Domestic economy likely to return to pre-pandemic level in Q2: Concepcion

ABS-CBN News

Posted at May 24 2022 12:06 PM

Shoppers go around the Divisoria market in Manila on Sunday, November 14, 2021. Mark Demayo, ABS-CBN News/File
Shoppers go around the Divisoria market in Manila on Sunday, November 14, 2021. Mark Demayo, ABS-CBN News/File

MANILA - The Philippine's domestic economy is likely to return to its pre-pandemic level in terms of activities in the second quarter barring any further tightening in mobility restrictions, Presidential Adviser for Entrepreneurship Joey Concepcion said Tuesday.
 
Consumer confidence and business activities have been gradually returning since restrictions were eased to Alert Level 1 for the majority of cities in the country. 

“We are moving forward. Consumer spending is up despite inflation,” Concepcion said in a briefing.

The high vaccination rate is also expected to tame the impact of the pandemic, he said. The adherence to health protocols, such as the wearing of face masks also contributed to the low levels of infections, he said. 

“I’m not so worried at this point because we still have lots of vaccines; we just need to implement and boost more,” he said. 

“I believe masking will have to stay for some time until the virus simmers down and disappears. It will be important for our exit strategy," he added.

Now that the elections have concluded, the government should focus on convincing Filipinos to take their booster shots including second boosters for those 50 years old and above, Concepcion said. 

To sustain the robust economic growth, Concepcion said the new administration should also focus on extending aid to Micro, Small and Medium Enterprises (MSMEs).

The country's gross domestic product (GDP) grew better-than-expected by 8.3 percent in the first quarter.

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