A team of engineers and police are investigating the cause of the collapse, which authorities suspect was caused by an overloaded girder
asia2 hours ago
The Philippine economy will take more than a decade to return to pre-pandemic growth, an official said on Thursday, warning that the next two generations of Filipinos would be paying for the cost of Covid-19.
Lockdowns and other restrictions aimed at slowing the spread of the coronavirus have shattered the Southeast Asian nation’s economy, throwing millions out of work and leaving many poor families hungry.
“Our long run total cost of Covid and the quarantine both to the present and future society — meaning our children and our grandchildren — will reach 41.4 trillion” (pesos, or $810 billion), Economic Planning Secretary Karl Kendrick Chua said.
The figure is more than twice the Philippines’ gross domestic product in 2020, which the World Bank estimates at $361.5 billion.
The losses would be felt over the next 10 to 40 years, Chua said.
Consumption, investment and tax revenues would struggle to recover as social distancing rules prevent key sectors, such as tourism and restaurants, from fully reopening.
Lower productivity caused by death, illness or lack of schooling during the pandemic 'is likely to be permanent', he added.
The economy is expected to expand by four to five per cent this year, Chua said, compared with a record contraction of 9.6 per cent in 2020.
But it would take 10 years before the country returned to pre-pandemic growth, which averaged 6.4 per cent in the 10 years before Covid-19 hit.
Nearly 70 per cent of the economy, including 23.3 million workers, remained under 'heightened quarantine' restrictions, Chua said.
ALSO READ:
He warned lockdowns caused greater hunger and were not the answer to the pandemic.
The Philippines has recorded more than 2.5 million infections, including over 38,000 deaths.
Just over a quarter of the adult population has been fully vaccinated amid a delayed and slow vaccination rollout.
A team of engineers and police are investigating the cause of the collapse, which authorities suspect was caused by an overloaded girder
asia2 hours ago
The offering achieved a double-digit oversubscription level, with a number of sizeable anchor orders
business3 hours ago
Toll fees will be adjusted by the end of January 2025, where motorists can enjoy toll-free passage between 1am and 6am
transport3 hours ago
The dollar index was lower by 0.2 per cent at 105.8 while most Asian currencies rose
currency exchange3 hours ago
Floods are common on the east coast of peninsular Malaysia during the monsoon period between October and March
asia4 hours ago
Moderate to fresh winds will cause dust and sand to blow across the country, which may reduce horizontal visibility
weather5 hours ago
'Our goal is to establish a global benchmark for readiness, responsiveness, and resilience across all areas', the Crown Prince said
uae5 hours ago
Ahead of the launch of his biography on Sheikh Mohammed bin Rashid Al Maktoum, writer Graeme Wilson talks about capturing the essence of the statesman
lifestyle5 hours ago