Manila Philippines (AdChoiceTV News) — The National Economic Development Authority at the ongoing 2021 budget deliberations at the Senate says contraction of the economy by year end could be close to 10 percent.
NEDA admits the government could have spent more this year that could have lessened the contraction of the economy
NEDA says the projected economic contraction in 2020 is estimated to be at P1.8 trillion, and result to a loss of some 4.6 million jobs. Senate President Pro Tempore Ralph Recto warns the negative growth and unemployment could be higher due to the recent typhoons.
P82.4 billion out of the P140 billion allocated for Bayanihan 2 has been released as of Nov. 13 says NEDA.
My worry is that we’re spending too little considering the economy has contracted. It could’ve contracted less if we had spent the (2020) budget, and had a separate budget for COVID-19. Says Senator Recto.
Recto notes that the country has sustained an estimated P82 billion in damages from the last five typhoons yet the government has only P20 billion left in calamity and quick response fund.
There’s still time to pass a supplemental budget or Bayanihan 3, not only for the pandemic but also for those affected by the most recent typhoons. — NorBella Tan/AdChoiceTV News