MANILA - Gross domestic product growth will likely remain weak in the first quarter, even negative, but there will be a strong rebound in the second quarter with the economy coming off a low base, the head of the Bangko Sentral ng Pilipinas said on Monday.

“Of course, the first quarter will probably be a little bit slow, or it could be negative, slight negative or slight positive,” said BSP Governor benjamin Diokno in an interview with ANC Market Edge.

Diokno however said GDP growth will pick up in the April to June period due to a low base effect as it was “the worst quarter last year,” Diokno added.

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GDP growth plunged to -16.9 percent in the second quarter of 2020, as the government imposed the strictest level of quarantine restrictions then to check the spread of COVID-19.

It was the worst three-month contraction on record.

Diokno’s forecast on the first quarter GDP performance echoed similar projections from both current and former members of the Duterte administration’s economic team.

Diokno meanwhile said he is confident that the country will hit its 6.5 to 7.5 percent growth target this year, as the Philippines rolls out a vaccination program.

The BSP chief said he is also confident that the country can finish vaccinating 70 million Filipinos by the end of the year or the first quarter of 2022.

He downplayed an earlier forecast by the Asian Development bank that said the Philippines may only hit its vaccination target by the end of 2023.

Diokno noted that several other vaccines have arrived on the market, and many multinational drug firms are now looking to manufacture vaccines.

President Rodrigo Duterte earlier said he expected the country to return to normalcy by first or second quarter of 2023.