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COVID-19 variants force Philippines to trim economic growth targets
May 19, 2021 10:20 AM PHT
The Philippines economic managers again trimmed economic growth targets, as more infectious coronavirus variants forced the country to reimpose lockdowns.
The Development Budget Coordination Committee (DBCC) slightly revised downward the 2021 gross domestic product (GDP) growth projection. From 6.5% to 7.5%, the new target range is now 6% to 7%.
For the government to hit that target, GDP must grow 10% for three consecutive quarters, after a sharp 4.2% drop in the first quarter.
In 2020, the economy shrank a record 9.6%. The contraction was revised from the initial 9.5%.
Revenues, disbursements
Meanwhile, projected revenues were maintained at P2.88 trillion for 2021 and increased to P3.29 trillion for 2022.
The Duterte administration’s economic team has jacked up the government’s budget deficit ceiling for this year and next to address the pandemic and its economic impacts.
The inter-agency Development Budget Coordination Committee (DBCC), a body that sets the macroeconomic targets of the count
BusinessWorld
May 19, 2021 | 9:00 pm
BW FILE PHOTO
THE PESO declined against the dollar on Wednesday as the government cut its growth target for this year and next, as the fresh spike in coronavirus disease 2019 (COVID-19) cases and the reimposition of strict restrictions cloud recovery prospects.
The local unit closed at P47.875 versus the dollar on Wednesday, dropping by seven centavos from Tuesdayâs finish of P47.805, data from the Bankerâs Association of the Philippinesâ website showed.
The peso opened the session at P47.81 against the dollar. It dropped to as low as P47.894, while its intraday best was logged at P47.77 versus the greenback.
Philippines lowers growth forecast for 2021
Xinhua
18 May 2021, 23:30 GMT+10
MANILA, May 18 (Xinhua) The Philippine government on Tuesday lowered its gross domestic product (GDP) growth forecast for 2021 amid the ongoing COVID-19 pandemic. The inter-agency Development Budget Coordination Committee (DBCC) slightly adjusted the GDP growth projection to 6.0-7.0 percent from 6.5-7.5 percent given the emergence of new COVID-19 variants and the reimposition of lockdown measures in Metro Manila and its adjacent provinces during the second quarter of this year. The GDP is projected to return to pre-COVID-19 level by growing at 7.0-9.0 percent in 2022 and will continue to grow by 6.0-7.0 percent in 2023 and 2024, the DBCC said.