The country’s largest business organization said more than 50 percent of their members have remained closed while employment of those which are operating has dropped to percent.
Benedicto Yujuico, president of the Philippine Chamber of Commerce and Industry (PCCI), in his speech at a forum hosted by the Department Trade and Industry (DTI) said these were initial results of an ongoing consultation among PCCI’s 30,000 members which employ
Yujuico said those which operate do so on low capacity.
He added most members are concerned over the uncertainty brought about by the new coronavirus disease 2019 pandemic and how this affects their businesses.
But not all is bad news for PCCI members, Yujuico said.
He said in Palawan, resorts and hotels have been repurposed as quarantine facilities while farm adventure resorts are used for agriculture ventures.
One miner in Surigao has been actively exporting coal at the height of the lockdown, at levels even higher prior to the pandemic.
The group early into the pandemic submitted to President Duterte a roadmap to recovery that is focused on epidemic control and resumption of economic activity that would bring back confidence among businesses.
The PCCI has appealed for the passage of bills that would grant financial packages badly hit by the pandemic.
The group also said banks and other non-back financial institutions to extend until the end of year the loan maturities of micro and small businesses to give them the cash flow needed to restart operations.
