This should boost tourism and employment in the services sector, which accounts for 60% of GDP, according to the report. The government has reopened the country to fully vaccinated international travelers since February.
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Businesses and public transport are now allowed to operate at full capacity. The capital Metro Manila and areas on the main Luzon island, which account for about 70% of gross domestic product (GDP), shifted to the lowest level of pandemic restrictions in March, as daily COVID-19 cases averaged below 1,000.
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ADB is currently assisting the government to provide employer-led skills trainings to selected sectors to upgrade MSME workers’ competencies under the Skills Up Net Philippines program. “Policies to build the resilience of micro, small, and medium-sized enterprises (MSMEs), which play a vital role in the country’s economic recovery, should be strengthened to support the sector’s digital transformation, business innovation, and skills development,” Mr. “Nearly all indicators point to higher growth for the Philippines this year and in 2023, barring the impact of external factors from geopolitical tensions that may dampen growth globally, including in the country’s key export markets Europe and the United States,” said ADB Philippines Country Director Kelly Bird. Government measures issued last month to reopen the economy, lift mobility restrictions, expand coronavirus disease (COVID-19) vaccination, and relax international travel restrictions will boost the services sector. The Asian Development Outlook (ADO) 2022, ADB’s flagship economic publication, forecasts the Philippine economy to grow by 6.0% in 2022, rising further by 6.3% in 2023. MANILA, PHILIPPINES (6 April 2022) - The Philippines’ economic recovery is expected to gain traction this year and the next, underpinned by rising domestic investment and consumption as pandemic restrictions eased, allowing for more manufacturing and construction activities, according to a new report released by the Asian Development Bank (ADB) today.
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