MANILA – Some employers slashed work hours to avoid layoffs and offset losses due to the coronavirus disease outbreak, an economic planning official said Tuesday.
The shortened work times assume that the disruption will be "temporary," said National Economic Development Authority Usec. Rosemario Edillon.
Cebu Pacific senior management took pay cuts to avoid layoffs while Philippine Airlines earlier announced the separation of some 300 workers after the COVID-19’s impact on aviation and tourism “aggravated” losses.
“Yung mga na-layoff ngayon due to COVID, wala pa kaming nakikita na massive kasi so far ang ginagawa is reduced work. Ang perception, ang prospect is that this is just temporary disruption,” Edillon said.
(Those laid off today due to COVID, we haven't seen massive because so far, what they do is reduce work. The perception, the prospect is that this is just temporary disruption)
The tourism industry could lose up to 30,000 to 50,000 jobs if the travel restrictions due to the virus drags on until June, NEDA said during a Senate hearing on COVID-19 Monday.
The Asian Development Bank earlier said the global economy could lose $77 billion to $347 billion due to the COVID-19 outbreak. it could have a "significant" impact to developing economies, as it slows travel, tourism, consumption and supply chains, the Asian Development Bank said Friday.