Philippine billionaire Enrique Razon is worried the world hasn’t yet seen the worst of the virus. YahooFinance
Volumes at port operator International Container Terminal Services Inc., where Razon is the chairman and which operates terminals in nearly 20 countries, likely fell 10% to 15% last month and are expected to decline further in April, he said Tuesday. His Bloomberry Resorts Corp. has shut its gaming operations during the lockdown on the Philippines’ main Luzon island.
Razon said his conglomerate has a “healthy” amount of cash, though, so “there’s really no concerns there.” He supports a two-week extension of the Luzon lockdown through April and expects a recovery in consumer spending to take some time even after the quarantine is lifted as people focus on buying basic goods and saving money.
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