Thread by @cnnphilippines

The Development Budget Coordination Committee holds a press briefing to discuss the country's latest economic targets. | @meltlopez

@meltlopez Budget Secretary Wendel Avisado says 2022 growth target adjusted to 7-9% for 2022 (from 8-10%), and 6-7% annually for 2023 and 2024.

@meltlopez Avisado: Philippine economy to return to pre-pandemic level in 2022.

@meltlopez Avisado says ₱170B additional funds needed for Congress' proposed 'supplemental social support for those hardest hit by the pandemic.' This can only be funded through additional savings & revenues.

@meltlopez DBM raises government spending target to ₱4.74 trillion this year to factor in spending for Bayanihan programs and additional COVID-19 vaccine purchases. Budget deficit will rise further to 9.4% of GDP

@meltlopez Finance Secretary Carlos Dominguez on additional support for MSMEs: We are for the future gradual and safe opening of the economy so people will have more jobs and demand will return for products and services provided by SMEs.

@meltlopez NEDA Sec. Karl Chua on growth target: It depends very much on the speed of our vaccination and in targeting jabs in areas with high COVID cases: That’s what we are going to propose for earlier reopening of the economy.

@meltlopez NEDA Sec. Chua says localized rather than wide area lockdowns the way forward for faster reopening of the economy.

The economy needs to expand by 10% from April-December to hit at least 6% growth this year after a 4.2% drop in Q1.

@meltlopez NEDA Sec. Chua counting on 'digitally-assisted contact tracing' to improve case detection, additional vaccine deliveries for faster economic recovery.

@meltlopez Dominguez admits the ballooning deficit is "really getting to be very concerning." He says economic team to meet again in the coming days to explore funding sources like realignment of 2020 budget savings & higher GOCC dividends.

@meltlopez This year's funding gap will balloon to ₱1.855 trillion, DBM says.