Pandemic shaved P3 trillion from economy—NEDA

THE pandemic has prevented the Philippine economic system from breaching the P20-trillion mark by way of its nominal GDP, in accordance with the Nationwide Financial and Improvement Authority (Neda).

     In a web based discussion board on Monday, Neda Undersecretary for Coverage and Planning Rosemarie G. Edillon stated if it weren’t for the pandemic, the nation’s GDP would have already reached P22 trillion.

Edillon stated this meant that the pandemic’s price to the economic system is round P3 trillion to P4 trillion. As of 2021, the nation’s GDP in nominal phrases reached P19.4 trillion, 99.4 % of the P19.5-trillion GDP in 2019.

“The thing to remember is that this GDP is more than a number. GDP is really a measure of all the production of all the businesses and this means there were lots of businesses that were not able to produce as expected,” Edillon defined. “This means you have businesses that actually lost during these past two years.”

Due to the losses they incurred, companies might have laid off employees or decreased the salaries of their staff or each up to now two years, Edillon stated.

This, the Neda official harassed, is the rationale the federal government should speed up the economic system’s restoration. Nonetheless, Edillon stated, the nation is already on the mend and is ready to higher handle the pandemic.

Based on Edillon, there may be at the moment a necessity to spice up confidence within the economic system, noting that even when case masses are low within the Nationwide Capital Area, many companies are nonetheless working under one hundred pc onsite.

“We are on the mend, we have successfully managed Covid-19 although we are still very cautious and we are prepared to take on any eventuality with respect to the Covid-19,” Edillon stated. “We are really working towards building the resiliency of the country.”

Development aim

The affect of the pandemic, she stated, has prompted the federal government to goal to develop the economic system by 7 to 9 % this yr and 6 to 7 % in 2023 and 2024.

These targets is not going to solely assist the economic system get better to its prepandemic kind and maintain the expansion but additionally attain the AmBisyon 2040 when Filipinos are capable of have a matatag, maginhawa, panatag na buhay [stable, prosperous and peacefule life].

“The bottomline is actually the kind of life that we want,” Edillon stated. “Filipino families live together. There’s work-life balance so there is time to spend with family, even for members who work on weekends. [They want to] enjoy time together in parks and recreational centers. And they live in a high trust society with a strong sense of community.”

Efforts to construct confidence embody guaranteeing that companies and providers proceed by adopting risk-informed tips in addition to harmonizing and streamlining journey protocols.

The federal government, she stated, should additionally conduct a wants evaluation to right away formulate the catch-up plan in addition to mobilize authorities sources. She added that there’s additionally a must endure digital transformation to make the nation extra resilient to shocks.

This implies the nation must put money into digital infrastructure, enhance digital literacy within the authorities, amongst companies and residents. This may contribute to the federal government’s efforts in addressing future threats.

The Neda, the Division of Well being, and the College of the Philippines Nationwide Institutes for Well being are working towards the creation of a Pandemic Response Playbook with a purpose to information efforts within the occasion of one other pandemic.

Picture credit: AP/Aaron Favila

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