Pandemic’s total cost in PH at P41.4T – NEDA
The long-run total cost of the COVID-19 pandemic in the Philippines is estimated at P41.4 trillion (approximately US$816 million), according to the National Economic and Development Authority (NEDA).
In a newly-released statement, NEDA Director-General Karl Kendrick Chua said that the agency has been evaluating the overall cost of the pandemic and the quarantines for the past six months to see its effect on the economy.
Chua stated that the country lost P4.3 trillion (approximately US$84 billion) in 2020, and may lose up to P37 trillion (approximately US$730 billion) in the next 10 to 40 years.
The NEDA chief added that the overall loss due to lesser consumption in pandemic-affected sectors is expected to be at P4.5 trillion (approximately US$88 billion).
The economic development agency is expecting the Philippines to recover and get back to its pre-pandemic growth path 10 years from now.
