The global tourism industry has been hit hard by the Covid-19 pandemic, as border closures and travel restrictions prevented tourists from venturing overseas. In emerging markets such as the Philippines the slump in international tourism took a heavy toll on local communities that depend on the industry for their livelihoods, as well as starved these countries of a vital source of foreign exchange.…
As the Philippines’ response to the Covid-19 pandemic began to take shape in the first half of 2020, it soon became clear that transport and infrastructure spending would be protected as a key driver of economic continuity and recovery. In an April outline of the socio-economic response, Carlos Dominguez, the secretary of finance, stated that the government would press on with its Build,…
As globalisation has increased, the world’s supply chains have become substantially more interconnected, and goods often have more stages to pass through before reaching the end consumer. From national lockdowns to closed airspace and land borders, Covid-19 resulted in unprecedented disruption to the mechanics of most economies, regardless of their size or stage of development. In particular,…
Faced with recession and uncertainty over the length of the pandemic, President Rodrigo Duterte’s administration is hoping that landmark projects under the P8trn-9trn ($159.1bn-179bn) Build, Build, Build (BBB) infrastructure plan can kick-start economic recovery. Supply & Demand The initial phase of the pandemic proved disruptive to global supply chains, leading to fears that the construction…
With the pandemic inducing a significant shift towards working from home as companies follow social-distancing rules, in the Philippines co-working spaces are emerging as a solution for firms seeking to decentralise while ensuring a sound operating environment for employees. In a sign of the economic fallout from Covid-19, in late September 2020 the Department of Trade and Industry said that…
After years of exponential growth, South-east Asia’s super apps were forced to reassess their business models due to measures to contain Covid-19, with many refocusing their priorities as they plan for the post-pandemic world. In recent years super apps – online or mobile platforms that combine multiple services into one portal – have sought to expand their offerings. While many started…
In an effort to promote social distancing and restrict the movement of people during the Covid-19 pandemic, retailers selling hardware, clothing and electronics were mandated to close during the Philippines’ strictest lockdown phase. However, grocery and convenience stores, as well as delivery services, were deemed essential businesses and permitted to continue operations. This opened the…
Business process outsourcing (BPO) was disrupted by fluctuations in demand and restrictions on the mobility of workers during the early part of the Covid-19 pandemic, but there are signs that new engines of growth are emerging that could bode well for the longer-term development of the sector. BPO is frequently described as one of the two pillars of the Philippine economy, alongside remittances.…
The Universal Health Care (UHC) Bill was signed into law by President Rodrigo Duterte in February 2019, with the implementing rules and regulations approved in October by Francisco Duque III, the secretary of health. This set the stage for 2020 to be the Philippines’ first year of UHC. Although many stakeholders knew that the system would need time to mature, the unexpected arrival of the…
The government implemented various programmes to help alleviate the economic impact of the Covid-19 pandemic. To sustain these measures, the Department of Finance issued Revenue Regulation (RR) No. 21-2020 in September 2020, which outlines the guidelines for the implementation of the Voluntary Assessment and Payment Programme (VAPP) for the 2018 taxable year. Compliance To limit contact with…
