The Department of Health confirmed that there were additional 10 cases of Covid-19 in the country, bringing the total to 20. Across the world, the Covid-19 outbreak paralyzed the tourism and travel sector, causing worries over its full impact on the economy. Equity markets collapsed on Monday as the rapidly spreading coronavirus fanned fears for the global economy, while a crash in oil prices added to the panic, with energy firms taking a hammering and wiping hundreds of billions off valuations. “Plummeting oil prices and spreading coronavirus are fanning fears of downside risks to the global economy,” said Takuya Kanda at the Gaitame.com Research Institute. Meanwhile, Diversified Securities trader Aniceto Pangan said the recent cut in oil prices also prompted selling pressure on Monday.

Source: Manila Times March 09, 2020 16:30 UTC