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343 cases added; budget for volunteers vowed

THE DEPARTMENT of Health (DoH) reported 343 coronavirus disease 19 (COVID-19) infections on Sunday — a record daily increase — bringing the total to 1,418.

Three more patients — all Filipinos aged 70, 71 and 78 — died, raising the death toll to 71, DoH said in an e-mailed bulletin. The three had underlying conditions such as asthma, hypertension, heart and kidney diseases and diabetes.

Seven more patients aged 13 to 44 have recovered from the virus, bringing the total of those who have gotten well to 42, it said.

Meanwhile, congressmen are willing to allot a budget for wages of volunteer health workers equivalent to what their newly hired counterparts in the government receive, Party-list Rep. Eric G. Yap said on Sunday, as the country fights the COVID-19 pandemic.

“We are willing to give them that,” Mr. Yap, who heads the House committee on appropriations, told the ABS-CBN News Channel (ANC) in Filipino on Sunday.

He said Congress has empowered President Rodrigo R. Duterte to realign as much as P275 billion of the national budget so the government could better fight the pandemic.

“We can try to find more funds if needed,” Mr. Yap said. “That is what we want to suggest to the Executive so our frontliners will be paid well.”

The congressman said he would discuss with Speaker Alan Peter S. Cayetano how to increase the budget for volunteer health workers. Lawmakers would also meet with budget officials to discuss the appropriations, he added.

The Department of Health (DoH) earlier apologized for offering P500 in daily pay to volunteer doctors and nurses during their “month-long contribution,” a rate criticized by some sectors.

Volunteer doctors should be hired and paid at least P50,000 a month, which is the entry-level salary grade for government-hired physicians, while nurses should receive at least P22,000, according to Dr. Geneve Reyes, secretary-general of Health Action for Human Rights.

The government should also shoulder their pay during the 14-day quarantine after their tour of duty, she told ANC yesterday.

“They sacrifice their live for us,” Mr. Yap said, adding that it’s only fitting that they get paid enough.

As of Sunday, almost 700 “health care warriors” have signed up to be assigned at three government hospitals that will exclusively treat COVID-19 patients, DoH said in a statement, adding that the initial rate it had offered was “provisional.”

Mr. Yap also said minimum wage workers would receive a total subsidy of P8,000 per family.

Local government units will identify the families living on minimum wage while the Department of Social Welfare and Development will distribute the funds, he said.

Meanwhile, Albay Rep. Jose Maria Clemente S. Salceda urged the government to broaden the coverage of the emergency subsidy program.

Mr. Salceda, who heads the House ways and means committee, said village officials including secretaries, treasurers and village police officers should also become eligible for frontliner benefits.

“There are serious issues of duplication, because we are using multiple government lists with different members of the same family in each,” the congressman said in a letter to President Rodrigo R. Duterte.

“Of course, when one family gets more than what it has to, another family is getting less or none. It could potentially deprive the underserved, unlisted informal sector,” Mr. Salceda said. “And in the bigger picture, that compromises our quarantine efforts because they will look for livelihood,” Mr. Salceda added. — Genshen L. Espedido

China denies it donated defective COVID-19 kits

CHINA on Sunday denied donating defective COVID-19 test kits that the Department of Health (DoH) found to be only 40% accurate.

The kits it donated to the Philippines were at par with those provided by the World Health Organization, the Chinese Embassy said in a statement, citing DoH.

The defective test kits cited by DoH had not been tested by the Philippines’ Research Institute for Tropical Medicine and were different from those given by the Chinese government, it said.

The virus has sickened more than 1,418 people in the Philippines, killing at least 71. Before March, there were only three confirmed cases in the Philippines — all Chinese nationals — and health authorities have traced the recent increase to faster testing by local laboratories.

Worldwide, about 665,000 people have been infected, with almost 31,000 deaths.

China’s donation included 2,000 RT-PCR test kits — which use the so-called reverse transcriptase polymerase chain reaction technique — from BGI and 100,000 similar kits from Sansure Biotech, Inc. China has also committed to send medical experts to help the Philippines fight the novel coronavirus outbreak.

“The Chinese Embassy firmly rejects any irresponsible remarks and any attempts to undermine our cooperation in this regard,” it said.

In a social media post, the embassy also cited a message from Health Secretary Francisco T. Duque to Ambassador Huang Xilian attesting to the effectiveness of the donated kits.

