Inquirer
Virus could wipe off $300-M trade of China-dependent PH factories
The Philippines is projected to lose $300 million in export revenues due to the slowdown in China's exports of intermediate inputs caused by Covid-19.
A study by the United Nations Conference on Trade and Development (UNCTAD) indicated that a 2% reduction in China's exports of intermediate inputs, crucial for global value chains, has impacted various economies, including the Philippines.
The communication equipment sector is expected to suffer the most significant export loss, amounting to $115 million.
Other sectors facing substantial export revenue reductions include office machinery ($77 million), electrical machinery ($42 million), and automotive ($22 million).
The UNCTAD report highlights that disruptions in China's manufacturing, particularly in precision instruments, machinery, automotive, and communication equipment, significantly affect global producers.
Despite these impacts, the Philippines is not identified as one of the most severely affected economies by the Covid-19 crisis in manufacturing.
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The Asian Development Bank (ADB) estimates that the coronavirus outbreak could lead to the loss of up to 252,000 jobs and a decline in GDP ranging from $669 million to $1.939 billion in the Philippines.
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The Philippine economy could lose up to 1 percentage point from its GDP growth if the COVID-19 outbreak persists for a year, according to Socioeconomic Planning Secretary Ernesto M. Pernia.
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Trade Secretary Ramon Lopez remains optimistic that the Philippines' export sector will still achieve positive growth despite potential slowdowns caused by the coronavirus outbreak.
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The country's factory output experienced a decline in January, with the Volume of Production Index and Value of Production Index dropping by 1.6 percent and 6.3 percent, respectively, although both showed improvement from the previous month.
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The Philippine manufacturing sector's Purchasing Managers' Index (PMI) reached a 13-month high of 52.3 in February, an increase from January's 52.1, indicating sustained growth.
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