The Philippine Economic Update, December 2020 edition of the international financial institution, World Bank, expects the country’s economy “to contract by 8.1 percent in 2020 before it rebounds to 5.9 percent and 6.0 percent in 2021 and 2022, respectively.”
The multilateral lender has better projections compared to the contraction forecast of the government this 2020 which saw an estimated drop of 8.5 to 9.5 percent.
Presidential Spokesperson Harry Roque admitted that the news is quite daunting as the economic slowdown means that many people are suffering. Still, the Palace is positive that the country will recover from the slump.
“Well, siyempre po nalulungkot tayo diyan… Pero iyan naman po ay naging resulta ng pandemya at ng mga sigalot na sunod-sunod na dumaan sa ating bansa. Kaya po natin ito. Babangon tayo. We will do better in 2021 (Well, of course this is saddening… But this is a result of the pandemic and all the recent unfortunate events that hit the country. We can do it. We will rise above this,” Sec. Harry Roque surmised.
The presidential spokesperson also reminded the public to continue taking the necessary precautions and following the health protocols set by the government to ensure everybody’s continued income sources.
“Pagdating po sa pandemya, kaya po natin ito. Sundin lang natin ang sinasabi ng Presidente: Mask, Hugas, Iwas. Pag-ingatan ang buhay para sa hanapbuhay. (When it comes to dealing with the pandemic, we can do it. We just have to heed the President’s directive: Mask, Wash, Avoid. Take care of lives for livelihood,” Sec. Roque continued.
– Report by Mela Lesmoras
