Inquirer
China virus: How heavy the blow on PH economy
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.
Socioeconomic Planning Secretary Ernesto Pernia stated that the economic impact could reach 0.3% if the outbreak continues until June.
These preliminary estimates consider a scenario where inbound Chinese tourists are cut by 100% and other foreign tourists are reduced by 10%.
If the outbreak is contained within one month, the impact on GDP is projected to be 0.06%.
The tourism sector is expected to be the most affected by the outbreak.
Tourist arrivals from China constituted 22.9% of the total tourist arrivals in the Philippines from January to November last year.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
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.
Read more →
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.
Read more →
The Philippine economy could see a slowdown in growth due to the prolonged coronavirus outbreak, with trade and tourism expected to be most affected.
Read more →
The Duterte administration's economic team anticipates a short-term negative impact on Philippine tourism due to the novel coronavirus (2019-nCoV) outbreak.
Read more →
The Department of Tourism (DOT) anticipates a P42.9 billion loss in revenue from February to April due to the novel coronavirus (COVID-19) outbreak.
Read more →