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Metro Manila (CNN Philippines, March 16) – The Philippines’ failure to contain the coronavirus despite a one-year lockdown, compounded by its slow rollout of vaccination, will continue to weigh the country’s path to recovery and normalcy, Moody’s Analytics said.
Maintaining its position since its Nov. 19 report, Moody’s Analytics said the Philippines continues to lag among Asia Pacific countries in economic recovery.
Most of the nations in the region have already recovered, with China, New Zealand, Taiwan and Vietnam leading the way.
“Those who are lagging behind, the Philippines, Thailand and Malaysia, are struggling to contain COVID-19 or to kick-start their economic drivers, or both,” he said in a report released Tuesday.
The investigative unit of the credit evaluator Moody’s Investors Service emphasized that the containment of the coronavirus in the Philippines has been “elusive”, despite having put quarantine controls to reduce its spread.
On Tuesday, the Health Department reported 4,437 new cases of COVID-19, bringing the total to 631,320. The mayors of Metro Manila have also decided to impose selective closures, a curfew and a ban on alcoholic beverages in their respective areas, as the region is considered the epicenter of the virus.
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Moody’s Analytics also noted that Filipinos have been dealing with high food prices, particularly pork products.
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Recognizing the role of immunizing people to boost the economy, Moody’s Analytics said the Philippines was also slow to secure critical vials.
Given this, herd immunity may not be seen until 2023.
The Philippines has begun rolling out the Sinovac and AstraZeneca COVID-19 vaccines, with the medical forefront as priorities. The government previously assured the public that more vaccines will arrive in the country by the second half of 2021.
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