ADB: COVID-19 may cost PH 252,000 jobs

The Asian Development Bank (ADB) estimates that the coronavirus outbreak could lead to the loss of up to 252,000 jobs and a decline in GDP ranging from $669 million to $1.939 billion in the Philippines.

The ADB report, titled "The Economic Impact of the COVID-19 Outbreak on Developing Asia," identifies countries with strong trade and production ties to China as being particularly vulnerable.

Among its member-countries, the Philippines is cited as one of the nations likely to be significantly affected by the economic repercussions of the virus.

The Philippines' value chain had an exposure to China equivalent to 2 percent of its GDP in 2018, according to ADB calculations.

China was the Philippines' top trade partner in 2019, serving as the largest source of imports and the third-largest export destination.

The outbreak also impacts tourism, as many affected economies, including the Philippines, receive a significant number of tourists from China.

Furthermore, China is a major market for both final and intermediate goods and services from these economies.