Economics
Virus Fears Keep Shoppers Away in Consumer-Reliant Philippines
- Economy likely contracted by 9.4% last quarter, survey showed
- Health, mobility indicators suggest downturn to be prolonged
Customers wearing protective masks ride on escalators inside a mall in Quezon City, Metro Manila, the Philippines, on June 22.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
In the Philippines, signs of an economic crisis abound: empty malls, buy-one-get-one-free car deals and restaurants closing permanently.
With coronavirus cases spiking, the government this week reimposed stricter containment measures on the capital region, which represents about one-third of the nation’s economy. Even when restrictions were loosened in June and July, however, mobility data suggest Filipinos continued to avoid malls and restaurants more than their Southeast Asian peers.