“There is nothing wrong with the real time-polymerase chain reaction machine, which is used for generating positive or negative result as the case may be,” the agency quoted Mr. Duque as saying.

“Again, your test kits from BGI and Sansure Biotechnology are very good and up to the standards as those which were donated by WHO and approved by our RITM.”

Meanwhile, the Singapore government has donated 40,000 COVID-19 test kits and two ventilators, on top of the 3,000 test kits and PCR machine it gave the Philippines earlier. — Charmaine A. Tadalan

Gov’t troops to fight back amid COVID-19 cease-fire

THE presidential palace on Sunday said government soldiers would fight back as it accused Maoist rebels of violating their unilateral cease-fire pledge amid a novel coronavirus outbreak.

On Saturday, communist rebels attacked government troops doing community work in connection with the outbreak in the village of Puray in Rodriguez, Rizal province, killing one soldier and hurting two others, presidential spokesman Salvador S. Panelo said in a statement. A communist rebel was also killed.

“This armed attack by the New People’s Army against our soldiers exposes the insincerity of the former in declaring a cease-fire as well as their blatant disregard of the welfare of the Filipino people they claim to fight for,” he said.

The United Nations earlier called for a global armistice in the wake of the global fight against the coronavirus disease 2019.

The botched attack against military personnel was part of the rebels’ attempt to project relevance and power on their 51st founding anniversary on March 29, state-run Philippine News Agency reported, citing a statement from the military.

“They were planning to celebrate their anniversary on March 29 with a bang,” Armed Forces chief of staff Felimon Santos, Jr. said in the statement. — Gillian M. Cortez

#COVID-19 Regional Updates (03/30/20)

LUZON

Police to be stricter in arresting curfew violators

THE PHILIPPINE National Police (PNP) will be stricter in the arrest and detention of curfew violators during the enhanced community quarantine (ECQ) period in Luzon, with a holding period of up to 12 hours for those caught. Police Lieutenant General Guillermo L. Eleazar said the Joint Task Force Coronavirus Shield (JTF CV Shield) has been lenient in its initial implementation, with violators being allowed to go home instead of being detained. “Based on our assessment, the number of curfew violators will just continue to rise if we become lenient on them,” Mr. Eleazar, who heads the JTF CV Shield, said in a statement Sunday. He noted that based on local government unit reports, a total of 42,826 were apprehended from March 17 to March 27, with 12,094 from Metro Manila. President Rodrigo R. Duterte placed the entire Luzon under ECQ until April 13. “If the curfew violators will be released over a decision that the regular filing of the case will be done after the ECQ, curfew violators must be held for a maximum of 12 hours while being admonished so as to deter them from repeating the offense,” he said.- — Charmaine A. Tadalan

VISAYAS

250 negative results out of 272 tested for COVID-19 at VSMMC; 25 cases in Central Visayas

THE VICENTE Sotto Memorial Medical Center (VSMMC) in Cebu City, the designated sub-national laboratory for COVID-19 testing in the Visayas, reported 250 negative results out of the 272 it conducted in its first four days of operations starting middle of last week. The Department of Health regional office (DoH-7), in a statement late Saturday, said Central Visayas had 25 confirmed COVID-19 cases as of March 28, with 18 in Cebu City. Two are in Lapu-Lapu City and another two, who have both died, were in Negros Oriental. There is one each in Bohol, who has already recovered, Mandaue City, and Cebu province. “One person can undergo more than one test if warranted,” DoH-7 Regional Director Jaime S. Bernadas said in the statement. “We again call on all our citizens to remain calm and follow existing measures currently set in place local authorities. We understand the disruption this has caused our lives but let us remember that measures will only work if we all strictly and conscientiously follow containment and preventive measures,” he said.

WESTERN/EASTERN VISYAS
In Western Visayas, there were 16 confirmed COVID-19 patients as of Saturday afternoon. These are in the following areas based on patient’s residence: Bacolod with 5; Iloilo province, 4; Iloilo City, 2; Aklan, 3; Capiz, 1; and Negros Occidental, 1. The Western Visayas Medical Center in Iloilo City is being readied as a COVID-19 testing facility. In Eastern Visayas, the confirmed case remains at one with 379 patients under investigation.

