Alert Level 1 can offset effects of Ukraine-Russia conflict to PH economy
National Economic and Development Authority Director-General Karl Kendrick Chua said that putting the entire Philippines under Alert Level 1 will revive the economy and help offset the economic effects of the Russia-Ukraine war.
During the weekly presidential briefing, Chua stated that strengthening the domestic economy could provide people with “more jobs and opportunities.”
Even before the Russia-Ukraine war broke out, the Philippine economy has been suffering under the effects of COVID-19 lockdowns for almost two years.
Chua also presented 13 other recommendations to the government “to increase domestic economy and offset global risk.”
One of these is increasing the fuel subsidy program for public utility vehicles (PUVs) — from P2.5 billion to P5 billion (US$47 million to US$95 billion)— and fuel vouchers for farmers from P500 million to P1.1 billion (US$9.5 million to US$21 million).
The NEDA official said that they would submit a request for the issuance of an executive order for their proposals “so that Congress can consider it immediately when they return on May 4 sessions.”
