The Duterte administration’s economic team is reviewing the emerging growth forecasts, after the government decided to further extend the general community quarantine (GCQ) in some of the country’s economic centers.
Carlos Dominguez, Department of Finance secretary, was asked in a Viber group with reporters yesterday if the further extension of the GCQ in Metro Manila and in some areas in Calabarzon would deepen the adverse effects of the quarantine measures on the economy this year.
“I don’t know if it will deepen the recession. It probably will level it off, but certainly it will not pull us up,” Dominguez said.
To recall, the country’s finance chief earlier pushed for the further easing of restrictions in the National Capital Region (NCR) and Calabarzon, or regions which account for a significant chunk of the economy, to support efforts to rebuild and recover from the coronavirus pandemic.
Malacanang said Wednesday evening Metro Manila will remain under GCQ for the next two weeks.
As for Calabarzon, Batangas, Quezon and Lucena City will be under modified GCQ (MGCQ), but Laguna, Cavite and Rizal are placed in GCQ.
Asked if the government’s most recent projection of an economic decline of as much as 3.4 percent this year is still accurate amid the quarantine extension, Dominguez said: “We are currently reviewing the emerging figures.”
Earlier this month, the finance chief said: “I really believe we should begin opening… NCR, Calabarzon… that is where the economy is based, about 67 percent of our economy is based in that area.”
“That should move more to the MGCQ as quickly as possible, because people have to start working,” he added.
Harry Roque, presidential spokesperson, however said it is possible for NCR to return to modified enhanced community quarantine status if the spread of the virus does not slow down in the next two weeks.
