Salceda: Duterte's Luzon-wide quarantine, to prevent possible recession

Salceda: Duterte's Luzon-wide quarantine, to prevent possible recession

Economist and lawmaker, Albay representative Joey Salceda said the Luzon wide quarantine could spare the economy from entering from a possible recession.
In a Laging Handa press briefing, Salceda explains the importance of implementing an “orderly lockdown” to prevent a community transmission of the highly-infectious coronavirus disease (Covid-19).

“Ang virus ay nagta-thrive through economic activity so kailangan talaga pigilan muna ang ating pagtakbo ng ekonomiya (The virus thrives through economic activity, so we need to temporarily halt economic activity),” he said.
Albay representative Joey Salceda
(photo credit to PNA)

The Bicolano lawmaker gave emphasis that while the month-long quarantine was expected to result in economic losses, a mass transmission would cost the economy even more.
“Kung di natin ‘to gawin at magkaroon ng mass community transmission…mas lalong mawawalan ng kumpiyansa sa loob ng ating sistema. So baka po magkaroon tayo ng recession. Kung di natin ginawa ang lockdown, baka saka tayo mag recession (If we don’t implement a quarantine and there will be mass community transmission, we will lose confidence in the system. There could be a possible recession. If we didn’t implement the lockdown, we could enter into recession),” he said.

Despite the pandemic brought about by COVID-19, Salceda said the Luzon-wide quarantine could help the Philippine economy remain among one of fastest growing economies in the world.
“Sa pananaw ko kaya pa po ng Pilipinas na mag-grow faster than the other countries in the world through at least kaya pa po natin mag 3 percent GDP (gross domestic product) growth rate (In my opinion, the Philippines can still grow faster than other countries in the world by a GDP growth rate of at least 3 percent),” he said.
The entire island of Luzon’s economic share is about 74 percent of GDP.
Earlier, economic managers pegged the impact of Covid-19 is likely to slow the country’s GDP growth to 5 percent this year, below the 6.5 to 7.5 percent target.

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Report from PNA

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