The Philippine economy stands to lose an estimated PHP2.5tn (USD49bn), in a worst-case scenario assuming that the coronavirus pandemic is not contained around the world and that the global economy falls into a recession. This is according to a discussion paper by the Philippine Institute for Development Studies (PIDS) titled “Projected Disease Transmission, Health System Requirements, and Macroeconomic Impacts of the Coronavirus Disease 2019 (COVID-19) in the Philippines”.
If the pandemic is contained by the end of Q2, the PIDS, which is the research arm of the National Economic and Development Authority, estimated the economic losses to reach only PHP276.3bn. The Luzon-wide lockdown was initially supposed to end on 12 April, but President Rodrigo Duterte extended it until 30 April.
If the pandemic is contained by the end of Q2, the PIDS, which is the research arm of the National Economic and Development Authority, estimated the economic losses to reach only PHP276.3bn. The Luzon-wide lockdown was initially supposed to end on 12 April, but President Rodrigo Duterte extended it until 30 April.
