MANILA - The National Economic Development Authority said Tuesday it hopes to manage recovery from COVID-19 "as best" as it can by working on programs to alleviate impact on severely affected sectors.
The government's recovery program is comprised of the Bayanihan to Recover as One, the Build, Build, Build program and the 2021 budget, NEDA said in statement.
Congress earlier ratified the Bayanihan 2 which allocated some P140-billion aid package for affected sectors, and a P25.52-billion standby fund that government may spend in the next 4 months before the 2021 budget takes effect.
The measure is up for President Rodrigo Duterte's approval.
Duterte in August approved the P4.506-trillion national budget for 2021 which was designed to "sustain government's efforts" against the coronavirus pandemic.
“We are starting to see a U-turn in the trajectory of economic activity and manufacturing production. While we are not yet in the positive territory, we are hoping that we can continue to manage this recovery as best as we can,” Acting Socioeconomic Planning Secretary Karl Kendrick Chua said.
“Moving forward, we are optimistic that the Bayanihan 2 will help the country bounce back from the crisis with its improved provisions on the healthcare system, public transport, and restoring consumer demand,” Chua said.
The government earlier estimated that the country's economy could shrink to as much as 5.5 percent from an earlier estimate of 3.4 percent contraction.
The Philippines nosedived into recession in the second quarter, after shrinking by 16.5 percent reflecting the full impact of the COVID-19 lockdowns.