Connect with us

Hi, what are you looking for?

Economy

DBCC to review economic growth targets in May

Residents line up to receive cash aid at a barangay hall in Quezon City, April 14. — PHILIPPINE STAR/ MICHAEL VARCAS

THE Development Budget Coordination Committee (DBCC) is set to meet next month to revisit economic growth targets, as economic managers assess the impact of the stricter lockdown as well as official gross domestic product (GDP) data for the first quarter.

“The DBCC will be convened again soon, hopefully by next month, to revisit its medium-term macroeconomic targets and fiscal program in light of recent domestic and external developments, such as the recently imposed ECQ (enhanced community quarantine) [in Metro Manila and nearby provinces],” Budget Secretary Wendel E. Avisado said at the Sulong Pilipinas forum on Monday.

Socioeconomic and Planning Secretary Karl Kendrick T. Chua said they are sticking to the 6.5-7.5% GDP target for now, while the economic team awaits the release of first-quarter GDP data on May 10.

“First of all, we have a target of 6.5-7.5% this year. And we are still early in the year to make changes, although this ECQ and modified ECQ (MECQ) period may affect our growth. On the other hand, we still have eight full months of the year to recover, and there are  ways to recover and to be on track with our growth,” he added.

To help the economy recover faster, Mr. Chua said the government should choose localized lockdowns over broader quarantine measures; accelerate delivery of recovery measures already in place; and continue the roll out of the mass vaccination program.

Mr. Chua earlier estimated foregone wages of workers due to the five-week stricter lockdown, which ends April 30, may reach P83.3 billion.

As many economic activities were disrupted during the two-week ECQ, he estimated 0.8 percentage point may be shaved off the full-year GDP.

Think tank Oxford Economics said in a report on Monday that downside risks persisted for the Philippines’ first-quarter GDP, citing weak manufacturing volumes, virus resurgence and tightened quarantine restrictions.

The Health department reported 8,929 new coronavirus infections on Monday, bringing the active cases to 74,623. — Beatrice M. Laforga

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

Top News

Intensifying focus on worker safety across medical, chemical, automotive, and oil & gas sectors is a major reason for the burgeoning nitrile gloves industry,...

Economy

The government expects to finish 29 flagship infrastructure projects worth P238.48 billion before President Rodrigo R. Duterte’s term ends in 2022. It has added...

Economy

The Philippine central bank raised its balance of payment (BoP) projection for this year on expectations of an improved economic landscape here and overseas....

Economy

The Philippine central bank raised P100 billion from its auction of short-term securities on Friday even as rates rose on hints by the US...

Economy

The country’s outstanding foreign debt fell by 1.5% or $1.4 billion to $97 billion at the end of March from end-December, after the National...

Economy

The Department of Health (DoH) reported 6,833 coronavirus infections on Friday, bringing the total to 1.35 million. The death toll rose by 110 to...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!