The chairman of PLDT Inc. and Metro Pacific Group said it will take time for businesses to recover even if the coronavirus disease 2019 pandemic ends as early as May.
“We have experienced crises before—the Asian financial crisis in 1997 and the Wall Street meltdown of 2008. And epidemics of malaria and influenza and more, recently, SARS. But COVID-19 is a very different phenomenon, because it is a health crisis that brings it with it painful financial consequences to businesses, grief to those affected by the virus,” said business leader Manuel Pangilinan in an Easter Sunday message.
“Suddenly and sharply, our way of life has been changed by something we cannot see,” he said.
Reports showed that more than 108,799 people died among 1.77 million coronavirus cases globally as of April 11. In the Philippines, the number of COVID-19 cases reached 4,428 and 247 deaths as of April 11.
“I wish I could say that the end is in sight for COVID. As of now, we still cannot see the peak, much less reached it. So there will be more to endure this month of April,” Pangilinan said.
Pangilinan said that when, “we reach the summit, hopefully by the end of April or early May, I am sure we will all be relieved because it is the beginning of the end.”
He said that realistically, the country should not expect to see the pandemic to end as quickly as it started. “Viruses do not simply keel over and die. Instead a tail would likely emerge from the apex, the shape and length of which will be determined by how well we manage the virus’ exit. This could take a few week or a few months,” Pangilinan said.
“Which means it will take time for us and our business to recuperate to normal. It will take time for us to overcome our fear of joining social gatherings or business meetings. It will take time for malls, hotels and restaurants to recover their trade,” he said.
“It will take time for tollways and light rail to regain their previous traffic. It will take time for all of us—individuals and businesses—to rebuild and heal,” Pangilinan said.
Pangilinan heads the MVP Group which has interests in power, water, telecommunications, rail, expressways, hospitals, broadcasting and mining.
The Tulong Kapatid, the corporate social responsibility of MVP Group, recently conducted a series of relief efforts and activities to help frontline health workers, government response teams and underprivileged and homeless families in Metro Manila.