Storms cost Philippines 1-2 pct of GDP: stock analyst

ABS-CBN News

Posted at Nov 12 2020 01:22 PM

Storms cost Philippines 1-2 pct of GDP: stock analyst 1
Bikers walk a flooded portion of R-10 road in Navotas, Nov. 12, 2020. Fernando G. Sepe Jr., ABS-CBN News


MANILA - A stock analyst said storms historically cost the Philippines around 1 percent to 2 percent of its gross domestic product. 

Philam Asset Management’s Junie Banaag said this could be at least P195 billion, or already thrice the cashflow of the country’s largest conglomerate - SM investments. 

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However, he said this can be offset if the government spends enough on rebuilding efforts. 

Meanwhile, Banaag sees the local equities market pulling back soon.