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'We are sinking': Pres. Duterte says that due to COVID-19 the Philippines lose P2 billion daily

Due to virus COVID-19, the Philippines is losing P2 billion per day, President Rodrigo Duterte said on Monday, believing the country's economy was doing well before the pandemic arrived.

“Every day, we are losing P2 billion worth of money which should've been for the people. The workers, the Filipino workers would have earned that money if our economy was running.” he said in an aired public briefing.

"We are sinking deeper and deeper," Duterte said the economy of the Philippines is in "bad shape" but he stated that the other countries are also economically struggling. The President told his government is doing its best "to keep us afloat." 

Earlier in the day, the economic planning head of the Philippines said the nation is missing P700 million in salaries and other revenue every day while Metro Manila and other regions remain under general population quarantine.

For the whole of February, Metro Manila, the Cordillera Administrative Region (CAR) and six other areas remain under general population quarantine to contain the spread of new coronavirus variants in the world.

Socioeconomic preparation Working Sec. Karl Chua, however, said it was the right decision to keep these areas under GCQ so that health authorities can know more about the latest strains of the COVID-19 virus.

He said the Philippine economy is "slow start" in 2021, but economic managers are betting on GDP growth of 6.5 to 7.5 percent this year, hoping for a quick comeback of 9.5 percent this year.


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