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October 01, 2022

BSP says strong Q1 GDP growth affirms economic resilience of the Philippines

The ​Bangko Sentral ng Pilipinas (BSP) said that the 8.3-percent gross domestic product (GDP) growth in the first quarter is a further confirmation of the Philippine economy’s resilience.

BSP Governor Benjamin Diokno said that the feat was achieved by a whole-of-government approach, which required bold and decisive fiscal and monetary actions to remain in sync.”

The latest GDP figure also marks four consecutive quarters of economic growth after pandemic-induced contractions between the first quarter of 2020 and the first quarter of 2021.

The government is optimistic that the strong Q1 GDP data will help the country attain its target of seven to nine percent growth this year from 5.7 percent last year.

“The robust growth performance of the economy in the first quarter, which beat analysts’ expectations, along with other favorable macroeconomic indicators, helps fulfill the BSP’s vision of a post-COVID Philippine economy that is stronger, more technologically advanced, more inclusive, and more sustainable,” Diokno said.

To support the economy during the pandemic, the BSP had implemented timely and decisive measures to extend financial relief, boost bank lending, and promote continued access to financial services.

These include the historic-low key policy rate, provisional advances to the national government, and time-bound regulatory and operational relief measures.

The central bank also supported efforts of relevant national government agencies to address supply-side inflation pressures through non-monetary measures, including the expansion of the supply of pork and rice, the temporary reduction of the most favored nation tariff rate for corn, and providing targeted subsidy programs to affected sectors.

“The BSP remains data-driven and stands ready to adjust monetary policy settings in line with its mandates of fostering price and financial stability,” the BSP chief said. ​

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