Gov't ready for fast economic 'bounce back' after COVID-19 crisis —NEDA exec

The Philippine government has prepared a plan to ensure that the economy will recover immediately after the coronavirus disease 2019 (COVID-19) crisis, state planning agency National Economic and Development Authority (NEDA) said Tuesday.

“Nakahanda naman ang ating ekonomiya at gobyerno to make sure na hindi tayo babagsak at mabilis ang ating bounce back,” NEDA Undersecretary Rosemarie Edillon said during the Laging Handa public briefing.

The NEDA official noted that the Philippines is currently facing two economic shocks.

“Una is the COVID-19 [pandemic], pangalawa yung ECQ (enhanced community quarantine). Pareho itong magbibigay ng downward pressure ating economy,” Edillion said.

Nevertheless, she said the government is prepared to address the crisis’s impact, citing the NEDA’s three-phase approach.

“Nong una pa naming ito pinropose, meron tayong three-phase [approach],” Edillion said.

Phase 1A will involve clinical and medical response, the early detection and diagnosis, effective quarantine systems, effective management and treatment protocol, and research and epidemiological studies.

Phase 1B is for public health responses such as travel ban, promotion of proper hygiene, ban on crowded gatherings, school closures, work suspension, flexible work arrangements, and work continuance in essential sectors.

Meanwhile, Phase 1C will be for the short-term augmentation of the Philippines' health systems capacity, such as establishing makeshift outpatient consultation facilities with specimen harvesting, and the increase of supply of personal protective equipment (PPE) and remote quarantine facilities (RQF).

This will be followed by Phase 2, which will rebuild consumer and business confidence.

Lastly, Phase 3 will involve the resumption of a "new normal" state of economic activity more prepare for another possible pandemic.

“Ia-announce natin, ipi-present namin sa ating mga kababayan kung ano ang makikita natin na ‘new normal’ at papatungan namin ng new policies at programs tungkol dito,” Edillion said.

“‘Yun pong technical working group on anticipatory and forward planning, it was headed by NEDA pero marami tayong hinatak dito, marami kaming nagtutulong-tulong sa paggawa ng study. Tumulong sa amin ang PCOO at NTC dito dahil nagpakalat kami ng survey,” she said.

“Lahat gustong makatulong para siguruhing mabilis ang bounce back natin dito.” --KBK, GMA News