April 4, 2020


PHL slowdown this year, but recovery likely in 2021 — ADB

  • In a report released last Friday, ADB slashed its 2020 gross domestic product (GDP) growth projection for the Philippines to two percent from the 6.2% penciled in September. This would be slower than the 5.9% recorded in 2019 and way below than the official target of 6.5-7.5%
  • ADB’s outlook for the Philippine growth is still faster than the one percent projected average growth for Southeast Asia region, but slightly slower than the 2.2% growth forecast for Asia.
  • The Philippines’ forecasted growth is still subpar in comparison with Vietnam (4.8%), Myanmar (4.2%), Laos (3.5%), Indonesia (2.5%), and Cambodia (2.3%), but faster than Brunei (2%), Malaysia (0.5%), Singapore (0.2%), Timor (-2%) and Thailand (-4.8%)

$5-billion remittance loss seen in COVID-19’s wake

  • House Committee on Ways and Means Chairman Joey Sarte Salceda anticipates that among the major adverse impacts of the COVID-19 is the loss of income and aggregate demand, as well as OFW remittances of approximately USD 5 billion

Peso climbs on government aid

  • The Philippine peso strengthened last Friday, with P50.72 per dollar, rising 13 centavos from its P50.85 per dollar close on Thursday, according to figures from the Bankers Association of the Philippines (BAP).

Clark airport body remits P130 million to boost govt’s battle vs Covid-19

  • Clark International Airport Corporation remitted PHP 130,535,077.59 to the Bureau of Treasury last 2 April.


IC extends deadline for HMOs’ financial statements to June 30

  • Health maintenance organizations (HMOs) can submit their audited financial statements until 30 June; the initial deadline was 31 May. 
  • As per the Circular Letter (CL) No. 2020-21, “audited financial statements (AFS), together with the supporting documents for the year 2019 shall be accepted until 30 June 2020 without imposing any penalty.”
  • This also extended the deadline for submission of interim financial statements for the quarter ending 31 March to 15 May; 15 April was the initial deadline. 

Lending, financing firms told to extend loan deadline

  • The Securities and Exchange Commission (SEC) mandates lending and financing companies to extend the deadline for loan payments, and reminds financing companies, lending companies and microfinance non-government organizations to observe a 30-day grace period for all loans, due within the enhanced community quarantine (ECQ) from 17 March to 12 April.


‘Overstaying’ cargoes face forfeiture by gov’t

  • Joint Administrative Order (JAO) No. 20-01) provides for the process of the expedited release of refrigerated containers and dry vans in Manila ports since the start of the enhanced community quarantine (ECQ) last March.
  • Cargoes beyond 30 days from the date of discharge must be withdrawn within five days since the issuance of the order on 2 April. Otherwise, these cargoes will be deemed abandoned or forfeited and will be disposed of by the BOC.
  • On a similar note, refrigerated containers are given one week to be removed from the ports, while chilled cargoes are provided five days from the date of issuance.

April 3, 2020

Moody’s lowers outlook on PHL banking industry to ‘negative’

  • Moody’s Investors Service lowered its outlook on the Philippine banking industry to “negative” from “stable,” with the Luzon lockdown meant to arrest the spread of the coronavirus disease 2019 (COVID-19) seen to take its toll on banks’ assets and profitability.

  • A negative outlook means lenders’ credit ratings might be downgraded in the short to medium term or in about six months to two years. Moody’s said major asset risks could emerge from banks’s exposure to local conglomerates as well as weaker and smaller companies.

Current account deficit seen widening to 2.6% of GDP as exports weaken — Fitch Solutions

  • According to Fitch Solutions Macro Research, the current account deficit is expected to expand this year to about 2.6% of Gross Domestic Product (GDP) due to weak external demand during the coronavirus disease 2019 (COVID-19) epidemic.

  • Fitch Solutions said it is revising its current account balance forecast to a deficit equivalent to 2.6% of GDP in 2020, from the previous outlook of 1.2%.

