Philippines braced for major blow to economy amid coronavirus scare

MANILA (Philippine Daily Inquirer/ANN): A prolonged crisis over the novel coronavirus (2019-nCoV) would likely cut up to 133bil pesos (RM10bil) from the country’s 19-trillion pesos economy, the country’s chief economist said on Friday (Feb 7) with the property sector already feeling the effects of the global contagion as well as the recent eruption of Taal Volcano.

Overall, the contagion has already hit global travel and tourism—worth US$8 trillion or 10 per cent of global gross domestic product (GDP)—and the Philippines will likely be affected because tourism accounts for about 450bil pesos, or around 5 per cent, of the country’s GDP, according to Socioeconomic Planning Secretary Ernesto Pernia.