Recovery of the local economy this year is seen to be driven by a wider vaccination rollout, accommodative fiscal and monetary policies, and infrastructure spending.

In a webinar organized by the Nordic Chamber of Commerce of the Philippines on 14 January 2022, Asian Development Bank Country Director for the Philippines Kelly Bird said they have upgraded their economic growth projections for the country this year to 6 percent from the previous 5.5 percent.

He noted that growth drivers would include the government's accommodative fiscal policy and sustained public spending in infrastructure, especially with spending seen to reach close to 6 percent of GDP this year, and underscored the role the vaccination rollout would play in the country's rebound, as it would be crucial in restoring consumer and business confidence.

For his part, BDO Unibank chief market strategist Jonathan Ravelas said they are still looking at a "fragile recovery" and forecasts for the GDP to grow 6.5 percent this year.

Source: The Manila Times’ 16 January 2022

https://www.manilatimes.net/2022/01/16/business/sunday-business-it/2022-ph-economic-outlook-bright/1829513