Trade Secretary Ramon Lopez said the country must continue to reopen business activities to bring back jobs and revive the economy amid the coronavirus disease (COVID-19) pandemic.
Commenting on the latest survey of the World Bank, the National Economic and Development Authority, and the Department of Finance, Lopez said the gradual and safe reopening of businesses will revive the economy.
According to the survey, there is a high level of uncertainty among firms in the Philippines on when to resume their operations as well as their outlook on employment and sales.
Of the 74,031 surveyed firms, 40 percent reported to temporarily suspend their operations and 15 percent said they will have to close permanently.
About 45 percent said they are unsure when to reopen their businesses.
“That’s why we have to continue the gradual and safe reopening, to bring back the vibrant economic activities, jobs that will re-stimulate demand to revive the industry sector,” Lopez stressed.
The DTI recently issued a memorandum circular allowing more business establishments and activities in areas under general community quarantine to operate at full capacity.
The DTI recently issued a memorandum circular allowing more business establishments and activities in areas under general community quarantine to operate at full capacity.
Most of these are in the services sector where face-to-face transactions are lesser.
The document also allows restaurants and fast food establishments to extend their operations up to 24 hours to cater to graveyard shift workers, especially in the information technology and business process outsourcing sectors.
“Many firms have turned to digital solutions to adapt to the new normal.”
Moreover, the survey shows that many firms have turned to digital solutions to adapt to the new normal.
Use of digital solutions is high among sectors of information and communications technology, professional services, education, tourism, financial activities, arts and entertainment, rental and leasing, health, and real estate, among others.
On the other hand, most companies in transportation, wholesale and retail trade, food services, agriculture, and motor repair are not utilizing digital platforms, the survey said.