MANILA - The cycle of lockdowns in the Philippines remains a threat to its economic recovery, Fitch Solutions said Tuesday, after it lowered its outlook for the country this year.
Fitch Solutions is monitoring the government's response to the pandemic, Senior Country Risk Analyst Michael Langham told ANC.
"In early 2022 I think the situation will remain broadly similar to this year until the Philippines can come out of this cycle of lockdowns and COVID-19 outbreaks, the economy isn’t really going to get on track," Langham said.
"That’s something we’re watching, how quickly the authorities can get out of this cycle," he added.
Metro Manila is currently under its 3rd lockdown since the pandemic due to the recent surge and the emergence of the more contagious COVID-19 Delta variant. The restriction is in place until Aug. 20.
Experts have earlier flagged possible extensions that could be detrimental to recovery.
In its Aug. 12, Fitch Solutions cited the country's low rate of fully vaccinated individuals.
As of Aug. 15, at least 12.5 million Filipinos were fully vaccinated. The government has said that it aims to inoculate at least 58 million of its over 100 million population by the end of the year.