MANILA – The Philippines needs "a lot of financing" to fund its coronavirus recovery plan, Acting Socioeconomic Planning Secretary Karl Kendrick Chua said Tuesday.
Coming from at least 3 months without tax collections and deferred payments, more money is needed to bounce back from the COVID-19 pandemic, Chua told ANC.
The government and private sector have deferred tax payments, loans and bills to cushion the impact of COVID-19 to consumers.
“A lot of financing is needed…We have a lot of room for ODA (official development assistance). While we need financing these are not difficult to get,” Chua said.
While the economy could contract by 0.8 percent this year, the Philippines enjoys a strong fiscal position and low debt levels, he said.
The government has commissioned studies to get the input of consumers and businesses in crafting a post-pandemic recovery plan, he said. Construction and tourism are some of the sectors that were hardest hit by COVID-19, the survey showed.
The shifting of areas from enhanced community quarantine to the looser general community quarantine is a good sign of recovery, he said.
Metro Manila and other high risk areas remain under lockdown until May 15.