Inquirer
Metro quarantine to have short-term impact on economy
The National Economic and Development Authority (Neda) chief, Socioeconomic Planning Secretary Ernesto M. Pernia, stated that the one-month community quarantine in Metro Manila to contain COVID-19 will have a minimal and short-term impact on the economy.
Pernia assured that the movement of goods and trade will not be hindered during the quarantine period.
Neda had previously projected a potential reduction in gross value added (GVA) by P93-187 billion, equivalent to 0.4-0.9 percent of GDP, if the COVID-19 threat extends until June.
This projection could lead to a 0.5-1 percentage point cut in GDP growth for the year, potentially settling between 5.5 percent and 6.5 percent.
Neda also estimates possible job losses of 30,000 to 60,000 in the tourism sector due to the adverse effects of COVID-19 on global travel.
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Capital Economics forecasts the Philippines' economic growth to slow to 4.5 percent in 2020 due to restrictions on travel to and from Metro Manila to curb the COVID-19 outbreak.
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The National Economic and Development Authority (NEDA) projects a loss of 1.42 million tourist arrivals and potential job losses of 30,000 to 60,000 in the tourism and manufacturing sectors if the COVID-19 situation persists until June.
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Senator Francis Tolentino advised a careful study on the proposal to lock down the entire National Capital Region due to the rising COVID-19 cases, emphasizing its extreme nature and significant economic impact.
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Metro Manila is under a 30-day community quarantine from March 15 to April 14, 2020, to curb the spread of COVID-19.
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Global debt watcher Moody's Investors Service has lowered its 2020 growth forecast for the Philippines to 5.4 percent due to the impact of the COVID-19 pandemic and the Luzon lockdown.
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