Finance Undersecretary Gil Beltran said the country’s recovery in trade was seen in the Purchasing Managers’ Index of the manufacturing sector, which settled at 48.5 in October, up from 31.6 in April.
Beltran said, “Recovery is not smooth, however. September numbers for merchandise trade and PMI are better than in October. As long as lockdowns are in place, there will be hesitation on the part of consumers and investors to behave like they did before March.”
While the Philippines is waiting for vaccines, Beltran said the government should continue the “prudent, calibrated reopening of key sectors of the economy.”
He noted this would be the key to the recovery of the economy in general, and trade, in particular. Beltran said the Philippines should also continue to adopt economic reforms to attract more investments.
He added, “Furthermore, improvements in ease of doing business will also be important in adapting to the new normal.”