Multimedia

We expected the discouraging April unemployment figures given the lockdown imposed across the Philippines from March until now. The data simply stresses the need to reopen the economy further, but with caution.

Beginning June 1, the National Capital Region (NCR) transitioned back into the so-called General Community Quarantine (GCQ). This meant that while restrictions are still in place on people’s movements, many of our workers were allowed to go back to their jobs. While still limited, a portion of the public transportation system has resumed services to our people. By the third week of June, these services will be expanded to accommodate more commuters.

The Covid-19 pandemic has battered the Philippine economy, as well as the rest of the world. But despite the gloomy situation, the Philippines remains a bright shining star in the eyes of reputable financial institutions like Standard & Poor’s (S&P).