Business groups satisfied with Duterte admin’s pandemic response
The pandemic has disrupted the worldwide economy, and countries struggle to strike a balance between reopening the economy and enforcing stringent lockdown and quarantine measures for the public’s safety.
Like other countries, the Philippines has had its worst economic performance since World War II. To counter the past year’s economic slowdown, the government plans to spend at least P1.71 trillion to help bolster various industries, including the business sector.
A BALANCING ACT
Even if vaccines are arriving, reopening the economy while the country is still facing the pandemic is difficult. Both the Federation of Filipino-Chinese Chambers of Commerce & Industry Inc. (FFCCCII) and the Filipino-Chinese General Chamber of Commerce Inc. (FCGCCI) believe that it is a precarious balancing act that must be handled with care.
Both organizations believe that the government is doing what it can to weigh the needs of the economy and the people. FCGCCI president Ramon Chuaying says, “The economy is low but we understand that it is primarily due to the seriousness and length of the lockdowns which forced businesses to close down.” Despite the uncertainty of the situation, he believes that the Philippines is tackling this global crisis as best as it can with the resources the country has on hand.
Similarly, FFCCCII president Henry Lim Bon Liong believes that government response for MSMEs was appropriate and could bolster economic and societal recovery. “Providing loans to MSMEs through the Department of Trade and Industry and giving support to rural farmers through the Department of Agriculture,” make Lim hopeful that 2021 “shall be the turning point for our Philippine economy to open further and finally recover.”
SUSTAINED LOCKDOWN
The sustained lockdown’s effect on our economy cannot be discounted. The expedient delivery of vaccines can expedite the Philippines’ social and economic recovery.
There have been delays, however, in the country’s vaccine rollout. Chuaying believes that it is fair for Filipinos to be patient. “The first-world countries are probably doing it better because they themselves are producing the vaccines—without the lengthy, tedious and time-consuming process of overseas shipping,” he opines.
For Lim, given that the Philippines has one of the largest populations in the world—12th as of 2020—he understands the difficulty of supplying vaccines given the local restrictions. “Moving forward, the government’s increasing efforts on contact-tracing, upgrading health capabilities and protocols, accelerating acquisition of vaccines; all these should continue with decisive speed for the good of our economy,” he explains.
Chuaying also believes that it would be beneficial for the private and business sectors if they were allowed to purchase vaccines on their own. “Or at least afford us some leniency in the light of the tripartite agreements for the procurement of vaccines. We want businesses to be up and about at the soonest possible time,” he affirms.
Hope for 2021
Overcoming the economic and social implications of this pandemic will not be easy. It is through the combined and diligent efforts of the national and local government, the private sector, and the citizens to combat this virus. Chuaying asserts, “The nation will have to come together and go behind government efforts to fight collectively; there’s no other way.”
And though the path ahead is difficult and challenging for not only the Philippines but the rest of the world, Lim believes there is still much to be hopeful for: “I am optimistic that consumer confidence shall return soon, economic activities will accelerate, and economic recovery shall finally happen this 2021.”