Alert Level 1 ‘necessary’ to counter global economic slowdown

By Kris Crismundo

March 7, 2022, 12:17 pm

<p><em>(File photo)</em></p>

(File photo)

MANILA – Presidential Adviser for Entrepreneurship Joey Concepcion has recommended maintaining Alert Level 1 status in the country, especially in Metro Manila and key cities, to counter the impacts of global economic slowdown brought by the conflict between Ukraine and Russia.

Concepcion said in a statement Monday that the increased mobility and keeping all economic activities open will support the expansion of gross domestic product (GDP) and will keep businesses afloat.

“We can’t stop the war in Europe, but we can help the country brace for a crisis,” he said. “We are a consumer-led economy. We depend on mobility.”

Concepcion, who is also the Go Negosyo founder, said the Ukraine-Russia crisis has disrupted the flow of raw materials in the global market and pushed higher prices of petroleum and wheat.

He added that micro, small and medium enterprises (MSMEs), who are just recovering from the impact of the pandemic, will be hit the hardest by the skyrocketing commodity prices brought by the Ukraine-Russia crisis.

“It’s now become more urgent for the Philippines to maintain its Alert Level 1 status until the end of the year,” Concepcion said. “Schools and offices have a massive multiplier effect in spurring economic activity, especially with MSMEs like cafeterias, retail shops, and transport.”

In order to stay in Alert Level 1, Concepcion emphasized the need to continue the administration of coronavirus disease 2019 (Covid-19) vaccine and booster shots.

“(W)e have to continue to vaccinate, booster, and keep our Covid indicators under control. If our Covid numbers go up again, our mobility will be restricted and we would reverse the gains we’ve achieved so far,” he said. (PNA)