'COVID-19 hit us in a very hard way': Dominguez says negative growth in 2020 possible

MANILA - The Philippines' finance chief said on Thursday the country has been hit hard by the COVID-19 health crisis and that the economy may not experience any growth this year.

Dominguez also said unemployment is estimated at 1.2 million workers, but added that this figure is comparable to the lowest unemployment rate the Philippines has experienced. "In other words, we will be spending more than we are collecting but we will be spending more in order to save the people and make sure that they have food on the table during this time," Dominguez said.

"Ang growth ho natin from 2016 ay average 6.4 percent. 'Yung collection natin ng income ng government is the highest in 22 years as a percentage of our growth," Dominguez added.Watch more in iWant or TFC.tv Dominguez said he is confident that the government would be able to overcome the COVID-19 crisis

Dominguez also thanked Duterte for his conservative economic policies, which he said would enable the country to withstand the crisis. The government has already started with a survey to help analyze which among the sectors of the economy have been severely hit by the crisis. "Right now, tinatap natin ang kaibigan natin sa ADB [Asian Development Bank] at sa World Bank, and we would probably be borrowing mga $5.6 billion. Kung kulang pa ito, we will go to the commercial market," he said.

And it was caused by one useless, incompetent, squandering leader and the whole country is suffering.

and there's a one-person explanation to all of this mess. it's time to call a spade a spade, and a useless national leader as a useless national leader.

Selective and targeted quarantine, dont make the cure worse than the problem.

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Largest supermoon of 2020 rises on a world battling COVID-19The largest, brightest supermoon of 2020 rose in the night sky on Tuesday over hushed cities, stilled factories and countries in lockdown due to the novel coronavirus that has killed tens of thousands worldwide. If the moon is within 10% of its closest distance to the earth at the moment of full moon, it is considered to be a …
Source: interaksyon - 🏆 24. / 51 Read more »

Filipino migrant workers in Canada worry about jobs, health during Covid-19Many Filipinos are laid off after all non-essential businesses closed down as part of efforts to stem the pandemic. COVID19 China’s incompetence and lie-mongering has created the single most deadly catastrophe of this century. They have to be held accountable for this, their actions have destroyed economies and lives around the world when they unleashed this global killer We can’t always blame racism for everything. The pandemic is the reason why people are being laid off, it’s not because they’re Filipinos.
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Libreng mental health counseling, alok sa gitna ng COVID-19 pandemicMochaUson pa session kana. Mas maganda ang may good mental health. Para sa ekonomiya.
Source: ABSCBNNews - 🏆 5. / 83 Read more »

Iza Calzado recovers from COVID-19, thanks supporters for prayersActress Iza Calzado fully recovers from COVID-19, and thanks her supporters for praying for her all throughout her fight with the viral disease. MissIzaCalzado Good to know she's now recovering but Didn't she test negative for covid19? MissIzaCalzado It's not always about you iza...shut up already
Source: CNN Philippines - 🏆 13. / 63 Read more »

Sao Paulo expects 100,000 COVID-19 deaths
Source: ABSCBNNews - 🏆 5. / 83 Read more »

Robredo: More dormitories available for COVID-19 frontliners in Metro Manila, nearby provincesNice! Madam Vice President! Good job Madam Vice President, continue doing your exemplary service to the people Yan ang aming Vp... The best.
Source: ABSCBNNews - 🏆 5. / 83 Read more »