Philippines raises economic growth target for 2021

December 15, 2021 - 9:11 AM
A vendor tends to a customer behind a plastic barrier for protection against the coronavirus disease (COVID-19) at a public market, in Manila, Philippines, August 18, 2020. (Reuters/Eloisa Lopez,)

MANILA — The Philippines has upgraded its economic growth targets for this year as the economy further reopens, the country’s economic ministers said on Tuesday.

Gross domestic product (GDP) is expected to expand by 5.0% to 5.5% in 2021, from the previous estimate of 4.0% to 5.0% this year, the Development Budget Coordination Committee said in a statement.

—Reporting by Neil Jerome Morales and Enrico dela Cruz; Editing by Martin Petty