The Bangko Sentral ng Pilipinas (BSP) is again studying the long term effect of COVID-19 in the country’s economy since earlier studies only included short term projections amid expectations the virus could last quickly.
With the increase in cases worldwide, the BSP is looking at how COVID-19 might affect foreign investments, the tourism sector, and the export industry.
The BSP said the “Build, Build, Build” program continues to be promising, and with increased government spending will definitely help economic growth.
BSP Governor Benjamin Diokno has not yet changed the GDP projection this year.
“Given what’s happening were confident we’ll still hit 6% this year,” he said.
“So, there are many things that we should do while the whole world is in a mess so that when all these settle down, we should be stronger,” he added.
Meanwhile, Trade and Industry Secretary Ramon Lopez shared his worry on the drop of imports from China and the pressure to strictly observe its performance for the following months.
“What we’re worried about [is] lumabas ang data noong Feb, ‘yung galling China may drop sa importation. So, kailangan observe natin, kailangan natin tingnan kung nag-decline sa March,” he said.
Lopez said other areas in China and outside are stepping up imports and that the current uncertainty on trade is felt globally. – Report from Naomi Tiburcio
