25.3 C
Philippines
Tuesday, February 27, 2024

8:45 AM

25.3 C
Philippines
Tuesday, February 27, 2024

8:45 AM

NEDA-10: Vaccination key to Normin economic recovery

CAGAYAN DE ORO CITY (PIA)–While skepticism of the vaccination program is an ongoing issue mostly attributed by the gamut of inaccurate information and conspiracy theories, the National Economic and Development Authority (NEDA)-10 reiterates the importance of personal accountability not just for the sake of the region’s economic recovery but also for the safety of the community as the region executes a whole of government approach in addressing the COVID-19 pandemic.

“Ang pagbakuna (Getting vaccinated ) is not only a duty to one’s self but also a public duty because we not only protect ourselves but we also protect our loved ones. We know the vaccination will not prevent us from getting infected but with the vaccination, dili nato masinati ang (we will not experience) severe nga symptoms,” NEDA-10 Regional Director Mylah Faye Aurora Cariño said.

During the CORDS-X Podcast with Communications Sec. Martin Andanar, July 10, Cariño said the region executes the ‘Three-Pronged Economic Strategy’ as they strive to balance public health safety, economic resiliency, and economic growth.

“Ang pandemic dako kaayo ug epekto sa ekonomiya tungod kay nagpatuman ta ug mga community quarantine aron atong mapugngan ang pagkuyanap sa COVID-19. Nihinay ang atong ekonomiya tungod kay naa ma’y mga establisemento that are not allowed to operate during the pandemic,” she added.

(The pandemic has a great effect on the economy because we implemented the community quarantine to contain the spread of COVID-19. Our economy has weakened because there are establishments that are not allowed to operate during the pandemic)

Due to this, the region’s economy experienced a 5.2 percent contraction in 2020 or a loss of P45 billion alongside an unemployment rate of 11.1 percent, which peaked in April 2020.

Cariño notes however that the region was ranked as the third slowest in economic contraction following Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and Region 12 compared to the national average of 9.6 percent.

Through the Three-Pronged Economic approach namely response, vaccination, and recovery, they aim to revitalize the economy once again by first utilizing PDITR strategies (Prevent, Detect, Isolate, Treat, and Recover) followed by the proper implementation of recovery packages in response to the pandemic.

She also cited the “timely implementation” of the government’s vaccination program in northern Mindanao to eventually fully reignite northern Mindanao’s economic activity again.

PHL economic leaps

As the end of President Rodrigo Duterte’s term draws closer, the regional director underscored the administration’s economic leaps in addressing the issues in northern Mindanao.

“If we really want to look at the legacy of this administration, isa gyud nato makitan (one thing we can see) is the substantial reduction of poverty in Region 10. Ang atong (our) poverty survey is done every three years. In 2015, the poverty incidence among families was high at 32 percent then in 2018 it went down to 17.3 percent. In fact in 2018, nakab-ot na nato atong (we have reached our) target for 2022,” she said.

Aside from the administration’s priority Build Build Build (BBB) program, which accelerated socioeconomic growth and poverty reduction by connecting isolated areas and islands alongside strategic establishment of public infrastructures in an area, Cariño said the enactment of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law and the Financial Institutions’ Strategic Transfer (FIST) Act also greatly helped in the region’s economic resilience amid the pandemic.

“Region 10 prides itself in having the most substantial reduction of poverty among all the region, there are also several important legislations, legislation relating to free tuition, relating to 4Ps [Pantawid Pamilyang Pilipino Program], and economic related packages,” she said. (Vincent Philip S. Bautista/PIA-10)