Dominguez: PH economy well-prepared for COVID-19 impact

Finance Secretary Carlos Dominguez III says the Philippine economy is 'well-prepared' for the impact of the coronavirus pandemic despite potential GDP growth of zero or negative 0.8 percent in 2020.

Dominguez credits President Duterte's economic policies, which have seen an average annual GDP growth of 6.4% since 2016, lower debt levels, and reduced inflation.

The extended quarantine in Luzon is expected to result in the loss of gross value added equivalent to 0 to -1 percent, affecting at least 1.2 million workers temporarily.

Tax collections are projected to be lower than original targets, with forgone revenues reaching P286.4 billion if GDP growth is zero and P318.9 billion if it contracts by 1 percent.

The DOF is crafting a 'bounce-back' plan to help the economy recover post-pandemic while assessing current economic damage.