Europe in decline?
The Nobel Prize winning Columbia University economist Edward Phelps maintains that innovation is the key to economic growth, prosperity and human happiness.
Philippines President Rodrigo Duterte on Tuesday approved the extension of a lockdown and strict quarantine measures for Luzon island until April 30 to contain the spread of COVID-19 in the country.
On March 17, Duterte ordered strict quarantine measures for the entire island of Luzon – the biggest and most populous in the country with 57 million inhabitants, including the capital Manila – until April 12, according to the media.
The inter-governmental working group for COVID-19 on Tuesday formally recommended the President to extend the lockdown in order to reinforce measures to contain the infection curve, which was then approved by Duterte.
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During a televised address, Duterte said, “We are inclined to extend the lockdown up to April 30”.
To mitigate the impact among the most vulnerable sections of society, the government on Monday initiated monetary aid worth 8,000 pesos ($160) to 18 million families in a country where 16 per cent of its population is below the poverty line.
The country has reported 3,660 COVID-19 cases and 163 deaths.
Earlier, Duterte had ordered police officers to shoot those who violate the strict quarantine imposed in the country over the deadly virus.
The closure of much of the country, including Manila, and strict quarantine and confinement regulations have prevented millions who subsist day by day in the capital’s poorest neighbourhoods from finding a way to earn a living.
Duterte accused left-wing civil groups of instigating the protest.
“Remember, you leftists: You are not the government. Do not go around causing trouble and riots because I will order you detained until this COVID (outbreak ends),” the President said.
Duterte was granted special executive powers from Congress last week to deal with the disease.
Globally, there have been over 13.4 lakh confirmed cases of COVID-19. At least 74,600 people have died so far.
The US has the highest number of confirmed cases followed by Spain, Italy, Germany and France. The outbreak is having a major impact on global economy and the stock market.
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