MANILA, Philippines — About 50% of British firms in the Philippines are medium- and small-scale enterprises who were affected by the extended lockdowns in the urban areas of Metro Manila and Cebu.
Chris Nelson, chair of the British Chamber of Commerce, relayed results of a survey among businesses in its network in an interview on ANC.
"A number of them are opening up and a number of them are considering potential layoffs," said Nelson, who said that the easing of quarantine restrictions at the start of the month was a relief for the businesses.
In the survey, 55% of the companies are on flexible work arrangements while 17.6% and 43% are slowing down operations and implemented freeze-hiring measures, respectively. Those who have shutdown were 23.5%, while 23% started to let go of employees.
"Clearly they are under a lot of pressure," Nelson said. He added that MSMEs would be needing financial and economic support or else they will completely exit the market.
Nelson said the chamber is urging the Philippine government to pass the stimulus bill, which has been in limbo since the start of the month when Congress took its 50 day-long break.