The Asian Development Bank (ADB) remains firm on their forecast for the Philippine economy to grow at a rate of 4.5% for 2021 and 5.5% for 2022. This gives the Philippines the third highest growth rate in Southeast Asia next to Singapore and Malaysia measured at 6.5% and 4.7% respectively. Some factors that support ADB’s forecast are the increase of vaccination rates, the government’s plans to increase and invest on infrastructures contributes to this growth, and the gradual recovery of employment nationwide.
