The Philippines started its COVID-19 lockdown in mid-March with an enhanced community quarantine which put a halt to 75 percent of economic activity in Luzon and other areas with high infection.
It also did not help that “travel and tourism will be the slowest component of the Asia-Pacific economy to recover,” which Moody’s Analytics said accounted for 9 percent of the Philippines’ gross domestic product . Latest estimates of the Manila-based Asian Development Bank showed the Philippines’ war chest against COVID-19 as of mid-July had hit $21.05 billion or 5.72 percent of GDP.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: