COVID-19 Crisis: More support for businesses by means of easing restrictions

Are you a business owner who has been struggling to make ends meet during the pandemic here in the Philippines? On the national level, more support for businesses by means of easing the restrictions has been pushed for by Presidential Adviser for Entrepreneurship Jose Ma. “Joey” Concepcion III according to a recent news report by GMA Network.

To put things in perspective, posted below is the excerpt from the GMA Network news report. Some parts in boldface…

Presidential Adviser for Entrepreneurship Jose Ma. “Joey” Concepcion III on Tuesday called for the need to open up more of the economy in the final quarter of the year, for businesses to recover and be able to pay their dues.

According to Concepcion, the fourth quarter is crucial for businesses given the historically higher consumer spending amid the Christmas holidays.

“We have to open the economy because this is the last quarter. This is time when most negosyantes can get back what they lost in the previous months. Babayaran nila mga 13th month pay, may utang nila sa bangko, sa suppliers [They will have to pay the 13th month pay, their loans in the banks, with suppliers],” he said during the Laging Handa virtual briefing.

Concepcion has been pushing for the imposition of “bakuna bubbles” or pockets of micro-herd immunity among closed groups such as homes and workplaces.

Under the proposed measure, vaccinations will be mandated for a range of indoor gatherings in a bit to boost the country’s immunization efforts and only allow privileges to those fully vaccinated.

At present conditions with only 30% indoor dining allowed for fully vaccinated individuals in Metro Manila, Concepcion said businesses do not gain much, noting that this should be increased to at least 50% to carry businesses over to 2022, or even 70% by November or December.

“Ito ang panahon that we should start to live with COVID. Kung pabagsak ang [If there is a downtrend on the] trajectory ng infection level, then we should open up more and more and then keep an eye, watch out if it reverses then we pull back and we can push back,” said Concepcion.

“For now, it’s only one quarter left ’til the end of the year. Bigay na natin ‘to sa mga negosyaante para mabuhay sila ’til next year. [Let’s give this to the businesses for the thrive until next year],” he added.

In relation to the news above, the Department of Trade and Industry (DTI) called for businesses to be open on all alert levels. The Cinema Exhibitors Association of the Philippines (CEAP) appealed to the Inter-agency Task Force (IATF) for the Management of Emerging Infectious Diseases to allow the limited operations of cinemas under the Alert Level 4.

Let me end this piece by asking you readers: What do you think about Joey Concepcion’s statements on supporting businesses a lot? Do you feel confident about the further reopening of the national economy? Do you think that the Metro Manila Council (MMC) and the Metropolitan Manila Development Authority (MMDA) will understand Concepcion’s pro-business push and make wise decisions this time around?

Can you imagine the MMC and MMDA recommending another enhanced community quarantine (ECQ) to the IATF in the near future that will surely destroy jobs and hurt businesses all over again?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me as well. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me at HavenorFantasy@twitter.com

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

COVID-19 Crisis: DTI keeps pushing on for businesses to be open on all alert levels

The road to full economic recovery during this COVID-19 pandemic remains rough and bumpy as the national and local authorities continue to struggle between health and economics. The last enhanced community quarantine (ECQ) and modified enhanced community quarantine (MECQ) in Metro Manila were very damaging to the economy as a whole. Fortunately for the businesses and the employees, the Department of Trade and Industry (DTI) continues to push hard for economic recovery as a new proposal was made to allow all businesses to remain open at all alert levels with varying limits on capacity according to a recent Philippine News Agency (PNA) report.

From September 16 to September 30, 2021, Metro Manila was placed under Alert Level 4 of the new system of quarantine (which includes granular lockdowns) and during this particular period, businesses were literally given some breathing room as personal care service joints and restaurants were allowed accommodate vaccinated customers to spend time inside their respective locations but with specific limits on in-door capacity. DTI is pushing for something better economically.

To put things in perspective, posted below is an excerpt from the PNA report. Some parts in boldface…

The Department of Trade and Industry (DTI) is proposing to allow all businesses to remain open at all alert levels but varying operating capacities.

The idea is business activities, economic activities should continue at all alert levels and you just change the operating capacity. So at least there is still (business) continuity,” DTI Secretary Ramon Lopez said in an interview with ABS CBN News Channel (ANC) Thursday.

He added that operating capacity should be reduced when an area reached Alert Level 4.

Under Alert Level 4, indoor dine-in and personal care services are allowed at 10 percent capacity for fully vaccinated customers only, while outdoor dine-in and personal care services can operate up to 30 percent operating capacity.

“So there’s containment, there are a bit of more restrictions, but at least you allow the business activities to continue,” Lopez added.

The trade chief is also hopeful that the alert level system in Metro Manila will ease to Alert Level 3 starting Friday.

Lopez said some 76,000 to 80,000 businesses did not operate even under the alert level system since the current protocol does not allow some sectors to operate.

Moreover, he said DTI is pushing for the inclusion of gym operations in Alert Level 4 considering that fitness clubs and centers are essential businesses.

“We’ve been arguing that exercise is really one vital activity to increase their immunity level. In fact, they allowed outdoor exercise at all levels. We were just saying, for indoors, we just manage it,” Lopez said.

Lopez said the DTI stands ready to assist enterprises as the agency continues to offer financing packages to businesses affected by the pandemic.

