PH economy lost P1.1 trillion in first 45 days of ECQ

The Philippine economy incurred an estimated P1.1 trillion in losses during the first 45 days of enhanced community quarantine (ECQ) measures.

These losses, representing 5.56% of the country's gross domestic product (GDP), were particularly severe in the National Capital Region (NCR) with P589.25 billion in losses, and in Calabarzon with P265.13 billion.

The services sector was the hardest hit with P569.72 billion in revenue losses, followed by industry with P537.72 billion and agriculture with P94.3 billion.

NEDA stated that the transport sector was also affected by the lockdown, but estimates for its losses were not yet available.

The prolonged ECQ in Luzon was followed by a transition to a less restrictive general community quarantine (GCQ) and a modified enhanced community quarantine (MECQ) in May to gradually restart economic activities.