Metro Manila (CNN Philippines, April 12) — Monetary authorities may revisit the Philippine economic growth target for this year following the two-week hard lockdown imposed on the NCR Plus zone, the central bank chief said.
“Because of the recent na pagsasara ng ekonomiya dahil sa ECQ sa NCR Plus, this month ire-revisit ang original forecast,” he said.
“Sa aking tantiya baka ibaba ang target for this year sa around 6% to 7%,” the BSP chief added.
[Translation: Because of the recent economic closure due to ECQ in NCR Plus, this month we will revisit the original forecast. I estimate that the target for this year may be lowered to around 6% to 7%.]
The ECQ in Metro Manila and adjacent provinces Bulacan, Cavite, Laguna, and Rizal, or the so-called NCR Plus, was earlier extended for one more week.
This forced many industries to reduce their operational capacity or completely suspend operations during the hard lockdown period.
Last week, the Philippine Statistics Authority said the Philippine economy contracted by 9.6%, the worst record since the end of the Second World War.
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However, Diokno remained bullish that the economy would rebound in 2022, with the growth rate seen hitting 8% to 10%.
In a virtual briefing on Monday, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said they may revise the original forecast of 6.5% to 7.5% economic growth originally eyed for this year as economic activities were affected anew with the enhanced community quarantine implemented in the Greater Manila area from March 29 to April 11.
