New lockdown in Metro Manila seen to cause nearly $3 billion in economic damage per week
10 August, 2021
The economic outlook for the Philippines ’ 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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