Philippines full economic recovery may take 4-5 yrs: Biz leaders

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Some business leaders warned of a slowed growth for the Philippines, saying full recovery could take four to five years if the country will not relax foreign ownership and accelerate consumption.

Calixto Chikiamco, president of the Foundation for Economic Freedom, said the country’s GDP per capita may only go back to pre-pandemic levels within 4-5 years if economic reforms do not push through.

He added that regaining the lost value of the local economy may take two to three years.

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