Consumer confidence is expected to be restored once the vaccine for the coronavirus disease 2019 (Covid 19) becomes available, the Department of Finance (DOF) said.
The availability of the drug could also help boost the Philippine economy’s expansion in 2021, Finance Secretary Carlos Dominguez III said.
Dominguez said the economy was on a strong position at the onset of the pandemic and “green shoots” are now coming out after growth contraction in the last three quarters.
“We are having difficulty, of course, due to the contagion, with restimulating people’s demand. People are very cautious about getting sick and, therefore, are holding back on spending but we believe that we are on the right track and we will see a better performance in the last quarter of this year,” he said.
Dominguez said if expectations are met for the availability of a Covid-19 vaccine within the first half of 2021, “that should inject a lot of confidence back into our country.”
“And as a result of that, we do expect a big bounce back in our GDP growth next year,” he said.