GDP to climb by only 5-6% – banks

A Bangko Sentral ng Pilipinas (BSP) poll revealed that most banks estimate the Philippines' gross domestic product (GDP) to increase at only 5 to 6 percent this year and next year as they remain concerned about the impact of the coronavirus disease 2019 (Covid-19) pandemic on the economy.

"Banks report subdued optimism on the country's economic prospects due to uncertainties brought about by the resurgence of Covid-19 cases, reimposition of targeted lockdown measures and delay in the vaccination rollout in the first quarter of 2021," the central bank said in its latest Banking Sector Outlook Survey (BSOS) released on Wednesday.