An economist of the local unit of the Dutch financial giant ING Bank expects a strong recovery for the Philippine economy once the coronavirus 2019 pandemic is over.
“We have likened COVID-19 to kryptonite to our once superhuman economy and we expect a deep drop off in performance as the virus knocks out the economy’s greatest strengths. Some analysts are bracing for the worst, with remittances likely curtailed with OFs sent home, investment activity delayed due to frozen cash flows and uncertainty holding back overall economic activity,” said ING Bank Manila senior economist Nicholas Mapa in a report Tuesday.
“We however hold off for a sharp recovery by the Philippines, with the economy returning to superhuman form once COVID-19 is beaten back. The Philippines still enjoys its demographic dividend, Filipinos will be consumption and fad frenzied and remittances will flow again,” he said.
Mapa said it will be crucial for the government to “hold the fort” while the rest of the economic squad is in sick bay.