Philippine Economy, Covıd-19, Distance Learning, Business, Economy & Governance, National News, Philippines

Philippine Economy, Covıd-19

COVID-19 pandemic to cost PH P41.4 trillion over next 4 decades – NEDA

NEDA estimated the long-run total cost of the COVID-19 pandemic and quarantines for the next 40 years would be P41.4 trillion.

9/25/2021 3:40:00 PM

NEDA estimated the long-run total cost of the COVID-19 pandemic and quarantines for the next 40 years would be P41.4 trillion.

The National Economic and Development Authority finds that reduced consumption and the effects of distance learning will cost the Philippines trillions

Rappler.comThe National Economic and Development Authority (NEDA) estimated the long-run total cost of the COVID-19 pandemic and quarantines for the next 40 years would be P41.4 trillion, Socioeconomic Planning Secretary Karl Chua said on Saturday, September 25.

Bong and Lani Revilla's three sons seeking gov't posts 'Sara All 2022': Sara Duterte confirms Cebu visit Sonny Matula is 12th member of Robredo's Senate slate

"The present and future costs are estimated at P41.4 trillion in net present value terms. Broken down, in 2020, we lost P4.3 trillion; in the next 10 to 40 years, we estimate that we will lose up to P37 trillion," Chua said in a statement.Chua said the NEDA had been working to come up with this estimate for the past six months.

The NEDA also projected that consumption and investments are likely to be lower in the next 10 years due to reduced demand in sectors that require physical distancing, such as tourism, dining, and public transportation.The national government also mandates certain percentages at which certain businesses can operate in each quarantine level. According to the NEDA, for as long as businesses cannot operate at 100%, tax revenues will be lower. headtopics.com

The NEDA found that the estimated total loss due to lower consumption is P4.5 trillion. Meanwhile, loss in private investment and returns in the same period is around P21.3 trillion."We expect the economy to converge to the pre-pandemic growth path by the 10th year. While we will recover to the pre-pandemic level by the end of 2022 or early 2023, it will take several more years before we converge to our original growth path," Chua said.

Affected productivityApart from reduced consumption, the NEDA also determined that there will be a decrease in workers' productivity due to untimely death, illness, and the lack of nationwide face-to-face education.The impact on productivity is"likely to be permanent" over the next 40 years, or the average number of years someone is expected to work in their lifetime.

NEDA pegged the estimated productivity losses at P15.5 trillion for the next 40 years. Of this amount, P4.5. trillion could be the losses linked to untimely deaths and sickness. This also accounts for additional healthcare costs.Chua said the economy lost P230 billion in 2020 from the one-year school closure.

The national government's refusal to open up schools nationwide may also cost the countryP11 trillion in future wages and productivity. This includes the lost wages of parents who forego or reduce work hours to facilitate their children's online classes. headtopics.com

Pfizer jab shows 90.7% efficacy in trial in kids 200k COVID jabs of private sector may expire soon: doc Liz Uy, husband celebrate first anniversary

The Asian Development Bank (ADB) has similar data on the effects that prolonged distance learning has on quality of education. According to the ADB, every year of lost schooling leads to a 10% permanent decrease in future wages. Read more: Rappler »

29 schools withdraw from pilot run of limited face-to-face classes

The Department of Education is eyeing to complete the list of 120 schools for the pilot run of limited face-to-face classes before it starts on November 15

MacarioBonifac1 Tyak ko malaki na din naibulsa ng mga kurakot na politiko,.!! The country should demand reparation payments from China for the damages brought by the virus which originated from them. Tsk, di pa tapos yung ninakaw ni Marcos e... So magreretire ako mga around 80 years old para makabayad sa utang natin eme

kasama na ung nanakawin nila jan?

No COVID-19 outbreak in St. Luke's, says managementSt. Luke's Medical Center clarified its decision to close some of its wards was not due to a COVID-19 outbreak among its personnel but due to decreased manpower caused by several factors, including the resignation of some staff. No DOH intervention?

COVID-19 deaths reach 4.7 million worldwideThe United States is the worst-affected country with 681,185 deaths from 42,543,365 cases. So what! People died from starvation much more still Kasi napakaraming ignorante

BI to complete COVID-19 inoculation of all personnelThe Bureau of Immigration (BI) has vaccinated half of its personnel and is now expediting the inoculation of the other half.

Ybonne Ortega tests positive for COVID-19, withdraws from Miss Universe PHDavao City’s Ybonne Ortega announced that she’s withdrawing from her participation in the Miss Universe Philippines 2021 competition after testing positive for COVID-19 .

Research group optimistic with PH COVID-19 situationA Philippine research group has an optimistic outlook on the country's COVID19 situation, even as infections continued to rise in the northern Luzon region.

COVID-19 response guidelines on NCR's alert levels system relaxedThe government’s pandemic task force has decided to relax some of the guidelines on the pilot implementation of Alert Levels System for COVID-19 Response in the NCR, allowing more people to go out and more activities to take place in the pilot area. Ano yung non-bubble... WATCH: COVID-19 response guidelines on NCR's alert levels system relaxed