PH recovery can outpace Asia Pacific with smooth vaccine rollout

MANILA - The Philippine economy can outpace the growth of the Asia-Pacific economy on a best-case scenario should the country carry out a seamless rollout of COVID-19 vaccines and steady loosening of quarantine restrictions.

The Philippines' gross domestic product (GDP) is expected to grow by as high as 7.7 percent in 2021, versus the 5.7-percent growth forecast for the Asia Pacific, said IHS Markit’s Asia-Pacific Chief Economist Rajiv Biswas during an interview with ANC on Tuesday.

The robust growth locally will be coming from a low base of 9.5-percent contraction for 2020, and will be driven by sectors such as electronics, manufacturing, consumer goods, and services such as business process outsourcing (BPO) amid the need for remote support. 

• Ayala Corp chair sees full economic recovery by fourth quarter of 2022
• Dissecting Data: Looking back at the Philippine economy in 2020