Gov’t optimistic that Philippine economy can weather Coronavirus
The Philippine economy has the means to withstand the economic effects of the coronavirus pandemic, according to the Finance Department. In an economic bulletin, the department said that the country’s strong external position could help it weather the impact of the Covid-19 crisis.
The department added that the country’s current account strengthened in 2019 and the deficit was almost wiped out. This implies higher reliance on domestic savings than on foreign savings such as foreign borrowing and foreign investment, it said.
The coronavirus pandemic has locked down more than a third of the economy in a state of inertia, cutting the source of income for 11 million Filipino workers in Luzon, but the Finance Department said the country’s strong fundamentals will enable the economy to withstand the economic shocks.
Related news
- BPO firm to issue clarification on alleged labor violations · 7 Apr
- BPO firms likely to play role in tempering downturn · 6 Apr
- Gov’t checking “subhuman conditions” of BPO workers in Cebu · 6 Apr
Disclosure: Outsource Accelerator uses AI tools in the backend of its editorial workflow. Every article is reviewed and verified by a human editor before publication.
Stay ahead of the outsourcing industry. Join thousands of business leaders who rely on Outsource Accelerator for the news, trends, and expert insights that matter. Subscribe to our free newsletter and never miss an update.
