IMPACTS OF COVID-19 PANDEMIC IN THE SELECTED BUSINESSES: EVIDENCE FROM PAGSANJAN LAGUNA, PHILIPPINES

Abstract

The COVID-19 impacted businesses across the world including small and medium enterprises in the Philippines. Businesses in Pagsanjan, Laguna in the Philippines were not spared. Businesses were severely affected and in need of support to recover from this pandemic. This paper presented the impacts of the COVID-19 pandemic on the businesses in Pagsanjan, Laguna. Specifically, it identified immediate actions taken by owners to adapt to the new market realities. It also determined the resources that businesses have accessed to minimize the impact and to help them evaluate the support and additional resources they may need during COVID and for the recovery period. Ninety (90) small and business owners participated in the survey. The data were entered using MS Excel 2019 and descriptive analysis was performed. Findings of the survey reveal that before COVID-19, the performance of most enterprises was stable with the ability to save a portion of the profits. During the period of COVID-19, business revenues decreased by more than 50% and businesses must reduce the number of staff. The remaining staff were required to work remotely. Additionally, planned upgrades or expansions were canceled and hours of operation were reduced due to government restrictions and protocols. To recover, the owners asked the government for additional technical support to research possible business plans and financial subsidies for utility payments. These results are useful for designing programs to speed recovery and to support small and medium enterprises given their vital role in job creation and economic development.