“We are now pushing for reopening with controls, but the economy should run at full speed because there is lots of catching up to do,” said Concepcion at the virtual “Pandesal Forum” on Philippine Economic Recovery at the Kamuning Pandesal.
Concepcion, who is currently now in the US, also said that other countries have already opened up their economies but they are strictly enforcing the wearing of face masks. “There is greater mobility in the US, and in our cases we have to bring back the confidence,” he said. By allowing full reopening of all sectors, the business leaders said the economy is poised for economic take off. Barcelon even said that the economy should grow 7 to 9 percent this year while Lim, who earlier projected of 6-7 percent growth.
Another factor that will complement the economic reopening is the national and local elections in May this year. Barcelon, however, said that the 2 percent GDP contribution of the previous elections may be reduced this year because of the cap on election spending. Barcelon said the election contribution could still boost the domestic economy by at least 1.5 percent of GDP.