Monsod: response to Covid was ‘too little, too late’

in World News

FORGET growth projections in the second semester—former Socioeconomic Planning Secretary Solita C. Monsod only has one word for it: DOOM.

In the General Membership Meeting of the Chamber of Thrift Banks on Tuesday, Prof. Monsod said the government already failed to deliver on the country’s needs with Bayanihan 1, which only accounted for 1.93 percent of GDP.

Monsod said the situation is not encouraging given that Bayanihan 2 is only 0.7 percent of GDP and the law has not yet been signed by the President.

“The government doesn’t learn from its mistake. Bayanihan 2 is the perfect example. How do they expect to correct the social crisis, much less the economic one, with just 0.7 percent of GDP, when they spent almost double that in the last quarter and the economy still contracted by 16.5 percent?” Monsod said.

“It’s priorities are misplaced—the people [especially the poor] always are least priority,

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