Manila: The Philippine inventory market fell Monday after the government re-imposed coronavirus blocking measures in and around Manila in reaction to new epidemics, accelerating hopes for a faster economic recovery.
The restrictions, which will take effect on Tuesday, are reinstated after an organization of doctors and nurses warned that the fitness formula could give way due to increased COVID-19 cases.
“This is a bitter but obligatory tablet given the plight of our medical leaders,” said Francis Lim, president of the Philippine Management Association. “We hope the government will deepen our COVID-19 strategy and locate more effective tactics to put it into effect.” The Philippine economy had been one of the fastest developing economies in Asia before the pandemic, but is now on the brink of recession. The main inventory index fell 3.9% on Monday, its lowest level in more than two months.
Quarterly expansion is expected to be known Thursday, and economists are expected to see a deeper contraction of the 0.2% contraction in the first quarter, as the pandemic-induced blockade closes business and undermines domestic consumption, a key driving force for expansion.
“We reiterate that the Philippines is in fact heading for a serious collapse with the likelihood that the economy will return to its former glory at any time soon, now throughout the day,” said Nicholas Mapa, economist at ING Bank.
The country recorded a one-day record of 5032 new infections on Sunday, bringing the total number of COVID-19 cases to approximately 103,000.
The number of cases has increased exponentially since the government eased a previous closure in June and the Philippines is now about to outperform Indonesia as the country with the number of infections in Southeast Asia.
The government announced Sunday night that it will attack the Manila subway and neighboring provinces such as Laguna, Cavite, Rizal and Bulacan under the so-called “modified enhanced network quarantine” for two weeks from Tuesday.
Public shipment will be prohibited, paintings will be instituted in the house where it is imaginable and only a user compatible with their family will be able to pass out to get a must-have pass.
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