The
novel coronavirus has made a toll not only for the citizens but also for the
national treasury, most especially when the enhanced community quarantine (ECQ)
was declared by the national government.
The
Philippine economy like the other economies took a big hit, costing the
government P700 billion through through business closures, supporting the
government’s assumption of zero economic growth this year, this according to acting Socioeconomic Planning Secretary Karl Chua.
Speaking thru a digital conference hosted by the Foreign
Correspondents Association of the Philippines. The acting NEDA Chief said these estimates were gained from the results
of a recent survey among businesses affected by the ECQ still enforced in the
country’s main island of Luzon and other areas with high risk of transmission
of the coronavirus disease 2019 or COVID-19.
(photo credit to owner) |
“Based on the surveys so far, the effect of COVID primarily because of the quarantine is some P700 billion,” he said. “Another way of looking at it, as you know, is we are not projecting in general, a positive economic growth for 2020,” he said.
Luzon is a host of the country’s 70
percent of the gross domestic product (GDP).
Economic managers made a projection that
the COVID-19 pandemic will greatly diminish the country’s economic growth to between
zero and minus one percent.
Chua said the losses incurred by
businesses so far as the quarantine remains in place is no longer very far from
the estimated P1.1 trillion expected losses from economic output under a zero
growth scenario.
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