“In terms of jobs, we are looking at potential losses of 30,000 to 50,000 jobs for travel and tourism,” NEDA Undersecretary Rosemarie Edillon revealed during a Senate hearing held on Monday. She explained NEDA estimates was based on its forecast that the virus outbreak could cut tourist arrivals in the country by 1.42 million. Edillon added the forecasts will be presented by the NEDA to the members of Economic Development Cluster today, Tuesday. “Consequently the Philippines tourism industry will experience a significant economic slump during coming months, resulting in financial stress for many segments of the tourism sector, including hotels, restaurants, tour operators, retail stores, and airlines,” he also said. “This will help to limit the economic shock from the slump in international tourism visits,” Biswas said.

Source: Manila Times March 09, 2020 17:03 UTC