Connect with us

Hi, what are you looking for?

News

FMIC, UA&P expect return to pre-pandemic growth in 2022

THE PHILIPPINES will likely return to its pre-pandemic growth track by the end of next year as business confidence improves and the government ramps up infrastructure spending, First Metro Investment Corp. (FMIC) and University of Asia and the Pacific (UA&P) said in a joint report Wednesday.

The stronger-than-expected economic recovery in the third quarter renewed business confidence, FMIC and UA&P said in their November market call.

“Looser COVID-related restrictions throughout the country, especially in Metro Manila+, should add fuel to the warming business and consumer sentiment.”

Third quarter gross domestic product (GDP) rose 7.1% year on year, far exceeding the median growth estimate of 4.7% in a BusinessWorld poll conducted a week before data release.

The third quarter outcome was weaker than the revised 12% growth posted in the second quarter after the government placed Metro Manila under an enhanced community quarantine (ECQ) for two weeks in August to curb a surge in the Delta variant of the coronavirus.

Socioeconomic Planning Secretary Karl Kendrick T. Chua said pre-pandemic nominal GDP levels could be revisited by 2022, “even as early as the first quarter.”

FMIC and UA&P said infrastructure spending will likely increase in the fourth quarter “as election spending simmers with lineups firming up by end of the year.”

Public-private partnerships in infrastructure projects will also likely continue with fewer impediments, the two institutions said.

“The economy will likely get back into its previous growth path by the end of 2022, even as inflation eases especially in (the first quarter of) 2022.”

The improving performance of the manufacturing and construction sectors will add to industrial output gains in the fourth quarter, they said.

IHS Markit on Tuesday said the Philippines Manufacturing Purchasing Managers’ Index was at 51 last month from 50.9 in September. — Jenina P. Ibanez

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

Latest

News

REUTERS/ELOISA LOPEZ LOCAL SHARES are expected to move within a limited range this week as investors await the release of November consumer price index...

News

CRECENCIO I. CRUZ THE PESO may continue to strengthen against the dollar this week ahead of the release of November inflation data that could...

News

JULIAN ALVAREZ OF ARGENTINA — REUTERS AL RAYYAN, Qatar — Lionel Messi scored his first goal in a World Cup knockout round in his...

News

BETTINA Binaohan, Charmine Torres and Lee Sario backstopped Tchuido for the Lady Archers, who gained a separation at 61-52 midway through the fourth. —...

News

MARIE Antoinette San Diego — FIDE MARIE Antoinette San Diego has been dreaming of becoming national champion since childhood. The search for the 23-year-old...

News

LONDON — Britain’s Tyson Fury roared out a challenge to rival heavyweight world champion Oleksandr Usyk of Ukraine after retaining his WBC title with...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.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 © 2022 Respect Investment. All Rights Reserved.