Albay Rep. Salceda calls for 2-week extension of Luzon lockdown

  • House Committee on Ways and Means Chair Joey Sarte Salceda is calling for an extension of the Enhanced Community Quarantine (ECQ) over Luzon. Citing historical, scientific, and economic evidence, Salceda said that a more cautious approach to the pandemic is “evidence-based, logical, lifesaving.”

  • He proposed a lockdown of at least 6 weeks to avoid prematurely lifting restrictions and triggering a massive wave of new infections.

ADB extends $5-million food grant to PHL amid pandemic

  • The Asian Development Bank (ADB) has extended a $5-million grant to provide critical food supplies to up to 55,000 vulnerable households in Metro Manila and neighboring areas amid the enhanced community quarantine (ECQ).

  • The Rapid Emergency Supplies Provision Project will be implemented under the Tagalog name “Bayan Bayanihan.” The beneficiaries will include the poorest families and informal sector workers who have lost their livelihoods due to the ECQ.

'Build, Build, Build' to take minimal hit from coronavirus pandemic: DPWH chief

  • The coronavirus pandemic will have a minimal effect on the Duterte administration's 'Build, Build, Build' infrastructure program, Public Works Secretary Mark Villar said.

  • Construction of several infrastructure projects was halted for at least a month as the government directed its efforts to fight the COVID-19 pandemic. Secretary Villar said that the DPWH is currently focused on converting convention centers into massive quarantine facilities for COVID-19 patients. He said the conversion is expected to be finished by April 10.

DoE preparing to tap funds for COVID-19

  • The Department of Energy (DoE) has prepared a draft circular directing the use of all available and unremitted funds accumulated under Energy Regulation 1-94 (ER 1-94) to bolster the government’s efforts to contain the coronavirus disease 2019 (COVID-19) epidemic.

  • ER 1-94 sets aside for power plant host communities a one centavo per kilowatt-hour take from total electricity sales. The available funds also include the Electrification Fund (EF), the Development and Livelihood Fund (DLF) and the Reforestation, Watershed Management, Health and/or Environment Enhancement Fund.

Gov’t urged to throw lifeline to MSMEs

  • Financial support for micro, small and medium enterprises (MSMEs) should be a government priority, especially after the enhanced community quarantine (ECQ) is lifted or modified, several business groups said.

  • Almost one million MSMEs were recorded in 2018 — accounting for 99.52% of businesses, government statistics showed. Almost half of these are in the wholesale and retail trade and repair of motor vehicles and motorcycles industries, and they generated 63% of the country’s total employment with more than 5.7 million jobs.

Grace period on commercial rent payment gets govt OK

  • The government has approved the grant of a 30-day grace period on the payment of commercial rents with the prevailing monthlong enhanced community quarantine (ECQ) to provide small businesses some relief in the face of sharp income losses.

  • The Inter-Agency Task Force for the Management of Emerging Infectious Diseases, or IATF, on Wednesday approved the proposal to give micro, small and medium enterprises (MSMEs) a 30-day extension for the payment of their commercial rents. No interest penalties and other fees should be imposed on them as well.

April 2, 2020

Gradual lifting of ECQ eyed

  • According to Trade Secretary Lopez, the lifting of the enhanced community quarantine (ECQ) in Luzon in mid-April would be gradual.
  • The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) has not yet made an announcement on whether the ECQ would be extended, lifted, or expanded to other areas. The parameters for lifting the ECQ will still be finalized, which will “heavily depend” on the health situation in the country.

Luzon residents now required to wear face masks outside during lockdown

  • The Department of Finance said Thursday imported medical gear to fight COVID-19 would be released "right away" following the issuance of guidelines for tax free importation. The tax exemptions cover personal protective equipment, COVID-19 test kits, medical and laboratory equipment and other supplies for frontliners against the disease.

