NextGen Day

The country’s comeback to pre-pandemic levels is aided by the lower alert level at the start of the fourth quarter and the reopening of more economic activity, according to the senior trade official.

Secretary of the Department of Trade and Industry (DTI) Ramon Lopez predicted that the economy would not rebound to pre-pandemic levels this year, but rather in 2022.

During the Laging Handa public briefing on Thursday, Lopez remarked in Filipino, “Our economic growth is at 4.9 percent year-to-date.” “It’s very likely that we’ll attain 5% growth in 2021.”

According to his projections, GDP growth in the fourth quarter should be at least 5.3 percent to meet the 5-percent GDP expansion goal for the year, and 7.1 percent to meet the 5.5-percent economic growth goal.

“If that occurs, we will only require 4.8 percent growth to achieve the GDP level of 2019 by 2022.” That means, even with only 4.8 percent growth in 2022, we can return to pre-pandemic levels in 2019,” he continued.

Lopez said his organization has received an encouraging response from the business community after Metro Manila’s alert level was reduced in October.

He claims that lowering Alert Level 2 in the National Capital Region (NCR) has allowed more industries to expand their operational capacity.

He noted that businesses raised their income and that more jobs were reintroduced into the labor market.

Despite the pandemic, the Philippines remains a top target for foreign direct investments in the area, according to the trade chief, with inflows increasing by 43 percent.

Exports have increased by 20% over last year’s level and by about 10% above 2019, which is a pre-pandemic year, according to Lopez.

“Extremely encouraging indicators” (of recovery). “These are all GDP inputs,” Lopez explained.

The government previously reported that the economy grew by 7.1 percent in the third quarter of this year and that the GDP growth in the second quarter was revised upward to 12 percent.

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