{"id":254567,"date":"2020-05-12T05:53:43","date_gmt":"2020-05-12T09:53:43","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=254567"},"modified":"2020-05-12T05:53:43","modified_gmt":"2020-05-12T09:53:43","slug":"palace-expects-speedy-recovery-of-ph-economy","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/05\/12\/palace-expects-speedy-recovery-of-ph-economy\/","title":{"rendered":"Palace expects speedy recovery of PH economy"},"content":{"rendered":"
\"Manila\"<\/a>
In a virtual presser aired on state-run PTV-4, Presidential Spokesperson Harry Roque expressed optimism about the country\u2019s economic recovery after the lifting of the community quarantine in some areas nationwide. (File Photo: Luca Bucken\/Unsplash)<\/figcaption><\/figure>\n

MANILA<\/strong>\u00a0\u2013 Resuming the implementation of the national government\u2019s ambitious \u201cBuild, Build, Build\u201d infrastructure projects and easing the monetary policy would contribute to the faster recovery of the Philippine economy, Malaca\u00f1ang said on Tuesday.<\/p>\n

In a virtual presser aired on state-run PTV-4, Presidential Spokesperson Harry Roque expressed optimism about the country\u2019s economic recovery after the lifting of the community quarantine in some areas nationwide.<\/p>\n

Roque made the statement after Fitch Solutions Country Risk and Industry Research, in its report released Monday, projected that the Philippine economy would fall into recession this year due to the impact of the coronavirus disease 2019 (Covid-19) pandemic.<\/p>\n

He said the Palace was not surprised by Fitch Solutions\u2019 projection, as it already expects that the government\u2019s implementation of quarantine protocols has hurt the country\u2019s economy.<\/p>\n

Roque, nevertheless, guaranteed that the government has already looked for ways to spur economic growth.<\/p>\n

\u201cAng gobyerno naman po ay merong plano<\/em>\u00a0(The government has a plan),\u201d he said.\u00a0\u201cBababa po talaga ang ating ekonomiya pero tayo po ay tataas naman at inaasahan natin na mabilis ang ating pag-<\/em>recover\u00a0matapos po nitong mga<\/em>\u00a0quarantine (There will really be an economic slowdown but we expect our economy to recover fast after the quarantine).\u201d<\/p>\n

Fitch Solutions said it forecasts the Philippines\u2019 full-year growth at -0.2 percent in 2020, lower than its May projection of 0.5 percent growth.<\/p>\n

Roque said he expects a \u201cV-shaped economic recovery\u201d due to the strategies prepared by the National Economic and Development Authority and the Department of Finance.<\/p>\n

A \u201cV-shaped\u201d economic recovery is characterized by a sharp decline in growth followed by a sharp recovery.<\/p>\n

Roque said the \u201cBuild, Build, Build\u201d program would help jumpstart the country\u2019s economy.<\/p>\n

\u201cUnang-una po ay bubuksan natin ang<\/em>\u00a0\u2018Build, Build, Build\u2019\u00a0natin at ito po ay tinatawag na<\/em>\u00a0fiscal strategy,\u00a0paggamit po ng<\/em>\u00a0national budget\u00a0para po mag<\/em>-create\u00a0ng<\/em>\u00a0economic activities (We will resume the \u2018Build, Build, Build\u2019 operation. It is a fiscal strategy \u2013 using our national budget to create economic activities),\u201d he said.<\/p>\n

The national government is spending PHP1 trillion annually for the implementation of the \u201cBuild, Build, Build\u201d program as it expects infrastructure projects to have a long-term economic effect.<\/p>\n

Roque said the government would also relax the monetary policy to help the country\u2019s economy recover faster.<\/p>\n

\u201cBinababa po natin ang<\/em>\u00a0interest rates.\u00a0At saka yung mga<\/em>\u00a0liquidity requirements\u00a0po ng mga<\/em>\u00a0bangko po ay ini<\/em>-ease up\u00a0po natin ang mga<\/em>\u00a0deposit requirement\u00a0para mas marami po ang pera na umiikot sa ating ekonomiya<\/em> (We lower the interest rates. We also ease up the banks\u2019 liquidity, deposit requirements so more money would come in),\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0\u2013 Resuming the implementation of the national government\u2019s ambitious \u201cBuild, Build, Build\u201d infrastructure projects and easing the monetary policy would …<\/p>\n","protected":false},"author":33,"featured_media":205617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,1145,16,95],"tags":[],"class_list":["post-254567","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-headline","category-news","category-news-ph","mauthors-ruth-abbey-gita-carlos","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/254567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=254567"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/254567\/revisions"}],"predecessor-version":[{"id":254568,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/254567\/revisions\/254568"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/205617"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=254567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=254567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=254567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}