P2.2-trillion losses: PH economy hit hard by pandemic

The Philippine economy is expected to suffer losses of around P2.2 trillion this year due to the COVID-19 pandemic, according to Socioeconomic Planning Acting Secretary Karl Kendrick T. Chua.

Chua stated during a FINEX online forum that an additional stimulus of P846 billion would be needed for economic recovery.

The losses include P1.919 trillion from profits and wages, with the economy projected to contract by 2% to 3.4% this year.