Finance Secretary Carlos Dominguez III
MANILA – Authorities continue to study the impact of the quarantine across the country, vis-à-vis this year’s economic growth, especially now that the National Capital Region (NCR) remains under general community quarantine (GCQ).
The quarantine level in the NCR has been extended until the end of July while levels in other areas have been eased starting July 16.
There is a possibility that the NCR would revert to the more stringent modified enhanced community quarantine (MECQ) if the number of coronavirus disease 2019 (Covid-19) infections continues to rise.
Finance Secretary Carlos Dominguez III said the extension of the GCQ in the NCR would not lift the domestic economy, even as more establishments have resumed operations.
“I don’t know if it will deepen the recession. It probably will level it off but certainly it will not pull us up,” Dominguez told journalists in a Viber message on Thursday.
Economic managers have set a 2 percent to 3.4 percent contraction forecast for the Philippine economy this year on account of the pandemic’s impact.
They, however, forecast next year’s economic output at 8 percent to 9 percent, given the volume of growth-boosting measures being put in place.
“We are currently reviewing the emerging figures,” he added.
In the first quarter of the year, growth, as measured by gross domestic product (GDP), contracted by 0.2 percent, the first negative output since the last quarter of 1998. (PNA)
