MANILA - The Philippine economy will take more than a decade to return to pre-pandemic growth, an official said Thursday, warning the next two generations of Filipinos would be paying for the cost of COVID-19.
"Our long run total cost of COVID and the quarantine both to the present and future society -- meaning our children and our grandchildren -- will reach P41.4 trillion" , Economic Planning Secretary Karl Chua said. Lower productivity caused by death, illness or lack of schooling during the pandemic "is likely to be permanent", he added.
But it would take 10 years before the country returned to pre-pandemic growth, which averaged 6.4 percent in the 10 years before COVID-19 hit.
10 years is an optimistic forecast.
More people will die from poverty and inflation than this 99.9+% survival rate virus
All the more that Filipino electorate must choose the right person for President. Non from Dynasty Politicians, Track record in local governance, well educated, concensus builder yet pragmatic, regards for law, impeccable integrity, forward looking w/ good platform of governance
Grabe ito magbabayad tayo ng 2 decades sa pandarambong ng covid19 funds na napunta lang sa mga dummy supplier tulad ng pharmally at sa kanilang mga nakakalulang luxury cars. Saan nga ba napunta billions of money puro donations vaccines fr d west. Sa overpriced na sinovac?
Might take longer if this regime continues to be in control.
Ok kung aabutin ng 10 years bago maka recover ang Pinas pwede ba natin simulan next year? Bumoto ng tama at iboto ang tama! votewisely halalan2022
DuterteLegacy
Pamana ni Duterte sa bayan
Phillipine economy to take 10 years to recover from Duterte —- there you go, i fixed it.. you’re welcome! 😉
Rephrase - 10 Years to recover from Duterte's stupidity and greed.
How sad🥺
The next President will inherit an economic mess brought by the disastrous economic team and pandemic response gang. An economy in peril, clear legacy aggravated by incompetency, ineptness, and bastardization of institutions. An economic Armageddon to say the least.
Not entirely because of this pandemic but also because of incompetence.
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SMEs once they close they will remain close kasi wala sila access to credit, funding, bond issuance etc. Lockdwn ay health and economic crisis at ang problema after u open the lockdwn gates the virus is still there.
Kase minaliit yung Beerus!
Kung meron lang sanang CNN 10 dito.
Pano nyo po nasabi
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