Manila Bulletin
Razon says worst of COVID-19 yet to come
Tycoon Enrique Razon Jr. cautioned businesses to brace for more challenging times as the Philippine government prioritizes aid for the poor and consumer spending declines due to the COVID-19 pandemic.
Razon stated that the concerns of businesses are secondary to the immediate needs of the people, particularly in ensuring they are fed.
His company, Bloomberry Resorts Corp., which manages Solaire Resort & Casino, suspended gaming operations following the Luzon lockdown.
International Container Terminal Services Inc., another of Razon's companies, experienced a 15-20 percent drop in volume in March across its global operations.
Razon believes the worst of the economic impact is yet to come, with operations in Latin America being the most severely affected.
He expressed support for the government's decision to extend the enhanced community quarantine in Luzon until April 30.
Razon emphasized that the primary focus should be on defeating the virus, and economic losses can be assessed later.
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