Economic picture ‘very bleak:’ Ejercito says pandemic forces closure of 300 small businesses daily

Former Senator JV Ejercito is hoping the coronavirus pandemic will be contained soon to foster recovery of the economy and the people.

Many small businesses are closing at a rapid pace as the pandemic dampened consumer spending, according to Ejercito. With the closure of shops, the former lawmaker said the country’s economic prospect is quite bleak.

“According to a DTI official about 300 MSMEs are closing down everyday. Of the hundreds of mall operating, less than 5 are earning. Economic picture is very bleak,” he said.

“Containment of COVID as soon as possible is the only way we can start recovery,” he said.

The Philippines remained in recession as economy suffered a 9.5 percent contraction in 2020.
The economic decline is said to be the record-worst annual contraction in the country’s recent history.

Acting socioeconomic planning Secretary Karl Kendrick Chua said 2020 was the most difficult year in the country. He said the road ahead remains challenging but there is “now light at the end of the tunnel.”

According to a DTI official about 300 MSMEs are closing down everyday.

Of the hundreds of mall operating, less than 5 are earning.

Economic picture is very bleak.

Containment of COVID as soon as possible is the only way we can start recovery.

— JV Ejercito (@jvejercito) February 3, 2021

Source: Latest Politics News Today (Politics.com.ph)