This is caused by the fact that up to 400,000 Filipinos could lose their jobs amid a global recession due to the coronavirus disease 2019, according to a paper published by the Ateneo de Manila University Department of Economics and Ateneo Centre for Economic Research and Development (ACERD).
Furthermore, the paper said a drop in remittances will also take a toll on consumption, which could drop 20 to 40%. Cash remittances will decline from USD 30 billion in 2019 to about USD 24 in 2020. The projection is based on a worst-case scenario where 20% of all OFWs are affected by the pandemic.
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