Inquirer
Economic team: Virus threat to have only ‘short-term’ impact on tourism
The Duterte administration's economic team anticipates a short-term negative impact on Philippine tourism due to the novel coronavirus (2019-nCoV) outbreak.
Despite this, they remain optimistic about achieving a stronger economic growth of 6.5-7.5 percent in 2020, driven by infrastructure spending and an aggressive tourism push.
Socioeconomic Planning Secretary Ernesto Pernia acknowledged the likely short-term effect on tourism but expressed confidence that the situation would not last long.
Measures are being implemented to minimize the spread of the virus among Filipinos.
The economic team's projection comes as China has banned outbound travel, and the Philippines confirmed its first case of nCoV on Thursday, a woman who arrived from Wuhan, China.
President Duterte also agreed to impose a travel ban on travelers from Wuhan.
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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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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.
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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 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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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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