Gov’t to revise economic impact projection due to Luzon-wide quarantine —DTI

The government will revise its economic impact projection after it suspended transport networks and stopped the operations of non-essential businesses in Luzon to stem the spread of COVID-19, Trade Secretary Ramon Lopez said.

Last week, Socioeconomic Planning Secretary Ernesto Pernia said that if the coronavirus threat persists until June, it would only slash less than a percentage point from the country’s GDP growth, which the government estimated to hit 6.5%-7.5% this year.

“But now things are different. We will have to make another computation because of the enhanced community quarantine. It’s a different situation now. Health is of greater concern now,” Lopez told reporters in Malacañang late Wednesday night.

President Rodrigo Duterte placed Luzon, which accounts for the largest share of GDP,  under enhanced community quarantine to prevent the spread of COVID-19, which has infected 202 people and killed 17 across the country.

Lopez said the measures taken by the government were necessary.

“We don’t want to reach the worst situation and [we are] trying to nip it in the bud, solving it as early as possible,” he said.

“As the President said, time is of the essence, we have to do it now before it gets to be at the thousand level, uncontrollable number.”

President Rodrigo Duterte’s economic team announced on Monday a P27.1-billion package to help frontliners fight the contagion and provide economic relief to people and sectors affected by the virus-induced slowdown in economic activity. — Virgil Lopez/BM, GMA News