Globalization as we know it is 'over' due to COVID-19, says billionaire Razon

MANILA -- Globalization as we know it is "over" because of the coronavirus pandemic, billionaire port magnate Enrique Razon said Wednesday, as lockdowns and travel restrictions put businesses on pause.

Business forecasting for 2020 is a "waste of time" and markets will be "soft" until at least the first half of 2021, Razon said in an exclusive interview with ANC.

"The globalization that we have now, that is over," said Razon, who controls International Container Terminal Services Inc, which operates in Asia Pacific, the Americas, Europe, the Middle East and Africa.

"This is a unique situation and you just have to live with it," he said.

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Razon, who also controls casino operator Bloomberry Resorts, said his group is "not starting anything new this year. After the health crisis is over he said he could look at investing in "strong growth areas."

"We have no serious targets yet or any set plans," he said.

Savings rates could increase as people hold off on spending except on food, Razon said. Should the economy reopen, it is uncertain how people would behave in public places, he said.

At his Solaire casino resort, Razon said all staff are required to wear face masks and sanitize regularly. "It's going to be an operation just on the safety side."

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Catch the full interview on ANC at 8 p.m. on April 29, as The Boss looks ahead to the new normal for the economy with the COVID-19 pandemic.