MSMEs comprise 99.5 percent of business establishments in the Philippines and are employing approximately 63 percent of the country’s workforce. In the past years, MSMEs were responsible for 40 percent of the country’s Gross Domestic Product (GDP). Since the implementation of community lockdowns, MSMEs continued to suffer from disrupted cashflow and continuing expenses, which led to income losses. To address the adverse impacts of the Covid-19 pandemic, MSMEs started implementing adaptive business measures. Digital infrastructure in the country is key to enable the development of a new market space online,” said Enrico Gaveglia, Officer-in-Charge of UNDP Philippines.

Source: Manila Times October 04, 2020 15:56 UTC