MVP Group to press ahead with Philippine investments despite economic risks
Chairman Manny V. Pangilinan said careful investment would be his companies’ way of supporting economic recovery and government efforts.
Manny V. Pangilinan, chairman of MVP Group, said the conglomerate would keep investing in the Philippines even as he warned that the economy could face greater difficulties. He identified a weakening peso, elevated inflation and the threat of El Niño as concerns.
Speaking to reporters, Pangilinan said El Niño could add to the economic challenges. Although the outlook concerned his companies, he rejected the idea of holding back and waiting for conditions to improve.
The group has interests spanning telecommunications, infrastructure and utilities. Pangilinan said his companies needed to take an active role in supporting economic recovery and assisting the government, describing continued, careful investment as their best means of doing so.
His comments followed an earlier appeal from President Ferdinand “Bongbong” Marcos Jr. for the public to stay calm over the peso’s slide to historic lows against the US dollar. Marcos said the government had all the tools needed to defend the currency.
