New lockdown in Metro Manila seen to cause nearly $3 billion in economic damage per week

Only “essential” movements in public are allowed for two weeks

The economic outlook for the Philippine’s capital region has become even more gloomy after more than 24 million people have been plunged into a new, harsh lockdown as Covid-19’s aggressive delta variant rages across the nation.

Philippine authorities estimate that economic losses from the new lockdown in the Manila capital region and surrounding areas could reach 150 billion pesos ($2.98 billion) a week, the Philippine Star reported, adding that in addition, 444,000 jobs would be lost and the number of poor people would increase by up to 177,000.

The latest lockdown imposed on Metro Manila until August 20 is the third round of strict restrictions since the start of the pandemic and is expected to compound the already desperate economic struggles of daily wage labourers.

As per the lockdown regulations, only authorised people, including those buying food or traveling for medical reasons or frontline workers are allowed to go outside.

Second-worst Covid-19 outbreak in Asia

The projection of economic losses is 43 per cent higher than a previous estimate as more areas were placed under lockdown, the newspaper cited socioeconomic planning secretary Karl Chua as saying.

So far, the Philippines has recorded a total over 1.58 million Covid-19 cases and 27,722 deaths, the second-worst coronavirus outbreak in Asia after Indonesia.

The country’s vaccination programme has been hampered by tight global supply and logistical problems. Just over ten million people are now fully vaccinated, representing nine per cent of the population, which means that tens of millions remain vulnerable to Covid-19.



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Only "essential" movements in public are allowed for two weeks The economic outlook for the Philippine’s capital region has become even more gloomy after more than 24 million people have been plunged into a new, harsh lockdown as Covid-19’s aggressive delta variant rages across the nation. Philippine authorities estimate that economic losses from the new lockdown in the Manila capital region and surrounding areas could reach 150 billion pesos ($2.98 billion) a week, the Philippine Star reported, adding that in addition, 444,000 jobs would be lost and the number of poor people would increase by up to 177,000. The latest...

Only “essential” movements in public are allowed for two weeks

The economic outlook for the Philippine’s capital region has become even more gloomy after more than 24 million people have been plunged into a new, harsh lockdown as Covid-19’s aggressive delta variant rages across the nation.

Philippine authorities estimate that economic losses from the new lockdown in the Manila capital region and surrounding areas could reach 150 billion pesos ($2.98 billion) a week, the Philippine Star reported, adding that in addition, 444,000 jobs would be lost and the number of poor people would increase by up to 177,000.

The latest lockdown imposed on Metro Manila until August 20 is the third round of strict restrictions since the start of the pandemic and is expected to compound the already desperate economic struggles of daily wage labourers.

As per the lockdown regulations, only authorised people, including those buying food or traveling for medical reasons or frontline workers are allowed to go outside.

Second-worst Covid-19 outbreak in Asia

The projection of economic losses is 43 per cent higher than a previous estimate as more areas were placed under lockdown, the newspaper cited socioeconomic planning secretary Karl Chua as saying.

So far, the Philippines has recorded a total over 1.58 million Covid-19 cases and 27,722 deaths, the second-worst coronavirus outbreak in Asia after Indonesia.

The country’s vaccination programme has been hampered by tight global supply and logistical problems. Just over ten million people are now fully vaccinated, representing nine per cent of the population, which means that tens of millions remain vulnerable to Covid-19.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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