Tag: impact

To cope with the adverse effects of COVID-19, businesses initiated several changes in their operations.

Businesses we surveyed made significant changes in work arrangements by temporarily reducing employees (3 out of 10 businesses) and laying-off some workers (1 out of 10 businesses). To protect liquidity, businesses also decreased or controlled expenses and negotiated payment terms with creditors.

Interestingly, the pandemic pushed businesses to re-calibrate marketing strategies by increasing marketing efforts (25% of businesses) and developing new products or services (19%). Those with technical expertise resorted to online-selling during the lockdown.

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Majority of the businesses experienced cash flow problems.

Almost 90% of businesses surveyed reported cash flow problems during the pandemic, alongside experiencing difficulties in receiving supplies on time and shipping goods to customers.

The top three causes of these problems are the closure of businesses during the quarantine, customers unable to pay their accounts, and reduced logistics services.

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The service sector is the worst hit.

The service sector reported the worst decline in sales. Before the enhanced community quarantine (ECQ), the sector reported total sales of Php187.05 million. During the ECQ, sales dropped to Php31.60 million. The sector has not recovered from the drastic slump, even when general community quarantine (GCQ) was declared in the city.

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Majority of businesses are negatively impacted by COVID-19

96.12% of of the 206 businesses operating in Tagbilaran City that we surveyed reported a significant decrease in sales.

Majority of them (57.58%) reported a decrease in sales by 51-100%. This means that several businesses had no revenues especially during the enhanced community quarantine (ECQ) because of temporary business closure.

This resulted to the temporary reduction of workers or employees. 91.26% of businesses surveyed reported a decrease in the number of workers by at least 25%.

For more information about this graph, send your questions using the contact us page.

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