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    Notable changes in the impacts between the long run and short run projections are: Again electricity generation is shown as the most impacted area as demand reduces.

    Figure 4 shows the output impacts, while Figure 5 highlights the most impacted sectors.

    Figure 3 goes into more detail on the impacts for various sectors and activities.

    A 10 per cent increase in the cost of generating electricity would also mean negative impacts on the economy in the long run.

    The short run is defined as a period in which businesses can’t adjust their stock of fixed capital in response to a shock.

    In the long-run scenario businesses fully adjust their stock of fixed capital.

    In its short-run simulation KPMG reports that all headline macroeconomic aggregates are below levels without a price “shock”.

    Consistent with the ESB, KPMG Economics anticipates that the NEG and other recent energy reforms (gas, retailer) are (KPMG’s emphasis) to assist in moderating wholesale electricity price increases in future.

    Roque noted that the office of former presidential spokesman Ernesto Abella was under the Presidential Communications Operations Office.

    “I’m now a separate secretary under the Office of the President…I don’t know what will happen. I’ll have to confer with the DBM (Department of Budget and Management) and OP (Office of the President) on how they want to do it,” Roque said.

    We might generate fireworks every day,” Roque told reporters here on Tuesday. Known for his acid tongue criticisms critiques on his rivals, Roque will formally assume as the spokesman of the tough-talking Duterte next week.

    Roque said tapping a lawyer as deputy presidential spokesperson has its advantages as many controversial issues have legal implications. Even matters of international relations have issues of international law.

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