PH economic crisis begins 'U-turn'—NEDA
The country’s economic crisis is now beginning to make its “U-turn,” although remained in the negative territory, the National Economic and Development Authority (NEDA) said.
In a statement, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said they are hopeful that signs of economic recovery would be sustained amid government’s efforts to stimulate economic growth.
“We are starting to see a U-turn in the trajectory of economic activity and manufacturing production. While we are not yet in the positive territory, we are hoping that we can continue to manage this recovery as best as we can,” Chua said.
The NEDA official assured that the government is continuously working on programs to help the severely affected sectors cope with the impacts of the COVID-19 pandemic.
Chua explained that the government’s recovery program is comprised of three big areas: the Bayanihan to Recover as One Act (Bayanihan 2), the Build Build Build program, and the 2021 budget.
Under Pillars 1 and 2 of the government’s phased and adaptive recovery approach, P655 billion have been allocated to help people cope with the pandemic and improve the country’s healthcare system.
This includes the ramped up spending to protect some 18 million low-income households and 3.1 million workers of small businesses.
“Moving forward, we are optimistic that the Bayanihan 2 will help the country bounce back from the crisis with its improved provisions on the healthcare system, public transport, and restoring consumer demand,” Chua said.
He added that the government will also provide equity support to distressed firms that are deemed strategic and allow banks to dispose of bad loans and assets so they can serve more businesses.
In addition, Chua mentioned that the government is focusing on enhancing the productivity of the agriculture sector, as it also plays a crucial role in the country’s economic recovery.
“There's no way for the Philippines to complete its structural transformation if we don't make the agriculture sector productive,” Chua said.
“We have already taken huge steps through the Rice Tariffication Law and the Rice Competitiveness Enhancement Fund. We can also do more through our infrastructure and logistics programs,” he added.