Concepcion urges Alert Level 1 until yearend to fight economic crisis

Presidential Adviser for Entrepreneurship Joey Concepcion recommends maintaining Alert Level 1 until the end of the year to help the Philippines brace for the economic crisis brought about by the Russia-Ukraine conflict and the country's rising debt.

He emphasized that sustained local economic activity, which is crucial for the Philippines as a consumer-led economy, depends on increased mobility and open businesses.

The conflict in Ukraine has disrupted global supply chains and increased prices for petroleum and wheat, which could worsen the situation.

Concepcion noted that MSMEs, which generate 63.2-percent of employment, are particularly vulnerable to rising commodity prices and restrictions.

He stressed the urgency of continuing vaccination and boosting efforts while keeping Covid indicators under control to maintain Alert Level 1 status.

Sufficient cash flow for entrepreneurs will cushion the economic impact and improve their chances of survival if the Ukraine situation deteriorates.