Philippine economy fears as COVID-19 curbs reintroduced – CNA

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MANILA: The Philippines stock exchange toppled on Monday (Aug 3) after the federal government reimposed coronavirus lockdown measures in and around Manila in response to fresh outbreaks, dashing hopes of a swifter financial recovery.The limitations, due to take effect from Tuesday, are being restored after a group of physicians and nurses cautioned that the healthcare system could collapse as an outcome of rising COVID-19 cases.”Its a needed but bitter pill provided the plight of our medical frontliners,” said Francis Lim, president of the Management Association of the Philippines. “We hope the government will deep dive into our COVID-19 strategy and find more reliable ways to execute it.”The Philippine economy had actually been one of Asias fastest growing before the pandemic but is now on the verge of economic crisis. The primary stock index fell as much as 3.9 per cent on Monday, its most affordable in more than 2 months.Quarterly growth information is due on Thursday and economic experts expect a deeper contraction compared with the 0.2 percent contraction decrease in the first quarter as the pandemic-induced lockdown shuttered organisations and sapped domestic usage, a primary motorist of growth.”We repeat that the Philippines is certainly headed into a severe crash landing with the likelihood of the economy going back to its former glory any time soon now declining day by day,” said Nicholas Mapa, economic expert at ING bank.The nation recorded 3,226 brand-new COVID-19 infections and 46 additional deaths on Monday. In a publication, the Philippine health ministry said total verified cases have actually reached 106,330 and deaths have increased to 2,104. Case numbers have actually grown exponentially considering that authorities unwinded a previous lockdown in June and the Philippines is now near to overtaking Indonesia as the nation with the highest variety of infections in Southeast Asia.The federal government revealed late on Sunday it was positioning city Manila and close-by provinces such as Laguna, Cavite, Rizal and Bulacan under so-called “Modified Enhanced Community Quarantine” for 2 weeks from Tuesday.Public transportation will be barred, working from home will be set up where possible, and only one individual per home allowed out for vital goods.This content was initially published here.