Vaccinate more people to 'really start opening economy:' ING Bank economist


Posted at Mar 04 2021 10:50 AM | Updated as of Mar 04 2021 10:56 AM

Health workers get inoculated with the Sinovac COVID-19 vaccine at The Medical City in Pasig City on March 03, 2021. Jonathan Cellona, ABS-CBN News/File

MANILA - A prompt rollout of the COVID-19 vaccination program to reach most of the population will fast track the reopening of the economy and pave the wave for recovery, an economist said Thursday.

The impact of the vaccination of most of the population will eventually make its way to the real economy but it will be “slow going” as the Philippines is among the last countries in Asia to start its inoculation drive, ING Bank head of research and chief economist Rob Carnell told ANC.

"It’s going to start working its way to the real economy once you’ve got enough of these vaccines out. You really do need to get a lot of people vaccinated before you’re going to start seeing the number of daily cases falling and the ability then for the government to really start opening the economy," Carnell said.

Vaccination will work faster in terms of economic recovery rather than further interest rate and reserve requirement cuts, he said.

The Philippines has received an initial 600,000 doses of China's Sinovac. 

At least 487,200 doses of AstraZeneca vaccines are also expected to arrive on Thursday night, Palace spokesman Harry Roque earlier said.

Officials have begun inoculating frontliners in the Philippines on Monday.

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