Increasing vax rate, declining COVID-19 cases keys to economic recovery

DAVAO DEL NORTE, Oct. 25 (PIA) – An expert said that if the vaccination rates will continue to rise and the COVID-19 cases will decrease, a higher chance of economic recovery is expected given that COVID-19 is the primary reason for inflation in Davao Region and the entire country.

On the Philippine Statistics Authority (PSA) XI Data Dissemination Forum on the Consumers Price Index (CPI), the guest discussant from the Bangko Sentral ng Pilipinas (BSP) - Department of Economic Research Director, Dr. Jasmin E. Dacio highlighted how the CPI and the inflation rates affect the economic policies and the creation of economic recovery roadmaps.

As the head of the Department of Economic Research in BSP, Dr. Dacio said that in framing the economic policies, the inflation rate is the prime factor to be considered. It is also useful in forecasting the economic recovery from the COVID-19 pandemic, she added.

When asked about her opinion on the trend of the economic recovery considering the increasing vaccination rates and significant drop of the COVID-19 cases during the open forum, she said that if the current trend will continue, a higher chance of faster economic recovery will happen.

"If the vaccination rates will continue to increase, given that our COVID-19 cases are dropping, I think there is a higher chance that our economy will recover faster," she said.

Dr. Dacio also said that with an inflation rate of 6.0% for September in 2021 from a higher spike on the previous month on July with 6.7%, Davao Region is one of the regions with high inflation rates. (PIA XI Davao del Norte/jmda/Ezri M. Coda, Jr.)

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