Finance Secretary Carlos Dominguez III believes there is much to be optimistic about the country’s economic outlook despite the pandemic, saying the government has been “doing its utmost” to help pandemic-hit businesses.

In a statement, Dominguez said the state has been helping micro, small and medium enterprises (MSMEs) recover from this protracted global health and economic crisis.

“There is much to be optimistic about the outlook of our economy even as we continue to grapple with the pandemic,” Dominguez said.

The Philippines is “well on its way to a solid rebound," the finance chief added. 

"I am confident that our partnership will be even stronger as the Philippines blazes the path to sustainable and inclusive economic recovery."

Dominguez pointed out that the government, for one, has infused additional capital into state financial institutions to enable them to provide low-interest loans to MSMEs, and fine-tuned fiscal and monetary policies to encourage banks to lend to pandemic-hit enterprises. 

The Bangko Sentral ng Pilipinas (BSP), for its part, has allowed the grant of loans to MSMEs as part of the compliance of banks with their reserve requirements to encourage them to extend financing support to these enterprises, he said.

 It has also implemented measures to ensure adequate domestic liquidity and sustain the flow of credit, he added.