The government is determined to prove wrong a reported forecast that the Philippines may lag behind Asian neighbors in recovering from the coronavirus pandemic.
Presidential spokesman Harry Roque insisted that the "worst is over" for the country as the government steps up efforts to revitalize economic growth while sticking to fiscal prudence.
Moody's Analytics earlier projected that the Philippines might be the last country in Asia-Pacific region to fully recover from the pandemic. Like India, the Philippines would reportedly struggle to recover due to "deep recessions and uncertain fiscal support of policymakers."
The Philippines may only fully recover to pre-pandemic level by the fourth quarter of 2022, according to Moody's.
But Roque tried to downplay the latest Moody's economic projection for the Philippines, saying the local economy is on track to recovery this year.
"Huwag po kayong mag-alala (Do not worry) the worst is over – sabi nga nila (As they say) we’ve hit rock bottom and the only way to go is up," Roque said during a televised press briefing.
"Huwag kayong mag-alala (Do not worry) we will disprove that forecast wrong. At ito po ang dahilan kung bakit nagbubukas tayo ng ekonomiya at palaging sinasabi sa ating mga kababayan: Pag-ingatan ang buhay ng tayo po’y makapaghanapbuhay (It is this reason we are opening the economy and telling people to take care of their health so they can go to work)," he added.
Roque also said the public must continue to observe health measures, such as wearing of mask and observing physical distancing, while government efforts are underway to secure the county's vaccine supply.
"Pag-ingatan po natin ang mga buhay nang tayo po’y makapaghanapbuhay dahil kung wala tayong hanapbuhay, magugutom po tayo (Let's take care of our health so we can continue to work because if we have no livelihood, we will go hungry)," he added.
On the steering the local economy through the pandemic, Roque explained that Finance Secretary Carlos Dominguez has taken a prudent fiscal approach in terms of borrowings and spending. He said they did not resort to heavy borrowing since the country's credit rating might be affected.
"Kung talagang kinakailangang umutang, uutang pa tayo para gastusin; ito po iyong tinatawag nilang fiscal policies. Pero sa ngayon po, I think mas prudent po ang ginawang approach ni Secretary Dominguez na hinay-hinay ang pangungutang, hinay-hinay ang paggagastos (If we need to borrow, we will borrow funds. It's what they call the fiscal policies. But for now, I think Secretary Dominguez has taken a more prudent approach when it comes to borrowing and spending)," he said.
"Huwag po nating gastusin ang ating salapi lahat-lahat ‘no na hindi natin alam kung kailan matatapos itong pandemyang ito (Let's not spend all our money especially since we don't know when this pandemic will end)," he said.
The country fell into recession after the economy shrank 16.5 percent in the second quarter of the year while a strict lockdown was enforced to combat the coronavirus outbreak. The gross domestic product contracted 11.5 percent in the third quarter but the economic activity has picked up as the government started to ease COVID movement restrictions.
To stimulate the economy and save and generate jobs, the government plans to rely on the 2021 national budget, implementation of Bayanihan 2 law, and the massive infrastructure program as part of its recovery efforts.