BSP Governor Benjamin Diokno
MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno on Wednesday said everyone’s cooperation is needed during the month-long Luzon-wide enhanced community quarantine to ensure not only public safety but also stability of the economy.
In a text message to journalists, Diokno said economic impact of the enhanced quarantine, implemented since March 17 to arrest further rise in coronavirus disease 2019 (Covid-19) cases, remains unknown but added “it will definitely have an impact.”
Economic managers estimate the economic impact of Covid-19 on this year's domestic output to be around 0.3 to 1.0 percentage point.
“Note that this action is meant to be temporary, 30 days at most, and it will straddle two quarters -- two weeks out of 13 weeks in Q1 (first quarter) and another two weeks in Q2 (second quarter). It is designed to flatten the incidence curve,” he said.
Under the enhanced community quarantine, people are advised to stay at home as classes and work, with some exemptions, have been suspended.
Workers in the medical field, emergency and mission-critical services and utilities, as well as those from the media, are allowed to go out of their homes provided they have proper identification cards with them.
The private sector has been advised to have their employees work from home.
Public transportation has been suspended but people with vehicles are allowed to go out but only one member of a household is allowed to use the vehicle to buy or access basic necessities.
Local governments and employers need to provide point-to-point transportation for people who are allowed to report for work.
“I think the focus should be on how to make the Luzon-wide community isolation measure work. If it succeeds, the adverse impact will be minimal and we can expect a V-shape recovery. If it fails, the adverse impact can be large and protracted, and the recovery can be an elongated U,” he said.
Diokno, who has yet to receive the result of Covid-19 test he took last March 13, urged everyone to implement community isolation measure.
“It will not only benefit oneself, one’s family, but it will also benefit the whole community and society,” Diokno added. “Moral of the story: let’s cooperate, let’s hope the community isolation works. If you have no business going out of your home, stay home.” (PNA)
