Greater and closer collaboration between the government and the private sector on the coronavirus disease 2019 (COVID-19) crisis can mitigate its impact on the Philippine economy as well as ease the people’s anxiety.
Aboitiz Group president and chief executive officer Sabin Aboitiz conceded that the COVID-19 crisis created a lot of uncertainty. But he said the Philippines could be shielded from further disruptions if the government and private sector focused on boosting the economy and supporting the state’s COVID-19 information campaign.
“There is no question of the coronavirus’ impact on the economy,” Aboitiz said, stressing “it is during these times when the government and private sector must work closer together—really together to effectively mitigate the crisis.”
In a briefing with financial analysts on March 11, Aboitiz noted the implementation of both government- and private sector-led infrastructure projects can counter the economic impact posed by the COVID-19 crisis.
He noted Finance Secretary Carlos Dominguez III’s declaration that the current administration’s Build, Build, Build program will go full blast “is the right thing to do.”
“One sure way to keep the economy stimulated is the immediate implementation of the government’s infrastructure program—especially the projects of national significance,” Aboitiz said. “It generates jobs, it triggers economic activity, and there is definitely no question about the long-term benefits.”
“We in Aboitiz have always been ready to invest time and money to build the infrastructure we Filipinos deserve,” Aboitiz said.
Another way the government can further bolster the economy is by adopting policies that give preference to goods produced and services provided by Philippine manufacturers and companies, he said.
Aboitiz cited Transportation Secretary Arthur Tugade’s instruction to the Civil Aviation Authority of the Philippines and the Manila International Airport Authority to defer the collection of take-off, landing and parking fees of local airlines.
“We fully support the government’s actions (on) landing fees to help local airlines and extending financial support to the local tourism industry—two sectors badly hit by the coronavirus,” Aboitiz said.