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Philippine economy 'unlikely' to meet 6 to 7 pct growth target in 2021: Oxford Economics

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Police officers monitor motorists passing through a checkpoint between Las Piñas and Bacoor City in Cavite. ABS-CBN News/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2021/business/08/18/20210801-covid-19-checkpoint-bacoor-las-pinas8818-(1).jpg"/><figcaption>Police officers monitor motorists passing through a checkpoint between Las Piñas and Bacoor City in Cavite. <em>ABS-CBN News/File</em></figcaption></figure></div><p>MANILA - The Philippine economy is &quot;unlikely&quot; to meet the government&#x27;s growth target of 6 to 7 percent this year due to the recent COVID-19 surge and supply chain disruptions, among others, Oxford Economics said Wednesday.</p><p>Growth could reach 3.5 to 4.5 percent instead, Oxford Economics Lead Asia economist Sian Fenner told ANC.</p><p>&quot;We think personally that 6 to 7 percent this year is going to be fairly unlikely. We’ve become more pessimistic for the short-term growth in the next quarter,&quot; Fenner said.</p><p>The recent hard lockdown in place in Metro Manila until Aug. 20 to mitigate the spread of the more virulent COVID-19 Delta variant will &quot;again weigh on sentiments and activity,&quot; she said.</p><p>Socioeconomic Planning Secretary Karl Kendrick Chua earlier said the economy could lose P150 billion each week Metro Manila is under lockdown.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/07/21/neda-ecq-to-cost-philippine-economy-p150-billion-per-week">ECQ to cost Philippine economy P150 billion per week, says Chua</a></li></ul><p>On top of that, there could be supply chain disruptions as the country&#x27;s trade partners also battle the impact of the pandemic, she said. </p><p>The Philippines&#x27; gross domestic product grew 11.8 percent in the second quarter, reflecting the low-based effect and following the revised 3.9 percent contraction in the first quarter.</p><p>In 2020, the economy contracted by 9.6 percent, its worst since the end of World War 2.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/10/21/philippine-economy-grows-118-percent-in-q2">Philippine economy bounces back from recession with 11.8 percent growth in Q2</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1750540" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

The Philippine economy is 'unlikely' to meet the government's growth target of 6 to 7 percent this year due to the recent COVID-19 surge and supply chain disruptions, among others, Oxford Economics said Wednesday.