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Economic Triple Shock: Assessment and Remedial Measures

The pandemic crisis has had a simultaneous economic impact on demand, supply, and financing, constituting a “Triple Shock”. To address this Triple Shock, Mr. Romulo Neri, former Director-General of the Congressional Planning and Budget Office (CPBRD’s predecessor) and former professor at the Asian Institute of Management, provides in this paper sets of policy recommendations geared towards reducing economic damages, preserving demand and supply, and achieving an economic recovery that is sustainable. Mr. Neri has also served the government in various capacities, namely, Socioeconomic Planning Secretary and Director-General of the National Economic and Development Authority, Secretary of the Department of Budget and Management, Chair of the Commission on Higher Education, and President of the Social Security System.

The paper presents an assessment of the current socioeconomic situation of the Philippines, identifies the challenges and remedial responses thus far taken, and offers paradigm shifts and strategies to address the challenges. It concludes with an enumeration of strategic concepts or imperatives (e.g. remobilize the unemployed, reallocate resources) in dealing with the Triple Shock as well as with an emphasis on government structural transformation as key to economic recovery and transformation.


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