Measures proposed to ease impact of COVID-19 on economy

The government can stimulate the domestic economy and cushion the impact on it of the coronavirus (COVID-19) pandemic by adopting policies favoring Philippine-made goods and services, the chief of conglomerate Aboitiz Equity Ventures (AEV) said.

AEV chief executive officer Sabin Aboitiz proposed the local sourcing of 100 percent of raw materials, such as cement and steel, as the government goes full-blast with its “Build, Build, Build” infrastructure program.

“One sure way to keep the economy stimulated is the immediate implementation of the government’s infrastructure program—especially the projects of national significance,” Aboitiz said in a statement on Friday. “It generates jobs, it triggers economic activity, and there is no question about the long-term benefits.”

Aboitiz also suggested the speedy processing of all types of permits for various projects so that private sector proponents could start quickly.

He also called for protection for Philippine manufacturers from the entry of “cheap, poor quality imports.”

Aboitiz welcomed Transportation Secretary Arthur Tugade’s instruction to the Civil Aviation Authority of the Philippines and the Manila International Airport Authority to defer the collection of take-off, landing and parking fees of local airlines.

“We fully support the government’s actions [on] landing fees to help local airlines and extending financial support to the local tourism industry—two sectors badly hit by the coronavirus,” he said.

Aboitiz believes the Philippine economy can be shielded from further shocks if the government and private sector would focus on two areas of collaboration: Keeping the economy moving and supporting the government’s COVID-19 information campaign.

“There is no question of the coronavirus’ impact on the economy,” Aboitiz said, adding that “it is during these times when the government and private sector must work closer together—really together to effectively mitigate the crisis.”

“We, in Aboitiz, have always been ready to invest time and money to build the infrastructure we Filipinos deserve,” Aboitiz stressed.

Apart from its flagship po­wer business, AEV is into banking (Union Bank), food manufacturing (Pilmico), cement manufacturing (Republic Cement), real estate (AboitizLand) and infrastructure development.

The Philippine Disaster Relief Foundation, of which the Aboitiz Group is a member, can also augment the Department of Health’s (DOH) COVID-19 monitoring and information campaign. COVID-19 “is undoubtedly causing so much uncertainty and generating fear and panic—some of which is speculative to a certain degree,” Aboitiz said.

He said the Aboitiz Group was constantly reminding its team members about digital channels for business continuity, proper hygiene measures, travel and social distancing guidelines, and workplace sanitation, and are given regular updates about COVID-19.

“Our utmost concern is the health and safety of our team members,” adding the travel, quarantine, and hygiene measures have been adopted based on the guidelines set by the DOH and the World Health Organization. INQ