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MANILA, March 28 (Bloomberg: The Philippines closed the Manila region and nearby provinces for a week starting Monday to halt the nation’s worst coronavirus surge that is overwhelming hospitals in its key economic area.
The national capital region and the adjacent provinces of Bulacan, Cavite, Laguna and Rizal will be under an Enhanced Community Quarantine or ECQ, the nation’s strictest classification of movement restrictions, from March 29 to April 4, the Saturday presidential spokesman Harry Roque. A curfew will be imposed from 6:00 pm to 5:00 am during closing.
“Our health care utilization rate has reached a critical level in NCR and nearby provinces,” said Roque. “We really want to take drastic action because the increase in cases has been drastic due to these new variants. Drastic threats warrant a drastic response.”
The stay-at-home order will have minimal economic impact as it coincides with a long Easter weekend where offices and financial markets are closed on April 1 and 2, Roque said.
The Philippine Stock Exchange will stick to the shorter trading hours implemented in the early days of the pandemic, exchange president Ramón Monzón said on Sunday. Trading hours for bonds, currencies and swaps will not change from Dec. 1, when the Philippine Bankers Association returned to the pre-pandemic calendar, managing director Benjamin Castillo said.
Recession
The government had restricted mobility in the capital and surrounding provinces for two weeks starting March 22, but cases continued to rise, reaching a record 9,808 on Friday. Another 9,595 infections were added on Saturday, bringing the total to 712,442. Daily infections have increased more than five times since the beginning of the year, while the percentage of people who tested positive for Covid-19 rose to 16% last week from about 7% in January.
The Philippines, which implemented one of the tightest and longest locks in the world last year, suffered its worst recession in 2020, prompting economic managers to push for a sustained reopening and targeted restrictions rather than a strict lockdown. Gross domestic product contracted 9.5% last year and the contraction is expected to persist this quarter.
Philippines Nixes Hard Lockdown amid record virus count (2)
The week-long lockdown will likely cut less than 1% of total economic output and may be offset by the impact of the corporate income tax cut enacted on Friday, Rizal Commercial Banking Corp. economist Michael Ricafort wrote in a statement. note on sunday.
Infections are increasing globally even as countries increase vaccines amid efforts to reopen economies and revive social activities.
In the Philippines, less than a third of the 1.7 million health workers had been vaccinated as of March 23, while the country has received more than 1.1 million doses of vaccines. Around 2 million more from AstraZeneca Plc and Sinovac Biotech Ltd. are expected to arrive in the coming weeks.
Stay at home
Similar to the strict blockade imposed a year ago, residents of the affected areas must work from home if they can and can only leave for essentials, and are prohibited from holding mass gatherings. Hospitals and emergency health services, medical supply manufacturers, the agricultural sector, and food and medicine delivery can operate as usual.
Shopping centers will be closed, except for tenants such as pharmacies, hardware stores, supermarkets and businesses that are dedicated to the delivery of food and take away food. Businesses that trade other essential goods and services, including media outlets, can operate at up to 50% of their capacity, while industries including capital markets, finance, telecommunications, and airlines are among those that must operate. with a skeletal workforce.
Public transportation, including trains, will be allowed to operate with limited capacity, while priority construction projects can continue. The capital region, with a population of about 13 million, accounts for nearly half of the country’s total virus cases.
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