As such, the primary response of policymakers should be towards containing the virus and providing adequate care for the infected. The shock called for a bold and coordinated response from the National Government. To mitigate adverse effects of the pandemic, fiscal and monetary policy authorities must play distinct yet complementary roles.
In particular, fiscal policy plays a crucial role as it can respond in a more targeted manner to the most affected sectors of the economy. Meanwhile, the role of monetary authorities has been to ensure the proper functioning of credit and financial markets, and that there is ample liquidity to support domestic demand.