MINDANAO

SPMC advertises for 60 nurses, 40 house keeping aides; Davao Region COVID-19 cases up to 30

THE SOUTHERN Philippines Medical Center (SPMC) in Davao City, one of the designated COVID-19 referral hospitals in the Davao Region, is hiring 60 licensed nurses and 40 administrative aides under the housekeeping division as it tends to patients alongside ensuring the welfare of its frontline health workers. As of Saturday evening, Davao Region had 30 people confirmed with the COVID-19, of which 20 are admitted at SPMC. Two others are at the Davao Regional Medical Center in Tagum City, while four have recovered and four have died. Based on latest data from the Department of Health regional office, there are over 70 persons under investigation (PUI) admitted in the hospitals and over 7,000 persons under monitoring (PUM). SPMC, which has suspended outpatient services since March 23, has already started carrying out tests as the satellite laboratory for “diagnosis and identification” of suspected COVID-19 patients in Mindanao. The SPMC and its Institute of Psychiatry and Behavioral Medicine have also launched a phone helpline service for its frontline workers, their families as well as patients.

PUI CENTER
Meanwhile, the Davao City government is preparing five quarantine centers for PUIs, or those exhibiting symptoms of the disease. Mayor Sara Duterte-Carpio said the PUI centers will help in managing SPMC’s capacity. “There are PUIs who insist on staying in hospitals. As a PUI, if you are not sure that you are positive of COVID-19 but you exhibit symptoms, you are better off in the centers than in the hospitals which have patients with positive cases,” Ms. Duterte-Carpio said Friday as she inspected the planned sites. Among those being readied are the drug rehabilitation center and nearby Bureau of Fire Protection office in Malagos, the Alternative Learning School beside People’s Park, La Vida Inn, and the Queensland Hotel. EMCOR Inc., a distributor of appliances and various other products, has also offered to convert container vans PUI facilities. — Carmelito Q. Francisco and Maya M. Padillo

Nationwide round-up

DTI recommends ‘seniors only’ shopping hour, other measures

THE DEPARTMENT of Trade and Industry (DTI) urged supermarkets and pharmacies to adopt measures that will further ease the shopping process as well as improve health protection for senior citizens amid the COVID-19 outbreak. In an advisory, DTI recommended allocating a “seniors only” shopping hour, exclusive entry to avoid the queue when entering establishments, and an express lane in addition to the existing senior citizens lane for those buying 25 items or less. Under Philippine law, senior citizens are those aged at least 60. Interior Secretary Eduardo M. Año last week said senior citizens who live alone should be given quarantine passes following reports that some local government units deny them the passes. — Jenina P. Ibañez

More PPEs needed by private hospitals

DESPITE NUMEROUS donations of personal protective equipment (PPEs) from both foreign and local entities, private hospitals have called for help for sourcing more supply amid the coronavirus disease 2019 (COVID-19) outbreak. In a radio interview Sunday, Private Hospitals Association of the Philippines, Inc. (PHAPi) President Rustico A. Jimenez said private hospitals still need more PPEs since donations are primarily directed to public hospitals. “Meron nakakarating pero kulang at kulang pa rin kasi napakaraming pasyente (We have received some, but this is still very insufficient because there are so many patients),” he said. “Iniiwasan namin na merong namamatay kasi ang latest count ay 12 na ang namatay (We are avoiding deaths because the latest count is that 12 [doctors] have already passed away,” Mr. Jimenez said. — Gillian M. Cortez

370 Filipinos in Italy repatriated

THE DEPARTMENT of Foreign Affairs (DFA) has repatriated 370 Filipinos from three cruise ships docked in Italy, who all arrived on Saturday evening. “The group of repatriates is composed of 248 Filipinos from MV Costa Luminosa from Milan, and a combined number of 122 Filipinos from MV Grandiosa and MV Opera docked in Rome,” DFA said in a statement on Sunday. None of the repatriates were showing symptoms of the coronavirus disease 2019 (COVID-19), but they will still undergo a 14-day facility-based quarantine under the supervision of the Bureau of Quarantine. DFA also reported extending assistance in sending back home more than 700 foreign nationals who were affected by the government’s travel restrictions and flight cancellations by airlines. “More repatriation flights for foreign nationals in the pipeline,” Foreign Affairs Undersecretary Brigido D. Dulay said in a separate post early Sunday. — Charmaine A. Tadalan

Labor federation reports ‘unjust practices’ by 160 companies amid COVID-19 outbreak

