Presidential Adviser for Entrepreneurship Joey Concepcion has recommended maintaining Alert Level 1 status in the country, especially in key cities including Metro Manila, to counter the impacts of global economic slowdown brought by the Russian invasion of Ukraine.
Concepcion said Monday increased mobility and keeping all economic activities open will support the expansion of gross domestic product (GDP) and will keep businesses afloat.
“We can’t stop the war in Europe, but we can help the country brace for a crisis. We are a consumer-led economy. We depend on mobility,” he explained.
The Presidential Adviser Concepcion, who is also the founder of Go Negosyo, said the Ukraine-Russia crisis has disrupted the flow of raw materials in the global market and pushed higher prices of petroleum and wheat.
He added that micro, small and medium enterprises (MSMEs), which are just recovering from the impact of the pandemic, will be hit the hardest by the skyrocketing commodity prices brought by the Ukraine-Russia crisis.
“It has now become more urgent for the Philippines to maintain its Alert Level 1 status until the end of the year,” Concepcion said. “Schools and offices have a massive multiplier effect in spurring economic activity, especially with MSMEs like cafeterias, retail shops, and transport,” he added.
To remain in Alert Level 1, Concepcion stressed the need to continue the administration of Covid-19 vaccination and booster shots for the population.
“Vaccination and booster shots are vital and necessary. If our Covid-18 infection numbers go up again, our mobility will be restricted and we would reverse the gains we’ve achieved so far,” he pointed out. ###