The Philippine finance secretary anticipates a return to normalcy this year and predicts an acceleration in economic growth.

• This year, the Philippines will return to normal as significant progress has been made in containing the pandemic, according to Philippine Secretary of Finance Carlos Dominguez.
• "We are confident that 2022 will be the year we return to normalcy, as we have successfully limited severe infections and deaths despite the surge in infections due to omicron in early January," Dominguez stated.
• The government anticipates the economy will expand by 7% to 9% in 2022, increasing from the 5.6% growth recorded in the previous year.

This year, the Philippines will return to normal as significant progress has been made in containing the pandemic, according to Philippine Secretary of Finance Carlos Dominguez.

"We are confident that 2022 will be the year we return to normalcy, even though there was a surge in infections due to omicron in early January. We have managed to limit severe infections and deaths," Dominguez said on CNBC "Squawk Box Asia" on Friday.

The number of daily Covid cases in the country has significantly decreased from 39,000 in mid-January to around 2,000 in recent days, according to Dominguez. Additionally, the country has made substantial progress in its vaccination rate.

As of Feb. 14, we have administered 132 million shots and 61.5 million Filipinos are fully vaccinated. Additionally, over 9.2 million Filipinos have already received their booster shots, according to Dominguez.

Despite the pandemic, the Philippines experienced a 5.6% growth in 2021. The government anticipates a strong economy in 2022, with growth forecasts ranging from 7% to 9%.

The finance secretary pointed out that the government's recovery could be supported by several "bright spots" this year, including the anticipated return of tax revenue to pre-pandemic levels.

The country has recently announced plans to reopen to vaccinated travelers from more than 150 countries and territories, after closing its borders in March 2020 as Covid cases continue to fall.

The Philippines' Department of Tourism stated that the decision to reopen was influenced by economic difficulties and the need to align with the policies of other Southeast Asian nations.

Green bonds

The government is in discussions with banks about the best format for its first green bond issuance.

The Philippines plans to launch its first sustainability bond with a benchmark size of at least $500 million, according to Dominguez.

The timing of the issue will be determined by market conditions and investor sentiment, he stated.

Our bankers and we are currently engaged in a profound discussion. Once the market is favorable, we will make the necessary announcement, as stated by the secretary.