A fresh start for MSMEs

THE year 2022 has so far had a rocky start, with the new year seemingly introducing new trials just as business owners and corporate leaders were getting steady on their feet in the "post-pandemic" climate. Including the recent surge, the total number of Covid-19 positive cases in the country has reached the 3 million mark. As a result, the government has placed more areas under Alert Level 3 classification, thereby placing operating capacity restrictions on more businesses across the country.

Furthermore, we now have a clearer picture of the damage created by Typhoon "Odette" back in December. With an estimated total of P28-billion worth of damages to agriculture and infrastructure across the affected regions, it will take a while for businesses in that area to bounce back. Economists have also noted that the aftermath of the storm could slow the country's overall growth, lowering fourth-quarter gross domestic product growth expectations to a maximum of 6 percent, 2 percentage points lower than the previous prediction of 8 percent.