The Philippine economic growth has been hard hit by the COVID-19 lockdown across Metro Manila. This is where most of the 50% population resides. On this island, 73% of the country’s Gross Domestic Product comes from. The Metro Manila market has been put on cessation for nearly 60 days now. The question is what is the economic impact of COVID-19 to the Philippines.
Among those who have been greatly affected by the strain of lockdown were the street vendors. Also, transport drivers, mall workers, manufacturers, and other services. They along with the infrastructural workers have been affected. The devious impact of the first stance of Enhanced Community Quarantine has paralyzed a lot of people.
The Phil Stock Exchange
Moreover, in the grievance of the economy, the economic impact of COVID-19 on the Philippine Stock Exchange along with the foreign investors will be negative. We have seen the low influx of stocks in the market beginning the first quarter of this years. We will also expect the same fate throughout the second quarter. Depending on the development of the number of cases if we flatten the curve, then the third quarter will still be undetermined. In retrospect, if 50% of the industries will be returning by the fourth quarter, we will expect a gradual impact during this quarter.
But what is the Philippine government doing along with this crisis?