Imported supplies vs COVID-19 to be released 'right away,' finance dept says

  • The Department of Finance said Thursday imported medical gear to fight COVID-19 would be released "right away" following the issuance of guidelines for tax free importation. The tax exemptions cover personal protective equipment, COVID-19 test kits, medical and laboratory equipment and other supplies for frontliners against the disease.

BSP governor expects PH to go into technical recession due to COVID-19

  • Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said he expects the Philippine economy to go into a technical recession this year, which means the country will experience negative growth for at least two quarters.
  • In a report released on Tuesday, the World Bank slashed its growth estimates for the Philippines, citing the importance of tourism and trade to the country's economy, which are now hampered by strict travel restrictions put in place to curb the spread of COVID-19. "Real GDP growth is projected to significantly decelerate from 5.9% in 2019 to 3.0% in 2020 due to the impact of the COVID-19 outbreak and the associated community quarantine," the World Bank report said.

Gov't can tap P800 B for COVID-19 fight from budget, dividends, securities deal

  • The government can tap more than P800 billion from budgets of agencies, unreleased funds, dividends, and a repurchase deal with the central bank for its campaign against the 2019 coronavirus disease (COVID-19), a Malacañang report submitted to Congress showed.
  • Unreleased appropriations consist of budgetary support to government corporations and allocation to local government units from the Metropolitan Manila Development Authority, special shares of local governments in the proceeds of national taxes, barangay officials death benefits fund, local government support fund, special shares of local governments in the proceeds of fire code fees, and the Bangsamoro Autonomous Region in Muslim Mindanao.

Workers displaced due to quarantine hit 630,000

  • According to Labor Secretary Bello III, more than 630,000 workers nationwide have been displaced by the impact of the coronavirus disease 2019 (COVID-19) pandemic, either by reason of temporary closure or flexible work arrangements as reported by 15,213 establishments. Of these figures, 169,232 belong to the informal sector.

April 1, 2020

DOT-Tieza to turn over P8 billion to P10 billion in funds for govt’s Covid-19 fight

  • According to DOT Secretary Puyat, the Bayanihan Law has freed up about P8-10 billion in funds from Tieza (Tourism Infrastructure and Enterprise Zone Authority), which will be turned over to the national government in its fight to contain the spread of COVID-19.

  • These funds were part of the P14 billion in tourism recovery projects earlier announced by Dominguez as part of the P27-billion economic stimulus package to lift sectors affected by Covid-19. The DOT earlier projected tourism revenue losses to reach some P40 billion from January to March 2020.

  • While the DOF is free to allocate these funds wherever it sees fit, Romulo Puyat said she will “ask that it pay for the stay of our OFWs (overseas Filipino workers) in hotels.”

PH prepares economic battle plan vs recession 

  • As the global economy entered a recession amid the COVID-19 pandemic, the Philippines will try to shield its domestic economy through a stimulus plan, the Duterte administration’s chief economic manager said.

  • The Philippine government is awaiting the details of the terms and conditions of the IMF’s offer to mobilize its $1-trillion lending facility to countries needing more financial assistance to combat the economic fallout from the COVID-19.

Airlines press gov’t for financial help

  • The Air Carriers Association of the Philippines (ACAP), comprised of Philippine Airlines, Cebu Pacific and AirAsia Philippines, called on the government to urgently intervene as revenues run dry while billions of pesos in refunds and fixed costs mount.

  • The three airlines have paid out some P7 billion in refunds as flights were canceled due to travel bans in the Philippines and overseas. Moreover, the Luzon enhanced community quarantine has forced the carriers to suspend all flights for about a month until the middle of April 2020. This has prompted the cancellation of 30,000 flights, affecting five million passengers, Acap said.

Manila ports fear shut down due to continued cargo congestion, slow pull out

  • Philippine Ports Authority (PPA) General Manager Jay Daniel R. Santiago warned of a possible port shutdown if cargo owners and consignees continue to shun calls to withdraw cleared, ready for delivery and overstaying cargoes.

