MANILA - Socioeconomic Planning Secretary Karl Kendrick Chua has cited the need to let the economy function normally instead of locking it down and providing stimulus measures that will have little benefit to domestic output and the people. In a reply to a query regarding his stand on the proposed additional stimulus measure, Chua, during the Economic Journalists Association of the Philippines' (EJAP) virtual economic forum on Thursday, said any additional cash aid should still be targeted and "there should be a way" for the people to spend this stimulus. With various levels of movement restrictions still implemented nationwide, Chua said there would be "little opportunity" for the stimulus to be used. "My position has always been to safely reopen the economy because that is the best and most sustainable way to get the economy started. And what that means is it's not the GDP (gross domestic product) only. It is the jobs, it is the people getting income
Socioeconomic Planning Secretary Karl Kendrick Chua (File photo) MANILA - The National Economic and Development Authority (NEDA) has estimated that placing the National Capital Region (NCR) under the more relaxed Alert Level 2 can boost the economy by PHP3.6 billion and employment by 16,000 per week compared to the current Alert Level 3. Socioeconomic Planning Secretary Karl Kendrick Chua bared Thursday results of the NEDA and Philippine Statistics Authority (PSA) estimates measuring the weekly improvement on the country's economic performance as it shifts to an alert level depending on developments of coronavirus disease 2019 (Covid-19) cases. Estimates also show that an additional PHP10.3 billion in the country's gross domestic product (GDP) and 43,000 in employment can be gained per week with further deescalation to Alert Level 1. "So, there are very clear indicators why opening the economy will have a direct impact on GDP and the people," Chua said in a webinar of