Senators are optimistic that the Philippine economy will be able to recover from the recession which is also being experienced by other countries amid the COVID-19 pandemic.
“All economies of the world are in recession, what is important is the recovery strategy which a country pursues. Bayanihan 2 will help initially but many are commenting it should be followed by other economic actions,” Finance Committee Chairman Sen. Sonny Angara stated.
Angara said they have shown “willingness to work” with economic managers “to pursue a successful recovery strategy,” and added that PhilHealth should not put to waste the funds meant for Filipinos.
Senator Ralph Recto expected the slump and it “will be hard for people to get back to work unless government can prove that it can beat the virus.”
“So far, the people, consumers, workers, investors think government is losing the battle. There is a lack of confidence. Hopefully, we can get our act together in the next 2 weeks,” Recto added.
Sen. Panfilo Lacson pointed out that the pandemic has “placed the government in a very precarious situation as in a tightrope-like balancing act between the health and economic issues which presents a no win-all situation.”
“That is why it is revolting to discover so much unabated corruption in PhilHealth involving billions that could have been put into good use in adequately addressing at least the issue of health,” he continued.
Senator Imee Marcos was not surprised but is “still awaiting a plan for the way forward.”
“NEDA should be planning for a COVID-19 economy, which is the first stage of economic recovery. This is the essence of Roosevelt’s New Deal, which set the stage for recovery from the 1930s depression,” Marcos advised.
– Report from Eunice Samonte
