WITH China reporting nearly 40,000 cases a day, some local economists are concerned that this could again lead to trade disruptions and imperil Philippine economic recovery.
Former Tariff Commissioner George B. Manzano also told the BusinessMirror the disruptions in China will affect global supply chains. China was the Philippines’s fourth top export destination in September and its top import source for the period. Total trade with China reached $3.295 billion as of August 2022.
“There should be heightened regulation of people with a history of travel from places with a high rate of Covid,” Oplas said. “This is a big problem because with the Christmas season we are putting our economy at risk again.”Nonetheless, economists from the Ateneo de Manila University, Alvin P. Ang and Leonardo Lanzona Jr., said the impact on the economy through trade would not be that significant given the recent shift in trade flows.
“They [link between China and the Philippines] have been weak for three years now,” Ang noted. “We have been seeing the weak connection from the previous lockdowns.” “Up to this point, the global economy is being affected. But it seems that new supply chains are being developed. If we have a strong health system that can withstand these health disruptions, we can still recover,” Lanzona said.
Source: Education Headlines (educationheadlines.net)
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