After the country was hit by recession in Q2 of 2020, financial experts are weathering the storm and chiming in their foresights for a hopeful new year
With the fate of the Philippine economy still dependent on the Covid-19 pandemic situation, the confidence of investors and businesspeople continues to vacillate. As earlier predicted, the economy plunged into a recession last April to June, with 16.5 per cent drop in GDP. Still, some industry experts are positive, seeing silver linings in several sectors that have experienced a growth spurt largely because of the changes in consumer lifestyle.
As we brace ourselves for another year, the big question remains: is it still safe to invest in 2021? Which sectors can we rest our confidence in?
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Businessman David O Chua, president of Cathay Pacific Steel Corporation and vice chairman of the University of the East, expects a flat growth rate for 2021 as the economy, he believes, will still be recuperating from the months-long lockdown. But he observed some sectors that continued to do brisk business during this crisis. They include the digital sectors (internet and online service providers, fintech firms, last-mile delivery providers), logistics and warehouse companies and telecommunication firms.
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