Economists: nCoV to have minimal impact on PH GDP

Philippine economists and officials project that the novel coronavirus (nCoV) will have a minimal impact on the country's GDP in 2020.

Socioeconomic Planning Secretary Ernesto Pernia estimates that if nCoV persists for one month, it would reduce GDP by 0.06%, while a full-year outbreak could cut growth by 0.7%.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno predicts the virus will affect Q1 and Q2 growth by an average of 0.3 percentage points each.

Finance Secretary Carlos Dominguez III reassures that while nCoV may slightly restrain economic expansion, it won't significantly reduce growth projections of between 6.5% to 7.5%.

The BSP's analysis assumes a 100% reduction in Chinese inbound tourism and a 10% decrease in other foreign tourist arrivals.