The Philippine economy lost an estimated P1.1 trillion in the agriculture, industry and services sectors during the first 45 days of the COVID-19 lockdown, according to the National Economic and Development Authority (Neda).
The losses, equivalent to 5.6 percent of gross domestic product (GDP), were most felt in the National Capital Region (NCR), the country’s services hub, as well as in Calabarzon where industrial activity stopped when enhanced community quarantine (ECQ) was imposed in Luzon and other parts of the country since mid-March to contain the spread of COVID-19.
Luzon is home to 56 percent of the nation’s population and accounts for 73 percent of total GDP, Neda noted.
Neda estimates showed that during the 45-day ECQ, the country’s agriculture sector incurred P94.3 million in losses; the industry sector, P537.7 billion; and services, P589.7 billion.
The initial one-month ECQ was extended to end-April, and later to mid-May in areas with high COVID-19 cases.
P589-B losses in MM
In Metro Manila—the Philippines’ political and commercial center—economic losses amounted to P589.3 billion, with the biggest chunk of foregone revenues coming from the services sector at P454.8 billion.
Calabarzon suffered the second biggest output losses among the country’s 17 regions, with P265.1 billion.
Since it hosted sprawling economic zones whose operations were halted during ECQ, industry losses in Calabarzon reached P244.5 billion, exceeding NCR’s P134.4 billion.