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NEDA: Philippine Economy Expects to Expand

by Philippine Resources - April 29, 2021

The Philippine economy is expected to expand at a rate of 6.5 to 7.5 per cent this year, according to the National Economic and Development Authority (NEDA).

“We have a target of 6.5 to 7.5 per cent this year and we are still early in the year I think to make changes. We have not yet seen the impact of the ECQ (enhanced community quarantine) and our quarantine on the first quarter so I would wait for the data,” NEDA Secretary Karl Kendrick Chua said during the Sulong Pilipinas 2021: Partners for Progress, A Pre-State of the Nation Address (SONA) Economic Development and Infrastructure Clusters Forum.

The government declared a state of emergency in the National Capital Region, Cavite, Laguna, Bulacan, and Rizal from March 29 to April 11 due to an increase in the number of cases of coronavirus disease 2019 (Covid-19). NCR Plus is the common name for the region.

Until April 30, these areas are under an updated enhanced neighbourhood quarantine (MECQ).

“What we have seen so far is prior to the spike, we have significant improvements. Our import as of February is a slight positive and our export is a slight negative,” said Chua.

According to data from the Philippine Statistics Authority (PSA), imports increased to $7.60 billion in February from $7.4 billion the previous month, while exports decreased to $5.31 billion from $5.4 billion in 2020.

“Right now we are enforcing ECQ and MECQ but it is different from last year,” said Chua. “We have allowed people to go to work. Our public transport is functional, construction is ongoing, so there are some changes to how we experienced quarantine last year and although this ECQ and MECQ period may affect our growth this year, on the other hand, we may still have eight full months of the year to recover,” he added.


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