NextGen Day

Even with the implementation of Alert Level 3 in numerous parts of the country, a National Economic and Development Authority (NEDA) executive warned Tuesday that it is too early to consider any modifications to the 2022 growth target.

While more than 80 areas across the country, including the National Capital Region (NCR), have had their Alert Level 3 movement restrictions raised until the end of January 2022, NEDA Undersecretary Rosamarie Edillon said the decision was made partly as a “balancing act” for health and economic factors.

“It’s still early days to start modifying the year’s aim, whether higher or downwards, because it’s only January 18.” “There are still a lot of things that can happen,” she stated during a virtual news conference held by the Presidential Communications Operations Office (PCOO) for the Task Group on Economic Recovery and National Employment Recovery Strategy (TGER-NERS).

The inter-agency Development Budget Coordination Committee established a target of 7 to 9% growth this year and 6 to 7% growth in 2023-2024.

Authorities estimate that Alert Level 3 in the NCR Plus, which includes the NCR and the provinces of Rizal, Laguna, Cavite, and Bulacan, costs the economy PHP3 billion each week.

According to Edillon, the newest numbers on the economy’s impact of the Alert Level system are “milder” than the consequences of the enhanced community quarantine and modified enhanced community quarantine.

She believes that the country’s rising vaccination rate is a positive because it gives additional protection for the public against coronavirus sickness in 2019.

According to Edillon, the economy has previously faced increased movement restrictions, so “we believe we are now much stronger at managing these risks.”

“…there’s still time to catch up,” she continued.

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