MANILA - The Philippine economy could sustain P1.1 trillion in losses due to the coronavirus pandemic and the resulting lockdown, acting Socioeconomic Planning Secretary Karl Kendick Chua said Thursday.

Losses have reached P700 billion to date, Chua told reporters, citing studies.

"The loss that we are basically seeing can be P1.1 trillion based on the pronouncement that the GDP (gross domestic product) growth will be flat," Chua said in a press briefing.

"The effect of COVID-19 so far, primarily because of the ECQ (enhanced community quarantine) is some P700 billion," he added.

Bangko Sentral ng Pilipinas governor Benjamin Diokno earlier said the economy could contract by 0.2 percent this year.

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