Economics
Duterte Locks Down 60 Million, Halting Philippines’ Engine
- Entire main Luzon island on home quarantine until April 12
- FX, stocks, bonds trading suspended indefinitely from Tuesday
Commuters and motorists traveling into Metro Manila wait in line to pass through a check point in Quezon City, Metro Manila, March 16.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
Philippine President Rodrigo Duterte widened a monthlong quarantine in the Manila region to cover all of the country’s main island, a move that risks stalling one of Asia’s fastest-growing economies to prevent coronavirus from spreading.
The “enhanced quarantine” of Luzon, which has 60 million people and is responsible for 70% of the Philippines’ economic output, will place tens of thousands of daily wage earners at risk of penury. Hours after the announcement, the country’s central bank governor said policy makers are “inclined” to cut the key interest rate by 50 basis points when they meet Thursday.