Ayala Corp. chief executive officer Jaime August Zobel de Ayala (Screenshot)
MANILA – Ayala Corp. chief executive officer Jaime August Zobel de Ayala on Thursday said the government should provide more support to keep the micro, small, and medium enterprises (MSMEs) afloat amid the coronavirus disease (Covid-19) pandemic.
During the "Build Back Better: Economic Resilience After Covid" forum of the House Committee on Economic Affairs, Ayala said support measures must be in place for the pandemic-hit MSME sector, which covers 60 percent of total annual revenues of Philippine businesses, contributes around 35 percent of the total gross domestic product, and employs 63 percent of the Filipino workforce.
He noted that among the major concerns hounding the sector during the quarantine include financial security, employees’ safety, and business continuity.
"We recognize that many initiatives have been taken by the Department of Trade and Industry to help entrepreneurs to withstand the crisis. With significant financial support and I know private sector groups have been critical partners providing mentorship and online training,” he said. “We hope to sustain the momentum on the collaboration between the public and private sectors. We look forward to working together to build a better and more resilient Philippines.”
He said the Ayala Corp. is committed to support its network of 250,000 SMEs and over a million micro enterprises under three key aspects: health, business continuity through digitalization, and financial assistance.
"Throughout this emergency we have tried to be supportive as possible to this partner community to condone rental fees and extending grace period for payment. We understand that they're going through long pain, we can take this pain together so we can grow together," he said.
He assured that the private sector is one with the government in mitigating the impact of the coronavirus pandemic.
"The unprecedented Covid-19 crisis really impacted the country in such unimaginable ways, none of us could have seen this to take place. The pandemic, however, gave the private and public sector an opportunity to work closely," Zobel said.
The House of Representatives has approved on third reading the Accelerated Recovery and Investments Stimulus for the Economy (ARISE) bill proposing a PHP1.3-trillion economic stimulus package to propel the country's growth and development in the aftermath of the Covid-19 crisis. (PNA)
