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
