Presidential Adviser for Entrepreneurship Joey Concepcion urged the government to strengthen the Philippine economy so the country can weather the effects of the Ukraine-Russia conflict.
Concepcion made the statement as Russia started its invasion of Ukraine on February 24.
In a statement Thursday evening, the Go Negosyo founder said the Philippine economy cannot afford to remain closed as the consequences of the war in Ukraine are bound to reach local shores.
"We have to have a strong economy if we are to weather this oncoming storm," he said.
Concepcion said the resilience of micro, medium, and small enterprises (MSMEs), in particular, will be critical in keeping the Philippine economy strong, and this will depend on the implementation of a safe exit from the pandemic.
"We’re moving from a pandemic and into a storm of rising commodity prices," he said.
He added that reopening the economy has now become even more urgent, as the country has stepped into a critical level in its debt-to-GDP ratio.
The war in Ukraine has driven up commodity prices worldwide and is expected to have an immediate effect as the local economy reopens.
"We have to restore confidence so that Filipinos will go out and have more mobility," he said.
On February 24, Go Negosyo hosted a town hall meeting called “Exploring a Safe Exit” where medical and data experts, public officials, and representatives of the private sector explored strategies to implement the country’s safe exit from the pandemic.
During the event, Concepcion emphasized the importance of schools and offices, saying a lot of activities are happening in these places.
"I think we should start to encourage people to start going back to the offices and schools," he said.
National Economic and Development Authority (NEDA) Undersecretary Rosemarie Edillon agreed and said that a lot of the country's informal sector depends on the formal sector going back to work.
"We need a whole-of-society approach," she said.
"We have to instill confidence and convey the right message that we are on the right track and that if we work together, we can really exit ," she added.
The NEDA is currently putting together Phase 5 of its National Action Plan (NAP 5) for the exit of the Philippines from the pandemic.