Connect with us

Hi, what are you looking for?

Stock Markets

Philippine economy may recover earlier than 2023, says Trade chief

Social events at Tourism-accredited venues can run with a capacity of 30% in general community quarantine (GCQ) areas and 50% in modified GCQ areas, a memorandum circular released by the Trade department showed.

THE PHILIPPINE ECONOMY may return to its pre-pandemic level earlier than 2023, Trade Secretary Ramon M. Lopez said, as the Philippines began its coronavirus disease 2019 (COVID-19) vaccination program on Monday.

As the first batch of vaccines donated by China arrived on Sunday, President Rodrigo R. Duterte said the Philippines would likely go back to “normal” in early 2023.

Mr. Lopez in a mobile message to reporters said it is possible for the economy to recover before then.

“(We) will do our best, through other economic reforms and programs,” he said.

Economic managers project 6.5% to 7.5% gross domestic product (GDP) growth this year, and 8% to 10% in 2022.


The country’s GDP contracted by a record 9.5% in 2020, as the strict lockdown implemented to curb the spread of the COVID-19 came at a “huge cost” to the economy. In 2019, GDP grew by 5.9%, which was the slowest in eight years.

At the Laging Handa briefing on Monday, Mr. Lopez said the President’s 2023 projection likely referred to the absence of restrictions seen before the pandemic.

“As we are learning how to deal with the virus, may nakita naman tayong sector na nabubuksan… na kahit na may quarantine pa o may restriction pa ay unti-unting lumuluwag (we are seeing sectors that are reopening… even with the quarantine or restrictions, we are slowly opening).”

Mr. Duterte had said that he may consider placing Metro Manila under the modified general community quarantine (MGCQ), the least strict form of lockdown, if the country is able to accumulate more doses of the vaccines, a move he had earlier deferred while vaccines were unavailable.

“We are still looking for ways kung paano maluwagan ito (how to loosen these) without really shifting to MGCQ,” Mr. Lopez said.

Economic managers and business groups had sought the further easing of lockdown restrictions to fast-track the country’s economic recovery.

In DTI Memorandum Circular 21-08 published on Monday, social events at Tourism-accredited venues can run with a capacity of 30% in general community quarantine (GCQ) areas and 50% in MGCQ areas.

Libraries, museums, cultural centers, meetings, conventions, tourist attractions, and arcades can run up to 50% in GCQ and 75% in MGCQ. Traditional (or non-drive in) cinemas can operate up to 25% in GCQ and 50% in MGCQ.

However, the number of COVID-19 infections continues to rise. On Monday, the Health department reported 2,037 new cases, bringing the total to 578,381. — Jenina P. Ibanez with report from Kyle Aristophere T. Atienza


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


A shopping centre in Coventry that eight years ago was valued at £37 million was sold this week for only £4.9 million, setting...

Breaking News

SEC probing Nikola Motors over short-seller claims of fraud – Business Insider Business Insider logoThe words “Business Insider”. 2020-09-14T23:20:04Z Massimo Pinca/Reuters The Securities and...

Breaking News

The $160,000 SS Dolphin is a hybrid 1950s Corvette clone from China – Business Insider Amazon Prime Day Business Insider logoThe words “Business Insider”....

Breaking News

Best exercise bikes of 2020: NordicTrack, Peloton, & others – Business Insider Business Insider logoThe words “Business Insider”. Back to TopA white circle with...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 Captain Of Success. All Rights Reserved.