Philippine News Agency
‘Small group’ formed to draft post Covid-19 recovery plan
President Duterte has formed a "small group" of his economic managers to draft a post-COVID-19 economic recovery plan.
Cabinet Secretary Karlo Nograles stated that this group is tasked with formulating strategies to help the Philippine economy bounce back from the crisis.
The group requires more data to complete their proposed economic recovery plan, and the President has instructed them to continue their studies.
Finance Secretary Carlos Dominguez III has already presented a proposed PHP1.45-trillion package of fiscal measures to jumpstart the economy.
The economic team has adopted a socioeconomic strategy anchored on four pillars: emergency support for vulnerable groups, marshaling resources to defeat COVID-19, emergency fiscal and monetary actions, and an economic recovery plan.
The Philippines is bracing for a significant decline in economic output due to the pandemic.
President Duterte has also urged Southeast Asian nations to prepare their own post-pandemic recovery plans.
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The Department of Finance (DOF) is recruiting Filipinos for its Strategy, Economics and Results Group (SERG) to develop and implement a national economic bounce-back plan post-COVID-19.
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The Philippine government is formulating a post-enhanced community quarantine (ECQ) strategy to be implemented after April 30.
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The National Economic and Development Authority (NEDA) has outlined a three-phase plan to ensure a swift economic recovery following the COVID-19 crisis.
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The Department of Labor and Employment (DOLE) is developing a post-COVID-19 recovery plan primarily focused on employment.
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Finance Secretary Carlos G. Dominguez III warned that extending the enhanced community quarantine in Luzon could lead to zero or even negative 0.8 percent economic growth for the Philippines in 2020.
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