ADB sees slower economic growth for PH this year, but strong rebound expected in 2021

CEBU CITY—The Asian Development Bank foresees a slower economic growth for the Philippines this year but projects a strong rebound in 2021.

“This unprecedented and extraordinary public health emergency brought about by the COVID-19 pandemic will substantially slow down economic growth this year, with most of the contraction in the economy occurring in the second quarter,” according to Kelly Bird, ADB country director. Last March 14, the ADB approved a $3 million grant to help the government deliver the much-needed emergency medical supplies and equipment, including a new laboratory to enhance the country’s capacity to conduct more COVID-19 tests.

“Sustained public investment—especially in priority projects under the government’s “Build, Build, Build” infrastructure development program—and a rebound in private consumption will drive economic growth in 2021,” the report says.

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