NEDA outlines 3-phase plan for PH economic recovery post-COVID-19

The National Economic and Development Authority (NEDA) has outlined a three-phase plan to ensure a swift economic recovery following the COVID-19 crisis.

NEDA Undersecretary Rosemarie Edillon expressed confidence in the economy's and government's readiness for a rapid bounce back.

She explained that the COVID-19 pandemic and the enhanced community quarantine (ECQ) are exerting downward pressure on the economy.

The first phase, or the "response phase," involves ramping up the healthcare system's capacity and implementing measures to slow the virus's spread, such as community quarantine, travel bans, school closures, and restrictions on mass gatherings.

The second phase, the "mitigation phase," aims to assist those affected by the ECQ, including providing a social amelioration package to vulnerable sectors.

The government's economic team is now planning for the third phase, the "transition phase," which will help the country adapt to the "new normal."

Edillon stated that NEDA and other government agencies are preparing policies and programs for this transition, though the timing remains uncertain.