MANILA— The shift to Alert Level 3 from Alert Level 2 in Metro Manila, Bulacan, Cavite, Laguna, and Rizal will result in a gross value added (GVA) losses of P3 billion a week, the Development Budget Coordination Committee said Friday.

NCR, Bulacan, Cavite, Laguna, and Rizal are under the stricter Alert Level 3 until Jan. 15.

"We estimate that the shift from Alert Level 2 to Alert Level 3 for NCR plus, which includes Metro Manila, Bulacan, Cavite, Laguna, and Rizal, will result in a Gross Value Added (GVA) loss of about P3.0 billion per week," the joint statement of DBCC members read.

"While this may delay our goal of shifting to Alert level 1, we believe that this is a temporary setback and is a necessary adjustment in view of the new COVID variant," the statement added.

Economic managers are also monitoring the impact of the elevated number of COVID-19 cases in the National Capital Region and neighboring provinces, the DBCC said.

On Friday, the number of daily COVID-19 cases breached 21,000.

• Philippines records highest COVID-19 positivity rate yet, 17,220 new infections

The Philippines is currently in a better position to manage possible spikes due to its ample vaccine supply, funds for booster shots and increased hospital capacity, among others, the DBCC said.

As of Jan. 5, 110.9 million doses have been administered. Out of which, 57.3 million doses were for first jabs, 51.1 million for complete dose while 2.5 million were for booster shots, it added.

Granular lockdowns, which have lesser economic impact compared to lockdowns, are also being implemented, it said.

Government spending, which will boost economic growth, is seen to accelerate given the recent signing of the 2022 national budget, it added.

The cabinet-level committee raised its economic growth forecast for 2021 to 5 to 5.5 percent, up from a revised 4 to 5 percent growth announced in August.

For 2022, the economy is seen to grow by 7 to 9 percent.

• Philippines raises 2021 growth forecast after strong Q3, faster vaccination
• More provinces, cities placed under COVID-19 Alert Level 3

RELATED VIDEO:

Watch more in iWantv or TFC.tv