Finance Secretary Carlos Dominguez III is optimistic the local economy is strong enough to recover from the impact of the coronavirus pandemic.
(MANILA BULLETIN FILE PHOTO)
In a meeting with President Duterte and other Cabinet members Tuesday, Dominguez said the safe reopening of the economy in tandem with public cooperation to observe minimum health measures would help put the country back on its "solid growth trajectory."
"So our experience with COVID-19 over the past several months tells us two things: First, the economy is strong enough to recover if we enable it to do so. Second, our best recourse is to help the economy – to help the economy is to manage the risks," Dominguez said in his remarks aired on State television.
"Managing the risks instead of avoiding them will allow us to safely open more of the economy and help Filipinos recover their sources of income. This will also put the Philippines back on its solid growth and development trajectory," he added.
As the government ramped up health resources to combat the spread of the coronavirus, Dominguez said the nation has so far shown its resilience in the face of the pandemic. He has credited Filipinos for cooperating with authorities to help contain the outbreak.
"We are aware of and are thankful for the many sacrifices the Filipino people have to make. From mothers who juggle their work while helping their children study remotely to healthcare workers in testing centers and in hospitals who risk their lives to detect the virus and care for the very sick. Some of them are family members and close friends," he said.
"A major part of our success in controlling virus transmission is the cooperation of people in making minimum health standards as part of their daily lives. All these small contributions go a long way in our recovery process," he added.
Dominguez made the remarks after the local economy continued to shrink but at a lower pace in the third quarter of the year.
Authorities earlier reported that the Gross Domestic Product contracted by 11.5 percent, compared to the 16.9 percent slump in the previous quarter.
The Palace had earlier said although it was saddened by the economic slump, it welcomed the slight improvement of the economy from the prior quarter.
The domestic economy has weakened in recent months after the coronavirus lockdown forced some businesses to close or scale down operations and displace many workers. After a few months of lockdown, the government has gradually relaxed the movement restrictions to stimulate economic activity and allow more people to go back to work.