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Angelos Karakostas, deputy CEO of Piraeus Port Authority SA, said even though some local people had a negative attitude when China COSCO Shipping Group Co won a 35-year contract to operate the facility via investment in 2010, today they are fairly happy and optimistic about the port region's economic growth and its future prospects.

And while the fishing season only runs from May until October, each fisherman's cormorants require daily care all year round.

Analysts say that ESOPs have become the buyers because they can absorb large amounts of stock, and purchases by ESOPs are often seen as a positive indicator of a company's prospects.

Analysts said the Philippines has a strong fiscal position and they expect the government will use it to mitigate the impact of the pandemic on the country's economy. The Philippines' GDP contracted by 0.2 percent in the first quarter and the country's economic managers forecast that this year's GDP might decline as much as 3.4 percent－the first contraction in more than 20 years.

Analysts said they believed that macroeconomic policy adjustments, focusing on boosting investment, will be able to secure a GDP growth rate within the authorities' target range of 6 to 6.5 percent this year.