– 19.1 percent of Philippine businesses reported cancellations of contracts due to the pandemic; this was, again, the worst in the region. Just 17 percent of Philippine businesses reported having sufficient financial resources to sustain themselves for the foreseeable future. These grim figures were topped only by Indonesia, where more than half of MSMEs reported being out of money and slightly more than 20 percent have filed for bankruptcy. Despite overwhelming evidence of the need for substantial supportive intervention, the Duterte administration’s 2021 budget, if anything, significantly scales back support for MSMEs. With such curious priorities evident in its “Reset, Rebound and Recover” budget for 2021, one may legitimately wonder if the government is sincere in supporting economic recovery where it really counts, or even understands it.

Source: Manila Times September 19, 2020 16:08 UTC