MANILA, Philippines — The worst has already hit the Philippine economy and the only way now is to go up, Malacañang said Thursday.
Malacañang is reacting to a Social Weather Stations (SWS) survey showing that two out of five Filipinos believe that the Philippine economy will worsen in the next 12 months.
“Naintindihan po natin kung bakit pessimistic ang ating mga kababayan. Pero ang sinasabi naman po ng mga economic managers: We have hit rock bottom and the only way to go is up,” presidential spokesperson Harry Roque said in an online briefing.
(We understand why our countrymen are pessimistic. But our economic managers said: We have hit rock bottom and the only way to go is up.)
“Ngayong nagbubukas na po tayo ng ekonomiya at naghahanda na po tayo para sa mga pupwedeng magkasakit, dahil nga po nagtatrabaho na tayo, tingin ko po babangon na tayo. It will not be as bad, it can only be better,” he went on.
(Now that we have opened up the economy and we’re preparing for more people possibly falling ill, now that we’re working, I think it’s time we rise up. It will not be as bad, it can only be better.)
Most areas in the country, including Metro Manila, have already shifted to a more lenient lockdown, but businesses involved in leisure activities remain shuttered.
In August, the country’s inflation eased to 2.4 percent from 2.7 percent in July.