipino workers (OFWs) increased by 6% year-on-year to USD19.783 billion in July, and FDI net inflows increased by 60.4 percent year-on-year to USD833 million in June.

According to statistics from the Philippine Statistics Authority (PSA), the jobless rate fell to 6.9% in July, the lowest level since April 2020.

Apart from emphasizing health-related measures to help the economy recover, Diokno stressed the need of protecting micro, small, and medium businesses (MSMEs) from the pandemic’s effects.

“Because MSMEs are the backbone of the economy, efforts to assist MSMEs in recovering would have a major impact on the overall revival of the nation,” he said.

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