Alert Level 1 could help PH economy to start its recovery — NEDA
The National Economic and Development Authority (NEDA) is expecting the economy to finally start recovering its pandemic-related losses now that the National Capital Region (NCR) and 38 other areas are shifting to Alert Level 1.
According to NEDA Director-General Karl Chua, the pandemic brought down the expected earnings of the Philippine economy from P25.3 trillion (US$493 billion) to P21.5 trillion (US$ 419 billion).
Of this amount, household income accounts for P1.3 trillion (US$25 billion), corporate income at around P2.2 trillion (US$42 billion), while indirect taxes are at P300 billion (US$5.85 billion).
With 39 areas under Alert Level 1 this March, Chua said that this will benefit 62% of the economy and 48% of workers.
This also translates to an additional P9.4 billion (US$183 million) per week of economic activity in gross value-added terms, P3 billion (US$58 million) more in salaries per week, and the hiring of about 170,000 employees.
Moreover, if the whole country would be placed under Alert Level 1, Chua stated that the benefits will increase to P16.5 billion (US$321 million) more per week of economic activity, P5.2 billion(US$101 million) more in salaries, and employ about 297,000 workers.