Let me end this piece by asking you readers: What do you think about the DTI’s latest move to improve the economic situation? If you are a business owner who has at least ten employees to take care of, what do you think the DTI, the Metropolitan Manila Development Authority (MMDA) and the Metro Manila Council (MMC) should do to make things better for doing business in Metro Manila? Do you believe that the people responsible for the last ECQ and MECQ in Metro Manila cared about hot issues like unemployment, loss of income and business closures?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me as well. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me at HavenorFantasy@twitter.com

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

COVID-19 Crisis: Foreign direct investments spiked in April 2021 in connection to CREATE Law, economic reopening and other factors

It’s been months since the last time I wrote about the Corporate Recovery and Tax Incentives for Enterprises act otherwise referred to as the CREATE Law. For the newcomers reading this, the CREATE Law was designed to cut down corporate income tax which should lead to the creation of new jobs and the attraction of investment in mind. The said law is really crucial in this COVID-19 crisis we are all still living with.

Recently, the Philippine News Agency (PNA) published an article stating that a huge rise of foreign direct investments (FDIs) in the country was realized this past April and the CREATE Law was one of the factors behind it.

To put things in perspective, posted below is an excerpt from the PNA article. Some parts in boldface…

An economist has attributed the rise of foreign direct investments (FDIs) in the country in April 2021 to the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law and the opening of the economy.

The Bangko Sentral ng Pilipinas (BSP) on Monday reported the 114.4-percent year-on-year jump of net FDI inflows to USD679 million last April from USD317 million in the same period last year.

In a report, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said lower interest rates and lower cost of some inputs like real estate property and leases are plus factors that enticed higher FDIs.

Some foreign investors may have started to come in view of the progress made on the CREATE law, which was finally signed on March 26, 2021 and reduces corporate income tax rates to 25 percent for large corporations (from 30 percent) retroactive July 1, 2020, thereby narrowing the gap with the tax rates in other Asean/Asian countries, and also provides greater certainty on investment incentives, thereby helping attract more FDIs and making some foreign investors on the sidelines in recent months/years to become more decisive and finally bring in more FDIs into the country,” he said.

Ricafort said positive credit rating actions on the Philippines, which even got its first-ever A-level credit rating, A-, from the Japan Credit Rating Agency (JCR) in June 2020, also boosted investors’ sentiment on the domestic economy.

The positive credit rating actions, he said, “reflect improved international investor confidence in the country, manifesting the country’s improved economic fundamentals, as well as the country’s attractive demographics.”

These factors are, however, expected to be countered by the still high number of coronavirus disease 2019 (Covid-19) cases, aggravated by new variants that are reported to be more contagious.

Ricafort believes that higher government spending, especially on infrastructure, and the accommodative monetary policy by the Bangko Sentral ng Pilipinas (BSP) are seen to further support the rise in net FDIs.

The above article is indeed filled with good news that our nation badly needs, especially since there are still many millions more people around the country who have yet to get vaccinated and the fact that lots of businesses are still struggling. In recent times, patients under the A4 category have been gradually vaccinated for COVID-19 and that is a very good thing because it under that very category where the nation’s laborers are listed. There are still lots of unemployed workers out there who badly need vaccines and jobs, and it does not help that certain local government units (LGUs) had to temporarily suspend their local vaccination operations due to a lack of supply of vaccines. There are supposed to be around 13 million doses of vaccines to come into the Philippines this month, and so far some of that have arrived (click here, here and here).

More on economics, apart from the rise of FDIs last April, it was reported that the local demand for office space nationwide grew by 38% rising from 122,000 square meters (sqm) in the first quarter of 2021 to 169,00 sqm. in the second quarter. It was described to be the strongest office demand since the start of the pandemic.

Let me end this piece by asking you readers: Does the recent news about the sharp rise of FDIs in our country make you confident about your economic prospects? How much do you know about the CREATE Law and what further positive effects it can generate for the country? If you have been unemployed, how long have you been out of work?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me as well. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me at HavenorFantasy@twitter.com

Muntinlupa Qualifies for PCCI Most Business-Friendly LGU Award

 

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Muntinlupa City Mayor Jaime Fresnedi receives a plaque of recognition from the Philippine Chamber of Commerce and Industry (PCCI) chairman George Barcelon during the Final Judging of the business group’s Most Business-Friendly LGU Awards. (contributed by Muntinlupa City PIO)

 

The City Government of Muntinlupa announced today that the City qualified yet again for the Most Business-Friendly Local Government Unit (LGU) award as the Philippine Chamber of Commerce and Industry (PCCI) organized on the October 2 the final judging.

Mayor Jaime Fresnedi and his team attended the final judging. They presented the innovations made on ease of doing business including streamlining business processes through the establishment of the Single-Window Transaction and assistance to MSME (micro-small-medium enterprises) through a zero-percent interest loan assistance, among others.

Last year, Muntinlupa was hailed (for the 2nd straight year) the Most Business Friendly LGU award during the 44th Philippine Business Conference. Back then, Muntinlupa bested other finalists in four pillars which include: Fast-tracking Sustainable Local Economic Development, Improvement of Ease of Doing Business (EODB), Investment Promotion Initiatives, and Initiatives to Enhance Industry/ Sectoral Competitiveness.

Now that Muntinlupa made the finals again, the suspense now begins for which city will be hailed as this year’s Most Business-Friendly LGU. The 45th Philippine Business Conference & Expo will take place on October 16 and 17 at the Manila Hotel.