CLARK FREEPORT – “We are looking at the full recovery of the Central Luzon economy in 2024 from the downturn impacted by the Covid-19 pandemic.”
Thus, the bullish forecast of a pillar of Pampanga commerce and industry at the Quest for News media forum of the Central Luzon Media Association-Pampanga Chapter held Thursday at Baker J, Filinvest Mimosa + Leisure City here.
Rene Romero, head of the Romac Group of Companies and director in charge of infrastructure development of the Pampanga Chamber of Commerce and Industry,
noted that with a noticeable increase in spending, spreading through all sectors, in the second quarter of 2023, the economy started to reopen.
“The so-called revenge travel is part of a greater revenge spending,” Romero said, referencing to the surge in spending after the restrictions on mobility imposed during the height of the pandemic.
This helped revive certain industries and started to bring the economy back to its pre-pandemic levels, he added.
“Year 2023 therefore serves as a transitional year to full recovery in 2024,” he noted.
Notwithstanding all these signs of economic recovery, Romero warned of “troubling concerns” that must be addressed, citing that approximately 25% of micro and small enterprises have not been able to restart their operations.
“This figure highlights the immense challenges faced by these businesses, which have been particularly vulnerable to the adverse effects of the pandemic,” he said, calling on the government and large corporations to support the struggling enterprises.
Romero particularly took as example the many small home-based enterprises, particularly those in the food industry, that sprouted amidst the lockdowns.
These businesses, he said, “demonstrated remarkable resilience and adaptability, finding opportunities to meet the changing needs of consumers during challenging times.”
Romero proposed a “big brother, small brother” concept to help these small enterprises thrive, suggesting that established corporations provide mentorship and support to help these new ventures succeed. Punto News Team/CLMA photo
