MANILA – Malacañang is optimistic that the Philippine economy will be able to recover from multiple shocks including recent disasters and the coronavirus pandemic.
According to Presidential Spokesperson Harry Roque, while the Palace is saddened with the World Bank’s (WB) latest projection that the Philippine economy will shrink by 8.1 percent this year, they will do everything to bounce back in 2021.
“Siyempre po nalulungkot tayo diyan dahil ibig sabihin mas maraming maghihirap sa pagbagal ng ating pag-unlad,” Roque said during his virtual press conference on Tuesday.
“Pero iyan naman po ay naging resulta ng pandemya at ng mga sigalot na sunod-sunod na dumaan sa ating bansa. Kaya po natin ito, babangon tayo,” he added.
In its latest Philippine Economic Update, the WB said while the country’s economy is expected to contract in 2020, it noted “sustained improvements” in managing the pandemic and “a possible rebound in the global economy” can help the country recover in 2021 and 2022.
The current economic forecast is a revision from the -6.9 percent World Bank forecast in October, resulting from the deep contraction in the third quarter and the extensive damage and losses suffered by the country from the typhoons and floods in November.
“The series of natural disasters that hit the country while we are battling the pandemic highlights the importance of mainstreaming disaster risk reduction and climate change adaptation into policy and planning,” said Ndiame Diop, World Bank Country Director for Brunei, Malaysia, Thailand and the Philippines.
“While the Philippines is financially resilient, stronger coordination, execution and implementation will help further improve social and physical resilience to frequent shocks,” he added.
Typhoons Rolly, Siony, and Ulysses that hit the country in November have brought devastation to a large swath of Luzon, further darkening this year’s growth outlook.
Economic activities across the country frozen by quarantine measures and the global recession will also likely contract the economy in 2020, temporarily reversing gains made in poverty reduction in recent years, according to the WB./PN
