Moody's: PH economic recovery may improve with new COVID-19 strategy

Moody's Analytics suggests that the Philippines' updated strategy for handling the pandemic's economic consequences might boost recovery.

Economist Steven G. Cochrane stated that a well-executed, more unified government response to COVID-19 could aid the slow-moving economy.

The new strategy includes fast-tracking the nationwide inoculation drive, incentivizing the vaccinated, and imposing localized quarantine in areas of high risk.

Additional vaccine doses are being acquired and vaccinations will be universally available to all segments of the population beginning in October, prioritizing those not currently in the priority sectors.

Cochrane observed that extended lockdowns in Metro Manila over the past 18 months had minimal impact on COVID-19 case and death rates.

He also mentioned that monetary policy easing and modest fiscal spending provided only slight relief to businesses and the unemployed.

Vaccine procurement was limited, with distribution restricted to specific groups, resulting in only 11% of the population being fully vaccinated at that time.

These efforts have been largely ineffective, as new COVID-19 cases have reached record highs and per capita deaths are among the highest in the region.