Malacañang on Tuesday welcomed the country’s exit from recession in the second quarter, hopeful that this gain would be sustained until the end of the year.
This, after the Philippine Statistics Authority (PSA) announced that the country grew 11.8 percent year-on-year during the April-June period, a reversal from the 17 percent contraction registered in the same period last year.
This figure is also the country’s strongest performance in more than three decades and marked the end of five consecutive quarters of negative growth.
Presidential Spokesperson Harry Roque expressed optimism that the country’s economy would continue to recover despite the two-week enhanced community quarantine (ECQ) over Metro Manila and other areas.
“Nagagalak po kami na nagkaroon tayo ng ganyang kataas na pagbangon ng ating ekonomiya and we’re hoping po na bagamat tayo po’y nag lockdown ngayon ng two weeks, na makakabawi pa rin tayo sa last quarter (We’re happy that we’ve had such a high recovery in our economy and we’re hoping that even though we had to impose a lockdown for two weeks, we can still recover in the last quarter),” he said in a Palace press briefing.
He said the lockdown was imposed to slow down the spread of Covid-19 cases in time to reopen the economy and welcome a promising fourth quarter.
“Ginawa nga po natin ‘tong lockdown na ito ngayon na para po makabangon tayo ng last quarter ng taon, dahil yung last quarter po, traditionally, ‘yan yung pinaka masiglang panahon para sa ekonomiya (We imposed this lockdown now so that we can recover in the last quarter of the year, because the last quarter, traditionally, is the most vibrant time for the economy),” he added.
Citing the country’s economic managers, Roque credited the result of a balance between addressing the ongoing pandemic and restoring jobs.
“Patunay po ito na sa gitna ng pandemya, pinag-iingatan natin ang buhay para sa hanapbuhay (This is proof that in the middle of the pandemic, we are ensuring the health of the nation to allow them to continue pursuing their respective livelihoods),” he said.
Keep following health protocols
Meanwhile, Presidential Communications Operations Office Secretary Martin Andanar urged the people to keep following health and safety protocols by participating in the government’s Prevent, Detect, Isolate, Treat, Reintegrate, and Vaccinate (PDITRV) strategy “so that we may fully heal from the Covid-19 pandemic as one nation”.
“As we are now out of recession, for the time being, and our strong economic recovery in 2021 remains prospective, we continue to remind everyone that it’s only by working together and doing our part by observing all health protocols being promulgated by the government that we will be able to maintain the current economic momentum,” Andanar said in a statement.
Andanar said he is delighted that the country’s GDP expanded by 11.8 percent in the second quarter.
“This is a good indicator of the strategic balance and management being employed by the Duterte administration in reopening the economy, while responding and addressing the impacts generated by the Covid-19 pandemic,” he said.
With businesses, commerce, and the rest of the private sector ramping up their trade and economic activities, Andanar said the government will continue its economic recovery policies, programs, and reforms, particularly the three-pillar strategy of accelerating the vaccination program, safely reopening the economy while strictly adhering to public health protocols, and the full implementation of the recovery package to assist the whole private sector in adapting to the new normal.
The Duterte administration is targeting 6 percent to 7 percent growth this year to reverse a record 9.6 percent contraction in 2020.
Metro Manila will be under ECQ until Aug. 20; Laguna, Iloilo City, and Cagayan de Oro until Aug. 15, and Bataan until Aug. 22.
As of Monday, health authorities recorded 8,900 more Covid-19 cases, bringing the country’s tally to 1,66,714.
Source: Philippines News Agency
