The government has been scaling up the vaccination program as we receive a steady supply of vaccines from multiple sources. The country was able to secure 195.4 million doses of vaccine in total, receiving 101.5 million doses as of 29 October.
This, together with the sustained implementation of targeted fiscal stimulus, should help boost market confidence and recovery of the economy in the coming months. After five consecutive quarters of economic contractions, the Philippine economy grew by 11.8 percent, from a 17.0 percent decline in Q2 2020. Almost all sectors and expenditure segments of the economy bounced back during the quarter.