PH growth track eyed at 6.5-7.5%

after President Ferdinand Marcos Jr. ruled out any more COVID-19 lockdowns in the coming months, an economist said Monday.

Last year, the economy managed to grow by 5.7 percent, a turnaround from the 9.6-percent contraction a year ago, despite the imposition of some alert level restrictions in the National Capital Region and other parts of the country to prevent the further spread of the pandemic. Socioeconomic Planning Secretary Arsenio Balisacan earlier played down any significant impact to growth from the feared recession in the US and Chinese economies, saying the domestic economy gets its strength from domestic consumption.

At the same time, Marcos vowed to modernize Philippine agriculture, using new technology to expand the country’s fisheries, livestock, and poultry production. To speed up the recovery of the tourism industry, Marcos promised more international airports and road improvements that will make it more convenient for travelers to go around the country and provide them easier access to remote areas and undiscovered tourist spots.

With borders virtually closed for the entire 2021, the country last year also only recorded a total of 163,879 foreign visitors. This is 89 percent down from the 2020 arrivals of 1,482,535. “They say, each brand has a story. As for the Filipino brand, ours is deeply rooted in our rich cultural heritage and the tourism sector plays an invaluable role in the promotion of the Filipino brand,” Marcos said

These projects include the North South Commuter Railway Project, the Metro Manila Subway Project, LRT Line 1 Cavite Extension Project, the MRT Line 7 Project and the Common Station. “Railways offer a great potential as it continues to be the cheapest way of transporting goods and passengers,” he added.

Source: Financial Digest (financialdigest.net)

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