Wednesday, April 1, 2020
politiko-politics-ph-logo

Wes Gatchalian tells economic managers: ‘Brace for worst’ as COVID-19 will affect trade

Feb 26, 2020 @ 12:34

Valenzuela City Rep. Wes Gatchalian has advised Philippine economic managers to brace for the worst as the coronavirus (COVID-19) crisis continues to severely impact Philippine trade and industry.

Gatchalian, who chairs the House Committee on Trade and Industry, warned of the dire consequences the COVID-19 would have on the Philippine economy should the disease become a pandemic.

“The increasing number of COVID-19 cases being reported all over the globe are a serious cause of concern and our economic managers must prepare for a pandemic scenario. We need to prepare and have contingencies in place,” he said in a statement.

The Department of Trade and Industry (DTI) told lawmakers during the recent joint hearing of the Committees on Economic Affairs and Trade & Industry that several industries have already been impacted by the flight and travel restrictions to and from mainland China, such as the electronics, autos and auto parts, and pharmaceutical industries.

The DTI reported that the supply of electronic parts and components from China has tightened amid the lack of air cargo space, limited flights, and the imposition of the travel ban.

Meanwhile, several auto hubs in Wuhan, the epicenter of the COVID-19 epidemic, have shutdown due to the lockdown. The lockdown has also deferred production and deliveries of pharmaceutical companies.

The World Health Organization last week hinted on the possibility of a COVID-19 pandemic as it issued a grim warning on the chances of containing the virus saying the window of opportunity was “narrowing” amid increasing number of cases in outbreaks in South Korea, Iran, and Italy.

Politiko would love to hear your views on this...
Disclaimer:
The comments posted on this site do not necessarily represent or reflect the views of management and owner of POLITICS.com.ph. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

Trending News

Want Politiko alerts on your inbox? Subscribe here.