Camarines Sur 2nd district Rep. Luis “Lray” Villafuerte says that the full implementation of Alert Level 1 in the entire country can cushion the economy from the impact of the Russia-Ukraine war.
“The full reopening alone of the economy by placing the entire country under Alert Level 1 status will guarantee greater economic activity, revive shuttered businesses and restore or create jobs at this point when our country is already on the road to recovery on the back of declining Covid-19 infections... With Covid-19 not likely to go away anytime soon, the key to economic resilience is risk management rather than risk avoidance,” said Villafuerte in a press statement on Thursday, March 10.
In areas under Alert Level 1, private offices, businesses, public transportation, and government agencies can operate at full capacity.
Villafuerte said that increased economic activity alongside the recent amendments to the Public Service Act, the Retail Trade Liberalization Act, and the Foreign Investment Acts will entice more foreign investors to the Philippines.
However, Villafuerte is not without reservations on the economy’s recovery to pre-pandemic levels especially given the economic effects of the Russia-Ukraine war. The most notable is the effect on local pump prices of fuel.
“Minus the full reopening of the economy, its quick return to pre-pandemic growth could be waylaid by the economic shockwaves from Russia’s war on Ukraine,” he said.
“Despite the ongoing liberalization of our economy through legislation, investors are likely to be on off-risk mode and keep a wait-and-see attitude. In the event that the likelihood of a rapid and sustainable rebound this year—as projected by analysts and our economic managers—is taken over by low or flat growth arising from soaring inflation, weak consumer spending and limited state investments,” Villafuerte explained.
The Inter-Agency Task Force (IATF) declared Alert Level 1 in National Capital Region ( and 40 other areas from March 1 to March 15.