Excited? Nope, we’re not yet back to normal but the vehicles are kinda’ filling up the streets again in anticipation to the shift to MGCQ from the extended ECQ wherein some of the businesses will be allowed to operate on a limited basis.
With most the economies trying to normalize the standard of doing business, the Asian Development Bank (ADB) updated its assessment on the outlook of the global economy.
In its latest report, ADB says the global economy could suffer between $5.8 trillion and $8.8 trillion in losses, which is roughly equivalent to 6.4 percent to 9.7 percent of global gross domestic product (GDP) merely on the account of the as novel coronavirus disease (COVID-19) pandemic.
Entitled Updated Assessment of the Potential Economic Impact of COVID-19, ADB finds that economic losses in Asia and the Pacific could range from $1.7 trillion under a short containment scenario of three months to $2.5 trillion under a long containment scenario of six months, with the region accounting for about 30 percent of the overall decline in world out.
ADB upsized its economic cost outlook despite recognizing the efforts of governments around the world in quickly responding to the impacts of the pandemic by implementing measures such as fiscal and monetary easing, increased health spending, and direct support to cover losses in incomes and revenues.
The new analysis updates findings presented in the Asian Development Outlook (ADO) 2020 published on 3 April, which estimated COVID-19’s global cost to range from $2.0 trillion to $4.1 trillion. According to ADB, People’s Republic of China (PRC), which this virus first erupted could suffer losses between $1.1 trillion and $1.6 trillion.
“This new analysis presents a broad picture of the very significant potential economic impact of COVID-19,” ADB Chief Economist Yasuyuki Sawada explained.
Sawada went on saying that “it also highlights the important role policy interventions can play to help mitigate damage to economies. These findings can provide governments with a relevant policy guide as they develop and implement measures to contain and suppress the pandemic, and lessen its impacts on their economies and people.”
On good news that could softened up continued selling in the local bourse by foreign holdings is the commitment of Ikhlas Capital Singapore PTE. LTD. to invests in cold chain logistics in the country.
Last Wednesday Ikhlas inked an agreement for an investment of up to US$18 million in Glacier Megafridge Inc. (GMI). Founded in 2005, GMI is one of the leading integrated cold chain logistics service providers in the country.
The Ikhlas investment will bankroll GMI’s plans to scale-up capacity in providing end-to-end service and to extend geographic coverage nationwide. This investment is an important milestone as we embark on our expansion plans. At GMI, we believe in mindful growth through strategic and synergistic partnerships. Together with the strong local and regional network of Ikhlas, we can enhance our value proposition, both in terms of location coverage and service quality. We will work non-stop towards becoming the top cold chain player in the country,” said Arturo C. Yan, co-founder and GMI president.
It is cold chain logistics provider preferred by many local and international blue-chip companies. It operates eight major facilities in Metro Manila and key provinces.
That’s how it is for now around the metro.
Several senators supported President Rodrigo Duterte's decision to reverse the abrogation of the Visiting Forces Agreement (VFA) with the United States. Senator Ronald "Bato" Dela Rosa said it was a "welcome development." &q...
The southbound entrance of South Luzon Expressway (SLEX) at the Alabang Toll Plaza was closed to traffic on May 28 amid the construction of the Skyway Extension Project. The closure was moved from May 31 to May 28 in accordance with instructio...
Southeast Asian Games gold medalist Pauline Lopez is helping out girls in vulnerable communities amid the novel coronavirus (COVID-19) pandemic. Lopez, who copped two taekwondo gold medals during the last SEA Games here in Manila, teamed up with fel...
The Department of Social Welfare and Development (DSWD) cited the importance of validation process in the implementation of the emergency cash subsidy under the Social Amelioration Program (SAP). In a statement, the DSWD said validation is performed...
The Philippine Food and Drug Administration has approved 104 test-kit products for coronavirus disease 2019 diagnosis as of May 22. In an advisory, FDA said it approved four PCR-based and seven antibody rapid test-kit products. Based on the list is...