NextGen Day

MANILA, Philippines — According to the National Economic and Development Authority (NEDA), the change to Alert Level 1 in additional sections of the country will produce an estimated PHP9.4 billion in gross value-added economic activity per week.

Socioeconomic Planning Secretary Karl Kendrick Chua discussed the benefits of going to the most relaxed coronavirus disease 2019 (Covid-19) warning level and the Economic Development Cluster’s suggested 10-point policy agenda at President Rodrigo Duterte’s Talk to the People on Monday.

“Ang Alert Level 1 ay magdudulot ng benepisyo sa 62 percent ng ekonomiya at sa halos 20.3 million na manggagawa o 48 percent ng total workforce ng bansa,” according to the report. Ang bilang ng unemployed sa susunod na quarter sa pagbaba ng Alert Level 1, tinatayang mababawasan ng 170,000 katao (Alert Level 1 will benefit 62 percent of the economy and 20.3 million workers, accounting for 48 percent of our workforce). We predict 170,000 fewer unemployed workers during the next quarter as a result of the switch to Alert Level 1),” Chua added.

If the entire country switches to this alert level, the advantages will climb to PHP16.5 billion in gross value added and PHP5.2 billion in additional weekly income, according to him.

Over the next quarter, this would result in 297,000 fewer unemployed workers.

He claimed that if not for the pandemic, the Philippine GDP would have grown to PHP25.3 trillion by 2022.

“Nakabawi tayo sa 2021 ngunit kailangan pa natin bawiin ang nawala sa nakaraang dalawang taon na nagkakahalagang PHP3.8 trillion, ngunit kailangan pa natin bawiin ang nawala sa nakaraang dalawang taon na nag Mapapabilis ang pagbawi natin nito sa ilalim ng Alert Level 1 (In 2021, we rebounded with a 5.6 percent increase.) We now have to make up for the PHP3.8 trillion in losses we’ve incurred over the last two years. The move to Alert Level 1 will aid in closing the gap more quickly),” he noted.

The move to Alert Level 1 will, according to Chua, improve the performance of critical industries such as tourism.

“In 2020, domestic tourism’s contribution to the economy declined by PHP1.5 trillion, or 7.4% of GDP (gross domestic product).” “Shifting to Alert Level 1 will allow us to recover at least half of it, or PHP750 billion,” he said.

Chua also emphasized the importance of reopening all schools for face-to-face learning, which will increase the economy while also improving learning and productivity.

Due to the restoration of services near schools, including transportation, dorms, food stalls, and school supply stores, the NEDA anticipated that restarting face-to-face schooling will enhance economic activity by around PHP12 billion each week.

This will also save roughly PHP11 trillion in lost productivity and enhance learning outcomes by 50%.

Alert Level 1 is not entirely implementable, according to Chua, if working parents need to stay at home to help their children study.

According to him, resuming face-to-face learning will free up time for one-fourth of parents who skip or minimize work time to accompany their children in home learning.

Chua also talked on the Economic Development Cluster’s planned 10-point agenda to help the economy recover faster and longer in 2022 and beyond. Metrics, immunization, health-care capacity, economics and mobility, completely open face-to-face schooling, domestic travel, foreign travel, digital transformation, pandemic flexibility bill, and medium-term pandemic resilience planning are all included.

He claimed that this program will contribute in the restoration of jobs and the emancipation of more people from poverty.

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