The long holidays in the Philippines have a mixed impact on the economy, National Economic and Development Authority Secretary Arsenio Balisacan said on Friday, following Malacañang's release of the list of regular holidays and special non-working days for 2024 on Friday.

President Ferdinand Marcos Jr. earlier this week signed Proclamation 368, showing that there are at least five long weekends for next year, including a five-day weekend by the end of December.

In a Palace briefing, Balisacan said that long holidays can disrupt businesses and reduce worker productivity while boosting domestic tourism.

"When the business sector and the government plan, we have already considered these holidays. Of course, there are effects. Now that our economy is fully open and mobility is no longer restricted, these long holidays should be good for local tourism. So, it's okay, but again, the suspension of work during those times is already considered," Balisacan said.

However, Balisacan also noted that the Philippines has more holidays than many other countries, which can make it less attractive to foreign investors.

"I think there's a broader perspective to this because if you compare our number of working days with other countries, it's seen by the business community that we have more holidays," Balisacan said.

"We are one of many potential places for investors to consider. So, we cannot afford to be too generous with our holidays when it affects profitability compared to other places," he added.

Balisacan also said that long holidays can negatively affect those workers who are not paid during holidays and those who are under the "no work, no pay" arrangement.

"If they can't report to work, they suffer, especially in the private sector. It's not that simple. If we are permanent employees on a monthly basis, we are okay. So, I think we have to consider that many people really want to work because they need it to make ends meet," Balisacan said.

"The long holiday is not what many of them want; they want to work. For those of us who are more financially stable, we like these holidays because they allow us to travel and have extended vacations. I have to look at these issues in a broader context," Balisacan added.

When asked whether 31 October and 3 November should be declared holidays, Balisacan said it is important to consider the impact on both workers and employers.

He said that there would only be two working holidays from 28 October to 5 November if the government declared 31 October and 3 November as holidays.

"This could be difficult for some businesses, especially those that rely on daily operations. However, it is also important to consider the needs of workers, many of whom do not receive pay during holidays. Ultimately, the decision of whether or not to declare these days as holidays is up to the President," Balisacan said.