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NEDA sees job losses up to 60,000 due to virus
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.
NEDA Undersecretary Rosamarie Edillon stated that the foregone gross value added (GVA) could range from P93 to P187 billion.
South Korean tourists accounted for 1.98 million arrivals in 2019, followed by Chinese tourists at 1.74 million, making them significant demographics affected by travel concerns.
The country's GDP growth forecast for the year might be revised downwards to 5.5% to 6.5%, a reduction from the initial target of 6.5% to 7.5%.
This GDP growth revision reflects a potential cut of 0.3-1% due to the outbreak.
Senator Imee Marcos suggested that actual job losses could impact up to 250,000 employees, based on data from the Asian Development Bank.
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