NEDA sees economy returning to pre-pandemic levels

May 8, 2022 People's Tonight 106 views

CNN Philippines — The National Economic and Development Authority (NEDA) said the Philippine economy is poised to return to its pre-pandemic level as the country fully opens, especially in travel and tourism.

According to NEDA Secretary Karl Kendrick Chua, an executive order that provides a “ten-point policy agenda” has been signed. It aims to accelerate the country’s economic recovery from the effects of the COVID-19 pandemic by reducing travel restrictions and accelerating the vaccination program.

“Executive Order (EO) No. 166, signed a few weeks ago, fully opens the economy, and we are working on getting tourists back [and] getting travel back to as normal as possible,” Chua said in a statement released on Sunday.

According to data from the Philippine Statistics Authority (PSA), the nominal gross domestic product (GDP) at the end of 2019 is at ₱19.51 trillion.

In 2021, the GDP reached ₱19.38 trillion which is already 99.4% of the pre-pandemic figures, the PSA said.

READ: PH economy grows 5.6% in 2021, above target after Q4 performance beats forecasts

It adds that GDP figures for the first quarter of 2022 will be reported by Thursday, May 12.

In April, the Department of Tourism reported that over 200,000 foreign tourists visited the country when borders reopened in February.

Chua said having a strong macroeconomy is important in order to “have enough buffers and enough resources to withstand any shocks, and you can concentrate on improving the welfare of the people.”