The government’s actions on the COVID-19 global pandemic will help the economy to recover faster as assured by the National Economic and Development Authority (NEDA).
As a result of the enhanced community quarantine which has been implemented by the government since March 15 and now extended to April 30 to “flatten the curve”, many economic activities were abruptly halted.
But the national government has laid out a three-phased program which aims to ensure that the economy will not further suffer and bounce back much sooner, as said on Tuesday, April 14 by NEDA Undersecretary Rosemarie Edillon.
The first phase or the “response phase” includes the ramping up of the healthcare system’s capacity all the while introducing measures that will slow down the spread of the virus, such as implementing community quarantine, travel bans, school closures, and the banning of events that entail of sizeable gatherings.
The second phase or the “mitigation phase” aims to support those significantly impacted by the enhanced community quarantine. Part of this phase is the provision of the social amelioration package to the country’s most vulnerable sectors.
Currently, Edillon said the government’s economic team is planning the third phase or the “transition phase” that will help the country for adapting to the new reality—the “new normal”.
“We don’t know yet when this transition is, but our government–NEDA and other government agencies–are preparing policies and programs that will help us to transition to the new normal,” she said in Filipino.
Stay updated with news and information from NEDA by visiting their website at http://www.neda.gov.ph.