DO NOT be the expansion projections for the time of year: former Socioeconomic Planning Secretary Solita C. Monsod has one word for him: DOOM.
At the general assembly of members of Tuesday’s Savings Bank, Professor Monsod said the government had no longer fulfilled the country’s wishes with Bayanihan 1, which accounted for 1. 93% of GDP.
Monsod said the scenario is encouraging given that Bayanihan 2 accounts for only 0. 7% of GDP and that the law has still been signed through the president.
“The government is not learning from its mistake. Bayanihan 2 is the best example. How do you expect to fix the social crisis, let the economic crisis, with only 0. 7% of GDP, when they spent almost double that amount in the last quarter and the economy contracted another 16. 5%? said Monsod.
“These priorities are mis-rather; other people [especially the poor] are the lowest priority, according to our country’s credit rating. Illustrated by: Wala naman namamatay sa gutom [No one dies of hunger]. Wala munang pasok [No course first]. Laro muna sila [let them play],” he added.
However, Monsod said he hopes the expansion will be on the country map starting next year, given the weak base effects.
With the current quarter’s GDP contraction at 16. 5% this year, Monsod said this is likely to lead to higher expansion in the current quarter of 2021.
He said this year’s economy had suffered greatly because of the government’s response “too little, too late. “Bayanihan 1 accounted for 390 billion pesos or 1. 93% of GDP.
Monsod said this is very low given that other countries that have invested around 5% to 21. 1% of their GDP to fight the pandemic.
Also, the amount was late due to its beneficiaries. Monsod lamented that as of June 29 only 68 percent of the budget had been spent, and said they would possibly still involve leaks because too many recipients have not earned their help.
The former head of the National Authority for Economy and Development (Neda) said the Philippines had declared a public aptitude emergency until March 8, while the World Health Organization (WHO) had declared the 2019 coronavirus (Covid- 19) an emergency of public aptitude of foreigners. concern January 30.
“Bayanihan 1 was followed on March 25, and the publication of the budget has been incredibly slow and has exacerbated the physical aspect,” Monsod said.
He also stated that, on the fitness side, it is a case of “too much, too late, too little. “Monsod said the government had the strictest containment implementation.
However, the government’s screening, testing and redress efforts have been slow, further hurting the economy. “This excessive restriction has also impacted the economy. Too much, too little, too late, ” he said.
Meanwhile, the economy has been particularly affected this year by the pandemic. Monsod noted that 31. 2% of the economy reported a positive expansion at the time of this year.
This included agriculture, which rose to 1. 6, consistent with the penny between April and June; monetary and insurance subsector, 6. 8 consistent with penny; data and communications services, 6. 6%; and defense and public management services, 8. 3 consistent with cent.
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