Philippines Sees Limited Economic Impact From Virus Surge

The Philippines’ renewed surge in coronavirus infections will have limited impact on the economy as authorities opt for localized lockdowns and as vaccinations pick up, Economic Planning Secretary Karl Chua said.

The Southeast Asian nation, which will likely remain in recession this quarter, has to manage the spike in cases without reinstating stricter movement curbs which will hurt jobs, Chua said in a mobile-phone reply to questions.

Daily virus cases exceeded 4,000 in each of the past four days, with Monday’s tally the highest since August. The surge in cases is due to increased contact as the economy reopens, while pandemic fatigue may have led to violations of health protocols at home and workplaces, the Department of Health said.

The government expects 2.4 million vaccine doses to arrive this month or in April, including almost a million AstraZeneca Plc. shots, Carlito Galvez, who heads the nation’s vaccine procurement efforts, said in a live-streamed briefing Monday evening. Vaccine shots from India will probably arrive in the third quarter, he said

Health Secretary Francisco Duque assured President Rodrigo Duterte there will be enough supply of the second doses of the AstraZeneca vaccines. The second doses for the SinovacBiotech Ltd. vaccines have also already been set aside, Duque also said.

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.