Certain areas of economy 'resilient' despite pandemic: Filinvest CEO

ABS-CBN News

Posted at Jun 11 2021 11:30 AM | Updated as of Jun 11 2021 11:44 AM

MANILA – There is a possibility of positive economic growth in the Philippines by the end of the year as certain areas have been “quite resilient” despite the negative impact of the COVID-19 pandemic, Filinvest Development Corp President and CEO Josephine Gotianun-Yap said Friday. 

Office leasing that caters to multinational Business Process Outsourcing (BPOs), as well as the residential property business, is seeing a V-shape recovery, Filinvest Development Corp President and CEO Josephine Gotianun-Yap told ANC.

“We’re starting to see 2021 level starting to go up towards pre-pandemic level. So there are certain areas in our economy that have done well…I think we will still end the year with positive growth despite the contraction in the first quarter and possibly the second quarter," she said.

“We’re starting to see 2021 level starting to go up towards pre-pandemic level. So there are certain areas in our economy that has done well," she added.

The second half is likely to be “stronger” due to election spending and the vaccination of economic frontliners that will improve consumer spending and confidence, she said.

The Philippines' Gross Domestic Product contracted by 4.2 percent in the first quarter of the year, slower compared to the 8.3 percent drop in the fourth quarter of 2020.

The conglomerate's banking unit, EastWest Bank, has been active in its financial inclusion drive with the launch of digital service KOMO, while its hospitality unit is seeing an improvement in occupancy, she said. FDC said it is also eyeing infrastructure. 

The Gotianun family-led firm is also seeking the approval of its real estate investment trust (REITS) which would be an “excellent addition” to the country’s REITs space, she said.

Filinvest Development Corp is also part of the Luzon International Premier Airport Development Corp. (LIPAD), the special purpose vehicle incorporated for the management, operations and maintenance of the Clark International Airport.

 

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