Philippine economy will return to pre-COVID-19 state in late 2022 –NEDA

The Philippines will be able to recover from the coronavirus disease 2019 (COVID-19) pandemic in the latter half of 2022, National Economic and Development Authority Secretary Karl Kendrick Chua said Friday.

“Well, ang nakikita po natin is in the second half of 2022, babalik po tayo sa pre-COVID-19. So ibig sabihin, ‘yung 2019,” Chua said on GMA News' The Mangahas Interviews.

[We see that we will return to our pre-COVID-19 state in the latter of 2022. So this means the situation in 2019.]

“So one and a half year ‘yung nawala natin na dapat habulin natin after we address COVID,” he added.

[So we have to chase the one and a half year that was lost to us.]

The Duterte administration’s economic team seeks an economic growth target of 6% to 7% amid the pandemic.

In June, however, the World Bank downgraded its economic growth outlook for the country this year to 4.7% due to the extended recession in the first quarter along with the reimposition of stricter quarantine measures.

“Yung ating mga growth models, ano, kanya-kanyang assumption pero lahat po nagsasabi na we will show a good positive result. ‘Yung iba four, ‘yung iba five, ‘yung iba six,” Chua said.

[Everyone has an assumption on our growth models but they all have good, positive results. Some have four, some have five, some have six.]

“Ang sa NEDA and sa economic team, kaya ‘yung 6 to 7% kung gawin natin ang tatlo na binanggit ko. Una, gradually and safely open the economy. Pangalawa, lahat ng recovery programs i-implement ng mabilis. Pangatlo, lahat magbakuna,” he added.

[For NEDA and the economic team, the 6 to 7% is possible as long as we gradually and safely open the economy. Second, implement the recovery programs fast. Third, vaccinate everyone.]

At present, the Philippines has 1,424,518 confirmed COVID-19 cases, of which 1,344,063 have recovered and 24,973 have died.

Meanwhile, the country vaccinated 7.5 million against COVID-19 as of June 27, months since the launch of its inoculation campaign in March, far from the goal of vaccinating 50 to 70 million people this year.  — DVM, GMA News