'COVID-19 hit us in a very hard way': Dominguez says negative growth in 2020 possible. COVID19
MANILA - The Philippines' finance chief said on Thursday the country has been hit hard by the COVID-19 health crisis and that the economy may not experience any growth this year.
Dominguez also said unemployment is estimated at 1.2 million workers, but added that this figure is comparable to the lowest unemployment rate the Philippines has experienced. "In other words, we will be spending more than we are collecting but we will be spending more in order to save the people and make sure that they have food on the table during this time," Dominguez said.
"Ang growth ho natin from 2016 ay average 6.4 percent. 'Yung collection natin ng income ng government is the highest in 22 years as a percentage of our growth," Dominguez added.Watch more in iWant or TFC.tv Dominguez said he is confident that the government would be able to overcome the COVID-19 crisis
Dominguez also thanked Duterte for his conservative economic policies, which he said would enable the country to withstand the crisis. The government has already started with a survey to help analyze which among the sectors of the economy have been severely hit by the crisis. "Right now, tinatap natin ang kaibigan natin sa ADB [Asian Development Bank] at sa World Bank, and we would probably be borrowing mga $5.6 billion. Kung kulang pa ito, we will go to the commercial market," he said.
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