Covid 19, how does it affect our personal economy?
Updated: Aug 24, 2021
With the COVID-19 crisis, everything is plummeting to its lowest peak. It has affected not only small players in the market but leaders in the corporate and business arena as well. The unprecedented changes underscored companies to make drastic changes to keep businesses afloat. Some companies filed for bankruptcy while others see bankruptcy protection as their most strategic option. In an article published by 8list.ph last July 2020, ADB forecasted that the global economic impact of the pandemic could reach $8.8 trillion.
“In the Philippines, the Department of Labor and Employment (DOLE) has reported that 3,012 business establishments have filed for temporary closure while over 200 have filed for permanent closure, affecting about 100,000 employees’’ (source : https://www.8list.ph/businesses-affected-by-pandemic/#read-more).
As mentioned in the article published last July 2020, below are some of the big companies who filed for bankruptcy, bankruptcy protection or worst company shut down:
1. Cirque du Soleil Entertainment Group -has filed for bankruptcy protection and has been reported to have laid off 4,000 people.
2. Aldo- filed for bankruptcy and has mentioned to put efforts in the digital platforms instead of pursuing to retain their physical stores.
3. Debenhams- has closed some of its operations in some countries but the company is still considering reopening once restrictions are lifted.
4. Gold’s Gym-all of its branches have been affected except their branch here in the Philippines.
5. Victoria court- announced that they will be closing some of their motel chains due to the pandemic.
6. Airbnb- announced to lay off 25% of its global workforce.
7. Okada Manila- had to cut 1,000 jobs just to stay afloat.
While the data is talking greatly about the retail industry, we cannot afford to overlook the corporate industry. With the retaliation of the covid 19 virus forecasted to be even stronger, this has forced some of the business leaders to make radical changes in their ways of working. Many companies now see how viable it is to offer to work from home. Global Workplace Analytics estimates that by the end of 2021, 25-30% of the workforce will be working from home multiple days a week (*source: https://buildremote.co/companies/companies-going-remote-permanently/).
“Employers are riding the new wave of positive press associated with allowing employees to work from home. The competitive trend is to offer work-from-home. Employers are seeing the benefits, too.”
Zooming in our discussion in the Philippine setting, an article published last September 14, 2020, by the (https://news.abs-cbn.com/business/09/14/20/work-from-home-set-ups-seen-staying-even-after-pandemic-ceo-survey) it has mentioned that “A survey of 161 CEOs by the Management Association of the Philippines (MAP) and PwC Philippines showed that 73 percent of respondents see their organization implementing a work-from-home policy even after COVID-19 pandemic eases.”
This new norm has reported cost-efficient savings for companies as they get to save operational expenses like utility bills, electricity bills, maintenance, and supplies.
With the growing trend of work-from-home options and the dominance of e-commerce, this trigger response to the working class too. This opens up opportunities for Filipinos to showcase their skills in the international area. There is actually a unique window of opportunity for all aspiring candidates like you, with the staggering number of international companies offering work from home, you get to protect your family and at the same time provide for your family. Why choose to get stuck in traffic, potentially expose yourself from covid and get minimum pay, when you can choose a permanent work from home, play in the international area, and get paid premium rate per hour? The choice is yours.