NCR, Central Luzon, Calabarzon economies contracted worse than rest of PH
The National Capital Region and 2 other regions, which contribute substantially to the country’s gross domestic product, suffered economic contractions that were worse than the national average last year, the state statistics bureau said on Thursday.
The Philippine Statistics Authority said the NCR, Central Luzon, and Calabarzon all saw their economies suffer double-digit contractions in 2020, worse than the national GDP contraction of 9.6 percent for the year.
Together, the three regions account for 57.9 percent of the country’s GDP, based on the PSA’s revised and rebased regional accounts. NCR accounts for 31.8 percent of the Philippine GDP, Calabarzon contributes 14.8 percent, and Central Luzon 11.3 percent.
The government said the sharp decline was due to multiple factors, including the impact of the COVID-19 pandemic and related mobility restrictions on services, logistics, and face-to-face transactions.
Read more on ABS-CBN News.
PCCI seeks waiver of license fees, wage subsidies during pandemic
The country’s largest business organization wants government to consider waiving the renewal of existing permits and licenses, providing wage subsidies, and improving the vaccine rollout to start recovery and enable job creation.
In a speech during the National Employment Recovery Strategy Pre-Summit Dialogue for Businesses, Philippine Chamber Commerce of Industry president Benedicto Yujuico said the business sector would want the government to waive the renewal of existing permits and licenses during the COVID-19 pandemic.
“Let’s reduce the transaction fees. Let’s have a moratorium on expiration of existing permits and licenses,” he said.
He said a wage subsidy program would also be welcomed by businesses.
“The wage subsidy would provide some relief for businesses in paying employees’ compensation and allow for some savings,” he said.
Read more on PhilStar News.