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BusinessWorld (Philippines) 05/24/2020 09:53
“Up to 10 million Filipinos could lose jobs in the Philippines due to COVID-19,” Department of Labor and Employment (DoLE) Secretary Silvestre Bello III said during a Senate hearing on coronavirus pandemic updates on May 20. He said 2.6 million workers have already been laid off due to temporary closure of business establishments (GMA News, May 20).
BusinessWorld (Philippines) 05/24/2020 09:53
Imposing and extending the lockdown or the enhanced community quarantine (ECQ) is a difficult choice to make. The biggest casualty is the economy. That the Philippine economy (and for the rest of the world) shrunk in the first quarter of 2020 was expected. Only upon the containment of the pandemic -- and we do not know when this will happen -- can the economic slump be turned around.
BusinessWorld (Philippines) 05/24/2020 09:52
The prognosis for the economy is becoming progressively worse. Last month, our economic managers were hopeful that 2020’s gross domestic product (GDP) would expand by 2.5% on the premise that we are able to catch up on the second semester. Two weeks ago, the National Economic and Development Authority (NEDA) adjusted its forecast, saying that the economy could no longer post positive growth and that we are now looking at a contraction of 2% to 3.4%.

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