In an economy driven by consumer spending, the lack of economic activity has grave repercussions to businesses across all sectors.
The coronavirus disease 2019 pandemic has brought a prolonged period of uncertainty and unrest to our health care system, our economy and our lives. According to the World Economic Outlook Update of the International Monetary Fund, the Philippine economy will contract by as much as 3.6 percent because of the pandemic.
Economic experts are one in saying the first step to recovery is resuming a range of economic activities, no matter how limited they may be. By opening our industries one by one, we return to a sense of “normalcy” that will fuel a person’s need to spend. This campaign effectively complements the proposed Accelerated Recovery and Intervention Stimulus for the Economy of the Philippines Act that has been approved by Congress. This act mandates sectoral interventions to aid critically impacted industries.
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