Pacquiao vows financial aid, advises prioritizing of expenditures amid economic slump

Pacquiao vows financial aid, advises prioritizing of expenditures amid economic slump

File photo of incumbent senator and presidential aspirant Manny Pacquiao during a Senate session. (Photo: Inquirer.net)

By Tracy Cabrera

MANILA — With the Covid-19 Omicron variant jeopardizing our country’s economic growth target for 2022, PROMDI standard-bearer Emmanuel ‘Manny’ Pacquiao has vowed to continue providing financial and material assistance to the less fortunate even as he enjoined to ‘tighten belts’ by practicing budgetary priorities in their expenditures.
Based on studies conducted by Internationale Nederlanden Groepe (ING Bank NV), there are strong indications that the Omicron variant could prevent the Philippine government from hitting its target of a seven percent to nine percent economic growth this year as infections hamper election campaign activities while consumers rebuild savings instead of going on ‘revenge spending’.
ING senior economist Nicholas Mapa revealed in a research note that consumers have shifted gears to securing a booster shot from a flurry of spending during the holiday season.
“After putting together a seemingly good (second semester of) 2021, authorities now expect growth to zoom to 7 percent to 9 percent this year, touting vaccination efforts, a sustained march to reopen the economy, revenge spending, the election year, and that lockdowns never bother us anyway,” Mapa said.
“We do however need to remind ourselves that this time last year, growth was expected to jump to 6.5 percent to 7.5 percent due mainly to the same reasons put forward yet again: vaccination, reopening, revenge spending, and the vow to never resort to lockdowns,” he added.
In reaction, Pacquiao echoed observations from economic advisers that spelled out “whether the spread of Omicron would result in hard lockdowns that in the past hobbled the economy, it would likely dent both consumer and business expectations in the near term.”
The People’s Champ stressed that it would be best for the authorities to extensively study the situation in order to formulate the right decision and policies regarding the imposition of restrictions and health safety protocols that would not hamper efforts for economic recovery and business activities.
“Dapat balanse ang gagawing mga polisiya Para hindi naman bumagsak ang ating ekonomiya. Alam nating hindi kakayanin ng ating gobyerno Kung puro ayuda ang ibibigay sa ating mga kababayan at mas makakabuti kung may oportunidad silang magkaroon ng hanapbuhay o sariling kabuhayan. Bukod dito, kailangan din natin ang taimtim na panabalig sa Diyos,” he concluded. (ai/mtvn)

Leave a Reply