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Philippines to lose over $789 billion in 40 years due to coronavirus

Manila: The Philippines’ economic losses due to the Covid-19 pandemic and lockdowns are estimated to be more than 40 trillion pesos ($789 billion) in the next 40 years, the country’s chief economist said on Saturday. In the first year of the pandemic alone, the Philippines lost 4.3 trillion pesos due to lost revenues, productivity and investments, Socio-Economic Planning Secretary Karl Kendrick Chua said.
“The present and future costs are estimated at 41.4 trillion pesos in net present value terms,” Chua said in a statement, citing an assessment by the National Economic and Development Authority with the assistance of development partners.  “We expect the economy to converge to the pre-pandemic growth path by the tenth year,” he added. (dpa)

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