Philippines Among Countries Most Vulnerable to Virus, Development Institute Says
The London-based Overseas Development Institute (ODI) said that the Philippines is among the countries most vulnerable to the virus.
The Filipino economic managers are now making preparation and raft of measures to counteract the impact of the 2019 novel coronavirus in the Philippine economy. Finance Secretary Carlos Dominguez III that the impact of the contagious disease can be easily determined.
Governor Benjamin Diokno has described the move of Bangko Sentral ng Pilipinas in cutting interest rates by 25 basis points ahead, rather than behind the curve. The Philippine government is ready to implement monetary and fiscal tools as preparation for possible economic fallout.
Dominguez also said that the government must ensure the health of the people after the Overseas Development Institute identified the Philippines as among countries most vulnerable to nCoV along with Vietnam and Sri Lanka.
The study authored by Sherillyn Raga and Dirk Willem te Velde was entitled “Economic Vulnerabilities to Health Pandemics: Which Countries are Most Vulnerable to the Impact of Coronavirus.”
The finance secretary also admitted that the effects of the virus are already affecting travel and tourism.
“The airlines and the rest of the tourism industry are going to feel the pinch. I don’t know how long. I don’t know if the virus has already peaked. I think there are still new cases coming in,” Dominguez said.
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