Malacañang prepares for PH's economic comeback

Malacañang is already preparing for the country’s economic comeback to be implemented immediately once the Philippines is free of the COVID-19 pandemic that may be followed by a replacement administration.

Presidential Communications Operations Office Secretary Martin Andanar said the Duterte administration is already laying out the policies to revive the country’s economy.

“The President will prepare the road for the next administration so that we can bounce back to where we were before the pandemic and even go beyond that in terms of the status of our economy, job creation, social services, and peace and order, among others,” said Andanar.

He said the remaining 10 months of the administration would be crucial in the country’s direction and its transfer to the next President.

This Monday, senior national and local government officials are scheduled to meet to formulate policies on safely reopen the economy even if the COVID-19 threat remains.

Early this month, the data released by the government showed the recession is said to be over because the Philippine economy has recovered in the second quarter of the year, where the country’s gross domestic product (GDP) hit 11.8 percent.

But that does not mean that the economy has finally recovered from the pandemic.

Malacañang prepares for PH’s economic comeback

This is also due to the size of the economic collapse in the second quarter of last year, where GDP was -17 percent.

According to Socioeconomic Planning Secretary Karl Chua, ECQs are more targeted in 2021 compared to 2020, and this has helped lift the economy.

“With the second-quarter results, they will help us achieve our target for the year. However, it also depends on the outcome of the present ECQ… We will maximize the ECQ through vaccination,” said Chua.

But according to an economist, the economy may return to pre-pandemic levels in the latter part of 2022 due to repeated lockdowns.

“By the latter part of 2022 (presidential election year), GDP in pesos would be back to 100 percent of pre-COVID levels,” said Michael Ricafort, chief economist of the treasury group of Rizal Commercial Banking Corporation.

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