Metro Manila (CNN Philippines, February 29) — The country's month-long nationwide mall sale, aimed at mitigating the economic impact of the coronavirus outbreak, will not push through as planned in March.

The Department of Tourism on Saturday announced it is postponing the event which was scheduled to start on Sunday, March 1, until further notice.

Tourism Secretary Berna Romulo-Puyat cited the "alarming rise" in coronavirus infections in other parts of the world for the decision.

"As much as we want to mitigate the economic impact of the COVID-19, the safety of our citizens remains our priority," Puyat said in a statement.

She said the department also followed the move made by Germany's Federal Ministry of Health in pushing for the cancellation of the travel trade show ITB Berlin.

Puyat thanked participating establishments for supporting the decision. She reminded malls to follow the precautionary measures set by the Department of Health to prevent the spread of any virus, including checking the temperatures of mall-goers.

The announcement also comes a day after Health Secretary Francisco Duque discouraged the Tourism Department from pushing through with the event.

It could have been the first time for the country to hold a nationwide mall sale, which was expected to bring in revenue for businesses and help lift tourism from the slump caused by the imposed travel ban and flight cancellations.

In February alone, the country is expecting to lose ₱14.8 billion in tourism or a total of ₱42.9 billion in revenue if the travel ban on China, Hong Kong, Macau, and South Korea's North Gyeongsang Province lasts for three months.

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The new coronavirus has killed more than 2,900 people mostly in China since the outbreak began in Wuhan City in Hubei province December 2019. In the Philippines, three Chinese nationals have been infected with the virus – one of them died, while the remaining two have since recovered and left the country.