First Metro Investment Corp., the investment banking arm of the Metrobank Group, said Tuesday it expects the Philippine economy to grow by 6 percent to 7 percent in 2022, driven by the industry and services sectors.
First Metro president Jose Patricio Dumlao said in an online economic briefing he was expecting the prospects of the economy to be brighter this year, after nearly two years of grappling with the COVID-19 pandemic.
“Last year, the Philippine economy rebounded from a deep recession, registering a 4.9-percent growth in the first three quarters of the year. This growth momentum likely spilled over in the fourth quarter given further economic reopening and easing mobility restrictions,” Dumlao said.
“Notwithstanding the ongoing pandemic, and Omicron sparking the third wave of infections, we are still optimistic that Philippine growth will further accelerate and get back on its trajectory of 6-7 percent in 2022,” Dumlao said.
He said economic growth would also be driven by sustained domestic demand, easing inflation, election expenditures and accelerated government spending on infrastructure projects.