MANILA, Philippines — Multilateral lender International Monetary Fund (IMF) said the asset quality deterioration of Philippine banks has not yet peaked as the country continues to grapple with the pandemic.

In a virtual forum organized by the Philippine Economic Society, IMF resident representative to the Philippines Yongzheng Yang said the non-performing loans (NPLs) of banks operating in the country may rise further in the coming months.

THE International Monetary Fund (IMF) said the Philippine government should restart investments in the country to enable the economy to recover to pre-pandemic growth.

Yongzheng Yang, IMF resident representative to the Philippines, said the local economy may lose output permanently due to the impact of the Covid-19 pandemic but it can return to pre-pandemic growth rates, during a webinar conducted by the IMF and the Philippine Economic Society on Friday.

MANILA, Philippines — Multilateral lender International Monetary Fund (IMF) said the recovery of the Philippines from the pandemic-induced recession is likely to continue in the second half until next year on the back of substantial policy support and stronger global economy.

In a webinar organized by the Philippine Economic Society of the Philippines, IMF resident representative to the Philippines Yongzheng Yang said the Philippine economy may expand by 5.4 percent this year and seven percent next year after a record 9.6 percent contraction in 2020.

The Philippine central bank would monitor the potential second-round effects of inflation and would deploy policy tools to safeguard price and financial stability, Governor Benjamin E. Diokno said on Friday. 

“We agree with the assessment of the International Monetary Fund (IMF) that inflation could return to its pre-pandemic ranges in most countries in 2022,” he told an online news briefing. “However, caution should be exercised to ensure that temporary price pressures do not become fully entrenched in the domestic price dynamics.”

Members of the Philippine Economic Society (PES) approved the amended By-laws and Articles of Incorporation of PES through an online referendum held on 15-25 March 2021.

Out of 354 members who are eligible to vote, a total of 184 participated in the referendum, bringing a 51.98% voter turnout.

For the amended By-laws, 177 voted to approve, two voted to reject, and five voted in abstention.

Meanwhile, for the amended Articles of Incorporation, 177 coted to approve, one voted to reject, and six voted in abstention.

IF no new sources of non-renewable energy are found and the current use of these resources continues, the country may run out of these stocks in less than 50 years, according to estimates of the Philippine Statistics Authority (PSA).

In the Energy Accounts of the Philippines, which is based on 2019 data, the PSA estimated that the first to go would be natural gas which only has an asset life of seven years; condensate, nine years; coal, 26 years; and oil, 43 years.