Metro Manila quarantine’s economic impact is ‘minimal, ephemeral,’ says NEDA chief

The country’s socioeconomic planning chief brushed off the impact of the one-month “community quarantine” in Metro Manila, Philippines’ economic center, as short-term and muted.

On Thursday night, President Rodrigo Duterte addressed the nation that the Philippine government is restricting travel to and from Metro Manila starting March 15 until April 14 in as party of community quarantine in a bid to contain the spread of coronavirus disease 2019 (COVID-19).

The Philippines raised Code Red Sub-Level 2 over the COVID-19 threat.

Asked how the so-called “lockdown” in the nation’s financial and economic capital will impact the economy, Socioeconomic Planning Secretary Ernesto Pernia said it will be “minimal and ephemeral.”

The National Economic and Development Authority (NEDA) chief noted that this is the case since the movement of goods to and from Metro Manila will not be prohibited.

Sought for comment, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the government’s priority is “to slow down the spread of this nasty coronavirus.”

“If the community quarantine works, the negative impact will be minimal, if it fails the negative impact will be huge,” Diokno said.

The movement of goods to and from NCR will not be affected by the quarantine,  Trade Secretary Ramon Lopez said. 

“Cargoes, food and non-food okay to move,” Lopez said.

Prior to Duterte’s announcement of a community quarantine in Metro Manila, Pernia has said that problems posed by the coronavirus disease 2019 (COVID-19) is seen to shave off as much as one percentage point in the country’s economic output and render more than 30,000 workers jobless amid the slowdown in tourism and trade.

The Philippines has so far 52 confirmed cases, including five deaths, as of Thursday, according to the Department of Health. — MDM, GMA News