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NEDA: Central Luzon economy needs V-shaped rebound

May 17, 2021 @ 13:38
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Central Luzon needs a V-shaped economic recovery to overcome losses due to the Covid-19 pandemic, according to the National Economic and Development Authority (NEDA).

In a Philippine Information Agency report, NEDA OIC-Regional Director Agustin Mendoza said a V-shaped rebound was needed in Central Luzon after its economy contracted by 13.9 percentfrom 2019 to 2020.

“It is exceedingly necessary to reinforce our policies and interventions to ensure that the economy will not drop and shall be able to cascade to all the windfalls of robust and lasting recovery,” he said.

Mendoza cited data from Philippine Statistics Authority showing that the region’s economy dropped from P2.18 trillion in 2019 to P1.88 trillion in 2020, suffering an economic loss of P304 billion.

As a pandemic response, NEDA crafted the Regional Action Plan (RAP) which comes with 255 immediate term programs and projects worth P7.6 billion intended to expedite social and economic revitalization; ensure safe mobility of the general public; guarantee equal access to affordable and nutritious food; and maintain people-centered, technology enabled and responsive public service during the state of public health emergency.

“The timely and uninterrupted execution of RAP since the last quarter of 2020 enabled us to build an inspiring story as a region and produced encouraging results relative to our bid to combat succession of health, economic and humanitarian crises,” Mendoza said.

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