MANILA – The Makati Business Club (MBC) on Tuesday expressed its support to the government for safe economic recovery as the Philippines’ gross domestic product (GDP) recorded its first growth after five quarters of decline.
The MBC has also welcomed the 3.7-percent economic growth for the first half of the year despite the reimposition of strict community quarantine measures in Metro Manila and nearby provinces from end-March to mid-May.
“MBC continues to support the road to economic recovery and calls on the rest of the business community to actively support and collaborate with the government and other stakeholders to help facilitate safe recovery,” the business group said in a statement.
The government reported that GDP in the second quarter of 2021 stood at 11.8 percent, mainly because of the low base during the same period last year.
Manufacturing, construction, and wholesale and retail trade were the main drivers of economic growth in April to June 2021 period.
“However, recovery prospects are threatened by the highly contagious Covid-19 Delta variant, which prompted the government to impose the strictest mobility restrictions in early August,” MBC said.
The business group hopes that the government’s Prevent-Detect-Isolate-Treat-
“If these programs were effectively implemented, businesses and workers would be able to return to work even as the pandemic continues,” MBC added. (PNA)
