Palace expects economy to bounce back as gov’t to avoid expanded lockdown

September 10, 2020

Malacanang expects the economy to bounce back as the government is inclined to implement localized lockdowns to avert the spread of coronavirus disease.

In a televised press briefing on Thursday, Presidential Spokesperson Harry Roque also said since the economic team believes there is no need to close the economy, cash aid for the poorest Filipinos was not included in the proposed 2021 budget.

"The distribution of cash assistance has ended because we have no plan anymore to have expanded lockdowns," he said as he noted the launching of the campaign "Ingat Buhay Para sa Hanapbuhay."

"We will no longer give cash aid because our strategy now in localized lockdown," he added.

Meanwhile, the Palace downplayed the result of a survey, showing that 2 out of 5 adult Filipinos expect the economy to worsen in the next 12 months.

"We understand why our fellowmen are pessimistic but what our economic managers have said, 'We have hit rock bottom and the only way to go is up'. So let us hold arms, let's all work, we will open the economy. COVID is still there but we need to take care of ourselves and we will all rise up," Roque said.

According to Social Weather Stations, the latest result showed that the number of economic pessimists was highest in the last 12 years.

The government had imposed a lockdown in most parts of the country earlier to prevent the spread of COVID-19, resulting in economic recession. Celerina Monte/DMS