This was the National Economic and Development Authority (NEDA) assessment in yesterday’s hearing of the House Committee on Appropriations on the government’s proposed P5.024-trillion 2022 national budget.
Socioeconomic Planning Secretary Karl Kendrick Chua said the economy’s expected recovery as of 2021 still remains good.
In hindsight, the government is now better prepared to face the challenge of COVID-19 and even with the emerging variants of the virus in recent months.
According to NEDA records, from April to June 2021, the Philippines’ Gross Domestic Product (GDP) grew by 11.8 %, the highest in the past 32 years.
And because of the government’s vaccination rollout, the economic team is positive that the growth target will be maintained at 7% -9% in 2022, 2023, and 2024 at 6% to 7%.
Earlier, Trade Secretary Ramon Lopez said the enhanced community quarantine (ECQ) this year has not been an obstacle to the growth of the country’s manufacturing and export sectors.
He said it was a big deal that the Inter-Agency Task Force eased the second ECQ implemented in March compared to the first ECQ last year.
Economy will recover in 2022 to 2023 – NEDA
“Pero thankfully ang IATF naga-adjust. Itong taon na ito na nag-ECQ tayo ng March, ang manufacturing lalo na ang exports pati po ang (business process outsourcing) in-allow natin ng 100 percent kasi ito po iyong labor-intensive,” said Lopez on Tuesday.
“So ibanalanse po ng IATF ang ECQ natin allowing iyong very critical industries and workers. So malaki ang naitulong noon. Hindi nawala ang trabaho at gumanda ang manufacturing index natin. Ibig sabihin naka-recover tayo mula sa 32 index last year.”
Lopez added that the country’s exports sector also grew with a large percentage coming from the electronics industry.
The Philippines’ top export markets are the US, China, Japan, and the European Union for electronics, machinery, and transport equipment.
“Dahil malakas ang manufacturing pati po ang pag-export natin lumakas, this year bumawi na tayo 72% growth,” said Lopez.