The escalating Covid-19 cases in the Philippines dampen on the growth spurt of the economy and gets in the way of businesses at an all-time high. Micro to medium enterprises would’ve been damaged the most from the pandemic, as a mandated enhanced community quarantine measures caused closed shops and postponed business operations.
But even after all this, there are more and more businesses stepping up to offer help despite their looming setbacks the longer Covid-19 persists in the country.
Shoutout to restaurants, manufacturers, merchandisers, social enterprises, and more for providing necessary medical equipment and basic provisions to frontliners and those others who are currently financially coping.
- Tokyo Style Diner: PHP2,000 worth of food packs to medical frontliners and residents
- CDO Makers Response Team: collective enterprises making and distributing about 200 face shields, and more to come, to medical establishments
- Might Tech Advertising & Merchandising: manufacturing aerosol boxes 50-70 units daily for Covid-19 patients, protecting doctors’ from exposure while intubated, to Philippine Heart Center and Lung Center of the Philippines
- Shark Philippines: also making 100 pieces of aerosol boxes for donation to hospitals
- Subida Souvenirs: drafts personal protective equipment to cater to medical frontliners in Negros Oriental
- WeCare: provides a platform to connect to medical and emergency support organizations in need of individuals or groups who are willing to help (wecare.ph)
Meanwhile, the government is needed more than ever to financially procure support for MSMEs However, it poses a challenge for the Philippines to afford generous financial support programs, as many government programs were stricken with debt ages ago.
As per Benel D. Lagua, former Executive UP and Chief Development officer at the Development Bank in the Philippines, he advised adopting some form of debt forgiveness programs, any kind of subsidy support that somehow meets drastic measures against lower enterprises.
Development financial institutions must stand to really act as development agents, especially in today’s very uncertain pandemic crisis.
MSMEs are the lifeblood of the Philippines, yet they’ve done generous efforts at the expense of their own drastic needs. After it is over for Covid-19, the government should immediately cater to these sectors falling back, among others, as they’ve been among the foundations of the Philippine economy.