NEDA: Central Luzon to bounce back from Covid-19
The National Economic and Development Authority (NEDA) is projecting a positive outlook in Central Luzon with the local economy expected to bounce back from the impact of the coronavirus disease (Covid-19) pandemic.
According to a Philippine Information Agency report, NEDA OIC-Regional Director Agustin Mendoza said government efforts to recover the supply chain and strengthen basic commodity flows enabled the slowdown in the price increase of food and non-alcoholic beverages.
He made the remarks during the first episode of the Dagyaw Central Luzon: The Open Government Virtual Town Hall Meeting 2020.
“Monthly inflation rate in Central Luzon from 2019 to September 2020 is fluctuating, but the average inflation for the said period is at 2.9 percent. This is well within the government target,” Mendoza said.
He added that prices of essential goods were in the normal range.
“The agriculture, manufacturing, industry, and services contributed greatly to stabilize prices in Central Luzon. Supply easily copes up with the demand,” he said in the report.
Mendoza noted that while employment rate dropped to 89.7 percent in July 2020 from 94 percent during the same period last year, “the good news is from just 72.7 percent employment rate during the first quarter, it increased to 89.7 percent during the third quarter.”
“This is an indication that the economy is slowly recovering from the Covid disruptions and we are slowly opening our economy, particularly the agriculture, education, and transportation sectors, among others,” he said.
“Once all Build Build Build projects in Central Luzon and the entire Greater Capital Region are completed, we can expect additional employment, investors, revenue, and economic growth not only in the region, but in the entire Philippines,” Mendoza said.
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