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Solon fears nCoV outbreak’s ‘substantial’ effects on PHL economy if not addressed soon
The Philippine economy is expected to face substantial effects from the 2019-nCoV outbreak if not addressed within the next two to six months, according to House Committee on Economic Affairs chair Sharon Garin.
The tourism industry, which contributes 13% of the country's gross domestic product (GDP), will directly suffer from the global outbreak.
Chinese tourists account for 20% of visitors to the Philippines, representing a significant 2.2% impact on the GDP.
President Rodrigo Duterte has ordered a temporary travel ban on all travelers coming from Mainland China, Hong Kong, and Macau.
House Speaker Alan Peter Cayetano has instructed the House Committees on Tourism and Economic Affairs to coordinate with the Department of Tourism to assess the short- and medium-term effects of the outbreak.
The government previously maintained its GDP growth target of 6.5 to 7.5 percent for 2020, acknowledging the tourism sector's impact and anticipating a potential rebound, with the Department of Tourism expected to boost domestic destination promotions.
While essential imports are not expected to be significantly affected, the lockdown in Wuhan may impact Philippine trade and industry, particularly exports.
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The National Economic and Development Authority (Neda) estimates that a prolonged coronavirus outbreak could reduce the Philippine economy by as much as 0.7% of the gross domestic product (GDP) if it lasts until December.
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Finance Secretary Carlos Dominguez III assured that the novel coronavirus (nCoV) outbreak is unlikely to significantly impact the Philippine economy, maintaining the GDP growth projection of 6.5 to 7.5 percent for 2020.
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The Duterte administration's economic team anticipates a short-term negative impact on Philippine tourism due to the novel coronavirus (2019-nCoV) outbreak.
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The Philippine economy could see a slowdown in growth due to the prolonged coronavirus outbreak, with trade and tourism expected to be most affected.
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Economic managers in the Philippines are downplaying the potential economic impact of the 2019-nCoV, citing government measures and predicting only a short-term effect.
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