MORE THAN 300 reports of unjust labor practices by 160 companies were recorded by a labor federation through a survey conducted March 19–22 amid the community quarantine measures to contain the spread of the coronavirus disease 2019 (COVID-19). The Solidarity of Unions in the Philippines for Empowerment and Reforms (SUPER) said it “gathered 318 reports of unjust employer practices of 160 companies.” “These reports include companies that are allegedly using the crisis to justify illegal termination of its workers (11 companies), workers made to work under the “no work, no pay” scheme but without transport being provided; (81 companies), flexible work arrangements but with reduced pay (28 companies), suspension of work without pay (98 companies) coupled with refusal to apply for the financial assistance programs being offered by the Department of Labor and Employment (56 companies),” the federation said. The list of the companies has been sent to the Labor Department and local government units. SUPER is conducting another survey from March 27 to April 5. — Gillian M. Cortez

Nation at a Glance — (03/30/20)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Nation at a Glance — (03/30/20)

Formula One could race into January if necessary

LONDON — Formula One could shorten grand prix weekends and race into January if that helps salvage a season ravaged by the coronavirus, according to Ferrari boss Mattia Binotto.

The opening race in Australia on March 15 was cancelled and the showcase Monaco Grand Prix in May has also been scrapped, the first time since 1954 that it has not featured on the championship calendar.

A further six rounds have been postponed, and more look likely to follow with countries in lockdown, but Formula One bosses have said they hope to get back on track some time in the European summer with a reduced season of 15 to 18 races.

Binotto told Sky Sports Italia that the teams had given the Formula One powers-that-be complete freedom to do what was necessary to have a championship.

“We are in constant dialogue,” he said. “I have felt, along with the other team principals, that these are decisive moments.

“We’ve decided to give complete freedom to (Formula One chairman Chase) Carey and the FIA to put together as soon as possible a timetable for us to get racing again, we are willing on our side.

“We’re assessing various ideas; races closer together, maybe doing two or three races in January, considering also the option of cancelling (Friday) practice.”

Formula One needs a minimum of eight races for a valid championship and the 2020 season is currently due to end in Abu Dhabi on Nov. 29.

The sport normally has a break until launches and pre-season testing in February but, with cars now remaining the same in 2021 with major rule changes deferred a year to save money, there would be little need for that anyway.

“If this allows us to guarantee a more complete 2020 world championship, with the following season not starting until March, there is great availability for that,” said Binotto.

The 2020 championship was originally meant to have a record 22 races, with Mercedes’ Lewis Hamilton hoping to equal Michael Schumacher’s record seven titles and surpass the Ferrari great’s unprecedented 91 wins. Hamilton so far has 84 wins.

The Briton could be kept waiting on both accounts if the sport is unable to put together enough races.

Former commercial supremo Bernie Ecclestone told Reuters on Friday that he would be very surprised if the sport managed to put together even a reduced season of 15–18 races. — Reuters

Decision on who covers cost of postponing Tokyo Olympic Games seen a ‘challenge’

TOKYO 2020 Olympics organizing committee president Yoshiro Mori has told international federations that deciding who foots the bill for postponing the Games to 2021 will be a “major challenge,” Olympic news Web site insidethegames reported on Saturday.

The International Olympic Committee (IOC) and Japanese organizers last week postponed the July 24-Aug. 9 event due to the coronavirus pandemic — the first such delay in the modern Games’ 124-year history.

Japan invested $12 billion in the run-up to the Games and IOC President Thomas Bach had warned that the price tag will rise further.

“The extra cost that will arise from this postponement is inevitable,” Mori wrote in a letter addressed to the 33 international federations of sports that make up the Tokyo Games program.

“Deciding who will bear these costs and how it will be done will be a major challenge.”

Mori also issued a rallying cry to deliver the Olympic and Paralympic Games Tokyo 2020 next year and show that humans had “triumphed over the coronavirus.”

The Tokyo 2020 organizing committee launched a task force to resolve issues linked to the postponement, such as reviewing dates for the Games and securing venues.

The Olympics is one of many major sporting events which have been postponed, suspended or cancelled due to the coronavirus. — Reuters

Local sports agency monitoring condition of national athletes

THE coronavirus disease 2019 (COVID-19) pandemic has put sporting affairs in the country on hold but it has not stopped the Philippine Sports Commission (PSC) from dispensing its duties, particularly in securing the safety and wellness of the country’s national athletes.

In a situation update shared to Radyo Pilipinas 2 late last week, PSC National Training Director Mark Velasco said the agency is on top of things three weeks since the government’s declaration of a state of public health emergency and calling for enhanced community quarantine as the country battles the spread of COVID-19.

