Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno forecasts
the Philippine economy regaining its previous vigor starting in the
last quarter of 2022.

“On the aggregate level, we will be back by around the fourth quarter
of 2022 or the first quarter of 2023. On the aggregate level. But the
structure, the composition of that economy will be different from the
pre-Covid level,” he told journalists in a virtual briefing on
Thursday.

After five consecutive quarters of contraction, the domestic economy
was able to expand in the second quarter of 2021, with a growth print
of 11.8 percent, as measured by gross domestic product (GDP).

Authorities are optimistic for an economic recovery this year, with
the target range set between 4 and 5 percent.

Diokno has repeatedly said the economy continues to show signs of
recovery amidst the challenges brought about by the virus-induced
pandemic.

On Thursday, he said while the economy is seen to recover from the
impact of the pandemic “that does not mean that it will be the same
economy, that pre-Covid economy will be different than the post covid
economy.”

“So naturally some industry or some firms will not be able to recover
or will be able to recover many years to come but there will be new
industries,” he added.