MANILA, Philippines – Lockdown restrictions eased at different degrees in several parts of the country starting Saturday, May 16, after more than two months of an enhanced community quarantine that aimed to curb the spread of the coronavirus but has significantly hurt the economy.
The Philippine Statistics Authority reported that the gross domestic product (GDP) contracted by 0.2%. This was the first time the economy shrank since 1998 during the El Niño and the Asian financial crises. The Development Budget Coordination Committee predicted that the economic impact of the coronavirus pandemic could reach P2 trillion or 9.4% of the GDP.
Meanwhile, over 2 million workers have been displaced due to work closures and shortened work arrangements.
How will the country recover from these losses?
Rappler has invited AAMBIS-OWA Representative Sharon Garin, chair of the House Committee on Economic Affairs, to discuss with Rappler+ members the proposed P485-billion economic stimulus package aimed to cushion the impact of this health crisis.
Use the password “rpluswebinar” to watch the full video below:
Garin is the co-chair of the House Defeat COVID-19 committee’s economic stimulus cluster that proposed the bill on the Philippine Economic Stimulus Act. The measure is a consolidated version of the separate bills filed by Garin’s co-chairs Marikina 2nd District Representative Stella Quimbo and Albay 2nd District Representative Joey Salceda.
According to Garin, the proposed measure serves as a job-protection bill that seeks to ensure businesses will continue to operate by reviving consumer confidence. – Rappler.com