The COVID-19 pandemic has caused significant changes in the business landscape in the Philippines. Companies, big and small, have had to adapt to the new normal to stay afloat.
In this article, we take a closer look at the top headlines in Philippine business news to gain insights into the current situation.
1. Online shopping becomes the new norm
The pandemic has forced consumers to change their habits, and online shopping has become more popular than ever. According to a survey conducted by Rakuten Insight, 68% of Filipinos now prefer online shopping. This trend has led to an increase in e-commerce businesses and logistics companies.
2. Small businesses struggle to survive
Small businesses have been hit hard by the pandemic. Many have closed down permanently due to lack of sales and cash flow. According to a report by the Department of Trade and Industry (DTI), 73% of micro, small, and medium enterprises (MSMEs) were forced to stop operations during the lockdown period.
The government has provided financial aid to help these businesses, but many are still struggling to stay afloat.
3. Banks ramp up digital services
Banks have also had to adapt to the new normal. With social distancing measures in place, customers are hesitant to visit bank branches. As a result, many banks have ramped up their digital services, such as online banking, mobile banking, and contactless transactions.
4. Real estate takes a hit
The real estate industry has taken a hit due to the pandemic. According to a report by Colliers International, the second quarter of 2020 saw a 50% decrease in residential property sales compared to the same period in 2019. Commercial real estate has also been impacted, with many offices and retail spaces remaining empty.
5. Telecommunications experience a surge in demand
The pandemic has also led to higher demand for telecommunications services. With many people working and studying from home, internet and mobile data usage has skyrocketed. According to Globe Telecom, data consumption increased by 25% during the lockdown period.
In conclusion, the pandemic has caused significant changes in the Philippine business landscape. Online shopping has become more popular, small businesses are struggling, banks are boosting digital services, real estate is taking a hit, and telecommunications are experiencing a surge in demand. As the situation continues to evolve, businesses must adapt quickly to stay competitive.
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