After MECQ, recovery seen; cites steps needed to take
MANILA – The strict quarantine measures the government implement has been expected to slow down economic activities.
International Chamber of Commerce – Philippines President Dr. Francis Chua said under General Community Quarantine (GCQ), the economy showed signs of recovery.
“However, to prime up the economy, we have to listen to the suggestion of our economic managers,” he said.
He referred to Peru with an average of 4,000-6,000 cases a day. It now has a total of nearly 450,000 active cases and deaths of over 20,000 and their GDP this year is expected to be -12% and still without quarantine at this time.
The Peruvians hope to have better economic performance. Dr. Chua served President the Philippine Chamber of Commerce and Industry and the Federation of Filipino-Chinese Chambers of Commerce and Industry.
Meanwhile, Dr. Henry Lim Bon Liong, current FFCCCII president said economic slowdown was due to the pandemic and the strict quarantine measures. These led to a negative impact on jobs and incomes for millions of Filipinos.
He suggested the government and banks need to unleash liquidity to pump prime economic recovery.
“Banks need not be overly conservative. If more money circulates, the faster momentum of economic recovery shall benefit all in a virtuous cycle of investments and consumption, in contrast to a climate of fear and gloom with its vicious cycles of shutdowns or retreats,” he said.
He called on banks to extend its support to micro, small and medium-scale enterprises (MSMEs), many of whom are on the verge of closing for good. He listed a number of items for consideration, from urging businesses to refrain from laying off employees, to keeping prices affordable, extending support for farmers and businessmen as well as the revival of local manufacturing by buying local products among others. (Melo M. Acuña)
Dr. Francis Chua, former PCCI and FFCCCII president (left) and Dr. Henry Lim-Bon-Liong (FFCCCII President/Photos from PCCI and FFCCCII websites)