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DoF: 5% GDP growth likely

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The country’s economic growth could grow by 5 percent for 2021, hitting the upper end of the government’s revised 4 to 5 percent target.

Representing Finance Secretary Carlos Dominguez III, Finance Undersecretary Gil Beltran said the strong economic performance in the third quarter will allow the economy to achieve such expansion.

“The Philippine economy grew by 7.1 percent year-on-year in the third quarter of this year, among the highest GDP (gross domestic product) growths in the ASEAN and East Asian region for the said period,” Beltran said during the virtual Philippine Business Conference and Expo of the Philippine Chamber of Commerce and Industry on Wednesday.

“With this strong economic performance, we are on track to achieve the high-end of our 4 to 5 percent GDP growth target for 2021,” he added.

According to him, year-to-date GDP now sits at 4.9 percent, a tad lower than the eyed 5 percent growth.

The Finance executive attributed the strong performance in the third quarter to the faster rollout of the COVID-19 vaccines along with the calibrated reopening of the economy.

“To date, both the government and the private sector were able to quickly procure a total of 197 million vaccine doses to inoculate a hundred percent of our adult population and teenagers,” he said.

“Our running total of vaccine supply has already reached 122 million doses and we have successfully administered 69 million shots as of 12 November. A total of 31.4 million Filipinos are now fully vaccinated,” he added.

Beltran likewise expressed his confidence for better numbers as the government continued to ramp up its vaccination program.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno earlier said the GDP might revert to pre-pandemic levels by the third quarter 2022 on back of positive economic developments which include higher employment and trade figures.

 

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