Covid-19 now causing business fatigue

·2 min read

DUE to the continuous struggle in operating under a stressed business environment, “business fatigue” is already being felt among enterprises that have been ailing for more than one year.

Mandaue Chamber of Commerce and Industry president Steven Yu said low consumer confidence which led to slow economic activity has contributed to business fatigue.

“Business fatigue comes in especially if the business is losing, and it is not improving day-to-day because of low confidence and it is exacerbated by the rising (Covid-19) cases,” he said.

Filipino Cebuano Business Club chairman Rey Calooy said both businesses and consumers are experiencing fatigue.

“Businesses always depend on the consumers. So if there are no consumers who are flocking to the businesses, there’s no income being generated,” he said.

With the rising Covid-19 cases, consumer behavior remains subdued despite several initiatives from the government and the private sector to spur economic activity.

However, economic advisers are placing their hopes on the ongoing vaccination roll-out in the country.

In a joint statement, economic managers said while the road ahead remains challenging, the country is starting to see the light at the end of the tunnel with the Covid-19 vaccination program in progress.

“This is a leap forward for our healthcare system and the entire country. The added confidence it provides will boost our recovery further. We aim to provide vaccines to at least 70 million Filipinos this year, or 100 percent of the entire adult population,” the economic managers said.

3-pronged strategy

To accelerate economic growth and job creation this year, the economic managers said a three-pronged strategy is needed, namely the safe reopening of the economy, while strictly adhering to public health protocols and intensifying the prevent, detect, isolate, treat and reintegrate strategies.

Second is to fully implement the recovery package, especially those whose budgets have already been allocated but not yet fully spent. Last is to ensure timely implementation of the vaccination program to cover the entire adult population. (JOB)