Government wants time-bound, targeted lockdowns

MANILA, Philippines — Strict lockdowns, should the need arise, must be implemented in a targeted and time-bound manner to limit the ill effects on employment, according to the Department of Finance (DOF).

In an economic bulletin, Finance Undersecretary and chief economist Gil Beltran said the surge in infections may give rise to more strict lockdowns, but these should be implemented in such a way that there will be continuity in the delivery of goods and services.

“Like fiscal incentives that should be time-bound and targeted, strict quarantine measures, if and when they are called for, should be localized and time-bound while not necessarily hampering the transportation of goods and delivery of services so as to minimize the collateral damage on the economy and, consequently, employment,” Beltran said.

Even as more economic activities were restored in February, more Filipinos were jobless as indicated by the unemployment rate, which rose to 8.8 percent during the month from 8.7 percent in January, translating to 4.2 million Filipinos without work.

This was partly because of the growth in the labor force participation rate – Filipinos aged 15 years and above available for work – to 63.5 percent in February from 60.5 percent in January.

This was equivalent to around 47.3 million economically active Filipinos, whether already employed or looking for work.

This indicates that more Filipinos are now competing for fewer available positions as the prolonged lockdown continued to limit economic activity.

“Potential employees saw that the economy had begun to stir back to recovery, although this was not enough to create jobs for the 2.1 million persons who joined the labor force,” said Beltran.

On Saturday, Finance Secretary Carlos Dominguez said the inter-agency task force (IATF) for COVID-19 response is considering alternatives to the Enhanced Community Quarantine that slows down economic recovery.

“The IATF is meeting as we speak and is considering the situation and alternatives, and will make a recommendation for the way forward. We have the finances necessary to provide for all the medical requirements,” he told reporters.