PHL economy rebounds in 2021 - BusinessWorld Online

Strong consumer spending during the holiday season helped drive Philippine economic growth to 5.6% in 2021. — PHILIPPINE STAR/ MICHAEL VARCASexpanded more than expected in 2021, as looser restrictions spurred more business activity and consumer spending in the fourth quarter.

“The door to economic recovery is now fully open. The numbers for 2021 show an economy primed to break out,” Socioeconomic Planning Secretary Karl Kendrick T. Chua said during a brie“Our efforts to safely reopen the economy allowed more Filipinos to work and earn their income,” Mr. Chua said, citing the government’s shift to an alert level system with granular lockdowns in the last quarter.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said majority of the expansion was backed up by household consumption and “its improvement throughout 2021 due to rising vaccination rates and consequent reopening of the economy.” Mr. Chua, who also sits as the National Economic and Development Authority’s director-general, said most recent data show Typhoon Odette amounted to P33.4-billion total damage and losses, which is estimated at 0.17% of the country’s GDP.

“That will keep a lid on underlying price pressures and means that the central bank is unlikely to begin tightening policy until 2023.”

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