Palace: PH Economy can’t afford another MECQ

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Presidential Spokesperson Harry Roque admitted that the Philippines cannot afford to extend the stricter lockdown as the country continues to suffer its biggest economic contraction since 1998 due to quarantine restrictions. 

Tatapatin ko po kayo: Hindi na po kaya ng ekonomiya ang mas matagalan pang lockdown. Napakatindi po ng binaba ng ating ekonomiya (for the second quarter),” Roque said in his Tuesday media briefing, but did not give specific figures.

[I will be honest with you: the economy can no longer handle an even longer lockdown. Our economy suffered a steep decline (for the second quarter).]

The Philippine Statistics Authority will announce official data on Thursday. Marikina Rep. Stella Quimbo, an economist, said the lockdown costs ₱12 billion in lost opportunities a day.

Presidential Adviser for Entrepreneurship Joey Concepcion said Monday that a possible extension of the modified enhanced community quarantine in Metro Manila, Bulacan, Rizal, Laguna, and Cavite will pose a “serious” concern, adding that he preferred localized hard lockdowns as an alternative.

Authorities expect the economy to shrink by as much as 3.4 percent this year, but that number may change depending on how the second-quarter figures turn out.

International lenders expect a deeper recession, with the Asian Development Bank’s worst forecast at 5.3 percent, before rebounding to growth next year.

The 2020 contraction would be the first time since 1998. At the time, the country reeled from the Asian Financial Crisis.

House committees to hold hearings during break

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Spread the loveMANILA – The House of Representatives has authorized for its committees to conduct hearings during the five-week congressional break, extending until late April.

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