  • PPA, with agencies like the BOC, DTI, DA,are now looking at measures to prevent congestion at the ports. Among the heavily considered measures include the forfeiture of overstaying cargoes in favor of Government and reducing the cargo clearing period as well as the free storage period from the current allowable time in order to force the cargo owners to withdraw as they will be burdened with heavy fines, penalties and storage fees. The agencies are expected to come out with a Joint Memorandum Circular to effect the needed yard management at the Manila ports.

PHL manufacturing posts record low in March -IHS Markit

  • The Philippine Purchasing Managers' Index (PMI) fell sharply to record its weakest performance so far in the IHS Markit monthly survey, dragged by the factory shutdowns brought about by the spread of the coronavirus disease 2019 (COVID-19).

  • The IHS Markit Philippines PMI fell to 39.7 in March, down from 52.3 in February and 51.5 in March 2019.

Trade chief backs gradual lifting of Luzon lockdown

  • Trade Secretary Ramon Lopez backed Wednesday the proposal of some businessmen to gradually lift the lockdown in Luzon as he emphasized the need to resume business operations as the country continued to battle the coronavirus disease 2019 outbreak.

  • According to Secretary Lopez, businesses involved in the supply chain of food products, medical products, and other necessities should be prioritized.

March 31, 2020

Nation Address of President Rodrigo Duterte on Coronavirus Disease 2019 (COVID-19) Pandemic

  • The government is now taking action and undertaking several key measures to overcome and recover from the effects of this pandemic. These measures have three main priorities: (1) Providing Emergency Assistance to Affected Sectors, (2) Securing Facilities [and] Resources for the Health Sector and (3) Performing Fiscal and Monetary Actions for the Economy.

Duterte assures ₱200-billion aid for the 'most affected' in COVID-19 crisis

  • The national government has allotted a total of ₱200-billion-worth of aid, in which the Department of Social Welfare and Development (DSWD) will be distributing social amelioration cards for cash aid between P5,000 to P8,000 to be given to vulnerable sectors of society such as persons with disabilities, senior citizens, pregnant mothers, homeless persons and workers in informal sectors.

  • The Health Department has also purchased one million set of personal protective equipment worth ₱1.8 billion to be given to health workers in referral hospitals for coronavirus patients in Luzon.

Año on extension of quarantine: Not advisable

  • DILG Secretary Año said that while the Inter-Agency Task Force (IATF) for the Management of Emerging Infectious Diseases will still discuss possible measures once the 30-day lockdown is over, an extension of the enhanced community quarantine (ECQ) is not recommended.

  • Secretary Año added that the extension of the ECQ is not advisable as the economy will suffer greatly. Instead, we suggested that the remaining two weeks of the lockdown be taken seriously so the crisis may be solved.

DA, DILG join forces in enhancing movement of agri-fishery products 

  • The two government agencies have joined forces to further enhance checkpoint protocols to ensure the unimpeded movement of food and agri-fishery products, inputs, and personnel.

  • DILG and DA agreed on the arrangement that checkpoint protocols at the municipal/city and barangay roads will be adjusted accordingly to facilitate the flow of agricultural products and commodities, as well as farmers and other agri-fishery personnel.

DOH experts studying use of flu drug for COVID

  • Health Secretary Francisco Duque has asked the technical advisory group of the Department of Health to study the developments related to the anti-flu drug favipiravir (brand name Avigan), which reportedly showed promising results in two recent clinical trials.

  • Food and Drug Administration (FDA) Director-General Eric Domingo said that the drug is not yet produced commercially, but they are planning to make representations to bring it to the Philippines in case it gets approved for use for COVID-19 patients.

Ships, hotels, convention centers to be converted as quarantine sites

  • According to Cabinet Secretary Karlo Nograles, the Philippine government will convert maritime vessels, hotels and large facilities such as the Philippine International Convention Center and the World Trade Center as quarantine sites as the number of new coronavirus cases continues to rise in the country.

