Bangko Sentral Speaks on PH Economy amid Omicron Variant Threat

Bangko Sentral Optimistic on PH Economy’s Recovery

BANGKO SENTRAL – BSP spoke on the economy of the Philippines amid the threat of the Omicron variant of COVID-19.

A lot of fields in the Philippines suffered from the impacts of the COVID-19 pandemic. It is more than a year now that the whole country is under restrictions that affect business operations, the entry and exit in the nation’s border, the economy, etc.

The majority of the nations across the globe remain in the midst of a tough battle against the pandemic. In PH, several businesses were not able to cope with the demands of the pandemic. The lockdowns have affected their operations not only for a few days but for several weeks. Many of them rely on daily profits.

The closure of the businesses also led to the loss of jobs for many people. Not only small businesses but as well as some big businesses had no choice but to temporarily or permanently stop their operations.

Bangko Sentral
Photo: The Manila Times

While some countries are slowly recovering now, there is a new threat – the Omicron. Considered as a variant of concern, Omicron was reported to be “heavily mutated” thus countries are warned by the World Health Organization (WHO) to prevent its entry and its spread.

Several nations including the Philippines once again tightened their borders towards foreign travelers from other countries that recorded cases of the Omicron variant. Will this new threat hamper the recovery of the Philippine economy?

Based on a report on ABS-CBN News, Bangko Sentral ng Pilipinas is optimistic about the recovery of the PH economy citing the GDP growth of the country. BSP Governor Benjamin Diokno expressed that the growth of the macroeconomic fundamentals of the country remain sound. Next year, strong growth is expected from it.

Diokno admitted that the Omicron is a threat to the economic activities in the country but he is confident about the initiatives undertaken like the boosting of the vaccination program.

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