The world economy has experienced a wallop as the novel coronavirus continues to spread to many countries in six continents that the loss has cost at least P3.6 trillion, GMA News reported.
But the Philippine government remains optimistic that the local economy will remain above water despite the virus scare.
Central Bank Gov. Benjamin Diokno said the country can still meet the target six percent Gross Domestic Product or GDP for 2020 owing to a program aimed at further economic growth.
Diokno did not provide details for the program but Cabinet Secretary Karlo Nograles said overseas Filipino workers (OFWs) remittances will remain robust.
Nograles said that there may be lower remittances from China, Macau and Hong Kong, as these areas are badly hit by the virus.
The losses from these regions, he added, will be compensated by the remittances from the United States, the United Arab Emirates, and Saudi Arabia.
The Philippine adjusted the growth projection of the OFW remittances from 3 percent to 2.2 percent, which is equivalent to $34.2 billion dollars, which is still considered a record-high amount.
