DOMINGUEZ SEES ECONOMIC GROWTH IN 2ND QUARTER

Finance Secretary Carlos Dominguez III expects the domestic economy to gather steam in the second quarter, as the latest surge in coronavirus infections has now subsided and the government starts to rapidly expand its mass vaccination program against COVID-19.

Dominguez told a business forum that if overseas manufacturers are able to deliver the volume of vaccines as committed and planned, the Duterte administration will have enough doses to inoculate not only the 70 million Filipino adults, but also about 15 million teenagers once an anti-COVID-19 shot for them is approved by the Food and Drug Administration (FDA).

If this happens, then the country can expect a significant containment of infections by the second half of 2021, Dominguez said.

“There is good news on the horizon, however. In the second quarter of this year, we expect to begin growing our economy again. We see that the second wave of infections that started at the end of March has subsided dramatically. We hope that this will be the last surge,” Dominguez said in his speech during the virtual general membership meeting of the Pampanga Chamber of Commerce and Industry (PamCham) this afternoon.

He pointed out that vaccine deliveries have started to pick up, allowing the government to open the inoculation program to frontline workers in the essential sectors of the economy. “We are also in the process of negotiating for the booster shots next year. The COVID-19 pandemic should soon be contained,” said Dominguez.

Dominguez assured Pampanga’s business community that the Duterte administration is fully supportive of small and independent businesspersons as the economy’s recovery relies on their “innovation, dynamism, and boldness in making investments.”

“I encourage you to continue your expansion plans and accelerate the shift to digitalization in order to meet the demands of the New Economy. I also urge you to start adopting measures that would make your businesses climate-resilient and a contributor to our climate mitigation initiatives,” Dominguez said.

He said the country is counting on micro, small and medium enterprises (MSMEs) to drive its post-pandemic recovery and bring down unemployment and poverty rates, as these businesses employ the majority of workers in our economy.

“Together, let us rise to the present challenges we are facing and build back a stronger economy and a more sustainable future for the Filipino people,” he said.

Dominguez said the government has long been supporting the business sector by ensuring fiscal stability, which has led to the country’s highest-ever sovereign credit ratings—a status that has ensured lower interest rates and cheaper, more accessible financing for enterprises.

Several game-changing reforms have also been passed under the Duterte administration that have allowed MSMEs in the country to flourish, with Pampanga as among the biggest beneficiaries of these measures.

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