While addressing the impact of the pandemic, the government should harmonize efforts to reopen the economy to assure citizens that it is on top of the situation.
Former Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said it is a must for the government to show pandemic management while reopening the economy.
He said that since the current crisis is caused by a pandemic, “the civil society expects no less than a good effort on the part of the government” to move towards flattening the infection numbers.
He also said fiscal policy should be “very strong” to address the requirements.
A similar expectation is up for monetary policies, he said, adding “what is important is to monitor and also talk to the banks to avoid procyclicality.”
Guinigundo said it is not enough for the government to ensure there is adequate liquidity in the system because banks should also take part in making sure that access to credit is available to both the households and in businesses.