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Chua says NCR’s alert level will be further lowered to boost the economy

The government has not yet determined the alert level for the metropolitan area in November. — PHILIPPINE STAR / MICHAEL VARCAS

NS Jenina P. Ibañez, Reporter

Downgrade Metro Manila Alert lockdown limit Level 2 could add 3.6 billion pesos According to the National Economic and Development Authority (NEDA), every week the national economy is pushing for further deregulation to promote more business activities.

NEDA said in a statement Thursday that employment in the metropolitan area could increase by 16,000 people each week under looser blockage restrictions.

Further transition to alert level 1 will add 10.3 billion pesos to the economy each week, along with 43,000 jobs.

Metro Manila (NCR) is under stricter alert level 3 until October 31st. The government has not yet announced its November alert level.

At a forum on Thursday, Socio-Economic Planning Secretary Karl Kendrick T. Chua said continued strict blockades would provide few opportunities for spending.

“My position has always been to restart the economy safely,” he said.

“It generates more sales, hires more people, provides more taxes to the government, and takes advantage of it to provide more targeted support to the sectors that really need it. Produces the effect of

NEDA chiefs prefer this strategy to a closed economy that does not allow the majority of the population to go to work.

Chua refused to share estimated third-quarter gross domestic product (GDP), but how more sectors compared to more sectors during the strict two-week blockade in August. I pointed out whether it was possible to operate it. Strict community quarantine in 2020.

“Google’s mobility data, trade data, production data, and workforce data all show positive changes that are significantly different from last year, so I think there is great potential for growth,” he said.

The Philippine economy came out of recession in the second quarter and has since grown 11.8%. fiAccording to data from the Philippine Statistics Authority (PSA), it has been declining for the fifth consecutive quarter.for GDP rose 3.7% in the first half, but still below the government’s downgraded full-year growth target of 4-5%.

Third quarter GDP data will be released on November 9th.

Economic growth forecasts in the Philippines have been significantly reduced in the face of delta variants that further weaken consumer and corporate disadvantagesfiDens.

The International Monetary Fund has lowered its 2021 Philippines GDP forecast from the 5.4% forecast set in June to 3.2%.

Fitch Ratings downgraded the forecast from 5% to 4.4%, and the ASEAN + 3 Macroeconomics Lab downgraded the forecast from 6.4% to 4.3%.

Chua also supports the gradual reopening of schools, noting that the cost of closing schools to the Philippine economy can now reach 11 trillion pesos over the next 40 years.

NEDA’s estimates are based on potential wage losses from a year lost in face-to-face classes.

“I think we now need to treat this virus as part of our lives and move from a pandemic to an endemic mindset and manage it,” he said.

Next month, the Ministry of Education will begin a pilot test of face-to-face lessons in areas where the number of COVID-19 cases is low.

The Philippines is now considered to be at low risk for the coronavirus as daily infections are declining, the Ministry of Health said earlier this week.

Chua says NCR’s alert level will be further lowered to boost the economy Chua says NCR’s alert level will be further lowered to boost the economy

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