Push Admin

Shift to Alert Level 3 to cost P3 billion in losses per week: DBCC

Article (news)

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="An employee places markers to ensure physical distancing at a fast food restaurant in a mall in Mandaluyong City on January 6, 2022 as Metro Manila remains under ALert Level 3. Jonathan Cellona, ABS-CBN News/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/01/07/20220106-covid-mall-alert-level-3-jc-5.jpg"/><figcaption>An employee places markers to ensure physical distancing at a fast food restaurant in a mall in Mandaluyong City on January 6, 2022 as Metro Manila remains under ALert Level 3. <em>Jonathan Cellona, ABS-CBN News/File</em></figcaption></figure></div><p>MANILA— The shift to Alert Level 3 from Alert Level 2 in Metro Manila, Bulacan, Cavite, Laguna, and Rizal will result in a gross value added (GVA) losses of P3 billion a week, the Development Budget Coordination Committee said Friday.</p><p>NCR, Bulacan, Cavite, Laguna, and Rizal are under the stricter Alert Level 3 until Jan. 15. </p><p>&quot;We estimate that the shift from Alert Level 2 to Alert Level 3 for NCR plus, which includes Metro Manila, Bulacan, Cavite, Laguna, and Rizal, will result in a Gross Value Added (GVA) loss of about P3.0 billion per week,&quot; the joint statement of DBCC members read.</p><p>&quot;While this may delay our goal of shifting to Alert level 1, we believe that this is a temporary setback and is a necessary adjustment in view of the new COVID variant,&quot; the statement added.</p><p>Economic managers are also monitoring the impact of the elevated number of COVID-19 cases in the National Capital Region and neighboring provinces, the DBCC said. </p><p>On Friday, the number of daily COVID-19 cases breached 21,000.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/01/06/22/ph-logs-17220-new-covid-cases-369pct-positivity-rate">Philippines records highest COVID-19 positivity rate yet, 17,220 new infections</a></li></ul><p>The Philippines is currently in a better position to manage possible spikes due to its ample vaccine supply, funds for booster shots and increased hospital capacity, among others, the DBCC said. </p><p>As of Jan. 5, 110.9 million doses have been administered. Out of which, 57.3 million doses were for first jabs, 51.1 million for complete dose while 2.5 million were for booster shots, it added. </p><p>Granular lockdowns, which have lesser economic impact compared to lockdowns, are also being implemented, it said. </p><p>Government spending, which will boost economic growth, is seen to accelerate given the recent signing of the 2022 national budget, it added.</p><p>The cabinet-level committee raised its economic growth forecast for 2021 to 5 to 5.5 percent, up from a revised 4 to 5 percent growth announced in August. </p><p>For 2022, the economy is seen to grow by 7 to 9 percent.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/14/21/philippines-raises-2021-growth-forecast-to-5-to-55-pct">Philippines raises 2021 growth forecast after strong Q3, faster vaccination</a></li>	<li><a href="https://news.abs-cbn.com/news/01/06/22/more-provinces-cities-placed-under-covid-19-alert-level-3">More provinces, cities placed under COVID-19 Alert Level 3</a></li></ul><div><strong> RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1886901" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

The shift to Alert Level 3 from Alert Level 2 in Metro Manila, Bulacan, Cavite, Laguna, and Rizal will result in a gross value added (GVA) losses of P3 billion a week, the Development Budget Coordination Committee said Friday.