Despite the epidemic, more than half of major businesses retain or increase employment.
Large companies have maintained or even expanded their workforce despite the current coronavirus disease 2019 (Covid-19) pandemic, according to a study done by the Management Association of the Philippines (MAP), the Institute of Corporate Directors (ICD), and the Makati Business Club (MBC).
Despite 61 percent of businesses reporting a decrease in income, 55 percent did not cut their staff and instead maintained recruiting operations, according to the poll, which was conducted from April 6 to May 16.
“Creating employment is a fundamental goal of companies, and in a crisis like this, businesses’ first concern is to preserve jobs, as well as the health and safety of our employees,” MBC chair Edgar Chua said in a statement issued Monday, September 27, 2021.
According to the study, in the first year of the pandemic, 99 percent of companies provided assistance to their employees during lockdowns.
45 percent of the 200 executives polled said they continue to pay non-reporting regular workers, 31 percent said they continue to pay non-reporting contractual employees, and 30 percent said they continue to pay for agency-hired personnel.
According to the study, 43% of businesses additionally offered special financial help, advances, and loans to regular workers; 27% of companies provided the same assistance to contractual employees, and 25% of companies provided the same assistance to agency employees.
Fifty-one percent of businesses indicated they had also given assistance to clients and customers in the form of advance payments, waived fees or responsibilities, material, and other forms of assistance.
For suppliers and contractors, 34% of businesses claimed they helped them by extending payment terms, providing discounts, and waiving payments and rentals.
During the pandemic, a significant percentage of big businesses (73%) stated they helped healthcare professionals by giving personal protective equipment, food, and lodging, as well as offering Covid-19 testing and quarantine and isolation facilities.
Approximately 69 percent of businesses also donated to low-income areas, with 33 percent claiming to assist organizations via contributions.