Philippines can financially weather 2nd COVID-19 wave with localized lockdowns —Dominguez

The Philippine economy should be able to withstand a second wave of the coronavirus disease if future lockdowns are localized, the Department of Finance (DOF) said Tuesday.

According to Finance Secretary Carlos Dominguez III, there is enough capacity to accommodate localized lockdowns ahead.

"If we have a second wave, as Secretary Duque explained, we will probably lock down on smaller areas. For instance, instead of locking down the whole of Metro Manila siguro they will lock down a few barangays or maybe a city, but by doing that we can sustain it financially," he said in a Senate hearing.

Health Secretary Francisco Duque III and National Task Force Against COVID-19 Chief Implementer Carlito Galvez Jr. earlier said there will no longer be large-scale lockdowns in the event of the second wave.

"It will depend on how large the area is, but basically we don't think it's going to be... We hope a second round will not cover let's say the whole of Luzon or even Region IV, Region V," said Dominguez.

"I think the plan of the IATF, as headed by Secretary Duque, is going to be localized lockdowns," he elaborated.

Economic managers predict losses to reach as much as P2.0 trillion, as businesses were hit by restrictions that have been ongoing for two months as of writing. — BM, GMA News