Connect with us

Hi, what are you looking for?

Economy

P2.1-B income lost daily during MECQ, says Chua

National Economic and Development Authority (NEDA) Secretary Karl Kendrick T. Chua stressed the need to fast-track the vaccination of workers to allow the economy to reopen. — PHILIPPINE STAR/ MICHAEL VARCAS

AS MUCH as P2.1 billion in income was lost in Metro Manila and nearby provinces for each day of modified enhanced community quarantine (MECQ) in April and May, according to the National Economic and Development Authority (NEDA).

NEDA Secretary Karl Kendrick T. Chua said the looser quarantine restrictions helped temper the losses, which are significantly lower than the P2.8 billion a day or total of P1 trillion in income lost during the longer and stricter lockdowns in 2020.

“That is why this year, we have to think very well the strategy, I think the strategy, which the economic team supports, is not to impose general or widespread levels of quarantine. Our strategy should be addressing only the biggest source of risk for spreading the virus and allowing the rest of the economy to operate,” Mr. Chua said at the forum arranged by the Employers Confederation of the Philippines (ECoP).

The NEDA chief stressed the need to fast-track the vaccination of workers to further reopen the economy.

Mr. Chua said the 6-7% growth target for 2021 and 7-9% next year can be achieved if the economy is reopened, the mass vaccination campaign picks up pace and recovery measures are implemented efficiently.

The government has vaccinated 8.4 million Filipinos so far since the rollout began in February, he said, adding this would help boost consumer confidence.

“Nothing will move if there is no confidence, and that is why we have to work hard on our vaccination program… Hopefully we can vaccinate as many workers as we can in the next few months,” the NEDA chief said.

“If workers are vaccinated, they bring home much less risk to their family members, and I personally can see schools opening, because those that we want to protect, the senior citizens, people with comorbidities and the workers who commute to go to the office, are much more protected,” he added.

Mr. Chua has been proposing to allow children to go out and let schools conduct pilot test of face-to-face classes to help the economy rebound faster.

NEDA estimates showed around 102,000 more Filipinos could join 19.7 million people in poverty if another two-week ECQ will be imposed.

Further, 252,000 more will add to the 4.9 million unemployed Filipinos if restrictions will be tightened anew, according to his presentation.

The Health department reported 4,353 new cases on Wednesday, bringing the country’s total number of active cases to 49,962.

The government extended the general community quarantine status in Metro Manila and nearby areas until the end of the month, as the number of COVID-19 cases have declined from the peak in April. 

More people have also been added to the vaccination priority list, as more COVID-19 vaccine supplies arrive. — Beatrice M. Laforga

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global plastic pollution treaty, weeks...

Economy

By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded its growth forecast for the Philippines for this year and 2023, citing an “accommodative”...

Economy

THE PHILIPPINE auto industry’s sales recovery will likely be derailed if a measure reimposing excise taxes on pickup trucks is signed into law, according...

Economy

THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected to...

Economy

THE ASIAN Development Bank (ADB) is planning to allocate at least $14 billion for a program aimed at easing a food crisis in the...

Investing

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.