China News, May 14 (Xinhua) reported comprehensively that the "closing city" in Metro Manila, the Philippines, is about to expire for two months. Affected by the epidemic and the "closure of the city", the Philippine economy has been hit hard, or it may face its worst contraction in more than 30 years.
The Philippine Ministry of Health reported on the 13th that there were 268 new confirmed cases of new coronary pneumonia in the country, with a total of 11,618 diagnosed cases and a total of 772 deaths. On the same day, the Philippine government announced that under the guidance of strengthening community isolation, some non-leisure shopping center stores will be partially reopened.
Earlier, a spokesman for the Philippine president said that in areas with severe epidemics such as Greater Manila, Laguna Province and Cebu City south of Manila, a revised version of enhanced community isolation will be implemented from 16 to allow some industries to restore 50% of their production capacity. Other areas with milder outbreaks will implement “general community isolation” with fewer regulations or completely lift the isolation regulations.
On the other hand, the new coronary pneumonia epidemic has hit the Philippine economy. The Philippine Development Budget Coordinating Committee issued a statement on the 13th that the new crown epidemic is expected to cause a loss of nearly 2 trillion pesos this year's economy, which is equivalent to one-tenth of the country's GDP. This is more serious than the country ’s finance minister predicted a few weeks ago that the economy will shrink by 1%.
Philippine Economic Planning Minister Etienne said that if the economy shrinks by 2% or more, it will be the most severe contraction of the Philippine economy since 1985.