An Asian Development Bank study shows over 70% of Philippine MSMEs had cash flow problems, forcing owners to borrow from friends and family to keep their business afloat.
In terms of the coronavirus pandemic’s impact on businesses and households, the Philippines had it worst, according to a study by the Asian Development Bank .by ADB financial sector specialist Shigehiro Shinozaki, presented in a webinar on Wednesday, September 16, showed that 70.6% of micro, small, and medium enterprises in the Philippines were forced to temporarily close due to the COVID-19 outbreak.
The study also noted that the work-from-home setup is “not a serious option for MSMEs,” with only 13% to 21% of businesses in the 4 countries adopting the scheme. This means that small businesses adapted to the pandemic through temporary layoffs, rather than implementing work-from-home schemes that governments have encouraged.
Between March and April, 36.7% of MSMEs in the Philippines said they had no cash and savings, while 42.1% said cash would run out in a month. Majority of businesses also requested delayed tax payments from governments, as well as delayed repayments from financial institutions.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PH economy likely to see 'deeper decline' in 2020 before recovery next year: ADB
Read more »
PH households among worst affected by pandemic in ASEAN: ADB survey
Read more »
Japan gives PH P24-B loan for COVID-19 response - Manila BulletinThe Japanese government on Tuesday signed and exchanged notes with the Philippines for a JY50 billion (approximately Php24 billion) fresh loans in support of the country's battle against the COVID-19 (coronavirus disease 2019) pandemic.
Read more »
Amal Clooney to PH tycoons: Protect press freedom, democracy'Those of you gathered here today are leaders in your society. The future of your great country is in your hands. I hope it can be one in which your children will stay safe from harm, and be free to speak their mind'
Read more »
PH reports biggest jump of 259 deaths; total COVID-19 cases at 265,888The Philippines listed its largest number of deaths reported in a single day since the pandemic started, raising the nationwide death toll due to COVID-19 to 4,630 as of Monday, September 14.
Read more »
Over 1,000 health workers in PH contract COVID-19 during the last week; total nears 9,000
Read more »