The country’s economic recovery will depend on how fast and effective the government will be able to roll out its vaccination program, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said.

In their latest issue of “The Market Call,” FMIC and UA&P said that while some “green shots” sprouted that include the slight increase in tax revenues of the Bureau of Internal Revenue (BIR) and continued expansion of the manufacturing purchasing managers index that boosted optimism on recovery, the recovery pace would largely depend on how fast the vaccination against the coronavirus disease 2019 (Covid-19) would be implemented.

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