Business

Balisacan to economic team: Don’t be overconfident in COVID-19 fight

Veteran economist Arsenio Balisacan has warned against any complacency as the country is taking a severe beating from the COVID-19 pandemic.

The government has been downplaying the economy’s record-shattering plunge of 16.5 percent in the second quarter, saying it is only temporary and that the Philippines’ solid fundamentals will allow a quick rebound.

The long-time economics professor turned Philippine Competition Commission chairman thinks things won’t be easy.

“We’ve seen many economic crises in the past 40 years. Yes, we’re in a much better position this time. But it’s also a position that can crumble quickly. Let’s use it prudently, decisively, & responsibly,” Balisacan tweeted.

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