Mr. Velasco said that they are taking care of some 30 athletes and coaches in their facility at the PhilSports Complex in Pasig City.

Food is being provided to them while they are also being checked on regularly to see if they are in good health.

The PSC official said that some have complained of occasional headaches and minor ailments but thankfully none has shown any symptoms of COVID-19 by the time the update was shared.

The PSC has also made resources available to give continued service and assistance to national athletes be it online or through phone calls, providing the latter an avenue to share their concerns to sports psychologists and pertinent personnel. Medical doctors, Mr. Velasco said, are also on standby in case the need arises.

Mr. Velasco also said their monitoring extends as well to Filipino athletes training abroad, including Olympians EJ Obiena (pole vault) and Hidilyn Diaz (weightlifting).

Currently in Italy for training, Mr. Obiena is safe, Mr. Velasco said.

But monitoring of his condition is keenly done with Italy among the hardest hit by COVID-19 in the world.

Olympic silver medallist Ms. Diaz, meanwhile, is in Malaysia with her team. Like Mr. Obiena, Ms. Diaz is doing well and keeping herself safe.

Mr. Velasco said that Mr. Obiena and Ms. Diaz should ask to be returned to the country they will be ready to make arrangements for it.

Meanwhile, with the 2020 Olympics deferred to next year as COVID-19 rages on, Mr. Velasco said the country’s preparation is ongoing.

“We are in constant contact with CDM Nonong Araneta as to our moves moving forward,” said Mr. Velasco, referring to Philippine chef de mission to the Tokyo Olympics Mariano Araneta.

Last week the International Olympic Committee and the Japanese government agreed to postpone the Tokyo Games to no later than the summer of 2021 so as the world could focus on the battle against COVID-19, which has affected more than 600,000 people worldwide to date.

In the Philippines, as of this writing, there are now 1,075 confirmed cases of the disease. — Michael Angelo S. Murillo

PBA players use esports to lend a hand in COVID-19 fight

WITH the Philippine Basketball Association season suspended indefinitely because of the ongoing concern on the spread of the coronavirus disease 2019 (COVID-19), league players are channelling their attention to their other passions to remain preoccupied with some using these as platforms to lend a hand during these uncertain times.

Veteran Magnolia forward Mark Pingris and six-time PBA most valuable player June Mar Fajardo of San Miguel are among those tapping on their passion for esports to help in their own way in the battle locally against COVID-19.

The two are part of the “Lockdown Games” which aims to raise P1 million to help the UP Medical Foundation iin its push to help stop the spread of the new coronavirus in the country.

The Lockdown Games is being done on the lead of esports organization Mineski.

The tournament began on March 24 with Marvel Super War games which were played until March 26.

Mr. Pingris shared that by the end of the Marvel Super War games nearly P400,000 had already been raised.

Next to be played from March 30 to April 2 is Call of Duty. On April 5, DOTA 2 is the tournament to be played.

On April 6, Messrs. Pingris and Fajardo will be competing in the DOTA 2 Showmatch along with fellow PBA players and esports enthusiasts Kiefer Ravena of NLEX and Japeth Aguilar of Barangay Ginebra.

The match will be broadcast over MineskiTV beginning at 5 p.m.

Mr. Pingris encouraged the gaming community to support the Lockdown Games and pledge their support to the fund-raising campaign to sustain the fight against COVID-19.

For information on how to support and donate to the Lockdown Games, check out MineskiTV’s Facebook page.

Handling the crisis

The National Basketball Association has invariably been at the forefront of social activism. Unlike most other significant organized bodies in sports, it hasn’t been afraid to stand up for the needs of the greater community of which it’s part even at the expense of its stakeholders. In this regard, it’s fortunate to have progressive officials who take the long view and understand that, often, moving forward means first taking a step back. Earlier this month, for instance, it didn’t think twice about suspending the 2019-20 campaign after it recorded its first positive new coronavirus case. And then late last week, some 100 of its top officials saw fit to voluntarily take whopping pay cuts — equivalent to a fifth of their salaries — in order to ease the effects of the pandemic on other employees.

Make no mistake. The NBA is a business, and the league office works to bring in the revenue for its 30 franchise owners. In large measure, the profit motive is why it views cancelation of the remainder of the season as a last resort. After having already seen hundreds of millions of dollars go down the drain as a result of China’s partnership pullout in protest of Rockets general manager Daryl Morey’s exercise of free speech, the last thing it needs is to see loss projections include nine zeros. And yet what it will not do is put public safety on the line just so it can secure immediate return on its investment.

