BSP sees bumpy road to recovery

The Philippines' road to complete recovery remains rough, according to the Bangko Sentral ng Pilipinas (BSP), but remains positive despite slower gross domestic product (GDP) growth assumption of the country's economic managers this year, indicating the economy is on the mend.

The decision by the Development Budget Coordination Committee to lower its GDP growth forecast for 2021 from 6 to 7 percent to 4 to 5 percent to account for the impact of the latest lockdown to contain the spread of the Covid-19 Delta variant "means that the road to full recovery remains bumpy," the central bank said in a statement on Wednesday night.