The country’s economic potential remains, Socioeconomic Planning Secretary Karl Kendrick Chua reiterated.
Unlike last year, the economy is projected to grow at 6 to 7 percent in 2021 and 7 percent to 9 percent in 2022 as the government recalibrates its risk management strategy.
The NEDA chief said, “There are three pillars that will govern this recovery. The first is re-opening the economy at the appropriate time and allowing an expanded age group to go out with safeguards, including the resumption of face-to-face learning in low-risk areas. The second is the accelerated implementation of the recovery package, consisting of more than two trillion pesos or 15 percent of GDP, in terms of fiscal, monetary, and financial resources. The third is the timely implementation of the vaccination program.”
Chua also underscored the importance of vaccination in restoring the people’s confidence in resuming economic activities.