Taal eruption economic impact seen as insignificant to GDP

The Taal Volcano eruption's economic impact is estimated at P7.63 billion in Batangas province alone, a figure that Socioeconomic Planning Secretary Ernesto M. Pernia deems insignificant to affect the country's first-quarter GDP.

Pernia explained that this P7.6 billion damage represents only 0.3 percent of the Southern Tagalog region's gross regional domestic product.

Calabarzon, which includes Batangas, is a significant economic contributor to the Philippines, accounting for approximately 17 percent of the country's annual output outside of Metro Manila in 2018.

Despite the initial damage assessment, the Duterte administration is targeting a 6.5 to 7.5 percent economic growth for 2020.

Finance Secretary Carlos G. Dominguez III assured that the government is committed to assisting affected areas and addressing the needs of the people and the economy.

Government agencies are monitoring the situation to provide an appropriate response to affected families, with food packs being distributed to evacuation centers.

The Department of Agriculture is offering zero and low-interest emergency loans to farmers and fisherfolk.