In contrast, GoldmanSachs said an administration run by Vice President Leni Robredo might mean a significant shift, considering her comprehensive plan to free the Philippines from the clutches of the COVID-19 pandemic.
Based in Singapore, GoldmanSach’s team in Asia noted that this was the case even as the next administration would need to make policy choices such as maintaining a direction toward prudent fiscal improvement while still nurturing a still nascent economic recovery.These choices will have to be made amid public debt and external financing constraints, and adverse impacts of global price shocks.
In 2021, the full-year deficit reached P1.67 trillion or 8.6 percent of gross domestic product . This was 25-percent wider than the P991-billion deficit incurred in 2020 amid the initial impact of the COVID-19 pandemic.
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