MANILA - The Philippines faces a much deeper recession this year but is expected to recover in 2021, the investment banking arm of Metrobank Group said on Wednesday.
“Economic recovery will be slow and difficult for the remainder of the year as COVID-19 cases continue to increase. Thus, the BSP is expected to continue its accommodative monetary policy to support the recovery efforts in the economy,” FMIC said. The company said the banking industry remains well-capitalized, and the country’s debt-to-GDP ratio was at a historic low of 39.6 percent when the pandemic began, thus providing policymakers with “enough fiscal buffers.”
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