The broader East Asia and Pacific, where the Philippines is also included, is seen growing a faster 7.4% in 2021. Against this backdrop, the government’s budget response has remained, as World Bank said, “conservative” for the sake of protecting investment grade ratings. That said, slower growth this year means some advantage for a faster turnaround next year. The World Bank sees the economy growing 6.3% year-on-year next year, more bullish than the 6% outlook last December. “In the Philippines, growth is expected to recover in the medium term, contingent on an improved external environment, a successful vaccination program, and the loosening of movement restrictions,” World Bank said.

Source: Philippine Star March 26, 2021 04:52 UTC