Chua: ECQ impact on PH economy worse than expected

The Philippines is expecting a more severe drop in GDP for the second quarter due to the impact of the COVID-19 lockdown, according to Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua.

Chua stated that economic data from April and May showed the ECQ imposed since mid-March had a greater negative effect on the economy than initially projected.

Despite this, recovery is underway as the country gradually reopens under less restrictive quarantine measures.

The Asian Development Bank (ADB) estimates that a six-month quarantine could cost the Philippine economy $38.1 billion or almost P1.9 trillion, equivalent to 11.5% of GDP.