By: Klyde Carpizo
The significant resurgence of new COVID-19 cases and the rise of inflation implemented by the government last February brought uncertain conditions for the Economy of the Philippines to recover.
According to the London-based Capital economics “the economic outlook in the Philippines has gone from bad to worse over the past month. The main headwind is a renewed surge in virus infections, with the country now reporting around 10,000 new cases of COVID-19 each day.”
Over the past weeks lockdowns Metro Manila, Bulacan, Rizal, Laguna and Cavite are under the procedure of Enhanced Community Quarantine (ECQ) once again.
The President validated the security and newly aid assistance of the Filipinos under the latest programs and assessments under the order of the government’s directory. According to the Budget secretary Wendel Avisado, low-income Filipinos will have “supplemental aid” and would cover at least 80% of the low-income population through the designated areas.
Meanwhile, the inflation added the struggle to every Filipino citizen by targeting the prices of goods while millions of Filipino citizens struggle to find jobs during the pandemic.
Most economist stated that the economy of the Philippines is “in worrisome state” predicting it would have a lower GDP by the end of the year due to the slow pace of vaccination process of the country.
“By the end of the year, we think GDP will still be 12 percent below its pre-crisis trend, which is the biggest gap of any country in the region,” Capital Economist said.
https://www.rappler.com/business/inflation-rate-philippines-march-2021
コメント