Economic recovery in the Philippines is nascent, or still emerging, as the country loosens up the most restrictive COVID-19 lockdown in Asia, according to a report of the Malaysian financial giant Maybank. | bendeveraINQ
In the case of the Philippines and Indonesia, “the recovery is nascent,” Maybank said.
These indicators were school closures, workplace closures, public gathering bans, travel restrictions and public transport operations, Maybank said. Citing separate Apple mobility trends reports, Maybank said driving and walking traffic was bottoming out as malls reopened.Recovery in the Philippines, the report said, “is still nascent as public transport remains unavailable.”
Across Asean, Maybank sees domestic travel bouncing back to compensate for an expected lull in foreign visitors amid the pandemic.
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