The vaccination program and investments in the healthcare sector help the PH economy
According to Finance Secretary Carlos Dominguez III, the vaccination campaign and greater investment in the healthcare system are the main elements aiding the Philippine economy’s recovery from the epidemic.
Dominguez refused to offer any new economic growth goals at a video briefing on Tuesday, saying the inter-agency Development Budget Coordination Committee (DBCC) will publish them following its meeting on Wednesday.
He mentioned the effects of the coronavirus disease 2019 (Covid-19) variations and the mobility limitations put in place to combat illness transmission.
“We are in the midst of a catastrophe unlike any we have seen before. We have a mutating virus on our hands. And the alterations in their new versions are very severe thus far. As a result, I am unable to anticipate what will occur in the future,” he said.
Vaccinations, which are the country’s first line of defense, are “going on as planned,” according to Dominguez.
From March to August 15, the nation got approximately 42.6 million vaccines, with the government administering around 27.8 million doses, he added.
“The administration is doing all it can,” says the official. Fortunately, we approved the tax reform legislation early, which was intended to alleviate poverty and invest in infrastructure, among other things. And it has served as an excellent cushion for us. I’m not sure where we would be financial if we hadn’t done that,” he said.
Due to the pandemic’s effect, economic managers have lowered their growth goal for this year from 6.5 percent to 7.5 percent to 6 percent to 7 percent.
The economy grew by 11.8 percent in the second quarter of this year, up from -3.9 percent in the previous three months, reversing a five-quarter decline that began in the first quarter of last year.
Economic managers claimed the development would have been higher if the National Capital Region (NCR) and four surrounding provinces, namely Bulacan, Rizal, Laguna, and Cavite, had not been subjected to a two-week extended community quarantine (ECQ) from March 29 to April 11, dubbed NCR Plus Bubble.
The ECQ was put in place to stop the increase of Covid-19 instances, which hit new highs during that time period.
Another two-week ECQ has been imposed in Metro Manila until Aug. 20 to address the increase in infections, particularly following the finding of local transmissions caused by the Delta variety.
The effect of the current ECQ is anticipated to be less than the first ECQ in 2020, according to economic managers, since more economic activities are permitted this year than last year.