Philippine Economic Briefing 2022: Updates on PH Economy and Funding Plan For 2022
Ambassador Jose C. Laurel V welcoming the participants to the Philippine Economic Briefing 2022 and highlighted Japan’s unwavering and long-standing support as PH’s key partners in trade, investment, and development assistance.
31 January 2022 – The Philippine Economic Briefing 2022, organized by the Daiwa Securities Group, Inc., the Department of Finance (DOF), and Bangko Sentral ng Pilipinas (BSP), and attended by more than 250 registered participants, aims to provide economic updates and information on the funding plan for the Philippines for 2022.
In his remarks, Senior Executive Managing Director, Mr. Hironori Oka, stated that “Despite the pandemic, the Philippine economy has remained resilient and continued to be recognized by global investors. Japan Nikkei, for example, noted a 7.7% year-on-year growth in the Philippine economy for Q4 of 2021.”
“We, at Daiwa, are committed to support the Philippine funding and economic development,” Mr. Oka affirmed.
Ambassador Laurel delivered his remarks and highlighted Japan’s unwavering and long-standing support, as “it continues to be one of our significant key partners in trade, investment, and development assistance, ranking as the Philippines’ top investing country in 2021.”
On behalf of Finance Secretary Carlos G. Dominguez, Undersecretary Mark Dennis Joven provided updates on the Philippine economy, particularly on Samurai bond issuances, vaccine inoculation, the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) law, and PH’s green projects, among others.
Undersecretary Joven also mentioned that economic bills are being deliberated for passage, which will make the Philippines more attractive to foreign investors and introduce improvements in the property valuation system and in the taxation on passive income and financial intermediaries.
BSP Governor Benjamin E. Diokno also provided updates on the Philippine Economy post-COVID-19 and how it plans to maintain its economic growth momentum. He stated that the Philippines retained its positive momentum and grew 7.7% in the 4th Quarter of 2021. This brings the full year GDP growth figure to 5.6%, which exceeds the government’s revised forecast range of 5 – 5.5% and brings more confidence of an even brighter economy prospects.
He confirmed that the Philippines’ economic fundamentals will remain sound, and that the accelerated vaccination program, implementation of economic recovery measures, and pursuit of key structural reforms will continue to lessen the long-term scarring effects of the pandemic, and ensure a robust growth trajectory for the Philippine economy.
