February 21, 2022: -Philippines Secretary of Finance Carlos Dominguez said the country has made significant progress which contains the pandemic and will return to normal this year.

“We are very confident that 2022 will be the year that we will return to normalcy. Despite the increase in infections due to omicron in early January, we have succeeded in limiting severe infections and deaths,” Dominguez told CNBC on Friday.

He noted daily Covid cases are subsiding from the peak of 39,000 in mid-January to 2,000 in recent days. Dominguez also said the country had made good progress in its vaccination rate.

“We administered 132 million shots as of February 14. A total of 61.5 million Filipinos are completely vaccinated. Over 9.2 million Filipinos have already received their booster doses,” Dominguez said.

Even with the pandemic, the Philippines is posting 5.6% growth for 2021. The outlook for 2022 remains robust, and the government is expecting the economy to grow amid 7% and 9% this year, said Dominguez.

He added several “bright spots” this year that could support the government’s recovery. That includes the collection of tax revenue, which the government expects to return to pre-pandemic levels, the finance secretary noted.

With Covid cases continuing to fall, the country recently announced plans to reopen to vaccinated travelers from more than 150 countries and territories after closing its borders in March 2020. 

The Philippines’ Department of Tourism which indicated the decision to reopen, was related to economic hardship and, possibly, to match the policies of other Southeast Asian countries.

In addition, the government is in talks with a few banks on the appropriate structure for a maiden green bond offering.

“This year, the Philippines is aiming to issue its first-ever sustainability bond for a benchmark size of nearly $500 million,” said Dominguez.

The timing of the issue will depend on prevailing market conditions and investor sentiments, he added.

“We are in deep conversation with our bankers. And as the market conditions are ready, we will make the appropriate announcement,” the secretary said.