Security Bank Corp., the seventh-largest lender in terms of assets, said it expects consumer confidence to bounce back strongly once the cure to the COVID-19 pandemic becomes available.
Security Bank president and chief executive Sanjiv Vohra said in an interview consumer confidence would return once a vaccine or cure was found.
“It’s a delicate balancing act for sure, and the key will be to strengthen our public health so that we make sure that our workforce and thereby our economy will remain productive, and business and consumer confidence returns,” Vohra said.
“Locally, we have low-interest rates and good liquidity. We also have a forceful BSP [Bangko Sentral ng Pilipinas] response, resilient currency and a strong potential for economic and consumption rebound,” he said.
The bank’s Trust Asset Management Group sees strong potential for the economy to bounce back from the negative effects of COVID-19 after the Philippines posted a 16.5-percent GDP contraction in the second quarter.