Metro Manila (CNN Philippines, February 21) — The Financial Executives Institute of the Philippines or FINEX expressed support to a proposal to place the entire Philippines under the most lenient quarantine controls next month for a faster economic recovery.
In a statement issued Sunday, FINEX stressed the Filipino masses suffer most from the dilemma of balancing public health and reviving the economy amid the raging COVID-19 pandemic.
“We have seen how our countrymen have suffered from the devastating effects of the COVID-19 pandemic on the Philippine economy, with increased levels of poverty and hunger,” it said.
“We believe that the reopening being proposed, coupled with continuing health measures such as masking, testing and tracing, balances the need to protect both lives and livelihood,” FINEX added.
The group also urged the government to pass laws amending the Public Service Act, the Retail Trade Liberalization Act, and the Foreign Investment Act to further entice more investors.
“We urge our government officials to act with urgency on these measures to further open up the economy, lest we be left behind in the quest for economic recovery and growth,” FINEX said.
Once the national government decides to approve the shift to modified general community quarantine, FINEX said local government units must embrace a uniform health protocol to facilitate the smooth flow of goods and services.
Last week, the National Economic Development Authority asked President Rodrigo Duterte to place the country under MGCQ due to huge economic losses.
READ: NEDA proposes lowest form of community quarantine for PH starting March
Acting NEDA chief Karl Chua said the lockdown imposed since March last year has led to a significant decline or total income loss among Filipinos.
“Kailangan po natin mag-shift sana sa lalong madaling panahon sa MGCQ (modified general community quarantine) for the entire Philippines sana starting March 1, 2021, para i-address po ‘yung hunger,” he said.
[Translation: We need to shift as soon as possible to MGCQ for the entire Philippines, hopefully starting March 1, 2021, in order to address hunger.]
“The main reason is gusto na po natin ma-mitigate or mabawasan ‘yung [we want to mitigate or reduce] sickness, hunger, poverty, job and income loss that are arising,” he added.
