Balisacan: COVID-19 will make more Pinoys poor

The rapid spread of the deadly coronavirus is expected to hit the poor hardest, according to veteran economist Arsenio Balisacan.

Balisacan, who heads the Philippine Competition Commission, said the coronavirus outbreak would push the poor deeper into poverty as opportunities for employment become scarce with slower economic growth.

“The coronavirus pandemic will substantially reduce economic growth this year. Worse, it will likely increase poverty. In times of sharp economic slowdown, it is the poor who are hurt the most and have the least means to buffer the strain on their basic consumption needs,” Balisacan said.

Profit of Yap-led CEU clobbered by pandemic restrictions

Centro Escolar University (CEU), controlled by he heirs of the late Don Emilio Yap, saw a 23 percent decline in net income during its fiscal year ending May this year to P119.05 million due to the deferral of revenues and recognition of contract liabilities.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

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