BACOLOD CITY, Negros Occidental, Philippines – The economic slowdown caused by the COVID pandemic is far worse than the effects of the 1997 Asian meltdown and the sugar industry crisis in the late 80s.
“During the earlier crisis, people still managed to work and businesses continued but the crisis caused by COVID has grounded businesses to a halt,” Leonardia told DNX in a phone interview.
Leonardia said the economy of this city of half a million people had been “growing at an unprecedented rate” before the pandemic struck.
After a series of quarantines, however, that started 30 March under an enhanced quarantine status, Leonardia said the economy had definitely been affected.
“Res ipsa loquitor,” Latin for “the thing speaks for itself,” Leonardia said when asked about his assessment of the local economy.
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