October 26, 2021 | 00h00
MANILA, Philippines – The National Capital Region (NCR) is expected to earn 14.2 billion pesos in additional economic output through the end of the month due to the easing of mobility restrictions.
In a Viber message, Socio-Economic Planning Secretary Karl Chua said the economy is expected to earn an additional 14.2 billion pesos until October 31 or during the two-week drop in the system’s level of current alert.
The capital, which represents the bulk of economic activities, is currently under alert level 3 until the end of October.
“De-escalation from Alert Level 4 to Alert Level 3 in the NCR will result in additional production worth 7.1 billion pesos per week,†Chua said.
The alert level in Metro Manila has been relaxed following a drop in COVID cases complemented by higher vaccination rates.
Alert level 3 has enabled a greater number of companies to operate and the capacities of the indoor sites of certain establishments have been increased.
Recreation places such as internet cafes, arcades, bowling lanes, ice rinks, archery halls, swimming pools and cinemas have also been allowed for fully vaccinated people.
The National Economic and Development Authority (NEDA) has pushed for lowering the alert level in Metro Manila, saying granular lockdown has been shown to be effective in controlling the spread of the COVID virus.
In another Viber post, the Foundation for Economic Freedom (FEF) said Metro Manila was ready for another downgrade next month.
“It should be. Even OCTA Research says so,” said Calixto Chikiamco, FEF president.
But Chikiamco said vigilance must be maintained, citing the experience of Singapore where the vaccination rate is high but the virus has not yet been fully contained.
“However, we cannot go for zero cases and just learn to live with the virus,†Chikiamco said.
“A comprehensive approach is needed for a safer reopening, vaccination warrants with reminders, mass testing, masks and social distancing and increased health capacity,†he said.
The government’s economic team expects the continued decline in the alert level to help stimulate economic recovery in the fourth quarter.
