Balicasan: Bohol-Cebu quake 'likely to reduce GDP by no more than one-half of 1% point'

Socioeconomic Planning Secretary Arsenio Balisacan said that recent natural disasters such as Typhoon Santi (international codename: Nari) and the recurring quake in Bohol and Cebu would only have “minimal” effect on the country’s gross domestic product (GDP) for third and fourth quarter of the year.

“The impact of [Typhoon] Santi and other disasters on third and fourth quarter [GDP] growth is likely to be minimal,” Balisacan said in a text message, who is also the director general of the National Economic and Development Authority.