The National Economic and Development Authority (NEDA-10) has projected that the region needs some P179 billion in stimulus funding and investment to regain its economy following the devastation wrought by the coronavirus disease 2019 (Covid-19) pandemic.
Neda said in addressing the socioeconomic impacts of coronavirus disease (COVID)-19 pandemic and at the same time helping the region to transition to the new normal, some P197,609,824,000 was allocated for the region’s recovery plan.
Regional Director Mylah Faye Cariño said during the NorMin COVID-19 Response Task Force press conference, July 7, that such amount covers the sectors for the economy (P14 billion), social services (P150 billion), environment (P2 billion), governance and cross-cutting concerns (7 billion), and transportation (23 billion).
Based on estimates on current prices, the region marked P17.86 billion in losses from March 15 to May 31 with disruption of work. For the whole year, NEDA-10 estimated P61.13 billion on the economic loss but this will be revisited based on how things will turn out with the crisis.
“As things unfold for this year there might be a contraction it means that what we produce in 2020 is lower than what we produced last year. Ang atong output muhinay o mugamay (Our output will be lower) than the output last year with a slight contraction of 0.32 percent and that is in current prices,” Cariño said.
In aiding the economy, the economic cluster of the NorMin COVID-19 Response Task Force plant to create digital palengke or supermarkets and other innovations to ensure availability and accessibility of sufficient and safe food supply.
Based on the RRP, employment assistance is also essential in aiding economic loss brought about by the pandemic. Under such, Balik Probinsya, Bagong Pag-asa Program beneficiaries will be prioritized.
Also, part of the recovery plan is to equip public health facilities and personnel with adequate capacities and resources to manage infectious diseases. With this, the government irons out plans to increase access to and expedite the delivery of nutrition services to the most vulnerable groups and areas.
The plan also focuses on empowering local government units (LGUs), starting at the barangay level, and strengthening their capacities as first responders and frontline service delivery units.
Quarantine Control Points (QCPs) in strategic areas will also be maintained as long as there is no known cure and vaccine for COVID-19.
Meanwhile, Cariño also cited the inflation rate in the region where food and alcoholic beverage marked 2.7 percent inflation, recreation and culture (1.2 percent), education (1.6 percent), restaurants and miscellaneous goods and services (2.3 percent), transportation (2.3 percent), alcoholic beverages and tobacco (18.5 percent), housing, water, electricity, gas and other fuels (0.4 percent), and communications (0.4 percent).
To enforce such plans and aid in stabilizing the economy, NEDA-10 enjoins the national government agencies, local government units, civil society organizations, the private sector, and other concerned stakeholders to support the implementation and monitoring of the RRP. (Recthie Paculba/PIA10)
