NextGen Day

Vaccination rollout and economic improvements will propel the Philippine economy forward in 2022, despite the ongoing threat of coronavirus disease in 2019 (Covid-19).

Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas (BSP) emphasized favorable economic outcomes on trade, labor conditions, inflation, and domestic liquidity in his speech to members of the Tuesday Club, a journalist’s organization, during the first meeting of the year.

He stated that as more nations open their economies, goods exports have returned, a trend that is also being felt in the Philippines.

As a result, the trade imbalance increased to USD36.6 billion in the third quarter of last year, owing to increased domestic demand.

The unemployment rate dropped to 7.4% in October 2021 from a peak of 17.6% in April 2020, owing largely to lockdowns to combat the spread of Covid-19.

Inflation continued to slow after breaching the government’s 2-4 percent target from January to November last year, with the November 2021 figure falling to 4.2 percent from 4.6 percent the previous month.

On Wednesday, the Philippine Statistics Authority will issue the inflation rate for December 2021.

Domestic liquidity remained abundant, with year-on-year growth of 8.3 percent in November 2021.

According to Diokno, bank lending has recovered and is now on the rise, as evidenced by the 3.5 percent increase in October 2021 over the previous month’s 2.7 percent.

Lending has shrunk in recent months as banks have taken a cautious approach, fearful about the pandemic’s impact on borrowers’ ability to pay.

“The ongoing expansion in business activity amid reducing quarantine restrictions, declining Covid-19 cases, and increasing immunizations shows the continued recovery in bank lending activity,” Diokno added.

These achievements, he said, give policymakers additional reason to be confident about the economy’s rebound this year.

“Risk management, the predicted revitalization of major industries from government policy assistance and structural reforms, as well as the restart of global economic activities,” he stated.

Despite the challenges, Diokno stated that “we are making good progress,” which “should drive us to persevere harder and keep pushing forward.”

“We, at BSP, are fully prepared to support and guide the economy on a steady recovery path toward growth and onward to a post-Covid-19 economy that is both sustainable and digitally inclusive,” he added.

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