MVP sees tougher times for Philippine economy but says investments to continue

Businessman Manny V. Pangilinan, chairman of MVP Group which has interests in telecommunications, infrastructure, and utilities, on Friday said it will get tougher for the Philippine economy but added that the conglomerate will proceed with its investments.

Pangilinan told reporters that his companies will continue investing in the country despite a gloomy economic outlook brought by weakening peso, high inflation, and the threat of El Niño phenomenon.

“It’s tough out there and it could get tougher with the impact of the El Niño,” Pangilinan told reporters, when asked how he would describe the country’s economic situation.

“It concerns us. So in a situation like this what do you do? Do you dig yourself a foxhole and just hibernate until hopefully this thing blows over,” the businessman said.

Pangilinan further said that staying on the sidelines amid a challenging economic environment is “not the right thing to do.”

“We have to be proactive in helping the economy recover and helping the government do that in whatever way we can and the best way is for us to continue investing judiciously, of course … it’s not to retreat and hibernate,” he said.

President Ferdinand ”Bongbong” Marcos Jr. earlier asked the public not to panic as the peso continued to plunge to historic low levels against the US dollar, saying the government has all the tools to defend the local currency. —NB, GMA News