CONSUMER CONFIDENCE. An aerial photo shows the skyscrapers at the Cebu Business Park in the uptown district of Cebu City. Cebu Chamber of Commerce and Industry President Felix Taguiam on Wednesday (Feb. 10, 2021) said businesses resumed their operations while working hard to address the challenges of low consumer confidence and spending activity. (Contributed photo by Jun Nagac)
CEBU CITY – A business group in Cebu is working hard with the government to rebuild consumer confidence amid the slowdown in the economy due to the coronavirus disease 2019 (Covid-19) crisis, a top business leader here on Wednesday said.
Cebu Chamber of Commerce and Industry (CCCI) president Felix Taguiam said while most businesses have resumed their operations, low consumer confidence and spending activity remain a challenge.
Taguiam, however, expressed optimism about Cebu’s gradual business recovery while many establishments are still reeling from the economic slowdown.
“About 80 percent of our member businesses are already open. But the strong consumer confidence and spending are still not there,” he said in a virtual interview.
The economic downturn, he said, is visible in the low foot traffic in malls and other commercial establishments these days compared to the pre-pandemic level.
He singled out retail trade and tourism as the industries heavily affected by the pandemic-induced business slowdown.
While most businesses have been affected by the pandemic, Taguiam urged the business community to “move forward” and “reboot” as much as possible to adapt to the changing times.
“There is no such thing as going back to (the) old norm already. We have to move forward. We have to restart. Businesses have to live with Covid-19 (coronavirus disease 2019),” he said. “Covid caught all of us off guard. No business was ever prepared for this. We were all caught flat-footed.”
Moving forward, Taguiam underscored the need for businesses to “reboot and repurpose” their operations to survive these challenging times.
He noted the increased adoption of the business community here to the digital space as consumer trends shift to online platforms.
Such a trend, he added, is going to support the economic recovery of businesses here as they find ways to reach out to their markets in the pandemic era. (PNA)
