Business fears low booster rate may affect economy in 2H (Sabong News)
Author
Bernie Cahiles-Magkilat
Date
MARCH 28 2022
Businessmen are worried that the low booster rate in the country could trigger a surge in Covid cases, resulting in another lockdown in the second semester and putting the domestic economy in a much precarious situation.
Presidential adviser on entrepreneurship Jose Ma. “Joey” Concepcion III raised this warning at the Laging Hand public briefing in Malacanang even as he stressed the readiness of the private sector to fund the importation of vaccines for the fourth booster shots of their employees just to maintain the high immunity wall. The problem is the strong resistance against booster shot from the masses.
Concepcion warned that the low level of booster uptake in the country is worrisome because while the private sector has enforced booster shots on their employes, resulting in almost 100 percent rate, the greater masses still have lower booster rate.
Concepcion explained that the effect of the first two doses is waning and if people do not get boosted, this could trigger surges, affecting business confidence. He foresees problem emerging in the second semester this year.
For now, he said, the immunity wall has remained high because of the high rate of vaccination from the first two doses. This is evident in the continued lowering of cases even with the holding of super spreader political rallies. But the effect of the first doses, he said, will start to wind down and if the number of people getting booster shots remains high, there could be a risk of surge in the second semester.
“We cannot afford another lockdown,” he pointed out as he stressed the need to strengthen and protect the micro, small and medium enterprises (MSMEs), which have just opened their business to full operating capacities. He cited restaurants and retail stores that are removing their discounts to customers and banks giving out loans to businesses as a sign of the economy getting back to normalcy.
The government also needs to collect taxes to pay the country’s huge debts. But if there is lockdown because of the surge in cases, businesses will be down again and cannot pay taxes, he said adding the impact of he Ukraine-Russia war could add more complications to the local economy.
“So, it’s a big concern,” he said. “We need to protect the MSMEs,” he said
He further urged the public for a change in mindset to protect the economy because even if the government has the vaccine supply, but if people do not want to get boosted, there could still be the treat of another surge and subsequent lockdown.
He also urged for government plan on the sourcing of vaccine supply especially with the changeover in administration.
Even as the tourism sector welcomed the reopening of the tourism sector to all fully-vaccinated foreign visitors by April 1, Concepcion has pressed to redefine the meaning of fully vaccinated to include booster shots.
Concepcion has pressed to include a requirement for foreign tourists to have completed their booster shot to be allowed entry into the country.
