Too early to revise 2022 economic growth targets amid expanded Level 3 alert │ GMA News Online
The National Economic Development Authority (NEDA) said on Tuesday that it was still too early for economic managers to revise growth targets for 2022 amid the raising of Alert Level 3 in Metro Manila and across about fifty other regions until the end of January.
“As for the target for the year, it is still early to revise it up or down, as it is only January 18,” said NEDA Undersecretary Rosemarie Edillon. , during the virtual press briefing of the Presidential Office of Communications and Operations (PCOO).
The administration’s economic managers—collectively the Development Budget Coordinating Committee (DBCC), which is made up of the heads of budget and management, finance, and socio-economic planning—aim for gross domestic product growth (GDP) by 7 to 9% for 2022.
Economic officials also said earlier that the Philippine economy was at risk of losing 3 billion pesos every week, with the National Capital Region (NCR) and its four adjoining provinces under Alert Level 3.
The NCR and its neighboring provinces have been under Alert Level 3 since January 7. The government extended the alert level until the end of this month as it placed more areas under alert level 3 throughout January.
Under Alert Level 3, several facilities will be allowed to operate at 30% capacity at indoor sites, but exclusively for those fully vaccinated, and at 50% capacity at outdoor sites as long as employees are fully vaccinated.
In-person classes, contact sports, funfairs/perya and casinos are among the activities and establishments prohibited under Alert Level 3.
Despite projected billions of pesos in economic productivity as most parts of the country are under alert level 3, Edillon said
Edillon said that “there are still a lot of developments that can happen, hopefully positive developments.”
“The alert level system is more of a balancing act against health and economic goals,” she added.
The NEDA official said casualties under the alert level system are “much more moderate” compared to the community quarantine system put in place in 2020 and 2021.
Edillon is also counting on the intensification of the government’s vaccination campaign, which will be “very good protection” for the public health and economic sectors.
The economic team said earlier that the government had drawn up the 10-point policy program to move the country from a pandemic to an endemic paradigm.
The 10-point policy program covers the following areas: measures; vaccination; health care capacity; economy and mobility; schooling; domestic travel; trip abroad; digital transformation; Pandemic Flexibility Bill; and medium-term pandemic resilience preparedness. —BM, GMA News