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COMPANIES from various industries maintain a cautious recovery outlook this year, after Malacañang decided not to loosen the blockade restrictions.
Rosemarie B. Ong, President of the Philippine Retail Association and Chief Operating Officer officer from Wilcon Depot, Inc., said it still expects business growth this year as customers divert their travel budget toward home renovations.
“(The growth) is going to be smooth, but it will still be very useful because we are seeing some developments,” he said at an online event held by the Philippine Management Association on Wednesday.
President Rodrigo R. Duterte earlier this week rejected a proposal to move the entire country to the more relaxed level of quarantine. He said the country would remain under a blanket lockdown until people get vaccinated against the coronavirus.
“In the tourism industry, we have already learned to live with restrictions to some extent, and we hope that the government will, of course, improve it soon,” said President of the Philippines Hotel and Restaurant Association, Eugene T. Yap, in the same forum. .
He expects the government to lift stricter restrictions later if it does not do so in March.
“However, we will not wait for the announcement,” Yap said. “We have learned that the announcement of the quarantine leveling will be out of our league. We have no control. “
Hotels and restaurants have been undergoing renovations in preparation for the return of tourists, he said.
The tourism industry expects the government to ease restrictions soon. Industry revenue was down 83% to P81.4 billion, according to the Department of Tourism.
“We hope that we will go into a less restrictive mode of quarantine … that’s why we look forward to vaccination,” Yap said.
Ms. Ong said she expects a unified version of the closure restrictions, which vary by province.
“What we are seeing now are different versions. If you open (your business) all over the Philippines, your other businesses would do well because it’s not as restrictive as the others, ”said Ms Ong, whose company operates a chain of home improvement stores across the country.
“For retail, we just need to adapt in the sense that if it’s a brick-and-mortar store, it needs to have that combined approach (online and physical).”
The outsourcing industry cut its revenue growth projections late last year to a compound annual growth rate of 3.2% to 5.5% from 3.5% to 7.5%, according to the Association. Information Technology and Business Process of the Philippines (IBPAP).
“In the industry, we have already adapted to the current situation. Whether (the lock) will fit a more relaxed one or not. I believe our industry will continue to function in these circumstances and our growth projections were based on this, ”said IBPAP President and Accenture Philippines Country Manager Manolito T. Tayag.
“Even if the quarantine restrictions are not going to be lifted or loosen, we believe that our growth projections and the direction of the industry will remain the same.”
Economic administrators and business groups had sought greater relaxation of lockdown restrictions to accelerate the country’s recovery.
However, concerns remain about the possible increase in coronavirus cases as new variants emerge. The Health department reported 1,557 new coronavirus infections on Wednesday, bringing the total to 566,420. – Jenina P. Ibáñez
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