The government is still bullish about the country's economic recovery especially if the public will continue to observe health protocols and get vaccinated to combat the coronavirus pandemic.
According to Presidential spokesman Harry Roque, the Palace is hopeful the local economy would not be the "laggard" in the region as described by a research arm of a foreign credit ratings agency.
He noted that the government's economic managers have set a target of 6 percent to 7 percent growth target for the year.
"Sana hindi naman po dahil Mayo pa lang po. Puwede pa mag-recover (I hope it won't happen because it's just May. We can still recover)," Roque said during a televised press briefing, Tuesday, May 25, when asked to comment about the country's dismal economic forecast given by Moody's Analytics.
"Ang solusyon talaga para mapaunlad pa natin ang ating ekonomiya ay pangalagaan ang sarili nang tayo ay makapaghanapbuhay (The solution to grow our economy is to protect our health so we can continue to work)," he added.
Moody's Analytics earlier reported that the Philippine economy was the "clear laggard" in Asia and could only return to its pre-pandemic level by the end of 2022 due to the sluggish vaccination effort.
The group projected the Philippine gross domestic product (GDP) is expected to grow by 5.3 precent this year, slower than the 6.3 percent given last March. The agency's outlook was lower than the Philippine government's full year growth target of 6 to 7 percent.
READ: PH recovery ‘clear laggard’ in Asia—analysts
In his briefing Tuesday, Roque recognized the impact of the strict lockdown imposed on Metro Manila and nearby provinces last March on the local economy. But he voiced confidence that the economy could recover as the country gradually eases the restrictions, enhances health care systems, and ramps up vaccination efforts.
"Inaamin talaga natin nakakalungkot na dahil nga sa pagpasok ng bagong variants ay we had to resort to MECQ (modified enhanced community quarantine) na naging dahilan para masarado ang 60 percent ng ating ekonomiya dito sa Metro Manila Plus. We admit that it was unfortunate that we had to resort to MECQ that closed down 60 percent of our economy in Metro Manila Plus due to the entry of new variants)," he said.
"Pero naniniwala naman tayo na makakahabol tayo at sa ngayon ang projection ng ating sariling NEDA ay lalaki pa rin ang ating eonomiya between 6 ot 7 percent . bagamat ito ay adjusted na from its earlier projection of 6.5 percent to 7.5 percent (But we believe that we can catch up. NEDA's projection is the economy will growth between 6 to 7 percent although it is adjusted from its earlier projection of 6.5 percent to 7.5 percent)," he said.
"Ang panawagan natin mask, iwas, hugas at bakuna. Ingat buhay para tayo makapaghanapbuhay (Our appeal is to wear mask, observe distancing, wash hands, and get vaccinated. Let's take care of our health so we can go to work)," he added.
Last March, Metro Manila, Bulacan, Cavite, Laguna and Rizal were placed on a two-week enhanced community quarantine (ECQ), the most restrictive classification, to curb the rapid rise in coronavirus cases.
These places, collectively known as NCR Plus, eventually eased to modified enhanced community quarantine from April 12 to May 14 as case transmission started to slow down and critical health care utilization rate dropped. NCR Plus is currently placed under the general community quarantine (GCQ) but with heightened restrictions until the end of the month.
More than 4 million doses of coronavirus vaccines have been administered initially to health workers, seniors and people with pre-existing health conditions since the inoculation drive started last March. The government aims to vaccinate 9.7 million in Metro Manila by November to attain herd immunity.