The Philippines economy could underperform this year as investment remains muted and consumption is hindered by slow vaccination progress amid a coronavirus pandemic, according to Pantheon Macroeconomics.
Consumption is threatened by risks from emerging coronavirus variants, while the country’s vaccination efforts are lagging, he said. Household consumption increased by 7.5% in the fourth quarter from a year earlier. “The slowing pace of vaccination easily is a bigger long-term threat to consumption than Omicron, considering that vaccine-differentiated measures are becoming more commonplace,” Mr. Chanco said.
Mr. Chanco said the Bangko Sentral ng Pilipinas would likely keep benchmark interest rates at record lows for the rest of the year to continue supporting the economy. The Philippine economy grew by 5.6% last year — better than expanded —as looser restrictions spurred more business activity and consumer spending in the fourth quarter, the local statistics agency said on Thursday.
“The arrival of much needed vaccines and the efficient administration thereof also helped in the safe and gradual reopening of the economy, thus bringing back investor confidence,” DoF said.The Bureau of Internal Revenue slightly missed its collection target last year, while the Bureau of Customs beat its goal, based on preliminary data from the Department of Finance .
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