Standard Chartered expects Philippine economy to grow by 7.5% in 2022

The UK’s Standard Chartered Bank on January 21 estimated that the Philippines’ economic growth reached 5% in 2021 and will rise to 7.5% in 2022.

A construction site in Manila, the Philippines. (Photo: VNA)
A construction site in Manila, the Philippines. (Photo: VNA)

Both gross domestic product (GDP) projections are within the inter-agency Development Budget and Coordination Committee’s (DBCC) assumption of a 5% to 5.5% expansion for last year and a 7% to 9% assumption for 2022.

In a virtual briefing the same day, Jonathan Kho, Standard Chartered Bank economist for Asia and the Philippines, said the projected quarter-on-quarter output for the last quarter of 2021 is 6.5%, attributing it to continued economic re-opening that boosts employment growth, fiscal consolidation, and accommodative monetary policy.

The domestic economy snapped from a five-quarter contraction starting in the second quarter of 2021 when it posted a growth of 12%, followed by a 7.1% expansion