It is no surprise that many business owners and entrepreneurs face an uphill climb as they experience the effects of the COVID-19 pandemic affecting the country and the globe. Whether it’s struggling to make ends meet or finding ways to survive the crisis, businesses find themselves in a troubling and seemingly hopeless situation as they navigate through one of the worst economic circumstances since the last recession.

Access to the right help can make a difference

During times of uncertainty and crisis, it is crucial to get access to information on assistance and resources that businesses can utilize. In the Philippines, the government has rolled out several initiatives to battle the COVID-19 pandemic.

According to the Department of Finance (DOF), the government’s economic team has rolled out a funding package for affected industries and sectors to alleviate the problems caused by the pandemic circumstances. The government assistance includes funding meant to support struggling businesses and Filipino workers who have been negatively impacted by the virus outbreak.

Also read: Unprecedented: COVID 19 and its impact on the Philippine economy

In the government’s action plan, the package includes support mechanisms for Filipinos, comprised of organizations such as, but not limited to, the Department of Trade and Industry (DTI), Department of Labor and Employment (DOLE), Department of Tourism (DOT), and the Economic Development Cluster, consisting of several financial institutions, among others.

The government’s economic team has rolled out a funding package for affected industries and sectors to alleviate the problems caused by the pandemic circumstances. The government assistance includes funding meant to support struggling businesses.

These measures in place are “designed to do two things: First, is to ensure that funding is available for the efforts of the Department of Health (DOH) to contain the spread of COVID-19. Second, is to provide economic relief to those whose businesses and livelihoods have been affected by the spread of this disease,” Finance Secretary Carlos Dominguez III said in the DOF article.

The government plan roll out is well supported by other initiatives that are all for the benefit of Filipino businesses who continue to struggle with the effects of the pandemic and are seeking refuge during turbulent times.

The #AkoDin Initiative and where you can get assistance

As part of the #AkoDin initiative, look through our latest AcuBulletin below for a complete compilation of resources and information on assistance you can get during the COVID-19 situation. Search among the options for the assistance best suited for you and your business!

Watch out for more information on the developments of COVID-19 as they become available on www.acudeen.com or follow us at www.facebook.com/acudeen.

Source/s of information on government assistance:

Jerry Clavesillas and Susan Salonga of DTI, Department of Finance (DOF), Department of Labor and Employment (DOLE), Social Security System (SSS), Technical Education   and   Skills   Development   Authority   (TESDA), Department of Tourism (DOT), Department of Agriculture (DA), Land Bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), Development Bank of the Philippines, Bureau of Internal Revenue (BIR)

Image source: Vecteezy.com

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