NEDA: P90 Billion Economic Loss Seen From Recent Typhoons

Recent typhoons could result in an estimated 90-billion-peso loss for the Philippine economy, the National Economic and Development Authority said.

NEDA Undersecretary Rosemarie Edillon said the impact of recent typhoons which hit the Philippines in recent weeks may cause a 0.15 percentage point reduction in the country’s gross domestic product.

Edillon said, “It will have to be updated once we get updates from the ground. Right now we are seeing that the impact is actually a bit less than the impact of Ondoy, and we think it’s really because in areas like Marikina, we see that the flood actually subsided more quickly than during Ondoy.”

Before Ulysses hit, acting Socioeconomic Planning Secretary Karl Chua said damage incurred until up to the onslaught of Rolly was valued at 39 billion pesos. 

Chua said based on preliminary estimates, this can knock off only 0.055 percentage points from GDP growth in the last quarter of the year.

Source: https://www.philstar.com/business/2020/11/19/2057838/p90-billion-economic-loss-seen-recent-typhoons

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