Several sectors of the country’s economy have been showing signs of recovery amid the gradual easing of COVID-19 restrictions and mobility as cases continue to decline.
In the Nov. 26 Philippine Economic Briefing by the administration’s economic cluster, Socioeconomic Planning Secretary Karl Chua said airlines’ capacity has rebounded at 40% from last year’s 55.
Mallgoers also increased from 24% to 63%, while fast food consumption rose from 35% to 78%. Chua also noted the recovery of merchandise exports, imports, and public construction.
The National Economic and Development Authority (NEDA) said more jobs will be available to Filipinos if the momentum is sustained.
“We are seeing the unemployment rate go down from a high of 17.6% in 2020 and 10% last year — we are now seeing the unemployment rate below 9%,” Chua said.
Moreover, the economic cluster is optimistic that the higher end of the 4% to 5% target growth this year and the 7% to 9% target for 2022 will both be achieved through a further increase in vaccination rate and Metro Manila’s downgrade to Alert Level 1 by January.
“With current trends we expect to achieve full reopening of the economy by the onset of the new year. We are ready for a strong recovery,” Economic Development Cluster chairperson and Finance Secretary Carlos Dominguez said.
The cluster also urged foreign businesses to invest in the Philippines amid its projected continuous economic recovery.
A transition plan is also underway for a sustained recovery despite the end of President Rodrigo Duterte’s term in 2022. – Report from Naomi Tiburcio/AG-rir
