Former Senator Manny Villar, in his opinion column in Business Mirror, claims that the Philippine economy is “not that bad” despite critics’ claim. Villar said that he commends the country’s economic managers and Bangko Sentral ng Pilipinas (BSP) officials “for doing a good job in keeping the impact of the health crisis on the economy manageable.”
He added that the Philippines’ solid fundamentals have continued to shield the country from price volatility and external risks while the pandemic left a cavity in our second-quarter growth performance. Villar also assured that the country is far from the hyperinflation situation in Venezuela, as well as the starvation that people in Negros Island suffered in 1985.
However, the former senator added that the Philippines should not be complacent about its economic stability, given the gravity of the health crisis, which according to the World Health Organization may linger for two more years.