Philippine News Agency
Luzon-wide quarantine to prevent possible recession: Salceda
Albay Representative Joey Salceda stated that the Philippines risks falling into an economic recession if the government does not implement a community quarantine to curb the spread of COVID-19.
Salceda explained that the virus thrives on economic activity, necessitating a temporary halt in economic operations, work, and classes.
He warned that without a quarantine, mass community transmission or runaway infections could erode confidence in the economic system, leading to a recession.
Despite the economic challenges posed by the pandemic, Salceda remains optimistic that the Philippines can achieve a 3% GDP growth rate once the crisis is contained and can potentially grow faster than other nations.
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Fitch Solutions has downgraded the Philippines' 2020 GDP growth forecast to 4% due to the economic impact of the COVID-19 pandemic.
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The National Economic and Development Authority (NEDA) forecasts the Philippine economy could contract by as much as 0.6% in 2020 due to the fallout from the COVID-19 pandemic.
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The entire island of Luzon is under an enhanced community quarantine from March 17 to April 13 to curb the spread of COVID-19, with strict home quarantine for over 53 million residents and increased police and military presence at checkpoints.
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Economists worldwide agree that COVID-19 will lead to a global recession, and that containing the pandemic is the first step toward economic recovery.
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House Majority Leader Martin Romualdez supports President Duterte's decision to place Metro Manila and Luzon under enhanced community quarantine (ECQ).
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