27.9 C
Monday, December 4, 2023

NEDA prepares recovery plan to avoid prolonged economic recession

The National Economic and Development Authority said it is preparing a recovery plan to rebuild business and consumer confidence to avoid a prolonged economic recession as the “Bayanihan to Heal as One” Act is expected to expedite the implementation of measures to address the COVID-19 pandemic.

Economic Planning Secretary Ernesto Pernia said over the weekend the Bayanihan Act, recently signed by President Rodrigo Duterte, was aligned with the World Health Organization’s guidelines for preventing the further transmission of COVID-19 through “effective education, detection, protection, and treatment.”

“This law enables the government to act swiftly in identifying programs and targeted measures, together with sources of funds that can be quickly disbursed,” said Pernia.

“As part of the Inter-agency Task Force, we are hoping to contribute substantially to the National Action Plan,” Pernia said.

He said NEDA was committed to collaborate with the Department of Budget and Management, Department of Finance and other government line agencies in putting together a holistic package and mobilizing resources.

NEDA released a report assessing and addressing the social and economic impact of the COVID-19 pandemic on March 24. The report presents a three-phased program of interventions.

Pernia said the enactment of the Bayanihan law was a welcome move to fast-track the implementation of measures especially in the first phase.

Phase 1a is clinical and medical response to rising COVID-19 cases. Pernia said this should move very quickly. The Bayanihan Act fast-tracks the accreditation of testing kits needed for early detection, diagnosis and more widespread testing.

It also ensures COVID-19 treatment coverage under the National Health Insurance Program, especially of the public and private health workers.

He said that for Phase 1b or public health response, the law ensures that the local government units are implementing within the set standards of community quarantine.

“Related to work suspension to reduce possible disease transmission, the government recognizes that the poor and marginalized are the ones most affected by this crisis. The Bayanihan Act enables the government to provide emergency subsidy to around 18 million low-income households for two months to help address the impact of loss of income and employment,” Pernia said.

He said an expanded and enhanced Pantawid Pamilyang Pilipino Program would be implemented to give households the capacity to purchase basic food and essential items during the community quarantine. Julito G. Rada

Under Phase 1c or short-term augmentation of health systems capacity, temporary human resources for health would be deployed to complement or supplement the existing health workforce.

Under the Bayanihan Act, procurement of the highly-needed supplies, equipment and other resources to be determined by the Department of Health and relevant government agencies would be expedited.

Quarantine centers, temporary medical facilities and medical relief and aid distribution centers will be prioritized in the allocation of resources.

Pernia said actions should be well coordinated and geared towards protecting people and ensuring economic recovery.

“NEDA will continue to monitor the situation. Once the spread of the disease is contained and it becomes safe to resume operations, an economic recovery plan must be quickly set in motion. Through joint efforts, we will define a new normal state of the economic activity that is more prepared and resilient not only to this kind of pandemic but also to climate change,” Pernia said.

“Accordingly, we will update our development plans and investment programs to be responsive to the needs of the country and its people, both in the short term and in the medium to long term,” he said.

- Advertisement -


Popular Articles