Alert level 1 “necessary” to counter the global economic slowdown
MANILA – Presidential Advisor for Entrepreneurship Joey Concepcion has recommended maintaining Tier 1 alert status in the country, especially in Metro Manila and key cities, to counter the effects of the global economic slowdown caused by the conflict between Ukraine and Russia.
Concepcion said in a statement on Monday that increased mobility and maintaining all economic activity would support gross domestic product (GDP) expansion and keep businesses afloat.
“We cannot stop the war in Europe, but we can help the country prepare for a crisis,” he said. “We are a consumer-driven economy. We depend on mobility.
Concepcion, who is also the founder of Go Negosyo, said the Ukraine-Russia crisis has disrupted the flow of raw materials to the world market and pushed up oil and wheat prices.
He added that micro, small and medium-sized enterprises (MSMEs), which are just recovering from the impact of the pandemic, will be the hardest hit by the spike in commodity prices caused by the Ukraine-Russia crisis.
“It has now become more urgent for the Philippines to maintain its Level 1 alert status until the end of the year,” Concepcion said. “Schools and offices have a massive multiplier effect in driving economic activity, especially with MSMEs like cafeterias, retail stores and transportation.”
In order to remain at Alert Level 1, Concepcion stressed the need for continued administration of the coronavirus disease 2019 (Covid-19) vaccine and boosters.
“(W)e must continue to vaccinate, strengthen and keep our Covid indicators under control. If our Covid numbers increase again, our mobility will be restricted and we would reverse the gains we have made so far,” he said. (NAP)