As the world continues to experience a prolonged period of uncertainty and unrest caused by theCOVID-19 pandemic, the human cost is rapidly being matched by huge economic costs. To date it has already affected the lives of people in almost 200 countries globally.
According to the World Bank in its press release dated March 30, developing economies in East Asia and the Pacific (EAP), recovering from trade tensions and struggling with COVID-19, now face the prospect of a global financial shock and recession.
To mitigate COVID-19’s effect, the World Bank recommended six policy measures among which is that the countries must balance both health and macroeconomic policies.
These policies must provide a stable economic environment that is conducive to fostering strong and sustainable economic growth.
In the Philippines, the National Economic and Development Authority (NEDA) projected 2020 gross domestic product (GDP) growth to be as low as -0.6%, as tourism, trade, remittances, and consumption drastically drop during the lockdown.
As the country is now battered by a perfect economic storm, the Office of the Presidential Assistant for the Visayas (OPAV) Department of Health (DOH-7), local government units of the cities of Cebu, Mandaue and Lapu-Lapu, and various Chambers and the private sector created the Project BalikBuhay (PBB),an 18-month period multi-stakeholder plan, anticipated to ramp up the economy, secure economic growth, and at the same time fight the spread of COVID-19.
It is to be noted that in order to recover from the pandemic’s health and economic consequences, the implicit relationship between individuals and institutions must be upheld.
The market economy and the social fabric that holds it together will be deeply compromised, or perhaps undermined, if massive numbers of jobs are lost, vendors can’t fulfill their contracts, tenants can’t make their rent, borrowers default at scale, and taxes go unpaid.
Thus, the Cebu Chamber of Commerce and Industry (CCCI),Mandaue Chamber of Commerce and Industry (MCCI), Cebu Filipino-Chinese Chamber of Commerce (CFCCC), Mactan Export Processing Zone Chamber of Exporters and Manufacturers (MEPZCEM) Chamber Inc., and Philippine Retailers Association (PRA) Cebu Chapterare enjoining all its members and the whole business community to show support to the project by adopting to the COVID-19 testing of returning employees, compliance to the new normal health standards and other guidelines set forth.
For businesses who are interested to join kindly send us the following details: Complete Name, Company, and Mobile Number and send to 09151623422 and we will give you a slot to participate in the next PBB Orientation.
For more information on the Project BalikBuhay, one may call/text or 09655346501 (Jezreel) 09151623422 (Bien) or email at email@example.com.