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Businessmen brace for impact of ‘Maring’ on economy

By: - Reporter / @amyremoINQ
/ 06:15 PM August 21, 2013

FILE PHOTO

MANILA, Philippines—The Philippine Chamber of Commerce and Industry (PCCI) is hopeful that the impact of storm Maring on local firms will not be as damaging, even if Metro Manila, shut down for business over the past two days.

“Definitely, there is a lot of damage. Apart from agriculture, there were no trading activities over the past two days. The logistics industry has been largely affected too because of the floods and because people can’t go to work,” PCCI president Miguel B. Varela said in a phone interview.

According to Varela, the biggest hit by the storm among industries was the manufacturing sector in Luzon as the heavy rains brought by Maring flooded areas where a lot of factories and facilities are located, including Cavite, Laguna, Pampanga and Zambales, among others.

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The Calabarzon area was reportedly the hardest hit region by the torrential rains, affecting some 600,000 people in the area, a Philippine Daily Inquirer report stated. Also badly affected were the southern parts of Metro Manila.

“I hope that the impact will not be that big considering that flood waters receded quickly and the typhoon did not really hit much of the agricultural areas. What was more affected were the manufacturing plants, in terms mostly of halted or low production. Recovery will be faster then,” Varela explained.

Varela said he would have estimates on the probable impact of Maring and business closures by Friday at the latest.

TAGS: Business, cyclones, economy, Finance, financial markets, floods, logistics, manufacturing, Maring, Philippine Chamber of Commerce and Industry, rains, relief and rehabilitation, rescue, Stock Market, storm, Trami, Weather
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