PH economy expected to shed P3B daily
While the Philippines’ economic center, Metro Manila, is placed under Alert Level 3 restrictions to temper the surge in Covid-19 cases, the economy is expected to lose P3 billion daily, according to economic managers.
The Development Budget Coordination Committee (DBCC) — composed of the secretaries of Socioeconomic Planning, Finance, and Budget — said it is closely monitoring the impact of the elevated number of COVID-19 cases, especially in the National Capital Region (NCR) and its neighboring provinces.
“We estimate that the shift from Alert level 2 to Alert level 3 for NCR plus, which includes Metro Manila, Bulacan, Cavite, Laguna, and Rizal, will result in a Gross Value Added (GVA) loss of about P3 billion per week,” the DBCC said.
An economic productivity metric, GVA is a measure of the value of goods and services produced in a country or sector.
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