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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