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.
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