Duterte: Economy in bad shape, sinking deeper and deeper

MANILA, Philippines — The Philippine economy is in “bad shape” because of the COVID-19 pandemic, but the government is doing its best to keep things afloat, President Duterte said during a pre-recorded public address on Monday.

The President said the country is losing P2 billion per day because of the pandemic, an amount he said would have gone to workers’ paychecks if economic activities were not disrupted.

“So we are sinking deeper and deeper, but we are not alone. Everyone is experiencing it. But we are trying our very best to keep us afloat,” the President said

“Our economy, my countrymen, is really in bad condition. Imagine, how many people do not have work? The economy of the Philippines is really – in bad shape. But as I have said, it is not only the Philippines who suffer. We, in the world, are suffering with everybody,” he added.

Duterte maintained that the Philippine economy was doing fine until the COVID-19 crisis came and constrained state revenues. And despite the economic slowdown, Duterte said Filipinos should not overemphasize hardships. He likewise assured the public that government officials are continuously working to acquire COVID-19 vaccines.

He said it would be better not to rub in the fact of the country’s poverty, because “we’re still alive… Let us just hope for the best.”

Spend budget, government urged

Meanwhile, several lawmakers urged government agencies to spend their respective budgets this year to pull the economy out of recession.

“My advice is to spend all (of agency budgets) early on. This will help prevent more job losses,” Senate President Pro Tempore Ralph Recto said, adding that losses from the pandemic-induced recession may not be P2 billion, but P4 billion daily.

Sen. Sherwin Gatchalian, vice chairman of the economic affairs committee, said that disbursing a large part of the P4.5 trillion General Appropriations Act would convert it into an “economic recovery budget.”

Senate President Vicente Sotto said the chamber would immediately pass all the necessary legislation needed to revive the economy. “The Senate will diligently pass legislation vital to our economic recovery as we are doing now. We can only hope the world will be able to arrest the pandemic at the soonest possible time,” Sotto said.

For his part, Senate Minority Leader Franklin Drilon pointed to the country’s economic managers for answers. “The question now is, what do our economic managers plan to do? The people would want to see a clear plan to address our worsening economic situation,” Drilon said. – Paolo Romero