Finance execs group welcome NCR shift to Alert Level 2

The Financial Executives Institute of the Philippines (FINEX) lauded the government’s decision to downgrade the quarantine status in Metro Manila from Alert Level 3 to Alert Level 2.

“We welcome the government’s announcement that the National Capital Region has been placed under Alert Level 2,” FINEX president Francisco Ed Lim said in a statement.

“This is a truly positive news for our struggling economy considering that the region contributes more than 30% of the gross domestic product. Even more meaningful, it will help restore jobs and income to our countrymen and enable them and their families to enjoy the Christmas Season,” Lim said.

The NCR has been placed under Alert Level 2 beginning November 5 until November 21.

Under Alert Level 2, establishments will be allowed to operate indoors at 50% capacity with additional 10% capacity if they have a safety seal. For outdoors, they will be allowed at 70%.

The National Economic and Development Authority (NEDA) estimated that the economy will gain P3.6 billion per week when the NCR shifts to Alert Level 2.

“We note that the guidelines mostly limit the benefit of the declaration to the fully vaccinated. In this light, we are hopeful that the government continues its efforts to vaccinate as many of our people at the soonest possible time,” Lim said.

“We strongly urge our countrymen to get themselves vaccinated not only for their families’ sake but also for the country’s sake. We, likewise, urge our people to continue observing the health protocols put in place by the government,” he added.

The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, earlier expressed support for the shift of the NCR to Alert Level 2 as it will allow more businesses “to operate, and restaurants to increase the capacity of allowed diners is a good move, especially now as we enter the Christmas season and there is a surge in consumer spending.” —LBG, GMA News