Philippines could lose up to P1.1 trillion due to COVID-19, says NEDA chief

MANILA – The Philippine economy could suffer P1.1 trillion losses due to the coronavirus pandemic and the resulting blockade, Acting Secretary for Socioeconomic Planning Karl Kendick Chua said Thursday.

Losses have reached P700 billion to date, Chua told reporters, citing studies.

“The loss we are basically seeing may be P1.1 trillion based on the pronouncement that GDP (gross domestic product) growth will be flat,” Chua said at a press conference.

“The effect of COVID-19 so far, mainly due to the ECQ (Enhanced Community Quarantine) is about P700 billion,” he added.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno previously said the economy could contract 2 percent this year.