PH to suffer P405-B losses from Metro Manila, Calabarzon ECQ — Salceda

316
photo from: pexels.com

By Manila Bulletin

The Philippine economy is expected to suffer a loss worth P225.37 billion from the reimposition of the enhanced community quarantine (ECQ) in Metro Manila, which could rise to over P405 billion if the strictest lockdown would also be implemented over Region 4-A (Calabarzon), Albay representative Joey Salceda said on Thursday, August 5.

Salceda, an economist, projected a decline in the country’s gross domestic product (GDP) once the ECQ takes effect in Metro Manila from August 6 to 20.

Most of the losses would come from the services sector, the industries, as well as from the agriculture sector, he said.

The lawmaker’s estimates were greater than the P105-billion economic loss projected by the National Economic and Development Authority (NEDA) as he cited the losses resulting from the imposition of the ECQ in the NCR Plus bubble last March, as well as additional restrictions from the government’s pandemic task force on transportation and businesses.

Salceda said the cost could increase by P179 billion if Calabarzon would also be placed under a two-week ECQ.

This is equivalent to a 1.1-percent decline in the country’s GDP, or a loss of totalling to P405.34 billion, said Salceda.

Some 658,000 Filipino workers mostly employed in wholesale and retail trade, as well as construction, might also be displaced if both Metro Manila and Calabrazon are placed under ECQ, he also warned.

READ full story HERE.