MANILA – Malacañang on Tuesday expressed optimism that the Philippine economy would recover from the coronavirus disease 2019 (Covid-19) pandemic-induced slump.
This, after the Philippine Statistics Authority (PSA) reported that the country’s gross domestic product (GDP) posted a smaller contraction of 4.2 percent in the first three months of 2021, compared to an 8.3-percent decline in the fourth quarter of 2020 that led to the -9.5 percent growth last year.
While the Palace is saddened by the first-quarter GDP outturn, it is still expecting an economic rebound in the next quarters, Presidential Spokesperson Harry Roque said in an online press briefing.
“Nalulungkot po kami na patuloy pa ring negatibo ang ating GDP figures. Pero nagagalak at the same time dahil from -8, [-4.2] na lang po ang negative growth ng ating bayan. Ibig pong sabihin, unti-unti na po tayong umaahon (We are saddened that our GDP figures remain negative. But we are happy at the same time because from -8, the country’s negative growth is now -4.2. Meaning, we are recovering),” Roque said.
Roque said he is confident that the country will attain a positive economic growth through the government’s “Ingat Buhay para sa Hanapbuhay (Protect Life for Livelihood)” campaign.
“Ngayon po, paakyat na tayo. Pero hindi pa rin positibo. So we’re about to takeoff kaya nga po ang ating pakiusap, ingat buhay para sa hanapbuhay (Our economic growth is improving. However, it is still not positive. So we’re about to take off so our appeal is to protect life for livelihood),” he said.
Roque said rebounding back to positive growth territory is achievable, with the cooperation of the public.
“Hayaan niyo po, sa ating pag-iingat buhay, sa ating pagbabakuna, inaasahan po natin na sa mga susunod na quarters, magiging positibo po ang ating GDP (If we protect our life and get vaccinated, we expect that our GDP will become positive in the next quarters),” Roque said.
In a separate virtual presser, Socioeconomic Planning Secretary Karl Kendrick Chua said the country still has eight months to catch up and recover despite some losses in the imposition of strict quarantine measures in the country.
Chua said there is a “strong” reason to see a positive economic growth, citing the difference in the implementation of enhanced community quarantine and modified enhanced community quarantine in 2021 compared to last year.
He said growth prospect is underpinned by three important policy actions, including safe reopening of the economy, full implementation of the recovery package, and acceleration of the vaccine program. (PNA)
