The Philippines was placed in the 15th rank out of 20 countries in the Asia-Pacific (APAC) region on Moody’s Analytics’ newly-released Relative COVID-19 Economic Risk Index.
In a statement, Moody’s explained that the index “provides an indication of where further risk may lie from the economic consequences of COVID-19.”
The financial services firm added that the lower-ranked countries could still face stricter lockdowns and health protocols if conditions do not improve.
Governments from these countries may have to provide further financial support “to manage the economic hit to households, small businesses, and industries hit particularly hard by COVID-19.”
Other APAC countries that struggled with COVID-19 outbreaks include Indonesia in 16th place followed by Vietnam, Thailand, and Malaysia.
“The Philippines and Indonesia will struggle with less effective COVID-19 policies — vaccine shortages and ineffective social distancing measures — that create much uncertainty on the timing of a rebound,” Moody’s Analytics concluded.