Tue, 02 Mar 2021

Biz leader says 2021 still risky for general community

Philippine Information Agency
21 Jan 2021, 10:38 GMT+10

BACOLOD CITY, Jan. 21 (PIA) - Businessman Frank Carbon, chief executive offficer of the Metro Bacolod Chamber of Commerce and Industry (MBCCCI), said 2021 would still be risky for the general community but not as bad as last year.

He said the community is not yet at ease because the coronavirus disease 2019 (COVID-19) vaccine is yet on the pipeline, new virulent strains emerge, financial stimulus in billions of pesos is still in limbo and there is a need to have a cohesive health and economic plan region wide.

"All of these, put together, may deter the urge of the populace to socialize and spend. It also increases the wariness of businessmen to reopen and reinvest," he noted.

He sees a positive impact on the progress of vaccines abroad, though.

"Developments on the vaccine front and improving overseas job prospects will boost remittance flows going forward," he said.

Carbon said major challenges are seen ahead like the relatively weak jobs market in host countries.

Among the sectors expected to be hardest hit according to WorldRemit are cruise lines, general tourism, restaurants and oil industry, he said.

He believes the confidence of the business sector in the economy, at this time, is at its lowest level and bankers are also wary.

"The wheel of the recovery vehicle is now in the hands of our government -- national and local," he said. (JSC/Lljr/PIA6 Negros Occidental)

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