BCCP lists key reforms to sustain economic recovery

(As released) Speaking at the recent 6th Joint Economic Briefing hosted by the European business community Governor Benjamin Diokno said Bangko Sentral ng Pilipinas (BSP) remains optimistic about the country’s economic recovery.

 

During the virtual briefing, BSP expects the economy to recover by 6% to 7% this year. Governor Diokno cited that foreign direct investments increased by 45.1 percent in the first three months of the year compared to the same period in 2020. He also noted the recent jobless rate in the country has decreased from a high of 17.6 percent in April 2020 to 7.7 percent in May this year.

Additionally, NEDA Usec. Rosemarie Edillon assures that the Philippines can now expect more positive GDP growth in the second quarter of 2021 despite the stricter quarantine restrictions due to the recent virus surge.

While noting the early positive signs for economic recovery, BCCP urges the government to swiftly pass the amendments to the Public Service Act, the Retail Trade Liberalization Act, and the Foreign Investment Act. BCCP strongly believes that these measures could ensure the long-term recovery of the economy.

Lastly, Chris Nelson of BCCP mentioned during his opening remarks the importance of FDIs to the country’s development. Nelson said FDIs will generate technology spillovers, increase the creation of more and better jobs for Filipinos and more significantly, improve the country’s business environment. — As released

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