Manila, Feb. 19 -- Mayor Alfred Romualdez here has denied reports that a weakening local economy has forced several establishments in the downtown area to shut down in recent months.

In an interview with reporters on Thursday, Romualdez said city records show that around 900 new businesses began operations last year, while only more than 50 establishments ceased operations during the same period.

"We experience traffic congestion every day because our economy is growing. We did not have that 10 years ago or even five years ago," the mayor said.

Snapshots of businesses that have closed since last year have circulated on social media, prompting concerns among netizens and some entrepreneurs, who attribute the closures to mounting economi...