The Coronavirus Disease (2019) COVID-19 is an infectious disease
caused by a new strain of coronavirus and began in Wuhan, China in
December 2019 and has spread throughout the world. On January 30,
2020, the Philippines reported its own COVID-19 case and has
multiplied its number to 11,876 cases in the span of 4 months. For
safety measures and for the safety of his countrymen, the President of
the Philippines on March 15 declared a lockdown and an enhanced
community quarantine, suspending all of the businesses and trade of
the country inside and outside of the country. This preventive measure
of the government of the Philippines will surely has an effect in the
country’s economic growth.
Impact on travel and tourism. COVID-19 significantly affect the tourism
sector following President Duterte’s declaration of an enhanced
community quarantine (ECQ) in Luzon where land, air, and sea travel
were restricted as well. This also includes the suspension of mass
transportation and all domestic flights that results in a loss of gross
value of GDP of the Philippines. Likewise, the slowdown in economic
activities may reduce employment.
Impact on exports. China is the country’s single largest trading partner
of the Philippines. And as where the virus has emerged, all of the
exports of thes country are all suspended.
In conclusion, given the simultaneous adverse effects on the supply and
demand side of the economy, COVID-19 has vastly affected not just
peoples lives but of course our economy in a lot of different areas.