MSMEs struggle amid COVID-19 economic impact

The Philippine Micro, Small and Medium Enterprises (MSMEs) are struggling due to the economic impact of COVID-19.

These enterprises, considered the backbone of the economy, employ 70% of the workforce but face rapid closures due to the pandemic.

In April, the Philippine Statistics Authority reported that 7.3 million Filipinos became unemployed and 6.4 million underemployed because of the crisis.

Despite these challenges, some SMEs continue to fight for survival, driven by sentimental value, optimism, or a desire to protect employees.