Boracay temporary closure to cost PHL economy nearly P2 billion — Pernia

THE CLOSURE and rehabilitation of Boracay is seen to cost the economy some P1.96 billion in six months, the National Economic and Development Authority (NEDA) said Tuesday, April 24.
“In terms of the amount, the reduction in GDP (gross domestic product) itself will amount to around P980 million only, so it’s a small amount,” Socioeconomic Planning Secretary Ernesto M. Pernia told reporters on Tuesday on the sidelines of the Development Budget Coordination Committee meeting yesterday.
Mr. Pernia clarified that the P980 million is what the economy would lose per quarter. If the rehabilitation of Boracay would extend up to six months, it would cause the economy to lose P1.96 billion. — Elijah Joseph C. Tubayan