New restrictions imposed by the government to stem rising COVID-19 cases are expected to delay the country’s economic recovery, according to the Federation of Filipino-Chinese Chambers of Commerce and Industry.
Chamber president Henry Lim Bon Liong said at the start of the year he was optimistic about seeing economic recovery by the second or third quarter.
He noted, “Because of the sudden surge of the pandemic, new regulations (for) malls, movie houses, dine-in will no longer be allowed in restaurants. I think this will set us back at least by another quarter.”
He is hopeful recovery will take place by the third or fourth quarter.
Lim shared the group is optimistic that the availability of more vaccines in the country would help revive consumer confidence, rebuild businesses and restore economic growth.
He said they plan to purchase 500,000 vaccines from Sinovac for the members’ employees and donate a part of it to the government.