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Home Markets Brokerage

Coronavirus: Jobs and Stocks Falter as Covid-19 Roars Across Philippines

The Global Economics by The Global Economics
March 28, 2020
in Brokerage, Top Stories
Reading Time: 1 min read
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CORONAVIRUS )covid-19)

CORONAVIRUS )covid-19)

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With over 800 coronavirus cases and an extension of a month-long lockdown in the capital, Philippines is now grappling with an economic crisis, with a 40% loss this month.

With country-wide quarantine, The Philippine Stock Exchange which opened on March 19, has Philippine equities collapsing by over 30% this year. Even as the trading resumes, the increasing volatility shows a sluggish growth in the market. Many companies have suspended their operations with travel restrictions in tandem with the lockdown.

Now the pandemic and national state of emergency threaten to leave people reliant on jobs on the verge of getting unemployed as the cash flows dry up. With flight rates being cut down, jobs in airline companies are already in a precarious position. Same goes for call centers, small restaurants and businesses, the severity of economic crisis can be felt by hard-hit industries.

Philippine Health Ministry reports of a total of 813 cases, and with a nationwide toll of 54 deaths as of Saturday. The community quarantine along with shutdown of markets has definitely jeopardized millions of lives- daily wage earners and workers

The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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