The Philippines stock market tumbled on Monday after the government reimposed coronavirus lockdown measures in and around Manila in response to fresh outbreaks, dashing hopes of a swifter economic recovery.
FILE PHOTO: Children wearing face masks for protection against the coronavirus disease play video games on their phones at a market in Quezon City, Metro Manila, Philippines, July 21, 2020. REUTERS/Eloisa Lopez
“It’s a bitter but necessary pill given the plight of our medical frontliners,” said Francis Lim, president of the Management Association of the Philippines. “We hope the government will deep dive into our COVID-19 strategy and find more effective ways to execute it.” “We reiterate that the Philippines is indeed headed into a severe crash landing with the probability of the economy returning to its former glory any time soon now declining by the day,” said Nicholas Mapa, economist at ING bank.
Case numbers have grown exponentially since authorities relaxed a previous lockdown in June and the Philippines is now close to overtaking Indonesia as the country with the highest number of infections in Southeast Asia.
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