DTI estimates P180 billion in economic loss due to two-week ECQ
MANILA, Philippines — The two-week enhanced community quarantine over the Greater Manila Area cost the Philippine economy an estimate of P180 billion in losses, the Department of Trade and Industry (DTI) said Thursday.
In a televised briefing, DTI Secretary Ramon Lopez says this figure amounts to about 1 percent of the country’s P18 trillion gross domestic product (GDP).
“Doon sa nawala sa ekonomiya, ang estimate po for the two weeks ay around 1 percent ng ating GDP. Yung 1 percent na yon, kung tayo ay may GDP ng mga P18 trillion, 1 percent ay P180 billion po ang estimate na nawala sa ating ekonomiya,” Lopez said.
(In terms of the economy’s loss, the estimate for the weeks is around 1 percent of our GDP. If our GDP is at P18 trillion, the 1 percent is at P180 billion and this is the estimated loss in our economy.)
During the two-week ECQ, establishments allowed to fully operate were trimmed down to those considered as essential like health facilities, delivery services, and the agriculture sector.
The rest were only allowed to operate with a skeleton workforce.
But with the easing of community quarantine in Metro Manila, Rizal, Bulacan, Cavite, and Laguna to modified ECQ, more establishments were allowed to reopen and operate at a higher capacity.
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