MANILA – Department of Finance (DOF) Secretary Carlos Dominguez III remains hopeful for the recovery of the Philippine economy even as possible vaccines against the coronavirus disease 2019 (Covid-19) are still under clinical studies.
“I believe we will be able to develop and learn behavior patterns and appropriate technology that will allow us to operate effectively and efficiently…And safely of course,” he told journalists in a Viber message Tuesday.
Authorities remain hopeful for the eventual production of vaccines against Covid-19 by the end of this year.
To date, at least three vaccines are now in final stages of studies abroad and these are expected to be produced as early as December this year.
Economic managers now see a -5.5 percent output for the domestic economy this year because of the impact of the pandemic, weaker than the earlier revision of between 2 to 3.4 percent.
From a revised -0.7 percent growth in the first three months this year, second-quarter growth dipped by 16.5 percent, the biggest contraction since the Philippine Statistics Authority (PSA) started to use the 1981 series of data sets.
Authorities have said the slower domestic output in the second quarter this year is within expectations since the enhanced community quarantine (ECQ) was implemented in mainland Luzon from middle of March until end of April, and was extended until end of May for the National Capital Region.
They expect growth in the next two years to recover and expand by around 6.5 to 7.5 percent with the help of increased spending on infrastructure, education and social services.