Balisacan: COVID-19 will make more Pinoys poor | Bilyonaryo Business News
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Balisacan: COVID-19 will make more Pinoys poor

The rapid spread of the deadly coronavirus is expected to hit the poor hardest, according to veteran economist Arsenio Balisacan.

The rapid spread of the deadly coronavirus is expected to hit the poor hardest, according to veteran economist Arsenio Balisacan.

Balisacan, who heads the Philippine Competition Commission, said the coronavirus outbreak would push the poor deeper into poverty as opportunities for employment become scarce with slower economic growth.

“The coronavirus pandemic will substantially reduce economic growth this year. Worse, it will likely increase poverty. In times of sharp economic slowdown, it is the poor who are hurt the most and have the least means to buffer the strain on their basic consumption needs,” Balisacan said.

 

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