The country’s economy has been one of the hardest hit and continue to be hit hardly by the ongoing pandemic. The Philippine Development Forum, Sulong Pilipinas, held its e-Conference last 14 May 2020 to tackle economic recovery from the crisis brought by COVID-19. The e-Conference was attended by various stakeholders. It initiated a dialogue between the public and private sectors regarding the actionable approaches for recovery from COVID-19.
The National Economic and Development Authority (NEDA) is working on a proposal entitled PH-Progreso: Philippine Program for Recovery with Equity and Solidarity which consists of three (3) gradual stages of recovery: (a) Emergency Stage (March-May 2020); (b) Recovery Stage (June-December 2020); and (c) Resiliency Stage (2021 onwards). Each stage has key features which focus on specific areas that will facilitate the transition from one stage to another. Furthermore, four (4) pillars have been proposed in aid of addressing the impacts of the virus: Pillar 1 (Emergency Support for Vulnerable Groups, P589.97B); Pillar 2 (Resources to Fight COVID-19, P58.55B); Pillar 3 (Fiscal and Monetary Actions, P843.0B); Pillar 4 (An Economic Recovery Plan, to be costed). The growth trajectory rate of the Philippine economy might follow a V-shape growth recovery (quick recovery starting July 2020) if appropriate policies are in place for: (a) virus containment; (b) fiscal support; (c) monetary policy and financial sector regulatory relief; (d) built-in flexibility in the 2021 and 2022 budgets in case of a W or long U-shape recovery; and (e) structural reforms.
Spearheaded by the Duterte Administration, Sulong Pilipinas: Hakbang Tungo sa Kaunlaran is an annual consultative conference that seeks to build a truly inclusive economy and works towards achieving a more comfortable life for all Filipinos. Find out more about the top actionable recommendations to the government through this link: https://bit.ly/2yKsqtr.
