THE losses resulting from the implementation of the enhanced community quarantine (ECQ) over a 45-day period is estimated at roughly P1.1 trillion, equivalent to 5.6 percent of the country’s gross domestic product (GDP), the National Economic and Development Authority (NEDA) said.
However, this does not include the impact on the transportation sector, with public transport suspended during the ECQ, as a report released by NEDA said the losses in the sector could not be estimated yet.
NEDA released the We Recover As One report in its website late Friday. The report of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases-Technical Working Group for Anticipatory and Forward Planning contains recommendations to rebuild confidence and adjust to the “new normal” that will arise from the country’s response to the coronavirus disease 2019 (COVID-19) pandemic.
The report points out the estimate assumes only a 45-day lockdown period in Luzon, while the number of ECQ days varies per province in Visayas and Mindanao.
Based on the report, the National Capital Region had the biggest losses in nominal terms at P589.25 billion over the 45-day period.
As a percent of regional GDP however, the biggest impact was seen in Calabarzon at 9.02 percent.
The services industry accounted for the biggest loss at P589.72 billion, followed by industry with P537.72 billion.
The impact on agriculture was estimated at P94.3 million.
The report said in general, the new normal will be characterized by the need to observe social distance and strict personal hygiene and other sanitation protocols.
“There may still be sporadic lockdowns, though over a smaller geographic unit. At the same time, the COVID-19 threat looms large in the minds of individuals — consumers and business alike,” it said.
