DBCC may lower GDP growth projection to 6-7% this year due to ECQ in NCR Plus, says BSP gov
The inter-agency Development Budget Coordination Committee may lower its growth target this year to around 6-7 percent after Metro Manila and the four nearby provinces were placed under enhanced community quarantine for two weeks, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said on Monday.
In the "Laging Handa" public briefing, Diokno noted that in December last year, the DBCC's projection for gross domestic product in 2021 was between 6.5 percent and 7.5 percent.
Diokno said the DBCC might meet within the month to review economic targets for 2021.
"Because of the recent closure of our economy due to ECQ in NCR (National Capital Region) Plus, perhaps this month the DBCC will revise the original forecast of 6.5 to 7.5 (percent). It may be possible that based on the result of that (meeting), in my estimate is that (our GDP growth) target for this year is around 6 to 7 percent," Diokno added.
The government placed Metro Manila and the provinces of Bulacan, Cavite, Laguna, and Rizal, or the NCR Plus which share of the economy is more than 50 percent, under ECQ, the most restrictive quarantine classification, from March 29 to April 11 to contain the surge of coronavirus disease cases.
Starting Monday until April 30, NCR Plus and a few other areas in Luzon have been placed under modified ECQ, while other areas under general community quarantine and modified GCQ. Celerina Monte/DMS
