Business NEWS

During this pandemic, businesses try to be innovative and creative in marketing their products as consumers’ purchasing power starts to decline for a number of reasons – loss of jobs, stoppage of their streams of passive income from their investments and tightness in cash flow as their family income comes in trickle.

Among the big issues during this pandemic is the loss of family income, either due to loss of jobs / employment as a result of company closure or stoppage of the source of livelihood. To fill in the need of families for cash, LGUs have adopted distribution of amelioration funds, distribution of food / groceries, support to the seniors and in other cases, educational funds to students from low-income groups. Admittedly though, it does not solve the problem completely as LGU funds are also limited.

Since the imposition of community lockdowns in many areas of the country, many new business ideas have actually been introduced to cater to the continuing needs of the consuming public. In some cases, existing business ideas were innovated and promoted using social media.

The impact of COVID-19 on the world economy cannot be taken for granted. Everyone from the most developed countries to the third world see the downtrend of their GDP, labor unemployment , exports and almost nil foreign direct investments, while most Medium, small and micro-enterprises (MSMEs) will be tight in their cash flow.