The country is expecting an estimated loss of P767.19 billion, or 3.85% of the gross domestic product, according to a recovery plan prepared by the National Economic and Development Authority.
The country’s biggest island-group, Luzon, might experience a massive and widespread economic meltdown as it endures a 45-day lockdown.
The respondents were from 44,097 companies – from micro and small retailers to large businesses – 6,863 farmers and fisherfolk, and 390,093 consumers. “These are survey results and we’re actually fielding a second bigger survey to understand better the quantitative because the first survey that we launched is more qualitative. It’s a fast survey to help us understand what is really happening and what are the general directions and we know from those that most businesses are affected,” Chua said in a CNN Philippines TV interview on Wednesday.
Chua, in a Tuesday virtual media briefing, said the economy could teeter between zero growth and a 0.8% contraction.
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