Almost Half of the Companies in PH Cut Jobs

The COVID-19 pandemic has forced businesses in the Philippines to cut jobs to alleviate losses in profit during the strict community quarantine months.

While these implemented health safety protocols protected and prevent the virus from further spreading, its effect on business in terms of profit and operations has forced them to cut jobs to compensate for the lack thereof.

According to PNA, a World Bank survey revealed 46% of companies in the country had reduced their workforce during this pandemic.

The survey reported that only 1% of the participants had hired new employees.

Meanwhile, 40% of the participants said that they have temporarily halted their operations (20% from work restrictions, and 20% closed voluntarily).

45% said that they are unsure when they can resume their operations.

The survey also revealed that 20% of the participants expect their business to close between 1 to 3 months, 13% said they would close their business between 3 to 6 months, and 12% said they would close after 6 months.

There are 74,031 business firms participated in the survey held on July 7 to 14. The survey’s goal is to assess the impact of the pandemic on businesses. (ASC)