[ad_1]
Metro Manila (CNN Philippines, November 11) – Finance Secretary Carlos Domínguez III is optimistic that the country’s economy can recover from the effects of the COVID-19 pandemic.
Domínguez told President Rodrigo Duterte on Tuesday that managing economic risks is the best way to reopen the economy amid the pandemic.
“Our experience with COVID-19 over the past few months tells us two things. First, the economy is strong enough to recover if we let it. Second, our best resource to help the economy is to manage risk.” Domínguez said during the weekly meeting of the Interagency Task Force for the Management of Emerging Infectious Diseases.
The Philippine Statistics Authority reported Tuesday that the Philippine economy contracted another 11.5% in the third quarter of this year, as the pandemic continues to dampen consumer spending and business activity.
Although the July-September 2020 decline was not as steep as the record 16.9% contraction in the second quarter of this year, it marked the first time in 35 years that the country’s gross domestic product contracted for three consecutive quarters.
“Managing risks rather than avoiding them will allow us to safely open the economy further and help Filipinos regain their sources of income. This will also return the Philippines to its strong trajectory of growth and development,” explained the Chief Financial Officer.
Domínguez thanked the Filipinos for their sacrifice and cooperation in following health protocols amid the pandemic.
“These concerted efforts came at no cost. Our experience in 2020 thus far shows our resilience as a nation,” he said.
The Secretary of Commerce, Ramón López, backed Domínguez’s statements, saying that the reopening of the economy will benefit the country with greater public compliance with health protocols.
“Community quarantine will not be the determining factor for the reduction of cases, it will be adherence to health protocols. Increasing cases is not in the reopening of the economy but in compliance with health protocols,” said López, who is also present at the IATF-MEID meeting with the President.
[Translation: The community quarantine will not be the determinant in lowering the (COVID-19) cases, it will be the adherence to health protocols. The reopening of economy has nothing to do in the increase of cases if people will follow the health protocols.]The Health Department said Monday that there are now a total of 399,749 COVID-19 infections in the country along with 30,169 active cases. Some 7,661 people died and 361,919 patients have recovered from COVID-19.
[ad_2]
