By Cleizl Pardilla
To control the increasing number of COVID-19 cases in the country, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) recently placed the National Capital Region (NCR), Bulacan, Cavite, Laguna and Rizal or “NCR Plus” under a stricter general community quarantine.
The new guidelines suspended operations of some business establishments like gyms, spas, and other personal health care services in the NCR Plus bubble which were earlier allowed to open. Despite new health restrictions in the business sector, the Department of Trade and Industry (DTI) assured the move has a very minimal impact on our economy.
“Kaunti lang naman yung sectors na isinara natin ngayon. Ito yung mga people intensive, ‘yung hindi maiiwasan na magdikit-dikit sila. But all other industries and sectors are still working especially ang manufacturing, logistic, exports, lahat po ‘yan except kaunting services sector lang naman ang nabawas. Tuloy-tuloy pa rin ang pag-andar ng ekonomiya natin. (We only have a small number of sectors closed. These are the people intensive ones, where getting physically close cannot be avoided. But all other industries and sectors are still working especially manufacturing, logistic, exports, all of those except some services sectors were lessened. Our economy is still on the move),” DTI Undersecretary Ruth Castelo ascertained.
Businesses future after the two-week stringent quarantine measures
The Octa Research group earlier stated a two-week period of tightened health measures may not be enough to bring down the cases of COVID-19, but the Department of Trade and Industry insisted on balancing health and economy. “Buong economic development cluster nagkakaisa na hindi naman natin siguro kailangan isara ‘yung mga negosyo o yung paggalaw ng tao dahil susundin lang natin lahat ng mandatory protocols. (The whole economic development cluster are one in saying that there may be no need to close businesses or restrict the movement of people as long as mandatory protocols are followed).”
The Health department aims to reduce the daily number of COVID-19 cases by 25% through the new guidelines. Evaluation and assessment will be conducted after two weeks.
Castelo expressed hopes that this will change soon. “Gusto na sana natin na maipa-open na uli sa April 5 (We really wish to have it opened by April 5).”
Complying with health protocols, key in economic recovery
Acting Socioeconomic Planning Secretary Karl Chua earlier projected that the Philippines is losing ₱700 million in wages and other income each day by placing Metro Manila and other regions in general community quarantine.
USec. Castelo pointed out economic losses may have declined now. “Mas maraming GCQ last year. Ngayon konti na lang, four provinces and then the NCR, so mas maliit na ito kahit paano (There were more GCQs last year. Now there are just a few, four provinces and then the NCR, so it has a lesser effect in a way).”
“We appeal to everyone, lahat tayo, tulong-tulong para makapag-open talaga tayo tuloy-tuloy na (all of us, let us do our part to help so that we could open up for the long haul this time).”
Boosting foreign investors confidence through vaccine
Latest data show the Philippines’ foreign direct investments contracted by 24.6% from $8.7 billion net inflows in 2019 to $6.5 billion in 2020, but with the hundreds of thousands of COVID-19 vaccines arriving, Castelo is optimistic that the Philippines can regain its foreign investment.
“Buong mundo [nakaranas] ng economic recession, ‘yung mga investors natin, medyo kumaunti, nabawasan ‘yung investment sa Pilipinas pero hopefully, kapag naka-immunity na ang mga tao, lalaki uli ang investments nila sa atin (the whole world has undergone economic recession, our investors lessened and investments in the Philippines dwindled but hopefully, when people get their immunity, our investments will grow again.”
Bangko Sentral ng Pilipinas Governor Benjamin Diokno has high hopes the Philippine economy can recover as “the gradual easing of lockdown measures and promising developments regarding vaccines have contributed to improvements in business operating conditions.”
In 2020, overall business confidence index reverted to positive territory at 10.6 percent in Q4 from –5.3 percent in Q3, according to the BSP.