THREAD: The government holds its first-ever Sulong Pilipinas in an e-conference format.

Finance Secretary Carlos Dominguez III opens the Sulong Pilipinas forum via Zoom: We are accelerating what needs to be done so businesses can come back online and Filipinos can go back to work as soon and safely as possible.

Dominguez: We are already seeing the pandemic's effects in the economy as our GDP contracted by 0.2% in the first quarter due to strong lockdown measures meant to protect communities.

Dominguez: It's likely that the contraction will be worse in the next quarter, but global experts told us not to focus on quarter-to-quarter performance. We need to focus on fundamental reforms and conservative economic management.

Dominguez: Conservative economic policies and pursuit of reforms like TRAIN and other tax reforms kept PH's financial position strong.

Dominguez: Amidst the negative impact of COVID-19, The Economist ranked the Philippines 6th of 66 emerging economies in terms of fiscal strength.

Dominguez: We recommended some measures to the Cabinet for the revival of the economy: Restarting 'Build, Build, Build,' mass hiring of contact tracers, attracting foreign investors via the passage of CITIRA bill.

Dominguez: To stimulate demand, we should promote manufacturing of products especially food and logistics.

Acting NEDA Secretary Karl Kendrick Chua shares the government's COVID-19 economic recovery program called PH-PROGRESO, or Philippine Program for Recovery with Equity and Solidarity.

NEDA's Chua reminds economic principles: Nothing is free from heaven, and everything is a trade-off.

All the subsidies we provide are all not free from heaven, government is relying on an equitable tax system for redistribution of money to targeted groups.

NEDA shares its phased approach towards economic recovery.

According to this timetable, the economy will take until at least 2021 to complete its recovery from the COVID-19 crisis

NEDA: The emergency stage is from March-May, we are moving towards recovery between June-December. We propose to continue reprioritizing the 2020 budget towards health. We will also prioritize 'Build, Build, Build' and roll out targeted tax incentives

NEDA: For 2021 onwards, we will prepare the Philippines for resiliency. We will continue to reprioritize the 2021 and 2022 budgets, we will use the opportunity to support the 'Balik Probinsya' program.

NEDA: This PH-PROGRESO recovery plan is still under discussion with Congress.

NEDA: We are in a very difficult situation like every other country in the world, but we are in a strong position for this.

NEDA: We can proactively use policies to achieve a V-shaped or quick economic recovery through virus containment rules, fiscal and monetary policies, and built-in flexibility in shaping our 2021, 2022 budgets.

NEDA: Clearly, growth has deteriorated but our fundamentals remain strong.

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NEDA: We are in a very good position to use our high credit rating and borrow and use the money wisely.

NEDA bares results of a series of surveys to find out how Filipino consumers and firms fared during the pandemic.

NEDA: An estimated 2.2 million workers were unable to work, so we gave subsidies. Companies asked for deferred payments and low-interest loans so they can bounce back.

NEDA: We will create jobs and stimulate private spending by improving health system capacity, boost the food value chain, and restart the 'most impactful' Build, Build, Build projects.

NEDA proposes across-the-board reduction of corporate income taxes from 30% to 25% starting July 2020.

NEDA's Chua asks people to also 'share the good news' amid the pandemic.

Dominguez on restarting Build, Build, Build projects: The main problem now is liquidity, people have not worked so they have no cash. It's very important we start with the construction business so people have jobs, and we also need the infrastructure.

Dominguez on boosting confidence of consumers to head out again amid COVID-19: It's important we require everybody to practice social distancing, wear masks and be very careful.