Rizal Commercial Banking Corp., one of the biggest lenders in the country, is not discounting the possibility of a 7-percent gross domestic product growth in the first quarter of 2022, especially with the easing of the alert level 2 status in Metro Manila and 38 other areas to alert level 1 from March 1 to 15 amid the declining cases of new COVID-19 infections.
In an online briefing on Tuesday, RCBC chief economist Michael Ricafort said GDP growth in the January-to-March period might range from 6.5 percent to 7 percent.
“Of course it is coming from a low base. Definitely for the full year, [GDP growth might be between] 6 to 6.5 percent… that could still go up but we are realistic about the recent developments, especially the Ukraine crisis… that could offset whatever gains we have,” Ricafort said.
“… We are not ruling out any surprises because the geopolitics is very volatile… it remains uncertain…, “ Ricafort said.
He said one of the growth drivers this year might be election spending and the tourism industry. “We may even see a 7-percent growth in the first quarter… ,” Ricafort said.