ADB: PH could lose $669M-$1.94B, up to 252K jobs

The Asian Development Bank (ADB) reported on Friday that the Philippine economy could lose between $669 million and $1.94 billion, resulting in a potential job loss ranging from 87,000 to 252,000 across five sectors due to the COVID-19 outbreak.

The ADB noted that countries with strong trade and production ties with China would be significantly affected by the economic fallout of the disease, including Hong Kong, Mongolia, the Philippines, Singapore, Taiwan, and Vietnam.

ADB calculations indicate that the Philippines' value chain has an exposure to China equivalent to 2 percent of its GDP in 2018.