  • Several government agencies, including the DOH, DPWH, and DOT, are in coordination to identify and prepare facilities to be transformed into quarantine sites.

BSP ready to raise stimulus above P500 billion

  • BSP is willing to increase its stimulus package to more than P500 billion to counteract the economic disruption from the COVID-19 pandemic.

  • BSP Governor said the central bank could further increase its purchase of government securities from the Bureau of the Treasury. 

Plunging oil costs, price freeze to slow inflation in March

  • The central bank’s Department of Economic Research projects consumer prices rose 2.4% this month, slower than the 2.6% notched in February and settling within the low-end of BSP’s annual 2-4% target.

  • According to BSP Governor Diokno, “The downward adjustment in prices for March was largely due to the plunging world oil prices.”

  • Dwindling demand due to the coronavirus impact on economic activity pulled down Dubai crude prices— the Asian benchmark for global oil prices— to $22.51 per barrel, a level not seen since 2016.

Economy may shrink by as much as 1.9% — Nomura

  • Nomura said it has downgraded its 2020 gross domestic product (GDP) growth forecast for the Philippines to 1.6% from the initial 5.6%, amid the coronavirus disease 2019 (COVID-19) outbreak. This was its lowest forecast for the Philippines since the 2009 global financial crisis.

  • The National Economic and Development Authority (NEDA) said last week that GDP growth is estimated at 4.3% to -0.6%, depending if the pandemic is contained. Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno has also said the economy could contract or settle at a 1% growth.

March 30, 2020

BSP vows to avoid economic decline

  • The Bangko Sentral ng Pilipinas (BSP) has vowed to do everything it can through a combination of monetary and fiscal policies to avoid a recession due to the impact of COVID-19.

  • In a TV interview, BSP Governor Benjamin Dioko said the economy may contract this year instead of the previous estimate of a growth of between five and 5.5%.

Congress awaits Duterte's first report on additional powers

  • Under the Bayanihan to Heal as One law, which was passed last week, Duterte should deliver a weekly report to Congress every Monday, where he would detail what the government has done in the past week with regards to the COVID-19 pandemic.

  • The report should include how much of the funds have been used, how much has been added, reprogrammed, reallocated and realigned for COVID-19 response.

DOLE releases P90-M aid for Covid-impacted workers

  • Labor Assistant Secretary officer-in-charge Dominique R. Tutay told BusinessMirror that of the said amount, P76.5 million was allocated for the  Covid-19 Adjustment Measures Program (CAMP), and the remaining P13.7 million for the Tulong Panghanapbuhay Sa Ating Displaced/Disadvantaged Workers Program (Tupad)-Barangay Ko, Bahay Ko.

  • Labor and Employment Secretary Silvestre H. Bello III said he ordered the immediate release of funding for the projects after getting reports that the number of Covid-affected workers has swelled to about half a million.

DTI assures public of enough food supply

  • The Department of Trade and Industry (DTI) assured the public of enough food supply as the country enters the second half of the quarantine period in Luzon.

  • The DTI secretary, however, noted that there are barangays and municipalities that are not allowing delivery trucks to pass through in their respective checkpoints.

Exports jump 4.4% to $94.4 billion last year, hitting national target

  • Total Philippine exports of goods and services jumped by 4.4% to $94.4 billion in 2019 from $90.4 billion in 2018, according to the BPM6 data released by the Bangko Sentral ng Pilipinas on March 20, 2020.

  • The 2019 figure is within the $93.7- billion to $96.4-billion target set in the Philippine Export Development Plan (PEDP) 2018-2022.

IATF approves P31-B add’l budget to increase food sufficiency level

  • The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) approved the request of the Department of Agriculture (DA) for a P31-billion supplemental budget to fund the ‘Plant, Plant, Plant Program’ or Agri 4Ps to increase the country’s food adequacy level during the emergency situation resulting from the Covid-19 pandemic.

