Q1 2022 GDP growth affirms PHL economic resilience

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said that the 8.3-percent GDP growth in the first quarter (Q1) of 2022 is “further confirmation of the Philippine economy’s resilience. This 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 Q1 2020 to Q1 2021.

The government is optimistic that the strong Q1 GDP data will help the country attain its target of 7 to 9 percent growth this 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,” the Governor added.

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 BSP also supports efforts of relevant national government agencies to address supply-side inflation pressures through non-monetary measures. These include expanding the supply of pork and rice, temporarily reducing 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.