Economic Recovery Delays Anew Due to New COVID-19 Strain

Despite experts seeing 2021 as the “year of economic comeback” not only in the Philippines but the entire globe, economic recovery is once again expected to be delayed due to COVID’s new variant.

On Saturday, President Rodrigo Duterte announced that face-to-face classes that are supposed to start again this January, have been postponed again due to the same reason. In fact, flights from the United Kingdom have been cancelled by the government.

“This is the only way we can again grow our GDP and all that but we must really all take the precautions and avoid the crowd and practice social distancing,” said Alegria Limjoco, Philippine Chamber of Commerce and Industry (PCCI) chair and director for special projects.

Limjoco said that they are considering “all possible steps” to help the country prevent another spike in COVID-19 cases. Limjoco however revealed that if the situation will not get worse by next year, the economic recovery might be achieved in the “later part” of 2021.

The Bangko Sentral ng Pilipinas earlier said that they are expecting a 6.5-7.5% economic growth but Limjoco admitted that it might be delayed mainly because a lockdown and stricter quararantine protocols are imminent.

The UK is the first country where the new virus variant was discovered. (MLC)