(Continued from June 3, 2020)
RESTAURANTS and the fast-food industry, meanwhile, are two of the sectors that will experience challenging times during the pandemic period.
Jollibee Foods Corp., the biggest fast-food chain, just recently announced it would spend P7 billion to reorganize its global business structure in response to the changing consumer behavior. It is being forced to create revenue growth drivers for the future, especially food delivery-to-home and offices, and take out and drive-thru.
Jollibee knew that consumers around the world would not quickly revert to their pre-Covid-19 behavior even if lockdowns and other forms of restrictions were lifted in different nations.
The transportation system is another sector that will see a radical change during the reopening of the economy. We may see some changes painful to the transportation operators and the commuting public in general. But we have to try our best to adapt to the new transportation regime if we want the economy to rebound and restore jobs.
The government, among others, has proposed the consolidation of operators and rationalization of routes, dedicated lanes for public transportation and online transactions and payments. The government is allowing buses operating at 50 percent capacity in areas under general community quarantine.
STIMULUS PACKAGE
I am pleased to learn that the administration of President Duterte is thinking of ways to alleviate the plight of workers and businesses that are reeling from the pandemic. I am supporting the initiative of the Department of Trade and Industry on the proposed Philippine Economic Stimulus Act of 2020 to provide immediate assistance to workers and businesses, and help the economy recover from the impact of the coronavirus
pandemic.
“As we work toward the gradual lifting of the quarantine, more businesses will be able to operate, but at lower capacities due to limited capital resources that dwindled during the quarantine period. There are also strict health measures that are being imposed and the firms would need working capital loans,” said Secretary Ramon Lopez. “At a very critical time such as this, we must not only ensure a safe working environment for our citizens, but also continue to find means to support, and more importantly save the jobs of those adversely affected to facilitate faster economic recovery.”
The PESA bill proposes a P1.3-trillion post-pandemic stimulus package, which includes a budget of P650 billion for an expanded infrastructure program on health care, education and food security.
The business sector and the labor force need all the help they can get. The road to recovery is not easy, as we like to believe. But we as a nation can make it happen.
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This piece first came out in Business Mirror on June 2, 2020 under the column “The Entrepreneur.” For comments/feedback e-mail to: mbv.secretariat@gmail.com or visitwww.mannyvillar.com.ph./PN
