Economic Losses Could Amount to ₱210 Billion During 2-week Lockdown in August

According to Socioeconomic Planning Secretary Karl Chua, the Philippine economy is projected to experience losses of approximately ₱105 billion every week that stricter lockdowns are implemented in light of the Delta variant.

On Friday, it was announced that Metro Manila will be placed under Enhanced Community Quarantine (ECQ) from August 6 to 20. This could amount to losses of at least ₱210 billion for the economy.

Additionally, Chua explained that the number of people experiencing financial struggles could increase by 177,000 while jobless Filipinos could rise by 444,000 in high-risk areas covered by the coming ECQ.

“These can be partly reversed if we use the three weeks to accelerate vaccination of everyone in the high-risk areas,” he explained.

Cash aid could help to mitigate the economic impacts of the lockdown. However, details on whether cash aid will be extended are yet to be disclosed by the Department of Finance and the Department of Budget and Management.

Source: Rappler