Many businesses struggle as the COVID-19 pandemic persists, pushing them to realign their strategies to mitigate the pandemic’s adverse effects, while others are forced to close for the foreseeable future.
Business in the Philippines
The ongoing COVID-19 pandemic has forced many businesses to adopt work from home arrangements on a wide scale. Since the crisis began, the percentage of remote workers doubled, from 31% to 62%.
Business in the Philippines has remained strong and resilient over the years, making the country one of the fastest-growing economies in the ASEAN region.
The COVID-19 pandemic has taken a huge toll on companies of varied sizes in the Philippines. The struggle of remaining afloat and managing cashflows is now of utmost importance to battle the pandemic’s crippling effects.
For years, the business world has never faced a challenge of this intensity. COVID-19 has disrupted virtually every industry across the globe. In addition to the tragic human cost, the United Nations estimates the pandemic will cost the world economy US$1 trillion in 2020.
Every manager wants an enthusiastic and engaged workforce. Not only are motivated employees easier to lead, they also have higher levels of productivity and profitability. But how do you lead and motivate your staff in the middle of a global pandemic?
The COVID-19 Adjustment Measures Program (CAMP) is a one-time financial assistance of P5,000 from the Department of Labor and Employment (DOLE) for private-sector workers who had salary deductions or temporary suspensions during the Enhanced Community Quarantine (ECQ) period in the Philippines due to the COVID-19 pandemic.
To encourage small enterprises, the Philippine Congress has revised the Corporation Code to include a new legal entity — the One Person Corporation (OPC).
Starting a business is easier said than done. You have to consider a lot of things before you establish your company. But above all else, the first question you need to answer is “How will I fund my business?”
On February 20, 2019, the government passed the Revised Corporation Code (RCC) of the Philippines (Republic Act 11232). The revisions aim to make it easier to register and maintain a business in the country. Chief among its reforms is the creation of the One Person Corporation (OPC) and the establishment of corporate perpetuity.