NEDA: P14 billion to be gained from NCR alert downgrade

MANILA, Philippines — The National Capital Region (NCR) is expected to gain P14.2 billion in additional economic output until the end of the month due to the easing of mobility restrictions.

In a Viber message, Socioeconomic Planning Secretary Karl Chua said the economy is expected to gain an additional P14.2 billion until Oct. 31 or during the two-week downgrade of the current alert level system.

The capital, which accounts for the bulk of economic activities, is currently under Alert Level 3 until end-October.

“The de-escalation from Alert Level 4 to Alert Level 3 in NCR will result in additional output worth P7.1 billion per week,” Chua said.

The alert level in Metro Manila has been eased following the declining cases of COVID complemented by higher vaccination rates.

The Alert Level 3 allowed more businesses to operate and indoor venue capacities of certain establishments were increased.

Recreational venues such as internet cafes, arcades, bowling alleys, skating rinks, archery halls, swimming pools and cinemas were also allowed for fully vaccinated people.

The National Economic and Development Authority (NEDA) has been pushing for the downgrade of the alert level in Metro Manila, maintaining that the granular lockdown proved to be effective in controlling the spread of the COVID virus.

In another Viber message, the Foundation for Economic Freedom (FEF) said Metro Manila is ready for another downgrade next month.

“It should be. Even OCTA Research says so,” FEF president Calixto Chikiamco said.

But Chikiamco said vigilance must be retained, citing the experience of Singapore where vaccination rate is high but the virus has yet to be fully contained.

“However, we can’t go for zero cases and just learn to live with the virus,” Chikiamco said.

“A total approach is needed for further safe reopening, vaccination mandates with booster shots, mass testing, masks and social distancing and increase in health capacity,” he said.

The government’s economic team is expecting that the continued downgrade of the alert level would help boost economic recovery in the fourth quarter.