The Philippines needs to strengthen consumer demand to bounce back from the economic devastation wreaked by the coronavirus pandemic, according to top banking executives.
He cited as a reason the domestic consumption-driven nature of the economy, which was hampered by the Covid-19 crisis. “We can bring back production as fast as we can, but that’s not [going to help], because unless people can consume, the economy is not [going to] work,” he added.According to him, consumption would not rebound unless people regain the confidence to go out again.
The ex-Cabinet official was referring to the various state measures aimed at softening the pandemic’s blow to the economy.
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