“The worst is behind us. The recovery phase has begun,” said Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno. Gross domestic product (GDP) forecast will grow between 6.5%-7.5% versus last year’s 8.5%-9.5% projected contraction, according to the central bank chief. The Philippine economy was one of Asia’s fastest growing until the pandemic hit and prompted lockdowns causing a significant slowdown in domestic spending. The 2020 GDP data will be released on January 28.
