The Philippines is facing the economic effects of the pandemic that would require the Duterte administration to devote its last years in office for repair.
Consequently, the government settled to restoring losses from the coronavirus last year until June 2022 and putting the economy back on growth path toward 2040, the National Economic and Development Authority said.
During the launch of the revised Philippine Development Plan, Socioeconomic Planning Undersecretary Rosemarie Edillon noted, “The long-term goal remains the same but the short-term goal has been updated towards a healthy and resilient Philippines.”
She added, “The PDP has thus been updated to build on the gains in recent years and consider the imperatives for recovery and adapting to the new and better normal state of affairs.”
As a result, more Filipinos are bound to fall below the poverty line. The poverty rate is set to average between 15.5 to 17.5% this year.