THE PHILIPPINES could potentially lose 18.1% of its gross domestic product (GDP) by 2070 due to climate change under a high emissions scenario, the Asian Development Bank (ADB) said.
“In the Philippines, about half of losses come from sea level rise. And then, a larger share than at the regional average would come from natural resource-based sectors, so agriculture, fisheries, forestry,” David A. Raitzer, senior economist at the ADB’s Economic Research and Development Impact Department, said in a virtual briefing on Thursday.
In particular, the Philippines’ agriculture, forestry and fisheries sectors could suffer a combined 4.7% output loss by 2070 due to the impact of climate change, according to the ADB’s inaugural Asia-Pacific Climate Report.
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