Indeed, the NBA is blazing a trail in the way it’s handling the crisis. Many of its endeavors have rightly been highlighted, their prominence in social media aided in no small measure by the active engagement of its players. Still many others have not, as clear an indication as any of its principal objective to help at a time when help is needed, period. Eyeballs are optional — immaterial, even. Take the Jr. NBA at Home component of its global NBA Together campaign. Found on https://jr.nba.com/jrnbaathome/, it serves as a repository of content to inspire the youth and other members of families around the globe to stay active and connected.

Those who head over to the site will find a no-frills layout featuring workouts and drills shared by NBA and WNBA stars and tacticians. The videos are short, perfect for a target audience with short attention spans. More importantly, they’re replicable in confined spaces — enabling practitioners to stay healthy and safe while following social distancing protocols. From the outside looking in, the project comes off as one that both means business and knows its business, a testament to the work done behind the scenes by league senior vice-president David Krichavsky and his youth development staff.

With quarantine measures in place to restrict the spread of COVID-19, the impact of Jr. NBA at Home cannot be emphasized enough. It’s reaching out through daily posts on Facebook, Twitter, and Instagram, as well as on other digital channels, and, in the process, underscoring the value of togetherness. Isolation doesn’t mean being alone. Staying at home doesn’t mean being inactive. And if the five and a half million views (and counting) are any indication, the league is connecting with fans extremely well and succeeding the way it has long been: as a family.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

alcuaycong@bworldonline.com

‘Significant’ hit to economy seen in 1st quarter; magnitude uncertain

THE ECONOMY is expected to “significantly” slow down in the first quarter after the government imposed lockdown measures that halted much economic activity, on top of global supply chain disruptions dating back from China’s COVID-19 outbreak, economists said.

In their February issue of The Market Call released yesterday, First Metro Investment Corp. (FMIC) and University of Asia and the Pacific (UA&P) said: “Undoubtedly, Philippines GDP growth will take a big (hit) in Q1 thanks to COVID-19, albeit the magnitude remains uncertain.”

FMIC and UA&P said the blow to both the global and Philippine economies will be “significant” in the first half.

Socioeconomic Planning Secretary Ernesto M. Pernia has said the economy can still expand by 5% in the first quarter while Bangko Sentral ng Pilipinas (BSP) Governor said positive growth is still possible at around 3% during the first quarter.

ING Bank NV- Manila estimates that a 5.3% GDP expansion is still possible this year given a “substancial fiscal punch” translating to 1.5% of GDP. However, it said the economy could contract by -0.1% if the four-week enhanced community quarantine is extended by another month, combined with a “meager fiscal response” equivalent to a 0.1% boost to GDP.

“On top of size of the fiscal package, the scope of the recovery plan will be just as crucial. We expect the government rescue package to at least cover these 3 areas: 1) income replacement, 2) tax forbearance and 3) loan and liquidity support,” ING Bank NV- Manila Senior Economist Nicholas Antonio T. Mapa was quoted as saying.

The National Economic and Development Authority (NEDA) released preliminary estimates that 2020 GDP growth could expand by up to 4.3% if the pandemic is contained. In the worst case, it could contract by 0.6% if the month-long enhanced community quarantine is extended.

The Market Call report said factors that could cushion the blow include low unemployment of 5.3% in January, low inflation of 2.6% last month and the 50-basis point (bp) cut on interest rates delivered by the central bank.

“In addition, front-loading of infrastructure and government spending should also ease the pain. We see a V-(shaped) recovery as soon as the spread and fatality rates of the virus clearly decelerate,” it added.

The economists also see inflation slowing further amid plunging oil prices, which “should more than compensate for added inflation due to supply chain disruptions.”

On the monetary side, another 25-bp cut is expected next quarter to cushion the blow on the economy.

The report also expects the peso to continue to weaken in the first half due to the outbreak and a higher balance of trade deficit.

“But while we feel more optimistic for H2, this may vanish if the virus’s spread and death toll do not significantly ease. Morbid fear and hysteria have driven investors to turn to cash rather than coldly stick to a risk-return approach,” it added.

The government rolled out an initial P27.1-billion funding package to help distressed sectors while a recently-signed stimulus package law allows the government to realign as much as P275 billion from the national budget and make off-budget outlays for COVID-19 relief measures. — Beatrice M. Laforga

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