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Pasig City's economic sector slowly recovering amid pandemic -- Mayor Vico

Philippines

Pasig City's economic sector slowly recovering amid pandemic -- Mayor Vico

By Patrick Garcia

Pasig City Mayor Vico Sotto expressed hope that the country's economy, as well as the economy of its localities, will further improve as the city continues to allow more businesses and establishments to open under Alert Level 1.

Sotto said that in 2020, the Philippines' Real Gross Domestic Product (Real GDP) sunk to 9.6 percent, the lowest ever GDP recorded since World War 2. Real GDP is a macroeconomic statistic that measures the value of the goods and services produced by an economy in a specific period.

The decrease was due to the strict lockdowns implemented to curb the spread of the virus, causing the closure of several businesses and loss of livelihood for thousands of Filipinos.

Sotto is hopeful that the next three years will be better compared to the last three years because the economic situation of the country and its localities is improving steadily.

The mayor said Pasig City is seeing an increase of over 1,500 registered businesses and the revenue of its Business Processing and Licensing Office (BPLD) also increased from P3.4 billion in 2021 to P4.4 billion in 2022.

"As the economy recovers, we will be able to give more services to the people. Kaya kailangan natin ng mga kakampi na handang tumulong: una, upang paigtingin ang mga reporma para sa mabuting paggogobyerno; at pangalawa, para maipatupad ang mga plano't programa nang mas mabilis (That's why we need people who will help us: first, in strengthening the reforms needed for good governance; and second, to accomplish the plans and programs immediately)," Sotto said.

"Hindi ko kailangan ng mga taong loyal sa akin. Kailangan natin ng mga taong kaisa natin sa vision at mission natin para sa Lungsod (I don't need people who are loyal to me. We need people who will join is in our vision and mission for the future of our city)," he added.

Related Tags

economy Mayor Vico Sotto covid-19 business sector Pasig City

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