Virus missteps could turn Philippines into Asia’s laggard

The Philippine economy won’t regain its pre-pandemic level until the end of 2022, said Katrina Ell, an economist at Moody’s Analytics Inc in Sydney. “This makes the Philippines the clear laggard in Asia, ” she said.

MANILA: Snaking queues at Manila food banks have become a common sight as the economy continues struggling a year after the Philippines’ first coronavirus lockdown.

It’s a sharp contrast to 2018, when hundreds lined up for the grand opening of Uniqlo Co’s Global Flagship Store in Manila, its largest outlet in South-East Asia.

Over the last decade, the Philippines had managed to throw off its mantle as the “sick man” of Asia, with its 109-million strong population driving a consumption-led economy.