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Estimated loss GVA select key economic figures due to COVID-19 Philippines 2020

Estimated cumulative losses on gross value added in select key economic sectors due to the coronavirus COVID-19 in the Philippines in 2020, by sector

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Release date

March 2020



Survey time period


Supplementary notes

One Philippine peso equals 0.020 U.S. dollars and 0.018 euros as of March 2020.
Values are based on current prices.

Luzon-enhanced community quarantine is a total lockdown, restricting the movement of the population with exceptions, in response to the growing pandemic of COVID-19 in the country from March 17 to mid-April, 2020.

Estimated figures on transport and travel have been calculated based on tourism receipts, whereby the travel ban to and from China and its administrative regions and a partial ban to and from South Korea would highly affect the sector. As of 2019, Chinese tourists accounted for 22 percent of total foreign arrivals, next only to Korea with a 24 percent share.

Estimated figures on exports has been calculated based on the Philippines-China (including Hong Kong and Macau) trade whereby, China accounted for 14 percent of the total exports and Hong Kong accounted for 13 percent in 2019.

Estimated figures on remittances has been calculated based on cash remittances from overseas Filipinos (land-based and sea-based) and on the projection if 30% of OFWs employed in tourism and tourism-related services would lose their jobs.

The assumed estimates on the adverse impact will be felt until June, though the brunt will be felt during the one month ECQ. External trade, however, is expected to recover beginning March, though will still be affected by the ECQ.

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Statistics on "Coronavirus (COVID-19) pandemic in the Philippines"

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