Current Status of Philippines Business

Good day, my 1st ever article here!

Hopefully, may you find this article interesting, it is about the current Status of Philippine Business. I am siting some statements to respectice authors to support my article and for some facts too..

So here it is,

Regarding to the Philippines business status, Market Category coverages of it Demands, estimates, consumer, behavior, products, channels, communication media availability, and cost and market responsiveness. The pandemic COVID-19 emphasizes the significance of digitalization for economic and social sustainability of all countries all over the world. COVID-19 limits worldwide mobility and economic activity and it is no exception for the Philippines. Restrictions on mobility and steps to distance society restrict face to face interactions and a main determinant of resilience has emerged from activities, the availability of affordable digital technologies. Digital technology allows corporations, governments and schools not to shut down entirely, but to continue operations online. E-commerce and digital payments have facilitated continued business transactions and the distribution of goods. Online platforms of communication enabled home employment, virtual meetings and remote classes, and government agencies have employed online processes in many countries to rapidly provide Social Aid to disadvantaged individuals and households. Unfortunately, due to limited access to high-quality internet and long-term analog practices not all countries were able to make full use of digital technology. COVID-19 has speeded up emerging technology adoption and use in the Philippines. However, the digitization is mostly limited by the low-speed broadband penetration of the country behind neighboring countries of medium revenue. (The World bank, 2020)

According to KPMG Organization, The rapid production of coronavirus poses a troubling global health crisis. There are also considerable business consequences worldwide, apart from the human influence. The results will continue to propagate, as viruses know no boundaries. Global markets are seriously disturbed in the midst of the ongoing COVID-19 pandemic. Based on the growing negative effects of this unprecedented crisis, businesses are forced to explore innovative solutions. Owing to many government-imposed quarantine measures worldwide, some businesses, some industries and corporation were far more affected. (PwC Philippines, 2020) This will fall to the category of competition, where in the coverage Corporate, business and functional strategies and plans.

Corporations with a significant presence in or direct relations with impacted areas must take immediate steps to determine the corporate exposure and to ensure that key stakeholders, workers and consumers are adequately served. The business takes urgent measures to resolve the pandemic. In terms of safety staff and consumers, corporate social responsibility they trained to continuously practice with regard to stability, the climate, culture and the economy, in order to better respond. Establish a back-up scheme for affected workers that may involve automation contingencies, remote work arrangements or other flexible tools as a result of staff restrictions. Industries establishes a team to concentrate on the evaluation of the supply chain and risk management. This team will reconfigure the global and regional supply chain flows to use alternative transport methods and carry out sales agreements in conjunction with requirements, expense, service and risk scenario analyzes of all feasible alternatives, where possible. Business Identify the most influential components and raw materials on revenue sources that help to ensure that restricted capacities are properly allocated. To recognize accountability in the event of a supply shortage, study arrangements with important customers and suppliers. (KPMG Organization, 2020)

According to the Bangko Sentral ng Pilipinas (BSP) the banks are not just bystanders as the crisis grows. They play an important role in ensuring that the economy has adequate liquidity to withstand the economic downturn and then promote a sustainable recovery. The Bangko Sentral ng Pilipinas (BSP) decided to lower the overnight reverse buyback (RRP) factory interest rate by 50 basis points to 2,75% effective April 17, 2020. Assessment of the present situation It is the third RRP rate to raise the downturn in the unusual market scenario this year. In response to the oncoming crisis, the BSP responded quickly, especially by allowing cheap new loans. In addition, banking faces the human side of crisis mitigation - maintaining warm relations with their stakeholders, particularly their customers whose business and family futures may be on the agenda. The key focus areas of the banks in the COVID-19 period can then be streamlined into two aspects: (1) improving effective credit risk management through data analysis and (2) promoting a strong and comprehensive customer service.

Considerably enhance credit risk management through data review. Businesses and customers' cash flow could be impacted by reduced demand from consumers due to community quarantines, lay-offs and business disruption. The non-performing loans will easily increase as borrowers are unable to pay their principal and interest without adequate intervention by regulators and the banks. This war will not only take place in the future. Now it's taking shape. (PwC Philippines, 2020)

With their role in stabilizing the economic engine, COVID-19 is definitely a challenging situation for banks. If more banks are heading towards data-driven credit risk strategies, they should not forget that their most significant stakeholders - their customers - would not help to remain in peace on their own. This pandemic gives banks a unique opportunity to create solid, trust-based ties through a feeling of hearing, accommodation and understanding among clients. Bases will better live up their commitments to support the entire economy to meet this historic challenge by being data focused, thus placing human interaction at the core. (PwC Philippines, 2020)

For the Prescriptive information, In view of the number of COVID-19 cases, the Government of the Philippines was forced to announce an enhanced Community Quarantine and to force consumers at home so that the risk of infection with the virus is minimized. Naturally, our entrepreneurs saw the potential to satisfy demand and sell online. E-commerce is not new, but we all experienced the various heights of the quarantine. Almost all can now be bought and reclaimed with only a few swipes – food, baked goods, specialty food and even fashion pieces and personal food. Even those who were unemployed due to the shutdown of industries took the chance to achieve their goals. Therefore, online purchases have been significantly extended. According to KPMG organization, In the middle of this, the BIR released a Circular Memorandum of Revenue (RMC) 60-2020 which informs companies to register their businesses and comply with their tax obligations by means of electronic and digital platforms. Under the said question, businesses are granted until 31 July 2020 the registration status or updating it and the taxes for past transactions are voluntarily reported, filed and paid. If this is not done, fines under the law and regulations shall be levied. It should therefore not come as a surprise to be reminded to register and pay taxes. Registration and enforcement are enshrined in the legislation and not only small companies are subject to the requirement but generally any income earner otherwise does not obtain an exemption. If anything, what seems more urgent is to ensure that the issuance is complied with. Whereas, we are all struggle to force down COVID transmission numbers in the middle of quarantine, the BIR has set a deadline of 31 July 2020 for enforcement. It is clear that these locks have been introduced to reduce the risk of transmission. After all, the world of consumption is shifting rapidly and fiscal enforcement efforts must continue. At the end of the day, it must be told taxpayers that all are expected to register businesses and pay taxes. It is the mandate of the tax office to ensure that everyone complies with their filing and payment responsibilities. After all, the government will be unable to provide government service without taxes. (Castillo, 2020)

The current status of resource information when coronavirus pandemic has affected industries and caused general managers to think differently about the role they play in adjusting to social distancing and a new working climate, and to consider the availability of human, financial and physical knowledge during the pandemic. Companies have moved to a remote work model at a pace and size never witnessed to avoid the spread of the coronavirus. HR managers must under challenging conditions carry out difficult work when face-to-face cooperation is replaced by e-mail and videoconferencing. (Lewis, 2020). In addition, HR leaders and employers have made enormous efforts to relieve the effects of COVID-19 outbreaks on firms, employees, consumers and general stakeholders. Different organizations revised their risk management strategies to handle particular exposures, identified exposure sources and transmission methods. Employers have taken cautious steps to define risk levels in workplaces and develop the appropriate control measures.

At another point in the crisis, Filipino HR practitioners had a strong springboard on their way to the challenge. Furthermore, In addition, many organizations have provided specific instructions, trust and assured workers with a strong signal that overall health and well-being are considered more critical than benefit. Digital meetings are maximized to ensure operational continuity and to make operations run. This is also a way that staff are constantly involved. In reality, our capacity to do things humanely and dignified as human resources professionals is checked in times of crisis. I hope, as individuals, that we will always decide and act first. (CPID, 2020)

And that is it! I hope you learn something! Have a great day! ♥️