Think tank: Hope in new PHL Covid tack I
NTERNATIONAL think tank Moody’s Analytics said the Philippines’s new strategy against Covid-19—which is still in the works—could potentially bring back the economy to its recovery path. In an analysis published on Thursday, the research arm of the Moody’s Group recognized the Philippines’s plan to take a more “integrated” approach to managing the economic impact of Covid-19, although it has yet to be officially rolled out by the government. Earlier this week, the InterAgency Task Force (IATF) said they are looking to adopt new measures for the country’s Covid-19 management, including “granular lockdowns” instead of
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the current wider community restrictions. “A proposal has been tabled to shift from the strict quarantines now in place to a policy of ‘granular lockdowns,’ which would alternate periods of lockdown across areas, somewhat analogous to rotating groups into and out of office work spaces,” Moody’s Analytics Chief Asia Pacific Economist Steven Cochrane said. “There are few details on how this will be designed and implemented, but the proposal offers the potential of allowing greater access to shopping and other economic activities and boosting the pace of economic recovery,” the economist added. “If executed well, this could finally help an economy that has
been very sluggish under the weight of severe and lengthy lockdowns,” he further said. Cochrane also said the proposal to introduce preferred access on public transit, in shopping malls, and in restaurants for those with proof of vaccination can also be a good measure for a country grappling with lockdowns. “This will generate greater mobility for those vaccinated, which will help bolster economic growth as the vaccination rate rises. It does, however, run the risk of marginalizing those not vaccinated,” the economist said. “First and most important, additional vaccine doses are being acquired and vaccinations will be universally available to all segments of the population begin-
ning in October. This should slow the pace of Covid-19 and, it is hoped, reduce the severity of infections, at least among those vaccinated,” Cochrane further said. The economist said, however, that whatever gain there is to be made with the new integrated approach will not be felt until next year. “This new integrated approach creates some upside potential to the pace of recovery but mostly for 2022, since most of this policy shift will not begin until this year’s final quarter. We have not adjusted our forecast based on these actions, but we will be watching carefully for further details on their scope and execution,” the economist said. Bianca Cuaresma
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Friday, September 3, 2021 Vol. 16 No. 324
P25.00 nationwide | 2 sections 22 pages | 7 days a week
SETTINGS FINE, FOR NOW WHAT HAPPENS NOW TO 15-YEAR CASINO BAN ON BORACAY? By Ma. Stella F. Arnaldo
@akosistellaBM Special to the BusinessMirror
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HERE is a 15-year local ban on casinos on Boracay, which will end in 2032. But will it be enough to stop the expected onslaught of gaming activities after President Duterte gave his thumbs up to new casino projects? Asked about Duterte’s latest pronouncement on Boracay casinos, Malay Councilor Nenette Aguirre-Graf told the BusinessMirror, “We have a 15-year moratorium [on casinos].” She added, the moratorium was issued “even before Galaxy was to build its casino because we also have a moratorium on new building
A health worker gives instructions to residents of Marikina City as they wait for their turn to be vaccinated against Covid-19 at the Marikina Sports Center in Marikina City. Health-care workers on Wednesday held a protest in front of the Department of Health offices in Manila to demand that the agency release benefits due them, especially those mandated by pandemic laws. They also pressed for the resignation of Health Secretary Francisco Duque III. NONOY LACZA
By Bianca Cuaresma
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@BcuaresmaBM
HE Philippines’s accommodative monetary policy settings continue to be appropriate amid the recent economic developments in the country, the Bangko Sentral ng Pilipinas (BSP) chief said on Thursday, amid calls by some private economists for further easing. See “BSP,” A2
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constructions.” The planned $500-million casino of Galaxy Entertainment of Macau, in partnership with Leisure and Resorts World Corp., was rejected by Duterte in 2018, supposedly to preserve the gains from the rehabilitation of Boracay. Sangguniang Bayan of Malay’s Resolution 0068, approved on July 4, 2017, was issued “to regulate the proliferation of casinos, gaming junkets, legal gambling activities, as well as other Pagcor/ GAB [Philippine Amusement and Gaming Corp./Gaming and Amusement Board]-sanctioned gaming/gambling operations in the municipality of Malay.” See “What,” A2
Vaxx IPR easing, key to ‘reset’ economy By Cai U. Ordinario
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@caiordinario
HE suspension of intellectual property rights for vaccines and proactive solutions to address climate change should be the direction forward to “reset and rebuild” the Philippine economy after the pandemic, according to experts. In the 19th Development Policy Research Month (DPRM) Kick-off Forum on Thursday, Phil-
ippine Institute for Development Studies (PIDS) Senior Research Fellow Adoracion Navarro said the country needed to participate in efforts to make vaccines more accessible. Rosa T. Perez, Senior Research Fellow at the Manila Observatory, also said that more actions must be done to adapt and mitigate the ill effects of climate change in order for the economy to be green and inclusive. “[Our theme this year aims] to
spread the message that we will be able to rebuild from the setbacks of the Covid-19 pandemic and create a better Philippines. We need to reset our paradigms and balance the interest of people, profit, and planet, placing equal importance on economic, social, and environmental wellbeing and sustainability,” PIDS President Aniceto C. Orbeta Jr. said in his opening remarks on Thursday. Navarro said the country
should play catch-up in areas such as vaccine development, intellectual property rights, vaccine manufacturing, and scientific developments on treatment, prevention and how to make these more affordable for Filipinos. She recommended that researchers focus on these areas to allow more Filipinos to benefit from these and make it possible to live with the virus in a postpandemic world.
n japan 0.4538 n UK 68.7608 n HK 6.4198 n CHINA 7.7282 n singapore 37.1377 n australia 36.7770 n EU 59.1197 n SAUDI arabia 13.3127
See “Vaxx,” A2 Source: BSP (September 2, 2021)