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PHL still on track to reach GDP target this year — Chua
The National Economic and Development Authority (NEDA) is confident that the Philippine economy will recover to its pre-pandemic levels as early as the first quarter of 2022.
NEDA chief Karl Kendrick Chua believes the domestic economy is in a strong position to withstand global uncertainties, such as the Russia-Ukraine war, which he deems temporary.
The shift to Alert Level 1 in the National Capital Region and other areas is expected to boost economic activity by more than P9 billion weekly.
Chua hopes that the entire country can shift to Alert Level 1, which could generate P16 billion per week, and reopen face-to-face schooling, adding P12 billion weekly.
He also mentioned the possibility of moving to an Alert Level 0, further enhancing economic recovery.
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See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
Camarines Sur Rep. Luis Raymund Villafuerte proposed placing the entire Philippines under Alert Level 1 to bolster the domestic economy and mitigate the economic fallout from the Russia-Ukraine conflict.
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The Asean+3 Macroeconomic Research Office (Amro) has raised its 2022 growth forecast for the Philippines to 6.5 percent from 6.2 percent, while projecting the same growth rate for 2023.
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Finance Secretary Carlos Dominguez III assured President Rodrigo Duterte that the Philippines can weather the economic impact of the Russia-Ukraine crisis.
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