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.
Business in the Philippines
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.
Offshore Staffing gives employers the chance to build a global dream team. However, managing remote staff presents some unique challenges. The lack of face-to-face contact can lead to trust and communication issues.
Virtual currency has the potential to empower millions of unbanked people in the Philippines. Currently, only 22% of Filipinos have a bank account. The main obstacles are a lack of documentation and insufficient funds.
A recent survey of 600 small businesses revealed that taxes are their number one challenge. Tax preparation can be very time-consuming, averaging 181 hours to file a return in the Philippines. Luckily, there are some strategies to make tax preparation less costly and time-consuming.
It’s almost that time of the year again, the time where business proprietors and entrepreneurs need to get ready for a new year of operations. And with the approach of January comes not only the glittering fireworks and the wishful New Year’s resolutions but also the duties of filing of tax documentation, and of course the renewals of business permits.