NEDA prepares recovery plan

  • The National Economic and Development Authority (NEDA) said it is now preparing a plan to rebuild the business and consumer confidence as well as avoid a prolonged economic recession following the COVID-19 pandemic.

  • Socioeconomic Planning Secretary Ernesto M. Pernia said that the enactment of the Bayanihan to Heal as One Act will expedite the implementation of measures to address the COVID-19 pandemic in the country.

March 28, 2020

BSP may pump more money into system amid outbreak

  • The Bangko Sentral ng Pilipinas is expected to inject more money into the financial system as low lending rates fail to stimulate an economy that has been put into a standstill by a novel coronavirus pandemic.

ICTSI to consignees: withdraw your reefers

  • Last Friday, International Container Terminal Services, Inc. (ICTSI) urged its consignees to withdraw their reefers immediately.
  • ICTSI also provided an option for businesses that are unable to take delivery at their own facilities, saying “Please utilize our offsite facilities in Laguna, Bulacan, or Cavite. Special accommodations are available for anyone who utilizes these facilities.”

DoTr to continue reviewing transport project proposals during lockdown

  • DOTr and DOT have agreed to prioritize airport development programs in support of tourism development, monitor the progress of airport projects in such areas, and explore, develop and increase the value proposition of destinations “for sustainable tourism through the productive utilization of airport assets and route development.”

Fee waiver sought for containers stuck in port during quarantine

  • Several lawmakers urged the government to waive storage, demurrage and detention fees for all containers that landed in the country during the Enhanced Community Quarantine (ECQ).
  • The legislators highlighted that the continued imposition of storage, demurrage and detention charges on containers during the ECQ will increase the cost of goods including basic necessities.


Office of the President - Presidential Communications Operations Office| Nation Address of President Roa Duterte on Coronavirus Disease 2019 (COVID-19) Pandemic, 01 April 2020 Click here to download
Bureau of Internal Revenue| Revenue Regulation No. 07-2020 Implementing Section 4(z) of Republic Act No. 11469. Click here to download
Department of Labor and Employment| Labor Advisory (LA) No. 13-A-20 on the Deferment of Payment of Holiday Pay for the April 2020 Holidays Click here to download
Department of Labor and Employment| LA No. 14-20 Clarifying the Non-Inclusion of the One-Month Enhanced Community Quarantine Period on the Six-Month Probationary Period Click here to download
Securities and Exchange Commission| Notice on the Deadline for Submission of the Mandatory Disclosure Form. Click here to download




Please be informed that the Department of Tourism (DOT) Central Office, Regional Office National Capital Region (NCR), and Regional Office IV-B are implementing a “Work from Home” work arrangement starting 16 March 2020 until further notice. For any immediate or urgent concern, you email the following:

Concern Office Email Address
Administration and Finance Office of the Undersecretary for Administration and Finance 
Budget and Accounting Concerns Office of the Assistant Secretary for Administration and Finance 
Biddings, Procurement/Purchasing, General Services, Maintenance, Motorpool/Vehicle, Cash Section, Property, and Supply Concerns Office of the Director for Administrative Service and Procurement Management 
HR Concerns Human Resource Division 
Contract preparation and other concerns Legal Affairs Service 
Work and Financial Plans (WFP) concerns (for internal stakeholders) Planning Service 
For Product and Market Development Concerns (Overseas travel and trade fairs, business/selling missions, concerns on Cruises, English as Second Language courses/schools, Dive Resorts/Programs, Medical and Health Tourism) Office of Product and Market Development



Source: Department of Trade and Industry | Infographics: ECCP

NEDA'S PROJECTED IMPACT OF COVID-19 IN THE PHILIPPINE ECONOMYSource: National Economic Development Authority's "Addressing the Social and Economic Impact of the COVID-19 Pandemic) Originally published on March 25, 2020, on BusinessWorld. Infographic by Bong R. Fortin.