Dominguez Says Economy May Soon Recover
The economy of the Philippines may soon recover this year.
According to Finance Secretary Carlos G. Dominguez III, this is in part due to business reopening and mass transportation increasing.
“We expect to see additional improvements in the last quarter of 2020 as we have been progressively reopening businesses and accessibility to mass transportation,” Dominguez said.
In the last year, the pandemic has cost Metro Manila huge losses such as P2.1 billion in wages, although the General Community Quarantine (GCQ) has eased this blow a bit.
“To be completely honest, some of the jobs lost may never return,” Dominguez said. “The pandemic, however, provided us with the opportunity to accelerate our shift to digitalization in order to meet the demands of the emerging new economy. This will create new jobs that will require new skills.”
Dominguez added that among the measures that can lift the economy up is the enactment of the P4.506 trillion national budget and the extension of the validity of the Bayanihan 2 and the 2020 appropriations.
Other measures included the Financial Institutions Strategic Transfer (FIST) bill (which would allow banks to offload their souring loans and assets) and the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill (which would provide businesses with the biggest economic stimulus package).
Another economic stimulus package is the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bill that aims to form a special holding company to have government financial institutions to infuse equity.